Abby Normal

Ok, I laughed.

I'm just glad this commissioner is going after these frauds. It's way past due.

Have a client with a CP2000 about education credits. Faxed the IRS the 1098T and the IRS says, sorry, inadequate proof. A few smarter colleges are putting transcripts on the back of the 1098T. They all need to get on board with that!

Photoshop.

This time of year as I'm working on bigger and bigger returns, every 20-30 minutes I press Ctrl+S Ctrl+F4 Ctrl+O to save, close and reopen the client. Closing the client creates a backup, which is the main reason I'm doing this. Here's hoping everyone has a smooth, happy rest of the tax season!

Whoever prepared the K1 should have given you a basis worksheet. Ask your client to get it. If not available, you need to reconstruct basis from the beginning of the investment. If basis is unknown, assume it's zero and move forward but add the basis form in ATX and check the box to calc basis on the K1 input screen.

If it's a nonqualified personal use van you can do whatever you want. Otherwise, >6,000 GVW you take 25,000 179 and depreciate the rest. >depression LOL

Daily transportation expenses you incur while traveling from home to one or more regular places of business are generally nondeductible commuting expenses. However, there may be exceptions to this general rule. You can deduct daily transportation expenses incurred going between your residence and a temporary work station outside the metropolitan area where you live. Also, daily transportation expenses can be deducted if: (1) you have one or more regular work locations away from your residence or (2) your residence is your principal place of business and you incur expenses going between the residence and another work location in the same trade or business, regardless of whether the work is temporary or permanent and regardless of the distance. Illustration of transportation expenses. Figure B , earlier, illustrates the rules that apply for deducting transportation expenses when you have a regular or main job away from your home. You may want to refer to it when deciding whether you can deduct your transportation expenses. Temporary work location. If you have one or more regular work locations away from your home and you commute to a temporary work location in the same trade or business, you can deduct the expenses of the daily round-trip transportation between your home and the temporary location, regardless of distance. If your employment at a work location is realistically expected to last (and does in fact last) for 1 year or less, the employment is temporary unless there are facts and circumstances that would indicate otherwise. If your employment at a work location is realistically expected to last for more than 1 year or if there is no realistic expectation that the employment will last for 1 year or less, the employment is not temporary, regardless of whether it actually lasts for more than 1 year. http://www.irs.gov/publications/p463/ch04.html No main place of business or work. You may have a tax home even if you do not have a regular or main place of work. Your tax home may be the home where you regularly live. Factors used to determine tax home. If you do not have a regular or main place of business or work, use the following three factors to determine where your tax home is. You perform part of your business in the area of your main home and use that home for lodging while doing business in the area. You have living expenses at your main home that you duplicate because your business requires you to be away from that home. You have not abandoned the area in which both your historical place of lodging and your claimed main home are located; you have a member or members of your family living at your main home; or you often use that home for lodging. If you satisfy all three factors, your tax home is the home where you regularly live. If you satisfy only two factors, you may have a tax home depending on all the facts and circumstances. If you satisfy only one factor, you are an itinerant; your tax home is wherever you work and you cannot deduct travel expenses.

The only way I know is to delete the form an re-add it.

Yes, I had the EFTPS wording on my state letters. I just replaced it with my own wording about paying online. All my letters are very customized. The standard letters in ATX are horrendous! And I almost always have to fix the formatting, spacing, etc. on letters for every client.

If the S corporation acquires an installment obligation from the sale of its assets during the 12-month period beginning with the adoption of the plan of liquidation, the S corporation will not be required to report the deferred gain when it distributes the installment obligation to its shareholders in liquidation. (IRC section 453(h) and IRC section 453B(h)). If the S corporation is not required to report the deferred gain when it distributes the installment obligation (i.e., the obligation was acquired during the final 12 months and after the adoption of a plan of liquidation), then the shareholder reports the gain on the installment obligation as payments are received. In other words, the shareholder can treat the payments received on the note, rather than the note itself, as consideration received for the stock in liquidation. The basis of the installment obligation is ignored, and the shareholder's "allocated" stock basis in substituted for the basis in the installment obligation http://www.irs.gov/irm/part4/irm_04-011-007.html#d0e306

Was a part-year resident return filed in 2013? Need a date the residency changed. Yes you need to file in both states.

At the top of the Simplified Method tab you have to choose which 1099R you want to see. It doesn't default to the same one you were on in the Input tab.

Just found the client I had this on and yes the Simplified Method tab does show not being used, but the Input tab has the inputs and the worksheet does print out when you print the whole return.

Assuming sole S corp shareholder and the assets were owned by the S corp, the S corp shows the installment sale but then the installment sale is 'distributed' to the shareholder where he will continue to report on his 1040.

I did one earlier this year and encountered the same thing. I forget how but I did get it to work somehow.

If you're not taking an education credit, the IRS won't try to match 1098T. My guess is they don't match 1099Q either because most of the time it's not taxable. ATX doesn't even have a worksheet for 1099Q. Just a line on Line 21 Other Income tab.

I had one recently where the broker entered the wrong (much lower) basis for inherited stock and one of the beneficiaries noticed it 3 years later. Had to do amended returns. Brokerage accounts should never be joint, unless you live in a community property state. It makes the basis step up/long-term/short-term problems much easier.

It looks like support is your only hope: http://cchsfs-atx.custhelp.com/app/answers/detail/a_id/15050/kw/restoring%20missing%20fixed%20assets

And... no one reads it anyway.

We ought to be able to get a designation as being the type of users who only call when it's serious. You know they get tons of calls about letters and text fields being too small to type in what they wanted to type in and other such nonsense. They can shunt them to the babysitters and free us up to go to straight to tech support.

1041s aren't needed for revocable trusts. People use revocable trusts to bypass probate. I have several clients with their houses and investments in revocable trusts.

If my clients have sales without basis, I tell them that their broker is lazy and they need to find a new broker.

Yep, I have them installed on win7. I think they're so basic they will work for quite some time.

Thanks!