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Michele

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About Michele

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  • State
    GA
  1. Michele

    Temporary work in Canada

    I have a couple of clients who worked for an US company under contract as a subcontractors in Canada for 5 weeks. When figuring their expenses can we use the per diem rate for Canada or do they have to use actual expenses. They were a couple of young fellows working on the Wind Turbines and did not keep good records of their expenses. Any help or direction would be greatly appreciated. Michele
  2. Michele

    IRA Distribution

    Unfortunately, I know that these are not recent contributions. Over the years they have been contributing to an IRA, but didn't let me know about it until they started withdrawing from it. This is a regular IRA not a Roth, so the income is taxable, but they didn't get the benefit of the IRA deduction during the years they were contributing. Any suggestions? Michele
  3. Michele

    IRA Distribution

    I have a client who took $8400.00 this year in an IRA distribution. He is over 591/2 so I am not concerned about the penalty. My dilemma is that he never let me know in the past that he was contributing to an IRA, so he never took the IRA deduction in the past so has already paid tax on this amount. How would you show this on the tax return? I don't want him to have to pay twice for the same money. Thanks Michele
  4. Michele

    1120S EF Problem

    Has anyone else had this problem? I am trying to e-file an 1120S. I keeping getting the following message: EF Info Error: If either the Preparer's Firm Name or EIN is entered, both must be entered or both must be blank. I am the preparer and the ERO, therefore I only filled in the top portion indicating that I was both ERO and Preparer. There is NOTHING in the portion that is for the preparers. I have already tried to go to each line and push delete to make sure there is nothing hiding that I don't see. I have also tried to fill in the complete Preparers section, but I am still getting the message. Does anyone have any suggestions? I haven't found anything about this problem in the knowledgebase and I have already made sure that I have the latest version of ATX. Thanks Michele
  5. Michele

    1033 Exchange of Partners

    I am not very familiar with the ins and outs of a 1033 exchange. I am trying to get this information for a couple of clients that I have. I have given them the basics as to how long they have to replace a piece of property lost by eminent domain. However, they have asked me a question that I haven't found anywhere that it is addressed. Your help in this matter would be greatly appreciated. The land was taken by the county. The land was owned by a partnership, one of the partners knows he wants to do a 1033 exchange, but the other partner is not sure what he want to do with his proceeds. Is it possible for one of the partners to do a 1033 exchange and the other partner take the money and pay the taxes on his share, or do both have to do the 1033 exchange. The second questions is, if they decided to both do the 1033 exchange and one of them backs out before the 3 year time limit is up, what kinds of penalties will there be? My daughter is getting married in 10 days and at this point, I am brain dead and can use all the help you can give me. Thanks Michele
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