Randall

That's funny. I remember those dorms with the pay phone in the middle of the floor.

People wondered about ATX a few years back. Owned by Walter Kluwers now and they have TaxWise too as a smaller package. So I guess as long as they have the profitable business they'll keep it.

Insurance companies should provide an annual statement showing the activity. People should save these annual statements. It's doubtful your client has that saved. You'll probably have to estimate his cost basis.

The only problem with this being an election year is that the election is in November and if one party wins all, they won't be able to do anything until January, 2025, after the due date of Jan 1, 2025.

Anyone dealing with this yet? Just opening it up for discussion. Seems outlandish but then what else is new?

I don't mess with this stuff. Too scared. It may work for some and some may be more knowledgeable about this. But I keep away from it. I'll just have to close program when I get the message and reopen. I don't like it but oh well.

It's running now. I was able to create the OH efile.

I just clicked on the arrow next to 'some forms' and the Sch Credits shows up as not yet approved.

I just had my first OH return. I can't create the OH efile either. My message doesn't specify which form hasn't been approved yet, it just says some forms. I do have the Sch Credits in the return. I looked at ATX release forms list and this form is not listed as not yet approved. So I don't know what the hold up is.

I thought if they got the full credit ($2000) as nonrefundable, just a deduction of their tax, this pending bill would not affect it. Only if they got a refundable credit.

Most of my returns are KY but I'm near the border and have a few OH clients. I havn't tried an OH return yet.

I'm in a similar situation as OP. Land line in my office, doubles for fax. I don't get many faxes anymore, just come ons for vacations and such. A few of my clients have my mobile number but I usually don't like to give that out to clients to avoid calls at any hour. I'm trying to hang on a few more years, cutting back, hoping I don't have to get two mobile lines and all that.

Just to confirm, it will not affect those who get the non-refundable credit, max $2000. Is this correct? I have a few early returns getting the full $2000 as non-refundable credit. My understanding is that this pending bill would affect the refundable credit.

Yes, these are absurd. And organizing as one entity and electing to be taxed as another entity. Who thinks up this stuff? I'm not an attorney but the so called protection sounds like a load. Small business people don't conduct themselves as said entity. I had one client years ago (sole proprietor), built a garage for his customer. Never got paid. He sued the customer for payment, the customer sued him back, my client lost, never received payment, had to pay him $25k. Then an attorney suggested he work as an LLC. Ha.

I tell clients the legal protection is between them and their attorney. I can't comment on that. But for tax purposes, I tell them 1065. Even if it comes out the same in the end. I have some clients with multiple rental properties, two owners (not husband and wife). They use single member LLCs to own each property and the single member is a two member LLC with both partners. SMLLCs are disregarded and the two member LLC files the 1065. Only one 1065.

I've only rolled over one so far. I didn't have a problem. I have rolled over several payroll returns with no problem.

Thanks.

For ATX payroll, I click to create an efile. But the option for 941 doesn't appear. Only 940, W2, a state filing. Am I doing something wrong or missing something?

I think it's too late for that. Sale pending, closing in a couple of weeks. Early 2024.

Thanks. I agree. Actually this is an existing client and I have only given them the projected gain and tax. I thought of the 121 exclusion possibility myself and haven't brought that up to them. He is going to ask his investment advisor for possibilities and I wonder if they would bring this up so I'm just trying to get ahead of that. I agree with all the comments and it really doesn't look like the house to be sold can qualify as their primary residence. The sale will be in 2024 so not urgent although they may have to make a 1stQ es payment.

Thanks GLGACCT. i - couple is retired and has been over 5 years. ii - couple is older, children grown so only two spouses are family members. I'm wondering if iii - vi are absolute deal breakers or not.

Both houses are in same state. Yes, Ky offers a senior discount on RE tax but not a full exemption. I will check if the discount applies to mulitple residences. I was wondering about mailing address and the other things like voter registration. A lot of these things could go either way I suppose, not necessarily the final say on primary. I was thinking time spent at each home would be the deciding factor.

A person owns two houses, none is ever rented. Sells one of the homes. What constitutes which home is his primary residence? Would the amount of time spent at each home establish the primary residence? Would this have to be for each calendar year? The wording in 1.121 reg says 'for periods aggregating two years' in the past five years. Assuming about 50/50 of their time is at each home, would the total of the last four years qualify aggregating the two years?

Both employee and employer, same person, two companies. So they would be related employers.

I've been putting off researching this while I'm getting my Engagement letters and organizers out. But from what I looked at so far, it seems the total limit would apply to all employers. Maximum annual additions, where annual additions include both employee and employer portions. Examples I've seen only discuss the employee portion limit of $22,500. But the overall limit is $66,000 (assuming compensation is at least that high).