Abby Normal

Free IRS webinar 11/13: https://events.na.collabserv.com/portal/wippages/register.php?id=d746261d5e&l=en-US

We use it like it a lot. It's nice not to have to pay a monthly fee during months where we have no charges. I bought a touch screen pen so people don't have to sign with their finger.

I email password protected organizers to all 1040 clients (about 250). I only have about 25 that I have to mail. My clients start calling me if I don't send them out early enough.

I think if he has a signed note payable to him, you could ok. No experience with this scenario, just my first impression.

# of employees and trucks does not matter. You can have no employees and one truck and still get business use of home.

The purchase price must be allocated to tangible and intangible assets. See form 8594. Edit: Yes, your state probably has a "bulk sales" tax law. Best if the buyer pays it so you know it actually gets paid.

Unfortunately, the IRS decided that Sch Cs cannot be joint. That would have been the simpler way to go: joint Sch C with 2 SE forms. They want you to split all income and expense items on two separate sch Cs. I don't have time for that, so I have the Sch C taxpayer issue a 1099MISC to the spouse taxpayer for roughly half the profits. The then spouse has a sch C with just income and no expenses. The only reason for all this rigmarole is for both spouses to get Social Security credit.

Burned CDs may or may not be reliable long term. Saving install files to your hard drive and backing them up is clearly a better option.

Cash flow? Profits used to repay debts or buy assets? The 5 sounds like about the amount to pay taxes on the 13.

If his home is a place of business, then he has no commuting miles. It's all business. That's why you want "business use of home".

Many of my single member s corps have 0 stock basis at year end some of the time, or even a lot of the time. It happens because of having debts/loans that do not increase stock basis, and do not provide debt basis. Debt basis is very restrictive in s corps. It's much easier in partnerships. They use those debts to buy assets that are 179'd or bonus depreciated to zero, wiping out income or even showing a loss. If they take too many distributions, their stock basis will hit zero and excess distributions are taxed as capital gains. I NEVER let any of my s corps have loans payable to shareholders, because it's too much of a pain to deal with loan repayments where debt basis was used to deduct losses. Also, imputed interest. I always move the loans to paid in capital to increase stock basis. Keeps things much, much simpler and that's always a priority for me.

First off, you can't have negative basis in an S corp. Basis stops at zero. What you probably have are 200k in suspended losses due to lack of basis. The good news is that the 300k gain in the s corp will increase basis, but they should only take 100K in distributions this year so they leave enough basis to take all of the suspended losses. Is there any chance that they can utilize the 0% bracket for LTCG on their 1040?

I think the IRS gave up trying to match K1 forms to 1040. A recent 1040 transcript a client got from the IRS didn't even show all the lines from the K1. But still, I think I would amend because it's missing from the Sch K as well as the K1.

I suppose they could hit you with preparer penalties? Other software I've used had a box to check if you were a nonpaid preparer and it would type 'Nonpaid Preparer" in the signature box. Not sure if that means anything.

Nothing would drive the economy underground faster than a national sales tax.

Don't know if this will help in your case or not, but it's a nice site: http://www.dinkytown.net/java/Tax1040.html

Doesn't add up... http://www.theverge.com/2014/8/6/5973729/the-problem-with-the-new-york-times-biggest-hack-ever

It's probably covered by state law: http://codes.ohio.gov/orc/1776.43

1. There's no reason to account for the grades of gasoline. All fuel can be lumped together. 2. Gas stations must inventory gas tanks daily. It's a simple matter to cost it using the last few delivery invoices. I currently have 2 gas station clients and they both use CSS software to do their daily sales/inventory reports. http://css-corp.com/ It's DOS but I can still run it on Win8 by using a virtual machine with XP installed. They might have a windows version now and I'm sure there are other software companies out there.

The difference won't be exactly 32,000 as the state depreciation (not including 179) will be higher because the assets weren't 179'd. I have no idea how WI handles this. In MD it's a separate addition/subtraction because MD starts with fed AGI.

IRS has no procedures to catch this except exam. http://m.journalofaccountancy.com/News/Article/201410156.jofa

I have two little old ladies who had a problem with this because of a spouse dying late in the year. As a test, I decided to do nothing to see if the IRS even catches it. If they do, I will file the 5329 with explanation. The 5329 is a signature form and can be filed separately. To answer your question, yes you're supposed to send it in now and, from what I've heard, they almost always forgive the penalty. I'm advising my over 70 clients to start taking their RMDs in July so that if a spouse dies, there's ample time to deal with the deceased spouse's RMD for that year. In one case, Bank of America's IRA department told the widow she didn't have to take out the RMD for her deceased spouse until next year, which is wrong.

39 Years Nonresidential real estate. Is that what you needed?

And so far I'm loving it. Carbonite would not let me backup the the ATX data folder because it's hidden, but CrashPlanPro is happily backing up C:ProgramDataCCH Small Firm Services as we speak... er, type. It solves some of my long-term complaints with Carbonite as well and it's a much more professional looking application. $10/mo per computer, so it's costing me a little more but it's well worth it. I've already tested it by deleting a file from my hard drive then restoring it from the backup. Worked like a charm!

My returns have gotten thinner every year as I print fewer and fewer pages. I rarely print more than 10 pages unless they need estimated vouchers. Rarely do I get a complaint as most clients never look at the return. I give them a CD that has all the returns and records I have for them. I get the CDs from Tenenz for about a buck preprinted. They look nice. They have several styles: http://www.tenenz.com/index.php?view=search_results&search=39&search_method=CAT The CDs save me toner, paper and printer wear and tear, but the clients love them for printing copies of their returns or taking to the bank. I've had bankers compliment me on them and say they wished all the tax preparers did this. Edit: I have a good number of clients that are happy with just the CD. I knock off $10 if they forgo the paper copy and folder.