mcb39

I have also been through a couple of conversions and, no, they weren't all that traumatic. However, they were much more expensive and I was much younger. I don't expect things to stay the same for several years, but as long as I like ATX, and I do, I am not going to leave them just because I might not agree with all of their policies. That was the only point that I was trying to make. I can only hope that ATX stays around. If not, I can walk away from this business or consider another software that is cost effective for me.

John, I agree with what you say, but at the same time, you cannot cut off your nose to spite your face. If you are young enough to spend time searching for new software, that is one thing. Some of us, however, are basing our tax prep retirement on the availability of ATX as well as the new conditions of compliance. Many times in life we think that things are unfair in our lives and our jobs, but we don't quit working and living because of it. This scenario plays out in the purchase of many products. If you don't like the policy of the seller, but you like his product; you have the option of finding a product you like as well or better. On the other hand, if you REALLY want that first product.; you play by the seller's rules.

Yes, if you are continuing business, you should file it even if there are no employees for the quarter.

They already announced the winners of the prizes, so does this mean that the prizes will be repeated? I don't have a problem with it, am just curious.

Sara.......KC is correct. There is no limit on the income for a Sch C; Sole Proprietor LLC. If he wants to become an S Corp that is one option, however if he wants to stay on as an LLC....Schedule C is the answer. You will have to file a part year final return for the Partnership to close out that entity. Then he can go to C or S Corp and will need an new EIN if he has employees; which I assume he has.

My husband has been a used car dealer for 35 years. We have always used actual expenses. I account for Gas, Diesel, etc. under the category of Travel and Transportation; sometimes cars are transported by rental carrier at a per car rate. The things that I add to the cost of the vehicles are major parts, repairs, cleanup and such for specific cars; which expenses then become part of inventory. General parts purchases as well as bulk oil, batteries, etc usually go to Shop Expenses. I keep the Sales Tax and License Fees separate as well in their own categories. Any more car dealer questions, feel free to ask. We have never been questioned or audited, knock on wood. :read:

I am running a 5 year old computer with a 2.8 GHz Pentium 4 processor with HyperThreading. I have upgraded to 1.5 G Ram. I have no noticeable slowness issues except when preparing Partnership Returns. I do regular maintenance, such as defrag. I have 10 years of ATX software on my hard drive. Am running Windows XP. Rebooting at least once a day during the busiest times is a definite "must". I can multi-task while running ATX with no problem. I think the HyperThreading is a definite advantage. Unless something drastic happens, I don't plan on changing my system any time sooner than a year. If you do nothing else, backup religiously.

I agree with you, John. I did prepare and file three claims for the credit in 2008; only had one questioned so far. I have already had numerous calls and questions regarding the 2009 credit. Of course, everyone wants to amend and get the money ASAP. Many of them are looking for a workaround to the 3 year non-ownership requirement. I will NOT be a party to any of that. I will only file them if I absolutely know that they qualify. It is more work now and more work down the road if and when the IRS requests to see the paperwork.

And that is exactly what they will do. If they want a copy of the closing papers, etc. ; they will ask for them.

That is the method I use; generally because I use two different computers at two different locations. Just always have to make sure to have the latest update for the program and forms on both computers.

I wouldn't "mind" seeing a more colorful design, but I am VERY happy with things just the way they are. There is no way we can ever thank you enough for what you have done for us and our clients.....You gave us a home, whatever color you choose to paint it is fine with me.

It will adjust itself in the Cost of Goods Sold. Opening Inventory, Plus Purchases, Less Closing Inventory = COGS.....It will increase his COGs and decrease his Gross Profit. (I hope I am thinking correctly on this one as I have had a summer cold for a week). If not, someone is sure to jump in and address any error I may have made.

I only figured it out after three "brains" told me how.... :scratch_head:

I also went to the IRS web site and printed everything relative to the Recovery and Reinvestment act. Also have a "Special Report" from CCH; but don't remember where I got it. All of these pages have been referred to over and over as clients as well as other preparers, call with questions. So many people are also asking about the credits for Energy Efficient Improvements to Existing Homes. All of those who purchased new furnaces last year with the idea that they would get a credit as well as the new furnace they needed, are kicking themselves. Just more proof that one never knows what the Government will do from one year to the next.

