Randall

Unless he's in a gun related business (selling, shooting range, etc), no way.

QB gives them an account called Ask My Accountant.

I once received a 1099 from a client. Nine hundred dollars. The decimal was so small, you could barely see it. I received a letter from IRS saying I didn't report $90,000 income. I about fell out of my chair. I sent a letter with a copy and enlarged it the best I could with my copier. Luckily, IRS accepted it. Whew. I wish I had a client paying me 90 grand.

I know what you mean. I scan and read from the pdf. But sometimes I have to hit that + icon a number of times to make it bigger.

michaelmars: For me, multiple properties, there's usually nothing there but the property on the fixed asset schedule and the mortgage liability. It's just additional work to consolidate multiple properties to do the Sch L.

rfassett, that's my thinking too. I don't have the volume you have, but this works for me. I also have my own in-house Excel spreadsheet 8 column WTB template I use for some clients.

Out of curiosity, I'm wondering how people are using the so called 'write up' work with a trail balance type program. Doesn't the client have to have some set of books to begin with? I was thinking if they are a fairly large company with an in-house accountant or staff and they are using a higher end accounting program, this would work. But my business clients are small, either using QB or just simple paper system of records. I then use QB to use from their QB file or just enter info into QB from their records. In these situations, I have not seen the need for a separate GL or TB type program.

If correcting or amending, just do 4th quarter. I think it's common to 'bonus' the owner at end of year. Adjust bonus out of distributions. Increasing W2 and 4th qtr 941 reporting. Best to do before reporting deadlines but 941-X is next best. Bump him up some for 2014, then go forward with quarterly reporting at a higher amount. If his business is up or down, you can adjust 4th quarter to fall in the 'reasonable' category.

As for the money coming to her from the spouse's retirement plan, make sure she understands that if it comes to her, it's taxable with an exemption to the 10% penalty. However, if she doesn't need this money, she can have a direct transfer to her own IRA which will defer tax. But once transferred to her own IRA, any further distributions will be taxable and subject to the 10% penalty. The transfer must be direct, not coming to her first. If she needs some of the money, she can receive an amount subject to tax but exempt from the 10% penalty and have the plan custodian directly transfer the remaining balance into her own IRA account. If she's already done this, it's a moot point. As for the capital loss, I agree with the other comments. If account was a joint account and divorce agreement doesn't mention it, I would think she's entitled to half the loss. But the spouse is likely taking the full loss on his return. You did mention that in the settlement, the loss was to be repaid to the wife. If that $67,000 loss was considered part of the $428,000 payoff, then I would think she's not entitled to a loss writeoff. But as jklcpa points out, there could be more to it.

Yes (agree with Bulldog), if business mileage. I would offset distribution. Debit to Auto Expense, credit to distribution (if enough already there to offset). I don't understand the debit to compensation since that should flow thru the W2 payroll reporting.

I too use pdfFactory. But I have Acrobat. I like to print in pdfFactory. Then from pdfFactory, I can with one click convert to Acrobat. I can do a lot more within Acrobat so I like to have my pdf files in Acrobat.

I like to do the Sch L but not for clients with just rental activity.

They're out there.

Sales people are always making comments like this regarding tax treatment (fully deductible or whatever). Tom is right.

To correct a corrected 941-X, do we just add a 2nd 941-X in ATX Payroll, then use the previous 941-X numbers as our original numbers in the 2nd 941-X. That's my approach unless there's a formal way to do it. I plan to enclose a copy of the first 941-X. To correct a corrected W2, I'm not sure how to do it in ATX Payroll. Do we just override the previous W2c info with the corrected amounts from the original W2?

And while on the subject, I'll copy my previous post here: Ohio LLC, all members non-resident. Just a small loss. I'm not seeing a filing requirement. The composite return 4708 seems to be if there is tax to be withheld from nonresident members. Is there any filing requirement at all?

I've efiled IT 1040s. But with the IT 4708, I didn't even see the EFile info available in ATX.

Anyone begun correcting the 941 and W2 for S Corp shareholder in light of the recent IRS notice? Do I understand that we can back out the amount of the insurance premiums for Boxes 3 & 5 and request a refund for the additional FICA tax paid?

Thanks

What about an estate with no income but there's an EIN. Do you file a return just to close out the EIN or just let it ride?

Ohio LLC, all members non-resident. Just a small loss. I'm not seeing a filing requirement. The composite return 4708 seems to be if there is tax to be withheld from nonresident members. Is there any filing requirement at all?

For election to write off organization cost in first year (less than $5000), I don't see an election option in ATX Fixed Assets or on the Elections tab. 4562 instructions say no statement is required. Do we just enter it as an expense with no 4562 and no entry in ATX Fixed Assets?

I don't enter the cents either.

I was just hunting and pecking around. I wondered why this wasn't there somewhere in cyberville. Now if ATX can present this in a one click function on the Print menu, that would be great.

I make sure I have copies of their statements in my file showing the dates. Withdrawal out and deposit back in.