Randall

I found out this year that a new PIN is issued every year.  I used previous PIN for a client and efile was rejected.  As I contacted the client, I reviewed their current year info.  I saw that the spouse had written a different PIN down by her signature on the questionnarie form.  I used that PIN and return went thru.  I had previously been under the impression that the PIN issued was good on going.  Not so.

So far I've been warned that it is an upgrade to Win11.  I don't like to upgrade OS on an existing computer.  I want to get a new computer soon but I keep hearing that Win12 is coming.  I thought later this year (2024) but now I'm seeing that it won't be until next year, probably fall 2025.

I thought about switching back in 2012.  I've only heard good things about Drake.  But I just couldn't get thru the change.  Stayed with ATX.  I plan only a few more years so I guess I'll just stick with ATX and pay.

Thanks Judy.  That was my thinking too.  I'll advise the client so and probably file.  She was advised by the broker rep that she may have to file and pay some tax.

Another twist on this.  Adult.  Gross proceeds over the limit but no taxable income.  Code C reported so should a return be filed?  And it's a new client, there was no extension filed.  So it will be late.  No tax due.  But Gross proceeds $250,000.  Basis same, matured CD inside a brokerage account.

On 4/27/2024 at 5:38 PM, BulldogTom said:

ATX payroll compliance is a very basic 941/W2/1099 program.   It works.  

Tom
Longview, TX

Yes, I get it in my package.  I have one client left for quarterly payroll.  I still have a few W2s and 1099s to do at year end.

I'm not doing it for clients either.  I'm waiting to see if they change the requirement.  Otherwise, I'll let them know about it and send them to a website for info.

I have the client sign the 8879-EMP each quarter.  Also with ATX, I have to create a 'new client' for each client for each quarter.  I put the date or 1,2,3,4 QTR as part of the name.  Maybe I'm missing something but that's how I've done it.  I only have one of these though and not 10.  I'm winding down and payroll is becoming more of a hassle every day.

I've received one snail mailing and several emails from ATX.  I'll call soon to renew.

I agree with mcb39.  If a resident of WI at the end of the year, he'll file KY 740-NP.  Ky source income (the sale) will have to be reported to KY.  Yes, check to see how much can be excluded as residence but the business is business.

I found my own answer.  IRC 671 and Reg §1.121-1(c)(3).

Incidentally, I asked an attorney in my building if ‘Land Trust’ was a legal term or just a common phrase. He said it was just a common phrase.

43 minutes ago, Lee B said:

"Land trusts are not “trusts” in the legal sense. Some, in fact, refer to themselves by other names such as conservancies, foundations, or associations. Land trusts accept donations of properties, buy land, or help landowners establish legal restrictions that limit harmful use and development."

You may need to ask more questions?

Interesting.  I guess my client doesn't really have a land trust.  He's putting his personal residence in this.  I'll have to get his document before I can answer his tax question.

Is a land trust any different than another trust, just a trust holding land?  Client is holding personal residence in a 'land trust'.  He is asking questions about gain on sale when and if it happens.  I'm thinking that if it's a revocable (grantor) trust, then it is treated as if he owns it and will get the gain exlusion.

Sorry to hear about everyone's personal things going on during our busiest time.   I guess I'm fairly fortunate.  I went thru some things about 10 years ago but I'm an old bachelor and don't have a lot going on.  I just hear from my siblings and the things they are going thru with children, grandchildren and all that.  As someone said, life happens.  But yes, the tax season is the tax season.  I'm planning for three more years.  Rent increases, othe costs increase.  Whew.  I'm afraid to start dipping into savings too soon so I'll keep at it for a few more years.  I don't do too much after April 15 though.  Fridays off, shorter hours the other days.  Just the extensions gradually.

20 hours ago, jklcpa said:

I'm done and done in. Last night I dug a hole on the edge of my foot to remove an already inflamed deepish splinter and went off this morning to the 5K charity event with a bunion pad and bandage. I completed only half of that, and then the sporting clays went about the same, like I was a raw beginner again.

I had an awful season this year. My Mom passed at the end of Feb, and the I got the flu-a in early to mid March and missed many days. I actually sent 3 returns and a trust away because of it. There were a few days that I don't even remember in March when I started back working and was still very sick.

Glad this season is over. If you made it this far, thanks for listening to me whining.

Sorry to hear about your mother.  I lost my mother 10  years ago.  It's never easy.

I'm in for a short time today but probably won't get much done.  Got an email from a lost client.  He's four years behind.  Ha.  Says he wants to catch up.  Ok but he'll have to get his info to me.  His son has been coming in regularly.  We'll see.  I jogged this morning.  Feels good to get back to it after a few months off.

Those K-1s from PTPs!!!  Do people make any money from those 'investments'?

I don't know why they can't wait until after April 15.

I just had an extension.  She never makes the estimated payments.  Just one big one with the extension.

Am I correct in thinking that if the whole distribtution is not used for qualified expenses, the max that is taxable is the earnings portion of the distribution and not the basis portion?

I still send in checks with the vouchers for myself.  I guess I'm just old. 

I also leave the amounts blank on the vouchers in case they want to change the payment amount.

I give my clients a memo with dates and estimated amounts for the four quarterly payments.  I print the vouchers for them and even give them envelopes with the address printed.  That's it for me.  They're on their own the rest of the year.  I remind them to make photo copies of both check and voucher.  If they want to do direct payments, they're on  their own.  But I remind them to get some kind of printed confirmation.

25 minutes ago, Lee B said:

I think I will wait for Windows 13

Ha.  But I'm using Windows 10 and don't want to upgrade or get a new computer with Win11 if Win12 is coming soon.

Anyone hear when Windows 12 is coming?  I'd like to get a new computer late in the year.