Randall

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.

Go to the Fixed Assets tab. Change printer to a pdf printer (so you don't have a bunch of paper printed) . Highlight an asset. Click on Print Page. A menu pops up. Select the various options including Asset History. Click Print, then OK. See what shows up. That's what I'm referring to. ATX used to have an Asset History report. Then it stopped for a few years. I recently noticed this was available. But to get it, you have to highlight each asset. With a lot of assets, that takes some time. I can do it and print each asset to my pdfFactoryPro and it saves each asset into one file. I can then convert to Acrobat. I then have this all in one file. It's nice but I wish I could get it all in one Print option in the Print function.

Margaret, the Pages & Worksheets just gives you a list of the tabs at bottom of 4562. The Detail Report doesn't give you the history.

Is there an easy way to print the asset info including the asset history for all the assets at the same time? I don't see this option in the print menu. The only way I see how to do it is to go to Fixed Assets, highlight each asset, print page (popup menu appears), then print.

Pacun, I took the original question as an individual receiving a K-1 from a 1041 so I didn't get the connection of your first comment.

I agree with Gail of VA. Not sure what Pacun was getting at.

Did wife inherit 100% of the IRA? If so, I think I would just report it on her return and with a statement explaining the 1099-R being incorrect. Also, make sure she has the account changed to her name and ssn.

Also, check me on this. I read it as applying only to the 2% S shareholder, and not to his employees. If S Corp has paid some of their insurance, it still needs to go on their W2 for income tax purposes and FICA tax.

Skimmed thru it. Sounds like relief for 2014 and first half of 2015. But I'll have to read thru it more thoroughly.

Treat them as one. The original W2 for the numbers that have NOT been corrected and the corrected W2 for the numbers that were corrected.

If a client said that to me (never filed, never will), or her new husband, she would no longer be my client.

I'm not sure I understand the whole situation. TP 'worked' for babysitter. Babysitter borrowed money from TP. Babysitter paid TP back (not with money) but with free babysitting. What is this work TP did for babysitter? You said TP worked in exchange for babysitting, but you also said babysitter owed TP money and paid back with free babysitting. Was it a job with a W2? Then did boss borrow from employee? And boss pay back loan with free babysitting? I'm wondering if boss (babysitter) issued a 1099 to try to run through expenses on his/her business? Like others said, maybe it is a barter. But it doesn't sound like the 1099 should have been issued. If it was just a loan, what's the difference in paying loan back with money or free babysitting. No 1099, just a loan payback.

Client says his health insurance agent insists that his LTC premiums are deductible on his S Corp return. Am I missing something? Unless there's some kind of benefit plan set up (and I would think it would have to include other employees), I'm thinking this is just his personal LTC insurance policy. 1040 Sch A. Ky does give a direct deduction.

Send me some popcorn. Not the cheese or caramel. Just the regular.

I see now I have to select either Long Term or Short Term, then the link becomes available.

Once I select installment sale and bulk disposition, I get a drop down to 'add new'. On this input screen near the bottom, there is a grayed out link that says 'Assign or edit assets to included in this bulk disposition'. But apparently this link is grayed out and doesn't work. I was thinking this might be a shortcut to get all the assets inputted.

I see the option under disposition of asset to select installment sale. Can I do the bulk disposition and generate only one Form 6252? I don't want to have 10-15 Forms 6252.

Client closed business. Sold equipment on an installment basis. I can enter the total on Form 6252. I need to dispose of the assets in the Fixed Asset system to close the assets and depreciation. I have allocated the selling price to each asset. This carries the gain to Form 4797. How do I override this so the 4797 and the 6252 gains aren't duplicated?