michaelmars

not sure but isn't that rule just for checks and cash?

SURE, give out even more info for identity theft.

but but but I have a client who's taxi cab was stolen last week.

THIS has been required for a few years, to send a return to anyone like a bank or financial planner.

I switched with the 2012 debacle. Much prefer PRO but do miss some basic forms that ATX has and pro doesn't. also modifying letters in pro is an exercise in frustration. Never waited more than 5 minutes for US support and they truly know the program and tax laws. The worst thing I find with pro is the letters and their dashboard. I Loved the atx dashboard. But from a tax prep point of view, way superior.

thanks but I am looking at tbws programs not full accounting software and no cloud for me.

I am looking at software options to prepare tbws and financial statements. I have been using creative solutions for years but they are discontinuing the product. I only need this for 4-5 clients so cost is a factor. I was wondering if anyone had any experience with "QTB Quick Trial Balance Pro" or "TBFS Writer"? Of course any other recommendations would be appreciated. I am old fashioned and the Creative Solutions tbws looks just like what we used on 14 column paper which is why I loved it.

I generally raise fees every 3 years.

I switched in 2012 also and I don't think I paid for the fast path last year, it was included in my package. And at my discounted rate, pro is still a better value. At there full rate of over 5k I might return to ATX after my discount runs out.

then I guess those "teachers" are assuming that the 1099's are prepared correctly. Remember, they are being prepared by those same people here that disagree on how the income should be reported, so why assume that the 1099's are correct. I do 100 of buildings and I can't tell you how many times I get 1099's with the rent reported in box 3 or 7. Even errors on 1099's prepared by big institutions like Hospitals and even some local municipalities.

we pick and choose, usually the income amt per state is below their filing threshold and the refund would be less than our fees. Don't forget to take ht withholding on schedule A. Some of the states might be part of a composite return, read carefully, if so then you don't file but get to take the resident state tax credit.

worst season ever, which is why I have been awol from here. we have worked most weekends since mid-august. The 3115's killed us since we do mostly real estate and of course once the 1120s and 1065's get done, then we can start on the 1040's which many have smllc real estate in, some people up to 40 properties. Got so many cost segs this year and doing those 3115's can take 3-4 hours extra per building. From the get go all my real estate clients were told to expect a 50% increase in fees this year and once they saw all the work, not one complained about the price. Great cash flow season, lousy sleep and rest season. Now its a 3 day weekend then payroll taxes [yay, oh joy, another deadline]

I meant -0- business use for depreciation purposes not on E. What if you put 365 rental days and just left the rest of the form blank, would that work? I just tried and I don't see any efile errors popping up

^^^^^^^^^^^^ ^ ^ ^ ^ ^ ^ THIS

you need to keep the schedule E open in proseries so the 8582 has something to link to. put the property in as it was including depreciation and make current business use -0- so no depreciation gets taken. When sold the suspended loss needs to appear on E as an ordinary loss, not capital loss.

FINANCIAL PLANNING Dan was a single guy living at home with his father and working in the family business. When he found out he was going to inherit a fortune when his sickly father died, he decided he needed a wife with which to share his fortune. One evening at an investment meeting he spotted the most beautiful woman he had ever seen. Her natural beauty took his breath away. "I may look like just an ordinary man," he said to her, but in just a few years my father will die, and I'll inherit $200 million." Impressed, the woman obtained his business card and three days later, she became his stepmother. Women are so much better at financial planning than men.

heads and tails

I think its part of the sale transaction. What I really don't understand, why this is at the point of tax court? Assuming the tax is even $3000, after paying your time etc it might be cheaper to pay.

target practice for Catherine?

he isn't the only one because it is still going on.

I AGREE and that's how it is now but I am looking for a way to get rid of the S corp if possible.

the ID doesn't have to be the same as long as the ownership is the same but in this case they went from holding title in a S corp to a LLC. Title was held by the S corp with 1 shareholder, the new entity was an LLC with 1 member. Since they at some point realized this was wrong, they transferred the LLC to the S corp so in effect the S corp still owns the replacement property. My desire now is to either dissolve the LLC and let title revert properly to the S corp. Or get rid of the Corp, leaving the LLC which is wrong but better tax wise. If the mortgage bank becomes a problem then my client can and is willing to pay off the mortgage.

This is a headache I inherited a few years ago and just went along with how it was even though I know its wrong. Time to try and make right. Client owned a building that he did a 1031 on. The attorney set up a new entity to hold the new property and did it as an LLC. The exchange agent let this fly. I guess as some point they realized the foul up and so they reported the LLC as a disregarded entity with the S corp as the sole owner. This way the property is still on the S corp return even though the title is held by the LLC. Probably should have just done an S election for the LLC but what is done is done. This was done in 2005, In 2012 there was a refi and they could have tried to fix it then but now its my problem. My options seem to be, keep as is; dissolve LLC and let title revert to S corp, or close S corp and let LLC stand on its own? Of course the last option is the best tax wise since it gets the property out of the Corp.

under TPR regs, since its reasonable to expect to use up the yarns within the time period I would probably expense.