Abby Normal

Bought my desk at Beyond the Office Door. It was just under a grand. http://www.beyondtheofficedoor.com/Electric-Sit-to-Stand-Desk.php Just bought a new floor pad from Varidesk.com so I can stand longer. http://www.varidesk.com/ Versa Tables also makes sit to stand desks. http://www.versatables.com/promo/sit-to-stand.php

Just noticed last night that ATX is calculating the 22 cents per mile depreciation and recording it for the vehicle when you use the standard mileage. Nice!

Boo! I was going to say how pleased I was they were making solid donations. I see people with much higher AGI not making any donations, the cheapskates! Also, buying deductions is a losers games unless it's retirement contributions. He should def max out his 401K.

Life is too short for PITA clients. I would not quote a price. I would tell them they are not a good fit for my business and they should find another preparer.

Saw this on official forums: a manual refresh of the assets. Go to fixed assets and put the cursor in any cost or basis field. Hit Ctrl / Alt / Shift / 2 (2 not F2). A little circle will appear for a few seconds. This will clear off the old asset information from the forms.

In fixed assets, if you override the bus% to 0.001 it works. Edit: the % at the top.

Geez, so fixed assets says 0% but 4562 says 100%. Lovely. Do you just override the 4562 or put 1 business mile?

Just use the correct % for the final year and tell the client you can amend the past 3 years if they wish, and tell them their inattention to detail has cost the money over the years.

It works right on Sch C too. Where are you finding it not working right?

It works right in fixed assets.

I've never had occasion to enter zero business miles. And it sounds like the programmers never allowed for it, either.

Right from the IRS Audit Guide: Treas. Regs. § 1.183-1(e) provides that for purposes of IRC § 183, gross income includes the total of all gains from the sale, exchange or other disposition of property and all other gross receipts derived from such activity. It also provides that gross receipts from the activity may be reduced by cost of goods sold to determine gross income http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IRC-183-Activities-Not-Engaged-in-For-Profit-ATG

Why not put it on Sch C? How many years has she been at it?

http://www.irs.gov/uac/Form-5213,-Election-to-Postpone-Determination-as-To-Whether-the-Presumption-Applies-That-an-Activity-Is-Engaged-in-for-Profit

I've been picking up new clients at a good pace. No particular pattern though.

I got one of those too. It's because QuickBooks won't print 1099s on blank paper like it does with W2s.

If there was no 'tax benefit' it is not taxable. Override the taxable refund worksheet. I do this all the time in AMT situations and zero prior year tax situations. Go back to the prior year return and reduce the state taxes claimed by the amount of the refund. If the tax liability does not change, the refund is not taxable.

This is all due to that new feature in Preference Communications where you tell ATX to make the letter always say one thing. Turns out they did such a bad job of implementing it that you can't override in the individual clients. C'mon ATX. It's not that hard! I won't be happy until there is a paper file letter option.

If the client made a donation to the same recipient last year, you can access it. Another Mickey Mouse ATX implementation. Let's just hope they expand it to a real database. Overall though, I like the new 8283 design.

De nada.

If you get a notice from the IRS, just send them an explanation.

These facts make no sense. A REIT has to be a corporation but the 1099S would only be issued if it was a partnership or the real estate was ditributed to the shareholders before it was sold. If he was receiving interest, his investment was a loan. If it was a partnership, he should have been getting a K1. If it was a loan to a partnership that somehow got converted to equity then the facts make sense.

We need a law that says that all tax documents (W2, 1099, etc) must have the year and form number in quarter inch tall Arial bold with the year in the upper right hand corner and the form number in upper left hand corner. We always check the year on the form because clients sometimes give us prior year forms and we have on occasion accidentally entered those forms. I'm sure you've all seen forms where the year is in a bottom border in a tiny font. Why would you hide something so important?!

Ignore LLC until title is transferred. Sounds like no income or expenses in 2014 anyway. Elect to capitalize carrying costs and put the expenses to startup costs asset. No depreciation or amortization until 2015. They can transfer it all to the LLC in 2015.

It's just unreimbursed mileage. You can swap checks but why bother? If there's cash in the corp just write a big check at year end. It's like a tax-free bonus.