michaelmars

i haven't received even 1, and these are corp extensions which last week were getting accepted in hours. Atx website hasn't updated anything even on there home page since 3/5.

DID YOU MARK-PAPER CHECK ON THE EFILE FORM?

"OTHER" ATX DOESN'T HAVE VARIOUS

YOU MUST ENTER THE DATES IF A SHORT YEAR.

The IRS developed the “Did I Receive an Economic Recovery Payment?” look up tool which gives taxpayers an easy way to determine if they received the one-time ERP payment and which agency made the payment. Beginning March 8, 2010, taxpayers can call 866-234-2942 to access the phone application. The Web application will be available in late March on IRS.gov. Taxpayers who had earned income in 2009 or are government retirees and received an Economic Recovery Payment need to report whether or not they received an ERP and the amount when they prepare their Schedule M, Making Work Pay and Government Retiree Credits. The one time $250 ERP was paid to individuals in the following categories: • Retirees, disabled individuals and Supplemental Security Income (SSI) recipients receiving benefits from the Social Security Administration, • Disabled veterans receiving benefits from the U.S. Department of Veterans Affairs, and • Railroad Retirement beneficiaries. Using the IRS look up tool taxpayers will have to enter three pieces of information to determine if they received an ERP: • SSN • Date of birth • Zip code from the last filed return A separate telephone call or Web inquiry must be made for each taxpayer, even if filing a joint tax return.

is this a 2009 or 2010 estate?

ADD $20 TO YOUR CONTRIBUTIONS AND GET RID OF THE BAL DUE!

i am going to go with this senario. the client has no personal tax for 2009 and probably none for 2010 thus we are just talking about an nol vs a capital loss carryover. i am going with the more concervative cap loss. There was a lot of good imput on this topic thanks everyone.

sorry for my delay i have been out of the office, when the business wrapped up the balance sheet was left with the note receivable $115,000, shareholderloan payable $197,000, cash $84,000 and capital stock $2,000. i think rethinking it that the defaulted note is investment since it was taken in repayment of his loan balance but still not clear. if its business or investmetn loss. Jainan-yes there was interest on the note too

without having the program in front of me today, i think you can just create a second k-1 input and put your depr calc on the correct line [13w?] also, i know the partnerships need to file a signed election not sure about individual, electing 754

follow up, would his legal fees be added to loss or go on sch A

1120 sold its assets in 2007 in exchange for a note, reported the entire sale and paid the tax. corp closed in 2008 and the sole shareholder took the note in exchange for its shareholder loans. Assume this was all done correctly. in 1/09 the note became worthless due to the bankrupcy filing of the debtor. Is this a line 21, a form 4797, or sch D item?

General is a quick thinker.. I know now why he is a General.. President Obama was having that one, lone brief conversation this year with General McChrystal about Afghanistan . Things were obviously not going the way the General had hoped. Obama could sense this, and told him, "I bet when I die, you'll piss on my grave." To which General McChrystal answers, "No sir, I've always said that when I get out of the Army, I'll never again wait in another line."

thanks everyone!

was the gain on sale the same property that generated the rental loss?

i am humbled

I was the one who posted about being removed as paid preparer: it was in a letter i sent to a client that owed me money where i stated since i wasn't paid i am going to ask the irs to remove me as paid preparer. i further stated that i don't know if this change will open her return to further irs scrutenty or if it will extend the statute for audit. She paid with in a week! it was just a scare tactic since i am unaware of any way to actually do it with the irs. i think i got the idea from a posting on the old atx board.

I Agree with Old Jack and love paper for as long as i have the client but storage space is costly. i have been pdf'g everthing for a few years now. In NY we are requred to keep records for 7 years [paper or digital] So i am keeping 7 yrs of paper and the rest on digital. On a client by client bases and mostly for businesses i keep paper forever-as long as i have the client.

OLD Jack is correct in the placement of the deduction, whether you claim it on the 1040 or it flows from the 1065. Yes, its a separately stated asset on the tax program so you can allocate the depr. And the partnership needs to receive a letter telling them of the amount of the step up.

DON'T Forget the tax effect of distributions on refi's

we have layers like this all the time so partners can pass partnership interests to the kids etc, why the heck have an llc become an s corp. The beauty of llc is no payroll tax returns to deal with, with an s corp you need to set up p.r to get the money out with an llc you just pay it on the ITR's. if its real estate you usually will be much better off when you sell in a llc over a s corp too.

you talking efiles or pick-ups at the bar?

MANY Partnership agreements call for the partnership to book the step up, they make an election [atx has it in the elections] and then they just track the depr on the step up separately and only allocate it to the one partner on line 13w of the k-1. part of the step up is allocated to land and thus not depr'able. dr building xxx,xxx dr land xx,xxx cr capital ptner Y xxx,xxx

There is a difference if the decedent owned the property or he owned a partnership share, owning the property. if he owned it as a partner then the partnership elects the step-up.

i have the cannon mf 4350d as my throwaway printer, works fine with win 7 just the sheet feed is a bit slow for photocopies, otherwise no complaints. My office has one of these at each accountants desk for small print jobs, scan or copy jobs. Which is why we are all fat and lazy, we don't get up to make one copy anymore.