Randall

Looking at some of this, client is a US S corporation. It appears that a corporation would have to file the T2. I didn't see anything about an income amount threshold for filing. I would like to think my client would not be required to file but I'd like to see some reference for supporting that.

Thanks

Client (US) performed work in Canada. Received a form T4A-NR showing income and 15% tax withheld. Is there a requirement to file a return with Canada. I looked on their website and it seems there is no need for my client to file a Canada return unless he would expect a refund.

Thanks for comments.

Any techies notice this?

Thanks.

I use Abby's method. I mark amount zero and print vouchers without amount. I do an estimate outside ATX and have a Word memo for them. They can then vary the estimated payment amounts during the year.

I recently downloaded a Windows update. It took a long time. It seems like a major update. My system is now showing Version 1909, OS Build 18363.657. So far, I don't seem to have any problems with ATX. Now I'm getting a notice for another update, something to do with net frame stuff. I put that update on a pause for 7 days. I remember some years ago having problems with ATX around a net something or other update. Sorry I'm not a techie. Anyone else do the Windows update and the follow-up update regarding the net frame stuff? And anyone having problems? I'd hate to experience problems with ATX at this time of year.

I'm still not convinced life insurance policy death proceeds would be taxable (not talking about the 706 assets). Yes on retirement account, annuities, even some other life insurance contracts. But if the beneficiary is an individual, the death payout would not be taxable. If you put the amount on the 1041, deducted it as a distribution to the estate beneficiaries, it would have to flow thru on their K-1 schedules as ordinary income. I don't think this should be treated as ordinary income. Anyone have any references specifically to death proceeds of a life insurance policy paid to an estate. Yes I think we all agree you should not name the estate as beneficiary. But people do these things and we learn about it afterward and have to sort it out.

Mine went thru ok.

Max, my question has to do with income tax, not estate tax. Yes, it's an asset included in the estate. But are the proceeds of a life insurance policy considered income to the estate and subject to the estate income tax (Form 1041). I know IRA and other retirement income is subject to the income tax on the estate but I'm wondering about life insurance proceeds.

Did you have to call ATX to allow the amended 1120S to go thru? I know when you have a part year final return, it shows as two returns under the same EIN in the same year (software year) and you have to call ATX first to allow it to go thru.

Can we efile an amended 1120S? ATX seems to allow an efile to be created. I would assume I would have to call ATX first to allow a 2nd return under the EIN to go thru.

Are you saying if the beneficiary is an estate, the proceeds are taxable on 1041?

In the K1 input form, go to the detail tab. You enter the two in separate columns. Same entity but you enter on two columns as if there are two entities.

I'm not sure what you're asking.

That's my understanding too. Thanks.

Just to confirm, life insurance proceeds paid to an estate are not subject to estate income tax. No 1099-R. Not reported as income on 1041. Correct?

I'll check that again. I checked it when I first got the error and didn't see any mention of it.

When receiving acknowledgements, I receive an error message that says 'Error in Enrollment updates', then Remote Server returned error 500 Internal Server Error. Anyone know what this is? Doesn't seem to affect my return acknowledgments.

After the efile is created, you can see a list of the forms to be filed with the IRS and state on the Efile Info form and one of the tabs.

Another option would be to actually sell the property to a 3rd party. Loses rental income stream but has lump sum cash on hand. May get a break on long term capital gains too. Close corp, final 1120S, final 1120S fee.

With the 1041, the trust will need it's own ein. Only one tax id on the 1041.

I think if you click on that little right arrow, the forms in question show up.

I have those forms in my client return. But the KY Bus EF Info form is showing approved and yet I can't create the efile. Do you know if we can efile the 741 this year?