Abby Normal

My clients are not that way. They come in the same time every year, regardless. I just hate having to do extensions for days on end, and the constant worry that I missed extending someone. I'd rather just be finishing tax returns. And doing 50% of my work in essentially two months is my least favorite thing about public accounting. I'd much rather spread the work out over the year, and work more normal hours most of the year.

Exactly. Spreading out the workload and lessening the stress were always goals of mine. I love my clients who always go on extension. There's no way I could do them all by 4/15.

First, I would move the shareholder loans to additional paid in capital. S corp debt basis is an unnecessary complication. Too many preparers plug the balance sheet, which I hate! If the balance sheet is wrong, the tax return is probably wrong too. Ideally, you should recreate all the returns from inception and reconstruct basis too. You didn't mention stock basis so I'm guessing the prior preparer didn't track that? Are there actual balanced books for these companies?

Just go with the way ATX does it. The IRS doesn't compare years and bottom line is the same anyway. Besides, I think the prior CPA was wrong.

We have cable phone at home and VOIP at work and we were getting tons of '800 Service' calls awhile back and half the calls at work were robocalls with just city & state showing on the caller ID. It's settle down at home quite a bit. Not sure about work because I haven't been in the office for over 3 months.

Yeah, extensions are a huge waste of time and money. The extension ought to be truly automatic, where if you don't file by 4/15, it's automatically extended to 10/15 without any effort for taxpayers or the IRS. Essentially this would make the due date 10/15 with payments still due 4/15. At least with efiled extensions, the IRS doesn't have to manually enter 10's of millions of paper extensions.

Usually, killing the ATX Server in Task Manager, then running ATX Admin Console will fix the 'connect to server' issue. But it sounds like your database has errors. ATX does have batch files you can download and run to repair the database, but I'd let support do that since your error is not usual.

None of states I deal with have late filing penalties, only late paying penalties. And refund returns don't need extensions anyway. For science, try to efile the federal extension now and report back to us.

I used to mail paper extensions in a box. It was a lot easier for me to put 300 sheets of paper in a box and it seems like it would be easier for the IRS too. #ExtensionsAreStupid

I think it is. There are a lot of little things that just work better both on the federal and state levels. Of course, I don't have Max to compare it to, so I'm not sure if these upgrades are in Max or not. But the last year I had Max, I had to change a multistate return and forgot to fix the credit for taxes paid to another state and it went out wrong. That would never happen in Advantage. Oh, and when I called support last year, one time a person answered and the other two times, my wait was less than a minute. They call it Concierge Support and there's a separate number.

The other trick is to lie and say that you are not a 3rd party filling out the form. The only way you get the letter instantly is to be the person applying. They will give you the number instantly but the letter will have to be mailed, and I much prefer the letter.

I think you mean 'donor'.

I saw a 4868 efile created in the efile manager and I submitted it just for kicks, and guess what? The IRS accepted it! Not sure what that really means but I'm guessing they changed the software code in the crudest way possible? Or maybe there's an unannounced grace period?

Seems so unnecessary since the IRS already accepts payments every day, and you go online to renew your PTIN anyway. My state doesn't use any 3rd parties, except perhaps a credit card processor, when I go online to renew my license.

Does anybody know what the contractor does for $14.95? Background checks? Or is it mostly Gravy Train?

Assuming the other 7,000 is income other than capital gains, typically, you just report 7,000 income, 5,000 capital gains and 8,000 in distributions and ATX will do the rest. The result will be 7,000 of income on the K1, less any expenses to offset the income, and the capital gains stay in the trust. But as Roberts already said, it depends. And since 8,000 is more than 7,000, this is a complex trust, which usually only gets a $100 exemption.

Had our first test results come back today and, thankfully, we both are negative.

I've never said, "If you have to ask, you can't afford me." but I'd like to do that once before I fully retire.

Even survivors may have damaged organs for life and experience subsequent problems. That's my biggest worry. Best wishes! https://www.vox.com/2020/5/8/21251899/coronavirus-long-term-effects-symptoms

Yes, the two are totally separate transactions. She bought a car. The fact that it is the same car she was leasing is irrelevant.

I haven't noticed any slowness. Have you closed it recently?

Delaware has favorable (lax) laws for big corporations, but there's no need for most of our clients.

Basis can never be negative. The loss in excess of basis is a carryover loss, not LTCG and not NOL, either. NOL would be determined on the 1040. Any distributions in excess of basis are LTCG.

I so stole that first gif. Thanks for adding to my collection! The second gif appears to be all about cooling off the nether regions... which is fine.