BCinSC

I am completing a Form 990 for a 501C(3) based in NC. I cannot find that NC requires any particular reporting or filing of a not-for-profit return. Thought I better ask. Thanks for any guidance.

Birday is 5/15. Her parents have her covered on their health insurance policy. Am I correct to show her parents' insurace info? Thanks for your help!

Client turned 18 in 2011, can be claimed as dependent on parents's return. ATX is giving me an error message about the health care provision on Sch HC. Seems to want an entry on line 3. Form instructions say to only complete line 1. What is the proper presentation on the form for an 18 year old?. Thanks for any advice.

Thanks! That's what I thought. Hope the rest of tax season goes well for everyone!

Partnership return has 4 partners, (both parents and two children) who own 100% of entity. Parents each own 40% and children each own 10%. I am getting an error message on the ownership list because each owns less than 50%; however, if I am reading the instructions correctly, constructive ownership comes into play and each partner should be listed. Just wondering how anyone is presenting the ownership percentage on this form --- actual ownership % or constructive ownership %. Thanks for any advice.

Client sold home that was rented for a couple of years. Client meets the 2 of 5 years exclusion requirement. Sold home for a sizeable loss. I was expecting the depreciation taken during the rental period to be recaptured but don't find that ATX is showing any recapture. The loss is not showing on Sch D but nowhere do I see the depreciation recapture. Fatigue has set in... any clarification is appreciated!

Client has non-resident income from oil/gas partnerships taxable in PA. The forgiveness credit is calculating just on the PA partnership income. Should his other income (all out of state- wages, a little interest income and small rental loss) be included to calculate the credit? I cannot tell from the form's instsructions what exactly consititues "eligibility" income. Thanks for any guidance!

SC e-files have been going through smoothly. They got started later than other states but its working fine for me. Have e-file around 100 so far. Good luck!

Hi everyone! I am wanting to batch print client mailing slips for all my individual clients without having to open each return and adding the form, then printing. (I would like to have the postal bar codes on the slips, rather than printing labels.) Anyone know a way to do this? Just trying to save time! Thanks for any ideas.

Thanks for the inforamtion. Any idea how this affects 2007 returns? My client just received a notice from CA adjusting the fee on the 2007 return to reflect calculation based on all income, not just CA income.

S-Corp shareholder (with basis limitation for the current year loss) has unreimbursed expenses to be deducted on Sch E. How are these expenses handled when calculating the loss limitation? Are they deductible regardless of the loss that is limited? Thanks for clarifying for me.

Am I correct that military retirement (all service prior to 1989) is totally excludable from NC taxable income? I am not clear about the $4000 exclusion vs total exclusion. Thanks in advance for clarifying this for me.

Catherine, The allocation percentage is showing 0. I can set up an adjustment and everything goes to zero. I just wanted to make sure that MA allows that. Thanks for your help and my sincerest sympathy about your aunt. Prayers and good thoughts coming your way. Becky

MA partnership has income generated only in SC, to be taxed only in SC. The apportionment factor calculation is handling the calculation correctly for MA Form 3, page 4. However, the MA K-1s still show all the partnership income reportable to MA. Not sure what I am missing. Does MA require all partnership income to be reported in MA, even if it is taxed in another state? Any clarification is appreciated!

Hope everyone survived the crunch! I have not had time to check the ATX website until now...just discovered that the last drain time was 11:00 AM this morning. I just e-filed 4 returns ( it is 6:00pm); cannot reach the clients to mail a paper copy. Has anyone had returns rejected or deemed filed late due to missing the last drain time? I know my clients want their rebate checks....UGH!