Gail in Virginia

On the earned income allocation tab of form 2555, did you input the code for the foreign earned income? On the worksheet for travel data, did you list the days in the US and mark the box for US beside those days - even if they were not business days? Hard to say what could be the problem without seeing the forms.

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A belated ! Of all the birthdays to miss.....

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This is the email that I got, and according to it there will be no interruption of e-filing or access to Customer Support websites, in spite of the move. Dear Valued ATX Customer, As announced earlier this year, we are moving to our new corporate headquarters in Kennesaw, GA in just a few days. The first day of business in our new, state-of-the-art facility will be Monday, August 16. We have already relocated our major processing centers, including the Electronic Filing Center (EFC), so you should see no interruption in e-filing or in the availability of the Customer Support website as we complete the move. We've spent more than $10 million on renovating the new facility, much of it on expanding and improving our technology infrastructure to better serve you. • The network speed has been increased by 1000 percent in the new Data Center, which will enable us to process e-files more quickly. • The Internet bandwidth has been increased by almost 200 percent to provide you with faster access to our internet enabled applications and allow us to serve more customers simultaneously. • Server storage has been increased by almost 100 percent. • Our phone system has been re-engineered to more efficiently handle the demands of tax season. We will close our current office in Rome at noon on Thursday, August 12, and open in the new location on Monday, August 16, at 10:00 a.m. Eastern Time. Our new mailing address is: CCH Small Firm Services 225 Chastain Meadows Court NW Suite 200 Kennesaw, GA 30144 Contact information for Customer Care, Account Management and Sales remains the same: Customer Care E-mail: [email protected] Phone: 1-800-638-8291 Account Management (to renew your software or for questions about your account) Phone: 1-800-495-4626 New Sales Phone: 1-877-728-9776 We are excited about this move. It will enable us to serve you better as we continue to provide the best quality products and service in the industry. Sincerely, Your ATX Team More from ATX: Have you renewed your software for 2010? If so, thank you! If not, call us today at 1-800-495-4626 and we'll be happy to discuss your needs for the upcoming tax season. © 2010 CCH Small Firm Services. All rights reserved. This email address is not monitored on a regular basis. Please contact customer support, sales, or renewals departments with your respective inquiries. If you do not wish to receive unsolicited marketing messages from CCH Small Firm Services, click “Unsubscribe” and include your Client ID in the e-mail. We will continue to provide you with technical and informational e-mails. CCH Small Firm Services 6 Mathis Drive NW Rome, Georgia 30165 USA

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I knew 2, 3, 4, 5, 6, and 9. Interesting site! :)

A belated :bday:

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A belated :bday:

A belated :bday:

A belated :bday:

A belated :bday:

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Virginia repealed estate taxes effective for those who died on or after July 1, 2007. Federal law would, I think, control basis in any event since Virginia, with a few exceptions, tends to follow federal law for tax matters. The IRS has a question and answer page about estates during 2010, and the following information is there: How do I calculate the basis of a decedent’s assets who died in 2010? Generally, for the estates of decedents dying after December 31, 2009 and before January 1, 2011, the basis of assets acquired from the decedent is the lesser of the decedent's adjusted basis (carryover basis) or the fair market value of the property on the date of the decedent's death. However, there are two exceptions to this general rule: * The executor can allocate up to $1.3 million (increased by unused losses and loss carryovers) ($60,000 in the case of a decedent nonresident not a citizen of the United States, but with no loss or loss carryover increase) to increase the basis of assets; and * The executor can also allocate an additional amount, up to $3 million, to increase the basis of assets passing to a surviving spouse, either outright or in a Qualified Terminable Interest Property (“QTIP”) trust. The link for that site is IRS Site

I have a client who has cancellation of debt income for their S-Corporation. They have depreciable assets that still have basis left, so I would like to reduce their basis in those tax attributes to eliminate the cancellation of debt income from their reportable income. How do I show this on ATX? I would like to keep the assets listed so that if and when they are sold I know that the basis is zero.

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That one in five would also include those who use a paid preparer that does not sign the return, I would think. We have quite a few of those in the area I live in who either buy TurboTax or use the IRS' FreeFile system to file tax returns for all their friends and neighbors. They don't sign the returns, and won't be affected by the new regulations because they still won't be signing the returns. I wonder if this won't cause some of those who do sign the returns to continue filing returns but to quit signing them rather than paying all of the fees and having to take a competency test and continuing education.

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