Randall

When I get a new computer, I only put the previous year ATX on the new computer for rollover purposes. I keep my old computer with the older ATX years in case I need to use that program.

I think most E&O Insurance policies require you to contact them when you are first aware there might be a potential conflict. You may want to call them and run your situation by them before proceeding further.

The tech stuff may have us all wowed into thinking we can solve all our problems. The problem is us.

My reason for not liking Apple is that they stole their name from The Beatles.

If it's the client's fault the return is late, the penalty is their problem, not mine.

Thanks Jack. I'll need that.

Just 2013. I'll use my old computer (W7) for earlier years work. And for you Jack, my new computer is W8 with touch. Ha.

Just got a new computer, loaded ATX. Which is the better way to get returns loaded on the new computer, Backup/Restore or Export/Import?

KC, maybe so. There's a lot of things unknown here. But I took some things from it in my own way. I took it that he fired the person on the spot in the field. If so, I have a negative view of that approach. I also have the perception that small firms are poor in training, assume staff know and understand more than they really do. That may not be the case here. I really don't know in this particular case. I got his point, I was just thinking maybe there's a lot more to the whole story. He may have a point about the staff person's focus but if he were saying this in a Q&A lecture format, I would have a lot of pointed questions for him as well.

He should have gone there first with the staff person to assist him. Then he might have trained him better. That kind of thing takes experience, not just a set of instructions. He doesn't say if he came up with anything better for the client.

I thought you were not eligible for the credit unless you did get the insurance thru the exchange. Not sure though.

I like the concept of insurance and having a term policy in a higher amount and a permanent policy in a lower amount. Your term policy premium is probably guaranteed for so many years. So how many more years is that premium guaranteed? Do you think you will need life insurance after that time? It also probably has a provision to convert some or all to a permanent policy without any underwriting. That provision has an expiration. So when is the expiration and how is your health if you had to go thru underwriting? These are things to consider. Permanent policies come in more than WL. There are ULs and VULs. You need to talk to your agent about the choices. With permanent policies in small amounts, I would not treat the policy cash value as something to tap into but rather merely a death benefit. Unless you have very large amounts of policy value, I would NOT borrow against it. It can and probably will come back to bite you with severe tax consequences. The very wealthy utilize life insurance and annuities. But they can afford them and therefore and take much better advantage of the benefits. The rest of us have fewer choices and unfortunately, term is the way to go. And even then, too many have no insurance or too little even if it's term.

I don't like the backup file not having the client name. But if you export the files, the export files do have the client name. I know it may be redundant, but I do both backup and export.

I always do a personal eyeball review as well as checking the final numbers with my data source forms. I especially look at line 7 total and make sure it equals the individual W2 total. If differenct, I look for the reason. Most of the time, it is my error, sometimes, it's due to the correct things coming from other than a W2.

I agree with SaraEA. Besides, if you opt for calendar year, the 2013 return would have been due April 15, 2014 unless you filed an extension. I assume the extension was not filed since you just received this info.

Besides the employee factor, the higher amount of SEP vs SIMPLE may depend on the owner's income. SEP maximum is calculated by a percentage. SIMPLE maximum is calculated by a dollar amount.

Not sure about each state, but I thought the minimum payroll period was biweekly. For the very simple situations where a client wants to do their own payroll, I've set them up a simple Excel spreadsheet. Then I do the quarterly returns for them. It still runs them $100/quarter, $400 for the year.

And with increased basis over the years plus recent down market, there may be a loss. So child can carry forward the loss.

Taxed each year as OldJack said. But it would have added to basis so when shares are sold (assuming mutual funds), gain would be lower.

It must be based on W2 wages. Deduction comes on the 1120S in form of gross wages. Employer contribution deducted on 1120S as pension expense. So the lower amount is reported on 1040 passed thru K-1 schedule. W2 will show lesser amount in wages subject to income tax, so lower amount is reported on 1040. Nothing to do with SE income on 1040.

I like the tiles. I've seen desktops full of icons, like looking for a needle in a haystack. Did not have a problem with ATX on my laptop. Win 8.1 did some modifications. Win 8.1 has been updated and they didn't even give it a name. Not sure when Win9 will be out or if they'll even call it Win9. Win8 has been out a year and a half. 2020 is only 5 and a half years away. Take Jack's advice: buy the latest. Just ribbing you Jack. We just disagree on this one.

It's time to go W8 when buying a new system. W7 is the next XP.

I've noticed more brokerage 1099s having Box A or D available if not in whole, in part, giving subtotals that we can just input the total or subtotal for those categories. It at least reduces the number of entries for Box B and E. We should see more of this the farther out we go since brokerages have been required to track basis and report basis for the past few years.

Yes, KC, but I thought the original post was that the client was paid an employer per diem rate and didn't keep track of his actual cost, but wanted to use the higher govt per diem rate deemed as his substantiated cost, then deduct the difference. My understanding is for self-employed persons and employees who are not reimbursed anything, they can use the govt per diem rate as their substantiated cost without keeping receipts. They still have to substantiate it is business travel with dates, travel log, etc.

I thought if an employer reimburses an employee a M&IE per diem rate, the amount deemed substantiated was the LESSER of the employer's reimbursed rate or the federal rate. So,can the employee really deduct the difference on Sch A (unless his actual costs exceed his remibursement)? Don't have time now to check references.