michaelmars

stop with customer support at the ins co. ask for their tax or their compliance officer and discuss it with him to determine if its really a 2008 or 2009 income

its non recourse. There is no sale unless you mean the debt forgiveness. The bank forgives $3mil and his basis his basis of the building is -0-. No outside basis either. retained earnings are less than 10,000. Since he owns 100% of the stock whether the builing pays tax or him personally, its really the same pocket. So far he is current but wants an outline of his options.

Senario: Client owns a building an an S corp -0- basis due to a 1031 10 years ago. He owes bank $3,000,000. There are no personal gurantees on the mtge. General questions: How is the gain calculated -does it follow the same rules as a partnership? Can any debt forgiveness be allocated to basis in other properties? Assuming he is insolvent at the time should he declare bankruptcy first? Yes we will be hiring a bankruptcy attorney but i just want to get an idea of the issues first.

Well as long as you agree that i took you to dinner weekly to discuss atx issues then i will be fine! oh and that they believe my dog is an office guard dog and that i do 1/3 of my clients pro-bono because i am so generous to the those tax knowledge challanged, and that Westward Ho dude ranch is really an institute of high education qualified for education credits, that i just put in windows, a heater and insullation Again! and yes all my charitable receipts and records are written on my ceiling. [thats where my clients look when i ask them for their contributions]

why not, its just more billable hours for after tax season [looking around] [hope no clients are here]

sorry i drew a blank when i saw the number and we have had trusts accepted with our prosystem program but i have't filed one with atx yet.

no you must amend

John Tuzynski, IRS chief of employment tax operations, Small Business/Self-Employed Division, has confirmed that his office this month began a three-year National Research Program to audit 6,000 randomly selected small businesses. The purpose is to evaluate compliance with selected employment issues, including the proper reporting of fringe benefits, officer compensations, and worker classification. Tuzynski stated that the 6,000 businesses selected for participation in the Program (no, there is no opt out possibility) will be placed in one of three groups of 2,000. One group will receive the full benefits of IRS attention this year, one group in 2011 and the other in 2012.

he doesn't have to give his wife 1/2 they can make a joint gift of $26,000 to their son.

what is a ny 205?

I HAVE filed with nol's and they went through - i agree ignore the message. it doesn't even come up as a red error i think.

i requested they add instructions for these forms and received the following response"ifHi Michael, Thanks for taking the time to contact us. The Client Instruction Sheet cannot handle estimated payment vouchers, but we can add the NY MTA-6. Expect an update later this week. You will have to handle the voucher in the custom paragraph section for now. We have added the NY MTA-5 and MTA-6 to the list of forms to be added to the Client Letter for next year. Hope you have a prosperous tax season. As i said earlier today, support has been fantastic this year.

Set it up as a second k-1 imput using the UPE and the partnerships ein, goes on line 20y -i create a schedule and link it to 20Y

UNREIMBURSED PARTNER EXPENSES

i have nothing but praise for tech support this year. At least when you email them an issue. As for the phones, well the first level is extremely poorly trained and are so reluctant to bounce an issue to a 2nd tier when we request it. Maybe they really are trying to be helpfull but when they see a caller has been a user for 5-10 years and they ahave only worked there 1 year they should rely on us when we say it has to be escallated. i have emailed many time and always received prompt and accurate follow ups. BTW-i used to be such a critic of atx support that william locked me off of the old board a couple of years ago. This year prosytem support sucks so much that we already set up appointments to review other choices for next year and that is after using pro since its dynatax days in the 80's or 70's.

nyc only accepted efiles starting last year and even then not till March was it up and running. i would love for atx to efile nyc but i am also glad that others are being the beta testers for NY first. we use prosysten here and its good for very complex returns [10 states, 50 k-1 imputs or dozens of partners etc] but for 85% of the returns, i can knock one out in atx in 1/10 the imput time. If only atx would more automate the printing!!! BY THE WAY, although we can efile nyc corps they do not accept nyc extensions via efile - Go figure!!!

I haven't seen this report in Prosystem, can you tell me the form number?

our prosystem 2008 bill was $25,000 unlimited everything but this year there cust svc is so bad we already arranged to demo other companies. in comparrison atx is excellant cust ser.

in ny its mandated all business returns must be efiled yet they can never process the returns they get timely

THIS PARTicular return is for NY, the IRS is accepted. While NY admits they are having trouble they offer no guidence. Yes there is a payment due but NY in the past took the money up to a week after the deadline on many of my returns so I can't go by that.

DID you notice in my first post, some of these were efiled 2/26. and filing paper also doesn't really help when payments are due-i can't tell the client to pay double and then we will get a refund if both extensions wind up being accepted. Even "S" corps in NY have to pay a fee and all 35 of my extensions have fees. and also what if they are actual returns not extension? i think i will paper file 7004's for them on monday with no $$.

i have had returns hung up since 2/26 that atx says they are working on and no corporate ack since 3/9. the due date is monday. Now i have to decide to paper file the extensions too!

thats the whole point of guarenteed pmts, so you can distribute in a disporportionate manner. the end result is the one who got the payments will pic up that income then the partners will split the remaining profit/loss 50/50

TO ME THATS 53 OF EASY BILLABLE MINUTES

any business returns or extensions? i got acks for 1040's filed today but nothing on business returns since 3/5. the atx site hasn't had any updates since 3/5 either.