miatax

Hi:

Does anyone know when the drain times are? There are no IRS postmarks on my extensions, but I want to make sure that 'Validated by EFC' will have it postmarked by IRS on date of validation.

Let me know... please... Thanks!

doesn't work. I keep getting the option to reset the account, so I type my client # and my username, but then the secret question/answer screen comes up. But the secret question is blank.

Updating the form worked. Now I am in Validated by EFC status.

Thanks!

What do I do now... I am soooo frustrated. I wanted to go into the knowledgebase but I got locked out of my account. Now that I found my id and password, it tells me to answer a secret question, but it's blank! Is is that secret that it doesn't even SHOW the questions ?!?!?!?!?

What do I do??

All my 7004 federal corp extensions are being rejected by atx because it states it's not timely, but the deadline is March 17, 2008. How can I fix this?

Also, why can't I see an option to efile a Florida Corp Extension? I know they e-file but do I need to enter something in ATX?

Please let me know soon, if not, I have to print all my extensions and run to the post office.

Thanks.

miatax

what about for Florida?

Hi everyone:

Easy question... I just wanted to know if I can efile corporate extensions (federal and state) but then paper mail the actual 1120s when they are done.

Thanks!

Hi Everyone:

I created a 7004 for the fiscal year ended 10/31/07. The due date is 1/15/08 but when I transmit the extension, I get a rejection error from ATX stating that it is past the due date. Today IS the due date so that is not true.. how do I fix it?? Do I have to mail the form manually???

Let me know. Thank you.

Florida.. The other professionals I know are part of much bigger firms so their insurance is alot more than I need. I have looked into some of the state professional groups, but I thought I'd start by asking in this forum based on other practitioners' experiences.

Which state is that? Have you looked into offerings from state professional groups? Or asked other tax professionals in your area?

For all of those who have a small CPA practice on the side, I need some advice as to where to go for professional liability insurance.

Also, more or less how much does it cost? I don't do audits. I do bookkeeping, a few writeups and about 15 tax returns. My state requires I have at least a minimum $50k liability.

All advice is appreciated. Thanks!

miatax

Hi Everyone:

I rarely do 1040x's so this is my question. IRS has already assessed tax due with interest and penalties (client failed to file schedule D - so I am submitting those now - client will not owe / IRS will need to refund).

On the 1040x line item where it states amount due or IRS adjusted amount due, do I include the IRS penalties and interest or not?

IRS has already withheld future refunds from client. Does this go on the 1040x to or should I just enter the corrected amount due, IRS imposed amount (with or w/o penalties & interest) and then have them refund to the client the difference based on their calculations. I don't even know how much interest is incurred up to date.

Thanks!

Any thing in the mail, Bobby Sue?

Jes' some IRS stuff, Billy Bob.

Well gimme that.. I needs som'n to git the smoker going!

Good Grief! I'm not the only one with clients like that.

1. Get a POA signed for 04 and 05.

2. With that call the practitioner line and get return copies or transcripts sent/faxed.

3. Using those reports with the new information, file amended returns for the affected years.

Thanks outwest..She was able to get me 05 so that one is done.. now we'll get this done for 04 how you suggested if she can't find it.. thanks again! :)

Hi everyone:

A new client of mine had IRS take funds from her bank account b/c they taxed her gross proceeds from sale of some stocks in 2004 and 2005. She never filed schedule Ds.

Now she has submitted to me the costs and turns out she has a small loss for both years. She does not have the IRS notice nor her prior year returns. How do I go about just sumbitting 2 schedule D's - 1 for each year with no response to a notice? I only prepared her 2006 return, so I have all of her information.

Thanks. :mellow:

As I read your original post, you did not have a "loan from s/h". You had a "loan to s/h". Am I wrong?

The company lent me the money - 'due from s/h' / asset on the books. So yes - Loan TO s/h. same thing? So then this does not affect basis, correct?

At the end of the year, instead of having a receivable - I decided that instead of writing a check to the company and then getting the money back when I make a distribution, automatically treat it as a distribtion. Does this make sense?

If I understand you correctly, I don't believe you need to amend, since this does not affect the income.

Thank you KC... I won't amend it then.. I don't do any 1120s that's why I am a little bit confused whether it is a distribution or a repayment of loans from s/h.

:( help...

Hi ATX Community:

I just e-filed my 1120s at 4 a.m. this morning (yes..I procrastinated!) Then I realized on the Shedule K and K-1 the s/h basis shows approx $5,000 as prop distribution and $5,000 repayment of loans from s/h. I duplicated it in two places by mistake.

Before I amend though, if necessary,... this is what happened:

At the end of the year, I owed the company money (due FROM shareholder) since I used the company's account to pay for some personal things. At the end of the year instead of paying the money back to the company, I just recorded it as a distribution of the net income. Is this considered then a distribution and/or a repayment from loan? I don't know why I am getting confused on something simple.

Is this something only that affects basis since it has no effect on pass through income? What is the correct classification and do I need to amend?

Let me know.. Thank you for your help!

Frustrated in Miami...

miatax