Abby Normal

29 minutes ago, Lee B said:

they dumped phonics for "sight reading

One of the dumbest moves ever. How can people pronounce or spell words when they're just learning the shapes of words and not the individual letters? I had an employee like this and whenever we had a name like Elisabeth, she would always type it as Elizabeth, and I would ask her why she didn't just type what was there. Her eyes were trained in sight reading and could not detect subtleties in spelling.

It usually only happens at sale.

1 hour ago, Marie said:

HOW DO YOU MARK A SUPERSEDED RETURN?  DO YOU USE THE 1065 AMENDED FORMS

 

You use the amended forms, but there's nothing to mark. If the IRS receives it before the original due date, it's considered superseding.

1 hour ago, BulldogTom said:

Oh....I love that.   Is that your own or is it a quote from someone else.  

I am stealing that line.

Tom
Longview, TX

It's based on this quote by Upton Sinclair:

“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

1 hour ago, Christian said:

Well if you set the vehicle up for depreciation does the Fixed Asset module offer you the Vehicle Expenses module ? It was formally a choice offered when you went to line 10 of Schedule C or Schedule F.

There is a vehicle tab for any asset set up as a vehicle.

1 hour ago, mcb39 said:

However, if you don't have any other depreciation; it is easier and faster to just use the Vehicle Expenses worksheet if you are only taking mileage.  Anyone depreciating other property is aware of the worksheets for Listed vehicles.  I, for one, find them a bit tedious if I don't have to go there.

So when the vehicle is disposed, you just ignore the gain or loss? Or do you go back and reconstruct the depreciation? I personally think those shortcut worksheets should be eliminated.

If the estate actually did not own the real estate, then those expenses are just distributions to the beneficiaries.

11 hours ago, Christian said:

I too have done that on Schedule C and F with no problems. For some reason on a Schedule F I recently used I was offered no choice for the Vehicle Expense form but was directed to the Form 4562 to use the fixed asset feature. I have no need to depreciate the client vehicle.

BUT... standard mileage includes a depreciation component, and you must track this depreciation component in order to calculate the gain or loss on disposition of that vehicle. Basically, every vehicle needs to be set up in fixed assets with its correct basis. If you do this, ATX will keep track of any mileage depreciation for you. It's actually quite a nice feature. And if actual turns out to be better than mileage one year, you are all set to take that option.

6 hours ago, MDCPA said:

Sorry group - I used the wrong term - notes are what I'm looking for - are the preparer created notes included in an efiled return - thanks

There are special notes notes section on the 1040 EF form called Preparer Notes. It's my understanding that those go with the efile. Not that the IRS or anyone will ever read them. Maybe someday the IRS will have AI to read those notes and look at all of our attachments. Won't that be be fun?

A lot of people are suddenly going to be pregnant, every year. When the IRS started requiring SSN for dependents, 10s of millions of dependents just disappeared.

4 hours ago, BulldogTom said:

OMG, I am laughing so hard and I don't know why.   Thank you @Catherine

Tom
Longview, TX

You have the tax season sillies! It's better than crying, but that works too.

10 hours ago, JimTaxes said:

I had a car wash client.. owned a laser car wash.. two single member LLCs set up. one for the car wash itself/ equipment and one for the building.  The car wash LLC paid rent to the real estate LLC.. it was overturned in audit, saying self employment tax was skipped out on.. I have been subsequently told the IRS audit could have been challenged.  This was my one and only time I sumitted a claim to my professional liability insurance in 30 years. 

SMLLCs are disregarded, so the IRS was correct. Now if the operating LLC was taxed as an S corp, then the S corp could pay rent to the other disregarded LLC.

4 hours ago, DBerg said:

The private equity firm can do what Wolters Kluwer did to ATX 2012. I think that is how many people found Drake and started using them.

CCH owned ATX in 2012.

Schwab sent out an email saying corrected 1099s were being sent out.

4 hours ago, Lee B said:

Corrected 1099s from brokerage firms are sometimes issued between the middle and the end of March.

I've seen them over a year late. But I've also never seen worth amending for.

My Schwab 1099 is fine. It even says that line 1 includes 1b, 2e and 5.

On 2/21/2024 at 3:05 PM, Christian said:

Ah Abby such a treasure you are. 

Preferences, Print, Print without zeroes. One of the first things I check every year.

I use Backblaze. It's fast, works well and it's reasonably priced.

But I've heard that a database like ATX might be unusable when using an online backup because of the way both databases and online backups work. Some online service have a separate database backup option.

3 hours ago, MaryNoe said:

Not a new computer.  Still having problem.  Have to open return in 2022 before attempting to rollover the return.  This works most of the time. UGH!

Can you hire someone to open, save and close all the returns in 2022?

Those old disks won't do anybody any good because the forms servers for those years are long gone, so you won't be able to download any forms.

Cash basis deducts when paid.

MD makes you add back any PTE tax for the year it is passed out to the owners, so if you pay it after year end, you have ghost income at the state level, via the add back, in one year, but a federal deduction the following year when the tax is actually paid, without a corresponding add back.

Refunds will be at the individual level, unless refunded to the business. There doesn't appear to be a built in method for the refund to be taxed for federal in the year it is received by the individual, even if the individual is itemizing because the PTE tax was never deducted on the Sch A.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-simple-ira-plans#depositing

When must I make the matching and nonelective contributions?

You must make matching and nonelective contributions to the financial institution maintaining the SIMPLE IRA no later than the due date for filing your business's income tax return, including extensions

It's called adulting.

15 hours ago, Lee B said:

How does that help, there is no W 4 provision to have a% withheld?

It only helps if they can do basic math.