michaelmars

no loss, it was her 2nd home.

HE was a student but now he works here, his social sec card says that's its eligible for employment with Home land security permission. the 1042-s was from his school where he worked while taking classes. graduated college @ 16 got his phd by 20, Lets just call him Sheldon.

How does one enter this? Do I enter it as a W-2?

is he paying cobra? you might make the medical exception

once you realized that the work was much more than prior years you should have let them know. I have called clients with "you know in the past my fees were always around x but this year I see you have xxx stk trades and a k-1 requiring 2 new states. Just want you to know that my fee will have to go up at least X%. Would you like me to continue on this return?" Can't blind side them after you do the work, and you don't want to piss them off. You might even get the response, "yeah, I figured this year would take you much longer." I never have set fees but clients do sort of expect them to be in line with prior years. You don't say why you want to 3x their fees but I would never reference that you are letting them know so they can go elsewhere. What if next year its a simple return and would be profitable for you under your current rates? You sound like you are apologizing for having to charge more next year. I never apologize, I might say, Hey I am glad your are doing so well or that you are presenting a more complex return. It means you are growing and I get to make some more money. Let them apologize if they have an issue with you getting paid for your work and knowledge.

I was just pointing out how there can be cash in excess of profit or excess.

what if there was heavy depreciation that wiped out profits but left plenty of cash in the business?

now that you brought up NII, has anyone considered all the ramifications. Rent is passive but not for a Real Estate Professional. But what if that professional put some of the property into a trust for his kids, as trustee he is still a professional but does it count enough to make it active. This weeks seminar by a panel of tax attorneys said "who knows till the courts decide". What if the self rental discussed above is the building the active business is in but there is a subtenant? Do you look at deminimous, do you allocate, and if so how, by rent, by square feet etc.? What if the building is in an llc with the spouse or children? the problem with this tax is that it is a tax on income but they tried to calculate it using passive loss allowance rules and the 2 don't mesh. Now if you assume the trustee in the first case qualifies to exempt the income and 5 years from now the courts rule against that, you might have preparer and taxpayer penalties to eat. If you pay the tax and the courts uphold the exemption past the time you can amend then you face telling the client you paid taxes that didn't apply. Common consensus is to lay out both sides and arguments to your client and let them pick, IN WRITING, how they want you to handle it. Of course when you ask a client they say, what do you think? This tax is going to be very difficult to handle correctly until ruling come down. You get a K-1 from an active business that also has interest income on it, do you pay the tax? What if the interest was from CD in the company, what if the interest is on receivables? Does that change your handling of it? For the more major clients where this tax is significant we are putting them on extension so we can get more info than a 3 hour seminar [which my whole staff attended]. The bulk of our practice is real estate professionals.

self rental is not a passive activity, its treated the same as if you rented tool or cars. without being subject to fica. in other words self rental income or losses can not be used to or offset other passive income or losses.

FROM LACERTE WEBSITE AND PROSERIES HAS ALMOST THE SAME INFO. ATX IS FEEDING EVERYONE A LINE THAT TAX SOFTWARE CAN'T PREPARE THIS FORM. Description Information on FinCEN Form 114 and Frequently Asked Questions. Detailed Information FinCEN Form 114- Report of Foreign Bank and Financial Accounts (FBAR) is used to report financial interest in or signature authority over foreign financial accounts and replaces Form TDF 90-22.1. The FinCEN Form 114 must be electronically filed and received on or before June 30th. FAQs- When will Form 114 be available in Lacerte? FinCEN Form 114 will be released as a draft version on an update posted on 3/12/2014. The form will not be available to file until April 2014. Will Lacerte support E-filing of FinCEN Form 114? Yes. The current plan is to support Form 114 electronically in all modules in the 2013 Lacerte tax program. How will it be e-filed, together with the main form or separately? Form 114 is a separate e-filing type from the federal return so it will be considered as a separate e-file. We will provide more information on how to e-file Form 114 later in the year. I need to e-file Form 114 before April 2014, how can I do this? You can manually create and e-file Form 114 on the FinCEN website. See BSA E-filing System and BSA Steps for more information. For additional information visit the FinCEN website. For further assistance when using the BSA E-filing website you can contact the BSA E-Filing Help Desk at 1-866-346-9478 begin_of_the_skype_highlighting 1-866-346-9478 FREE end_of_the_skype_highlighting.

OUCH!

Hey you got a hairdresser in the family? why isn't she helping you do taxes, that's where the real experts are.

I switched too last year after almost 8 years with atx. I see a lot of issues still posted on the official board but much less than last year. I will probably keep proseries with my 60% for at least next year since the price differential isn't that great and then I will reevaluate. I am annoyed at corporate response to 2012 [or lack thereof] and not willing to go back yet. Proseries works flawlessly, no issues at all but doesn't have some of the forms that atx has and that I could use but the program works [except for mickey mouse looking letters] and much better diagnostics, perfect efiling, support answers in less than 5 minutes and their people KNOW taxes. Board moderators are still posting incorrect info on the other board which really makes be doubt the company, for example, last week they posted that the new FinCen will not be available since the irs doesn't allow it but in my office Lacerte has had it for a month and PS has a draft to go live in April. Seems like whenever a lack or glitch in atx is asked about it gets blamed on the irs. Same for efiling fiscal return which they said couldn't be done on the same day I filed on on ps. I like the input and graphics much better on atx and don't like the full ps price of $5200. If the company gets more responsive and customer support gets better only then would I return.

WAS that you that helped locate the Vanilla Fudge album? I was the one wearing jeans, and work boots.

I believe that the date they went to in the future is 10/21/15, hope we have the hover boards by then.

I personally give the whole page, never had an issue with any I sent from here, and never had a client complain that I didn't cut up their forms for them, heck for all I know they went and paid them on line.

SINCE THe hud usually breaks down the monthly or even daily amount, just see if the deduction equals what it should be for the period owned.

Got a partnership that only receives interest income, since this is portfolio income, where do I deduct my fees paid? on page 1 as ordinary expense or on schedule K as portfolio expense subject to 2%?

do you have E&O coverage before you start this one? sounds fishy to me about the bank and the state lottery stuff.

OMG KC HAS LOST IT WITH KINDERGARTEN JOKES..... SOMEBODY HELP HER!

I too would be in the 700-1000 range, maybe a bit less than 700 if it wound up not as complicated as it seems, afterall if the states are florida or texas then they don't count.

NAHHHH its easy, the right number is written on our ceilings.

i doubt fmv is more than 10-25% of any item. that said, if you enter the donation as 2 transactions each under $5k then it should go through. When my mom passed we had a fmv donation of almost $12k including her furniture, I did have a few appraisals on antiques and furniture to substantiate it. but I still put them down separately so as not to get involved with page 2 or 8283

got to 10/15 if they were on extension for 2010

I always show it for a sale over $500k. how does the irs know there is basis to reduce the gain.