Abby Normal

A reasonable discount for a good tenant is allowable because you know they'll take better care of it than many other tenants. I'm comfortable with a 25-30% discount for relatives not violating the FMV rule.

As a proud Grandpa to 7 grand kids, welcome to the fold! It's awesome. Grandpa is the best job I've ever had.

I think you're missing that they get to take all of that missed depreciation this year. See form 3115.

We have 5 or 6 users and I noticed some slowing down too. Of course you're never sure if it's heavy network traffic or the ATX database bogging down. And our phones use the network as well. Our ATX database is on a computer that no one uses so only the necessary background programs are running on that computer. I suspect our slowdown was due to multiple users creating efiles at the same time. That really seems to bog down ATX. And we have Large Address Aware installed on our server computer.

True, but just like with the recovery rebates, the IRS will straighten it out, just like they do with estimated payments, that clients sometimes give us wrong amounts for.

The IRS deserves some kind of award for what they've done this past year and what they're still doing.

I didn't think there were any Krispy Kremes near me but there is one about an hour away. Here's one of my favorite songs that just happens to mention Krispy Kreme. I think you'll like it, too. Enjoy!

I don't think you can choose to not deduct a traditional IRA, nor do I think that would ever make any sense. Just do a Roth if you don't want a deduction.

You can click the Follow button at the top of every post, but since I've never done that, I can't say how well it works. If I really want to save something, I print it to a PDF in my Tax Reference folder, which has many subfolders to keep things organized. One important thing to learn is how to name files so that a search of your computer finds what you want. Also, if you're not using the Everything search utility instead of the lousy one that comes with windows, you have no idea what you're missing.

There's a utility to redownload all forms for a return. Mark the return and look under the Support menu, and then Customer Service Utilities.

And she likely has losses suspended due to lack of basis. Or incorrect returns where she deducted those losses.

For RE but not for AAA.

This is why I decided in the mid-90s to never have book depreciation. I don't have any publicly traded clients. But, to answer your question, the balance sheet is supposed to match you books, so you are correct. But he is correct that AAA should be 33,000. ATX has a reconciling worksheet for AAA to RE and get rid of the 2,000 other reduction in AAA (assuming that is your depreciation difference).

Some states are of the opinion that unemployment compensation is bad and they make it almost impossible to collect. Then they like to falsely claim that their unemployment rate is low. MD is not one of those states but this clawback needs to be halted.

She is a part time musician, part time college music teacher and plays music at her house of worship. All three stopped last spring, so she applied for unemployment. She had no income coming in. Now, MD is asking for all of her unemployment back because she got W2s and 1099s. They interviewed her by phone and decided she wasn't entitled to any unemployment. I told her to contact her politicians and the Baltimore news stations and make a ton of noise. Go after the fraudsters, not a hard-working mom who legitimately needed the money to get by.

Basis can NEVER be negative. Whoever prepared that K1 basis worksheet did not know what they were doing. Partners have basis worksheets too. I would ask for the final K1 with basis worksheet for the 1065, but I probably wouldn't trust it after the mess they made of the S corp basis.

Are you saying that you can't amend to switch to mileage in the first year? Because I would think that you can. It's not like a formal election that needs to made by the due date. And we need to remember that mileage does contain a depreciation amount, so you're actually depreciating the vehicle either way.

I never use the NEC or MISC input forms unless there's tax withholdings. I override sales on Sch C and rents on Sch E, all the time. I sometimes use the Sales tab on Sch C to list multiple 1099s if it would make the organizer more useful next year.

I hate the letters where the total payments are correct, but I just had them on a different line than the IRS does. I entered it as a 5th estimated payment but the IRS has it as an other payment. CHECK THE TOTALS!!!

Without the extension, most of our returns would have needed to be extended. Some forms were just barely ready by 4/15. 6/15 would have been ideal this year.

Working for me. https://support.atxinc.com/User/Login.aspx

The only things we shred are IRS notices (after scanning, of course), and old 8879s.

IRS needs to move to paperless. What are they copying and printing? And who thought asking Grover Norquist about this was a good idea. He is full of .