jshtax

What options are there for disposal cost now under new repair regs?

Grantor Type Trusts A trust is a grantor trust if the grantor retains certain powers or ownership benefits. This can also apply to only a portion of a trust. SeeGrantor Type Trust, later, for details on what makes a trust a grantor trust. In general, a grantor trust is ignored for income tax purposes and all of the income, deductions, etc., are treated as belonging directly to the grantor. This also applies to any portion of a trust that is treated as a grantor trust. Note. If only a portion of the trust is a grantor type trust, indicate both grantor trust and the other type of trust, for example, simple or complex trust, as the type of entities checked in Section A on page 1 of Form 1041.

Aren't 1041s ignored for grantor type trust and all information reported on the individuals return?

It isn't a loan to shareholder?

I like that ability. I have never had confidence in the backup/restore feature since 2012.

I agree that you should take it as a business deduction while you can especially if it is new to him this past year. Yes there has to be business intent but that is never brought up after the first year or two. Now lets fast forward to year 3 and forward it could become a problem. One other trick I have seen the IRS pull is to make it a passive activity. They have a really hard time seeing how someone can have more than 1 job/career.

I agree with a single extension and then change when filing. My question is why pay now and not 4/15?

No Jack you know who I am as we have spoken before and you know I haven't or wouldn't change the file locations. I am asking the following questions....If I click on the Returns drop down menu under Return Manager and then Backup button in theory what returns should populate in that list? Same goes for the Restore button what returns should populate in that list? I get that they are on the server but lets say we lost all the files for whatever reason how can I be sure the restore will actually restore the most recent version if no one has ever used it. I will give a better and more likely example what if I open a return and assets are gone or not calculating properly or if someone accidentally changes a return after it had been saved/completed/or worst yet efiled(this one I can get back from ATX so not a show stopper) Now lets say I want to transport the files to a laptop to work while out of the office or out of town or at a clients office then put back on server my understanding is that is what the export/import feature does.

This area is like a golden ticket assuming you a valid receipt. What Jack said is correct and until the IRS requires receipts to document original cost this will always be a playground area.

They can pay it all they want but not as an expense since under the ACA a company can't pay individual plans as a reimbursement unless its a 1 person business if I am not mistaken.

For example we have 500 files and when I go to restore it says 490. Does that mean the other 10 havent been opened/saved yet? So obviously export is better function if comp is on fritz and need to transport files.

Wow once again the way I have always treated it is the way the irs finally wakes up and makes it official. Only difference I've just left in insurance as k1 reduction. Makes absolutely no difference however I kinda like box 1 inclusion because it will inflate compensation for lending purposes.

I have before and actually taken 2 cases to tax court and won both because the law was wrong. There are people that move out from a spouse and never get divorced and live apart for 20 years and the IRS expects those people to file MFJ or MFS. People have been married and divorced through tax returns for years.

you will need a balance sheet also and ideally the general ledger. Quickbooks is way too easy for people to get their hands on and even easier to screw up. I have seen many a cash basis balance sheet that contained - A/R because payments were not applied to invoices.

and the last time the IRS audited someone on filing status was when?

Does this feature even work? I went to backup and it said I have 21 clients/files available. So where are the other 450 files?

If separated they can do single. Chances are what is good for the goose is also good for the gander so 2 single people please.

Too bad he is not making more income or he could buy into a real estate LP that has a conservation easement arm to it.He could do it now(for 2015) but savings might not be worth the risk.

What do you mean by 47% completed rate compared to 21% last year?

I know this has probably been addressed before but wanted to see what you guys do in this situation. Do you continue working with both? Take sides with one or the other? Any other issues to keep in mind?

FYI she grossed $175K last year.

I noticed 50% of the time I am able to use a drop down list to populate the prior year organization information and the other 50% I am unable to do so. This is more annoying than anything but does anyone know why it might be this way?

She was referencing props and red room of pain type items so yes there are certain qualifiers you can not avoid. If she does an S&M show how could one say those items are not business in nature. What is a personal to one person might not be to another.

Had a client come in today that is a model/web cam actress(internet porn). What do you guys as a group think would qualify as ordinary, necessary and reasonable?

Ok so if they had insurance and it was not affordable too bad but if they didnt have the insurance this could the penalty reduced. It is almost not worth my time dealing with issues like this. I view it like EIC.