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cl2019

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  1. Does rental property have to be treated as business to apply qualified special depreciation allowance for its newly purchased appliance and furnitures? Or so long as those property are as follows, special depreciation allowance is allowed? -Tangible property depreciated under MACRS with a recovery period of 20 years or less. -Computer software defined in and depreciated under section 167(f)(1) of the Internal Revenue Code. -Water utility property. -Qualified film, television, and live theatrical productions, as defined in sections 181(d) and (e) of the Internal Revenue Code. -A specified plant for which you made the election to apply section 168(k)(5) for the tax year in which the plant is planted or grafted (explained later in Certain Plants Bearing Fruits and Nuts ). -It is not excepted property (explained later in Excepted Property ). Also, are there any amount limit on special allowances? Thank you!
  2. Thanks. If they can release form on March 2nd, I am fine with that. But is it possible that the final release date is even later than what they posted on their website? did it happen before?
  3. anyone in NJ can respond to this? I checked the atx calender, it looks like CBT-100s will not be available until 3/2/2020. That is too late. Has atx always released nj cbt100s so late?
  4. Thank you all! I figured it out that when print, click on client's tab and the basis info will be print out.
  5. I read some thread that says guranteed payments do not impact partner's basis. But below is what IRS explains guaranteed payments: "Guaranteed payments are those made by a partnership to a partner that are determined without regard to the partnership's income. A partnership treats guaranteed payments for services, or for the use of capital, as if they were made to a person who is not a partner. This treatment is for purposes of determining gross income and deductible business expenses only. For other tax purposes, guaranteed payments are treated as a partner's distributive share of ordinary income. Guaranteed payments are not subject to income tax withholding." Based on this, shouldn't we treat guaranteed payments as an increase in partner's basis if partner's basis calculation is "for other tax purposes", when "guaranteed payments are treated as a partner's distributive share of ordinary income". Any thoughts? Thank you!
  6. Anyone here has the experience to print the stock and loan basis calculation? I found the stock and loan basis section on "input" tab of k-1 but can not print out the information. on "Global Info" tab, there is a checkbox to "print shareholder's basis statement", but I can not print the basis information even after checking the box. Thank you!
  7. Thanks for the quick response. When I efiled, I was not asked for FIRE TCC code. It's normal, right?
  8. Anyone experienced same issue? I submitted one client's 1099misc forms . It showed connected to EFC successfully on 27th, this Monday. But no receipt acknowledgement so far. I submitted another client's 1099misc forms today. Same problem. I called atx support and was told so long as connection to EFC is successful, I don't need to worry as forms have been successfully sent to IRS BEFORE due date. I want make sure I was told the right thing. Anyone can explain this? If atx explanation is wrong, I will paper file the forms before due date. Thanks.
  9. Just want to confirm this: payers do not need to mail 1099misc copies to those states who participate in combined state and federal 1099 filing if filed electronically to IRS, right?
  10. Can anyone let me know if I add form 3115 to 1120s, will the 481(a) adjustments of income amount flow to 1120s page 1? I tested it and it seems the number does not flow. Just want to get confirmation from experienced atx max users in case there is any trick. Also, if not flow, I will need to manually input the 481(a) adjustments onto 1120s page one as other income, right? Thank you!
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