Oh Baby!

Client gave me his tax documents and included was a 1099 he received from a company in Canada which shows that he received $15,000. I assume that is Canadian, so what exchange rate do I use since he earned the money over the course of a year?

This question is about people who do not have a tax liability, but earned more then $3,000, so they qualify for the $300 rebate. Will they also be eligible for the $300 per child credit or did you have to owe taxes and qualify for the $600 payment in order to also get the $300 per child amount?

Client owns a single stand alone property which is leased to a single tenant (a nursing home). Does that fall under residential rental property (27.5 years) or nonresidential real estate (39 years)?

Tried to file the 990 postcard today for a client that has begun the 1023 process. The IRS Determination Letter will be retroactive to when the Org was set up, but the system does not allow me to file since the EIN is currently not recognized as an exempt org. I'm obviously not going to file an 1120 or 1065 so where do we go from here? Anyone know? Think I may just call one of my friends at the IRS, though they're never really a reliable source.

No income until she actually has access to the cash. A bad check does not constitute income.

Here's where I am confused, do people who don't pay taxes (low incomers) also get the $300 per child "rebate"? Does this mean that a family with 4 children that earned - say - less then $20,000 will get a rebate of $1,200 for the children and then another $1,200 for being married, $2,400 total? All right, I know those income amounts are low, but there are millions of Americans living under the poverty threshold and I'm sure their filing returns.

Agreed 100%. I've told all my clients that have asked that I am not excited about this silly rebate. None of them seem to get it.

One thing that I cannot figure out from all these wonderful press reports (which all say the exact same thing, nothing) is whether low income families with children will get $300 foer each child? does this mean that if a family with 4 children who paid no taxes (income below $65K) will get $1,500 ($300 _+ $300 per child)? or will this family only get $300?

Is anyone familiar with this form? I've clearly never seen this one before so I have to ask (maybe I'll seem naive). What is the ramification of how this form is completed? From reading the instructions, it appears that as long as the buyer and seller agree on an allocation, then all is good? is there something that I should be aware of or be looking out for? (In my case, the seller seems to want to allocate a large portion to goodwill which is fine with the buyer (my client)).

I'll confess that I have not called tech support in 2 years and am glad that I have not had to. Despite the fact that I was pissed as hell that they raised the price on me again this year - as in every year! - this has probably been the smoothest year for me ever.

I was actually thinking that not, becuase I beleive that they are protected in bankruptcy filings.

Are amounts held in an IRA account included when calculating whether the taxpayer was insolvent before and after the debt was canceled?

Client owns 50% of the shares of a partnership. His capital that he has contributed over the years is $7million. An individual wants to join as a partner and is willing to contribute $10M for a % share in the partnership. If my client, one of the original partners, takes the $7M out, regardless of what his ownership % is, he should not have a taxable issue, because it's only a return of his capital. But the distributions above his $7M I would believe are taxable and I'm thinking as capital gains (he's owned his shares in the partnership for more then 2 years) at 10%. Can anyone confirm, disagree or provide any insight?

Does anyone have any idea when this "form" will become available on the IRS website?

My point remains. What kind of service is this? Who keeps customers on hold for a week? Which business model is this following?

So I renewed a week ago (last Monday to be exact) and still have not received my access codes. They promised me it would come by e-mail but nothing has been received. I'd love to log on to MyATX, but the good folks changed my username and/or password and I now have no way of getting on.........I guess I'll just spend the time testing other tax software.

Can anyone recommend a good accounting software for a company who needs very detailed information about their inventory? They're currently using Quickbooks, though QB does not give them the capability to break down their inventory in the way they want to. For purposes of your response, assume that (software) cost is not an issue.

So I tried getting my access codes for this year's product only to be told - after being put on hold and asked a whole bunch of questions - that their computer is down and they could not take my credit card. Two different agents told me they would call me back, though neither has. I've been a customer for 7 years now. Don;t you think they could give me the access codes and bill me later? I'm not really impressed. I clearly noticed the change in the quality of the service. Now for those who have actually been able to access the software, are you satisfied?

I am not anywhere near retirement age. I was assuming that if the 401(k) Plan itself would not facilitate the rollover, that I would make the full withdrawal and then deposit it in an existing IRA account.

Can I rollover my 401(k) plan into an IRA account?