JRS is correct...for 2008 it was a $7500 no-interest "loan" that has to be paid back over 15 years. This year it is the $8000 credit, BUT there is a lot of criteria to follow as to eligibility. In regard to anything, I always tell my clients, "That is the law this year. Who knows what it will be next year!"

Catherine is correct. The EIN belongs to the Partnership. If the percentage of ownership is 50% or less, nothing is affected., as per the EIN.

Surprisingly, one of my clients brought me a full body netting suit. I am doing just fine. We can do some deeper research on the Homebuyer Credit, but I think you are correct to have her take it. The only problem I see (re IRS) is whether she has kept her married name and will be filing as such. I had one client that was called on the fact that he had paid property taxes in the prior year. They were on vacant land, but he had to explain the situation and furnish proof of purchase of new home as well as proof that the property taxes he paid were not on a home. Will talk to you about this next week. (BTW, I am also allergic to the "cillin" family, but I do have an Epi Pen to carry now. Thanks to you as well as all the others on this board who expressed concern. :)

Wow, Jainen, that is some heavy stuff coming from you. Sara (from Joan's) hasn't been around long enough to have learned to read between your lines. Because I know her personally, I know that she would never do anything to compromise herself or her client. I think she should take the credit. Sorry to hear you had medical issues. I had some myself on May 21; when I had anaphlaxic shock from black fly bites and got to have a 40 mile ambulance ride, sirens all the way. Since that close call, I have really come to realize how relative things are and how important it is to make the most of every day. Nor am I going to live in fear, but am going on with life as usual; just taking precautions.

Night or day, it doesn't matter......it shines!!!!!!!

My husband had the same "good" experience with a VA hospital here in WI that is affiliated with the State University. Of course, it is hardly ever all good and almost anyone who has ever been in any hospital complains about something. Government or non-government has nothing to do with it. IMO PS...we sure did get off the subject on this thread

Mine is Onyx Green Pearlescent, but I'm not getting any credits because I bought it last year and it wasn't brand new....just looks like it.

And what about someone dealing with the drug companies? That would be nice, too. Medical costs are forcing our senior citizens to continue to work whether they want to or not. I just happen to want to, but I would like to spend some of my cash on other things other than medical copays and drugs. I called the pharmacy this AM from work to find out if my script was ready. Pharmacist told me it was and would be $340.12 for 90 pills (3 months worth). I said, "No way, I cannot afford that, even if the pills are doing a fine job of keeping my cholesterol down!" Because my Dr had tipped me off, I asked how much it would cost for 10 mg pills instead of 5; same brand, same drug. Believe it or not, it cost me $2 more for 45 10 mg pills than it did for 45 5mg. 45 pills cut in half equals 90 pills for half the price of the original 90. Figure that one out......it is a no brainer and I have enough pills until I see Doc again and can wheedle him out of some more samples or a script for something else. (Venting over)!!!!! :angry:

IR-2009-57, IRS Launches Tax Return Preparer Review; Recommendations to Improve Compliance Expected by Year End www.irs.gov/newsroom/article I am not an EA either. My only credentials are 30 some years of experience. They threaten this every other year or so. If push comes to shove, I will hang it up.........

These are only the first two paragraphs. IR-2009-57, June 4, 2009 WASHINGTON — IRS Commissioner Doug Shulman announced today that by the end of 2009, he will propose a comprehensive set of recommendations to help the Internal Revenue Service better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance and ensuring uniform and high ethical standards of conduct for tax preparers. Some of the potential recommendations could focus on a new model for the regulation of tax return preparers; service and outreach for return preparers; education and training of return preparers; and enforcement related to return preparer misconduct. The Commissioner will submit recommendations to the Treasury Secretary and the President by the end of the year.

KC is most likely right as the rules say that if two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any reasonable method as long as the total amount does not exceed $8000 or 10%. Since your clients don't really fit into the rules; be prepared to prove your case when the IRS sends a letter asking for proof of purchase, copy of transfer tax, etc. They ARE checking into some (if not all) of these and, rightly so, as it was "just too easy" to claim the credit in 2008. I am glad that I only had three and that I saw the documentation on all of them.