Gail in Virginia

Gee Thanks!

I may be wrong, but I thought to take the late election you had to have ACTED as though you were an S-corp for the entire year and just failed to make the election. If he did not pay himself a salary, he was not acting like he was incorporated.

Virginia started last year as an optional double check for identity theft. They are even worse to deal with than the IRS if a fraudulent return is filed and you are trying to get a refund for a legitimate return.

I'm "only" 56. Does that qualify as younger folks? I started doing this at 14. Took sometime off for college and a short career in banking/trust. Left banking when my job was consolidated to another city I did not want to live in. Stayed home with my son for a few years. Now I've been back since about 1997.

I was working for H&R Block in 1972 but only checking returns and making copies. Of course, my mother owned the business and I was in Junior High School (we still had a junior high then instead of a middle school.) But i have not worked continuously in the business. The first returns that I did were pencil and paper. Very thin paper with a special pencil because the copier was ammonia based and used special paper.

Marry Christmas, and may God bless us, every one!

I watch it on the radio every chance I get.

WOW! I miss those big dance numbers in movies today.

Thanks, Elrod!

First item: yes, the final 1040 is due 4/15/16. The Fiduciary Return, Form 1041, the return is due 3 and 1/2 months after the end of the year for the taxpayer. The year end is established the first time a return is filed. So regardless of what was done when the EIN was applied for, if you want the year end to be 11/30, you can file the first 1041 by March 15, 2017 showing a fiscal year of 12/1/15 through 11/30/16, and you should be fine. As far as the estate return goes, you are correct that a return is not required on an estate that small but there might be reasons to file one anyway to make certain elections about the estate. I am not an estate expert, so if someone else wants to chime in with additional information, please do.

It is my understanding that they are charging per company for e-filing. yes.

I switched to ProSeries after ATX had a major program change that gave network users fits. My understanding is that those particular problems have been fixed, but ProSeries is a superior program when it comes to handling multiple state returns. I also find their e-filing to work better for me - I am able to e-file amended returns using ProSeries which I never could do with ATX. The cost is quite a bit more than ATX unless you get a really good deal from them for switching like some of us did after the 2012 tax season. If you have any friends in the business, they will get a discount if you cite them as a referral. It doesn't help you, so if you don't know anyone that uses it, don't worry about having a referral.

I am so sorry to hear about your loss. I cannot imagine the pain you are in, and certainly understand why you have lost heart for business. I will pray for you and your family.

Most of us have not had to worry about 179 limits for the past several years, but if the limit reverts back to $25,000 I will have to start with at least some of my clients who buy large equipment.

I wasn't on very long yesterday, but I did not get a notification once I moved away from ATX even though I okay-ed notifications. Maybe there is a delay, and the fact that I wasn't on very long had a bearing.

I use FireFox and I got the notification when I signed on to the site today. I accepted it for this site. If I get notifications when I am not on this site, I will let you know.

According to a paper published by M. J. Kotchen at the Yale School of Forestry & Environmental Studies, the most likely effect of DST is to cost us energy. Using data from Indiana when they changed over to DST statewide, residential energy use actually increased overall. From the paper published: We find that DST results in a 1% increase in residentialelectricity demand, and the effect is highly statistically significant. We also find that the effect is not constant through-out the DST period. In particular, DST causes the greatest increase in consumption later in the year, with October estimates ranging from an increase of 2% to nearly 4%. Consistent with Benjamin Franklin’s original conjecture, our simulation results show that DST saves on electricity used for illumination but increases electricity used for heating and cooling. Both the empirical and simulation results suggest that the latter effect is larger than the former. Moreover, we find that DST costs Indiana households an average of $3.29 per year in increased electricity bills, which aggregates to approximately $9 million for the entire state. Finally, the social costs in terms of increased pollution emissions range between $1.7 and $5.5 million per year. The entire text can be found at http://environment.yale.edu/kotchen/pubs/revDSTpaper.pdf Really makes it seem worthwhile to screw up our sleeping habits twice a year, doesn't it?

I think he is adorable. I am not sure how SAFE a porcupine is as a pet, and I have to admit I think you could edit that footage to make a great restaurant scene in a science fiction movie but I did not think it was creepy!

If you read what the OP said, the same rule DOES NOT apply to everyone, everywhere. That is his point. And as far as requesting a refund from FL, if what the person from the FL DOR said is correct, the sales tax is not being remitted to FL. So no refund.

Just e-filed the last one. Got at least one more to do, but he is not coming in with his stuff until next Friday, so we al ready know it will be late.

Maybe I am missing something, but if they are rental units the basis will be depreciated beginning when the assets are placed in service, right? Does having them out of the country complicate this? So unless you are doing cost segregation, this seems pretty straight forward compared to some things. Or like I said, I missed something. This has been a heckuva October.

My favorite text book way back when was Prentice Hall's Federal Taxation XXXX Comprehensive where XXXX is the year. I don't know if they are still as good, and I think that you can buy just the Corporation part instead of the Comprehensive. This is what my college course in Advanced Taxation used, and I thought that it had really good information about basis, and depreciation, and AAA, etc. But being a college textbook, it ain't cheap. The comprehensive edition has individual taxation for the first half of the book, and corporate for the second half. I think the college I went to used the book for both Basic Taxation and Advanced Taxation, but I tested out of basic and only took Advanced so I am not familiar with the first half of the book. And you might check if there is a college near you that offers accounting majors to see if they have an advanced taxation course that covers corps and partnerships - if you choose to take the course, you would probably need to buy a specific text book. Good luck. I hope some other people share their suggestions - I might want to update my textbook!

Does the 1099R have the code P in box 7 indicating that it is a distribution in 2014 of excess contribution taxable in 2013? I think that if it is coded correctly, the IRS will match it to the correct year. (I hope I remember the code correctly - I don't have a 1099R in front of me, but I know there is a code for a distribution received in one year and taxable to the prior year.)

My son has an alarm clock app on his phone that requires him to solve three math equations before the alarm will shut off, in ascending order of difficulty. Or at least he did have at one time. He was late for work once, when he first got his "real" job after graduating and it scared him so badly that he downloaded that app to insure that he woke up all the way instead of hitting snooze and going back to sleep.