michaelmars

That's right, I do.  But I wouldn't waste using them on clients.  

 

In fact, I took a half-hour this morning to practice rifle (the pretty purple one you've all seen in pictures, that Margaret got to hold when she visited) with this super-spiffy laser practice setup my husband bought a year or so ago (from Noptel).  Our first match is this Saturday and standing on the line might be my very first chance at live fire this year.    

 

http://www.noptel.fi/eng2/Sport/index.php

Sunday I get to shoot my new handgun purchase in January, It been hard looking at it all tax season knowing that not a round is going through it till after 4/15

I've got about 75 extensions filed (including my own) and waiting to hear back from a client that owes about $16k, how he wants to pay. Got a few more to review. So frikkin tired AND have a headache.

Still have to figure out my estimates and review my assistant's return-wife bought a PTP. Really tempted to just go to bed right now though.

Just an aside to your post, why would you file estimates for yourself when you are on extension?  If you add what you need to pay with your 1st estimate to your extension, you have that extra hedge in case your extension is short..    Lets say I "think" I need 10k for my extension and 15k for my first estimate, I send 25k with the extension.

my 2 cats were one red and one black.....their names you ask?   Debit and Credit

Judy has it right

I have similar workbooks from other venders but for $20 I got this too. Thanks for the info about it.  I have over 200 of these on extension, getting cost segs first., gonna be a looooonnnnnggggg summer.

isn't pension 13R not W?

cant extend unless the original return was extended, SOL runs out 4/15

you got it right.

if entered properly it will show up on page 1 of the 1040

if he didn't reinvest the dividends then you already have the cost

go on line, most big companies have a way to do this, you enter original purchase and then the will calc all dividends reinvested and spits to give you a current basis.

3115

to answer your other question, if he did try to rent it and had suspended loses, those loses are ordinary losses upon sale and not a reduction of capital gain.  they are worth more due to the differences in tax rates. 

big question is  why is the new building in an S corp?

What Cathy said, you made us think.   Do what's best for you.

NO RETURN NEEDED

Anyone having trouble filing these. send me a message, I have a work around.  Tech support was like a deer in headlights, I worked through 3 layers too.

He still lurks.  

and laughs

can't go by the taxpayer, most don't even know that that .60 deduction is.  As an employer, we offer LONG term disability as a perk. the state only mandates short term.

are you sure it was paid by the employer? here in ny we withhold $0.60 per week from the employee which makes it tax fee benefit.

thank you Jack, you made it simple.

Entity is less than 6 years old, and has a mortgage of 500k, with a remaining building basis of 500k just to make this simple.

The bank plans on selling the building for $135-150k and forgive the balance of the debt. I am having trouble projecting the COD and the cap gain/loss to report.

I think either, that the debt forgiveness gets added to the 150k sales price. or he has a capital loss of 350k and cod income of 350k. if this is the case, the cod taxes are due now and the loss gets used up at 3,000 per year.

Also how does the fact that the S corp has been around less than 10 years, any built in gain tax issues? [i never had to deal with this]

except things like basis statements and depreciation schedules, although prepared by preparer, these belong to client.  Business returns, likewise, any schedules supporting journal entries etc that weren't posted on clients g/l belong to client.  the client is entitled to the backup needed to support the amounts reported.

could be a t-I-c, I would do a 1065 going forward, make sure they have a partnership agreement.  is their a bank involved? maybe that's why one "partner" wanted to be invisible.  this sounds like a post 4/15 issue

are the states even over the amount requiring a return or was there withholding you are trying to get back?  you might be able to skip some of the states.