Abby Normal

Pffffft.

Ohio is another state I won't move to after having done their tax returns. A client moved to MD from OH and I had to do 4 tax returns in OH! Sorry I can't help, just commiserate.

Well I've been using Virtru for free with mixed results. About half the people I send emails to, tell me they can't figure it out. I knew this was going to happen. Of course, even when I send password protected pdf attachments, there are clients who can't open it, or they tell me there's no place to enter a password. I should fire all of my computer incompetent clients!

I've had two clients so far whose 1095A forms were wrong. Are you sure your client actually received APTC after the husband got on other insurance?

Let's hope more companies do this. This is the first one I've ever seen. http://www.mondelezinternational.com/investors/stock-information/spin-off-information

Dude, that's pretty ballsy. Glad it worked out for you. FYI, it's just a CD, or CD-R. CD-ROM's (Read Only Memory) are pre-pressed and you can't write to them, like a music CD you buy.

I emailed support about the MD 504 trust return calculating a negative local tax on line 18. I didn't bother to explain that it should be zero because THERE'S NO SUCH THING AS A NEGATIVE TAX. Today I get a long email explaining that math gives you a negative tax when you have a loss. I'll let you read it for yourself: Good Afternoon, I have your 1041 return open, I went to MD 504, K01 page 2 line 18, and I see it pink override. When I restore the field, I get -7. Line 18 states Local tax, multiply MD tax table from line 10 by .0240. Line 10 of MD 504, K-1 is -284x.0240= -6.816 round off to -7. If the tax is incorrect on line 18. If not to be -7, what is it suppose to be? How did you determine the Tax Table for line 18 is incorrect? Can you point me to where the % may be wrong. I searched MD State DOR found Talbot County 2.40% Again my total is still -7 (-700) for line 18. Please reply back to what I should be seeing, how much you think it should be. What do you see that I can't see? You may need to call us on Monday so we can remote and review return with you. Please reply back attention David with a break down of what it should be, what I need to look at that you found to be incorrect. I will attach a screen shot how you sent return to me, and how I restored it to show -7. My response was quite short and may have contained some caps and exclamation points.

I had a client complain about having to remove those big honkin' staples to make a copy for the bank. I asked them why they just didn't print from the CD I gave them, or take the CD to the bank, and they conceded the point.

Many years ago, I started out with book depreciation, then realized it was way too much work, and no one but me understood it! Been doing tax basis books ever since. It's way easier for the IRS, too!

Clients don't want all that paper to begin with. Just something more for them to store somewhere. I rarely print more than 15 pages of any return. never print 4562, 8949, efile forms or any worksheets, and no one's ever complained. If fact, just the opposite. People have complimented me on having smaller returns,and complained about their prior tax pro giving a huge folder that they didn't need or want or would ever even look at. Everyone gets a CD with all pages in a pdf, plus a scan of their records. Save a tree and save yourself some time and money!

Don't put it as a loan from the shareholder. Just put it in paid in capital. It avoids the imputed interest problem and she can take it out whenever she wants as a nontaxable distribution... unless she uses up the stock basis with losses. And even then it's just capital gains. I never do debt basis on S corps.

I often change the code when I get a new client. I always get a laugh when the prior preparer answers the question "Product or service" with either 'product' or 'service'. I always look the return over a little bit more closely when I see that.

I'm with you, Gail!

I almost clicked on this, but I hovered instead and saw the link. I've never had a tax preparer targeted scam before. Bastards!

The gain is taxed at the higher collectibles rate, but the loss is just a capital loss.

He's just dissolving the S corp (a taxable event) and putting the assets into a sole proprietorship. He may want to rethink that, unless there aren't many assets in the business.

My cost went down this year due the changes in license costs. The program's gone up a little each year but nothing terrible.

Yes, I plan on switching to a group plan to save on payroll taxes for me and income taxes for me and my employees. Also, none of us will have to deal with insurance exchange websites and PTCs.

http://cs.thomsonreuters.com/ua/fixa/cs_us_en/ass_life_tbl/hid_help_asset_lives.htm#

I'd use Class 0.27 trailers 5 years. Or my fallback, Class 57 Distributive services 5 years. Most assets are 5 year except office furniture not used by customers.

Take remaining amortization in final year. It's a capital asset, but there will be no loss in this case.

And they were smart enough to make it work for color blind people. I'm not color blind but I can see that the icons would work if you couldn't tell the colors apart.

I don't think the code DD vs. Box 14 matters, as long as the health insurance is in box 1 wages. As for the Code W treatment for HSA contributions, it may not be technically correct but as long as he doesn't take a deduction on the 1040, it all works out. I've always added HSA paid by S corp to box 1 wages and then taken the HSA deduction on the 1040, because when I researched it, that seemed to be the correct way to do it.

It was extended thru 12/31/15 early in 2015.

In the Return manager, click oh the Returns menu, then click on Change Printer. We have ours set to ATX PDF so when we print one page, it goes to a pdf.