rfassett

Merry Christmas to you and yours from me and mine!!! God Bless us - everyone!

It is never a good idea to fight city hall. We tell our clients to give the paper to us and we do it for them. Read the letter. I believe it tells you the penalties for non-compliance. It is very slam dunk stuff and none of the very many that we have done have ever been abusive. Listening to the client whine if he had to do it would be abusive - but I am all about picking my correct poison. I have found that the less the client is agitated the happier we all are.

You should have some sort of company policy (in writing) that states if and when an employee would become eligible for any benefits offered by the company. For the record, part year full-time work does not constitute a full time employee - at least not where I work and play. You policy could be based on hours worked per year, years (or months) of service, etc. If you have such a policy, you should have no concern for getting into trouble.

Mine stays up year around! Not a live one, of course. And Lion is correct. It does help keep things in perspective. In fact, the one I mentioned is in my office, I also have a lighted ceramic one in the conference room that stays there and lit 24/7/365 and at home, we have a pink one in the sitting room (where my piano resides) that also stays lit 24/7/365. Mr. Scrooge said it best "I will honor Christmas in my heart, and try to keep it all the year".

Not for the buyer. The basis is figured the same as the figuring of any other purchase basis My comments assume an arms length transaction.

Understanding Your CP136 Notice The CP136 explains your deposit requirements for your Form 941 filings for next year, which may be different from your requirements for last year. We base your deposit requirement on the total tax you reported on your Forms 941 for the four previous consecutive quarterly periods (the lookback period). What you need to do If your total tax liability for the lookback period was $50,000 or less, you will be a monthly depositor next year. Monthly depositors must deposit taxes on wages paid during the month by the 15th of the following month. If your tax liability for the lookback period was over $50,000, you will be a semi-weekly depositor. Semi-weekly depositors must deposit taxes on wages paid on Saturday, Sunday, Monday, or Tuesday by the following Friday. Taxes on wages paid on Wednesday, Thursday, or Friday are due the following Wednesday. If the tax amounts we used to determine your deposit requirement differ from your tax records, then you should determine the appropriate deposit schedule. If the tax amount we used is zero for any tax period, then we have no record of receiving Form 941 for that period. Please file any missing Form 941 as soon as possible. You may want to Visit www.irs.gov for tax forms, instructions, and publications. Check your records to verify that they show the same liability amount as the CP136. Answers to Common Questions How do I show my payments when I file Form 941? We have a record of your payments. We don’t need you to show your payments. Show only the tax liabilities. How do I show the tax liabilities? If you are a monthly depositor, enter the taxes due for each month on Part 2 of Form 941. If you are a semi-weekly depositor, use Schedule B (Form 941) to enter the tax due for each date you paid your employees. What do I do if the tax liability on the notice is incorrect? The tax on the notice includes only the tax liability on your original Forms 941 during the lookback period. Don’t include amended returns. Base your deposit requirements on the original tax liability for the lookback period. Do I have to file electronically? You must pay all deposits electronically unless one of the two conditions applies: Your tax liability is less than $2,500 The tax for the prior tax period was less than $2,500 and you did not have a $100,000 liability due the next day If your tax for the quarterly tax period is less than $2,500, you can pay with the payment voucher attached to Form 941. What if my accumulated tax liability reaches $100,000? You must deposit the next business day. Once your accumulated tax liability reaches $100,000 for any month, you immediately become a semi-weekly depositor for the rest of the current year and the next year.

Such hostility! If it is this way now, I shudder to think what it will be like in March. Just sayin'! Anyway, I was just in myatx.com and in the tax season readiness document, it states that ATX must have your current EFIN info on file. It provides a link to an answer in the ATX Knowledge Library which was updated on September 13th, 2016. That document says that your EFIN info must be on file with ATX. Well, shoot, I will just copy and paste what it says. But my take away is that I do not need to do anything further because there is no request for my EFIN on myatx,com. What they have on file is current. Double-check that your current EFIN information is on file. IRS regulations require that we collect and retain proof of your EFIN. Learn how to update this by reviewing ATX Knowledge Library Answer ID 13729. Adding or modifying EFINs on file with CCH SFS Answer ID 13729 | Document ID | Published 10/22/2012 08:13 AM | Updated 09/13/2016 09:59 AM If you want to e-file any tax returns, your IRS-issued EFIN letter must be on file with CCH Small Firm Services. If your office uses multiple EFINs, each one must be on file, for the tax returns to be accepted by your Electronic Filing Center (EFC). To update your EFIN with CCH SFS Log in to the My ATX Solution Center Web site with the Admin user name. Click an item in the My Account list. Click EFIN Request on the left sidebar. The current EFIN on file is then shown. Click Modify to update/change your EFIN. Legal terms must be acknowledged by checking the box I Agree at the bottom of the page. You must also sign with your email address on file in our system for the selected Client ID. Click Continue. Enter the new EFIN and EFIN holder's first and last name as it appears on file with the IRS. You must attach a PDF copy of your IRS EFIN letter or the IRS EFIN Summary page from IRS e-services at this time. For instructions on how to locate your EFIN letter via the IRS website, see Answer ID: 15665. Click Browse. A window will appear to allow you to navigate to the files on your computer. Browse to the folder where you have saved a copy of your EFIN letter, click on the file name and then click Open to attach the file. Click Submit Request. Once you have completed this process, you will receive an online notification confirming that your request has been submitted. Notes: You will receive an e-mail containing your updated activation codes for your software. That email will come from [email protected] with UNLOCK CODE in the subject line. Your Activation Code may also be referred to as REG CODE or RECODE. If you do not receive this e-mail within 24 hours, contact Customer Service. If you have problems uploading your EFIN letter, email the letter to [email protected] or fax it to 800-834-4859 to have your account updated. Though the ability to e-file with your updated EFIN(S) is usually activated within 4 hours, it could take up to 24 hours to complete your request. You can verify that we have your updated EFIN(S) at the My ATX Solution Center by clicking Electronic Filing on the Home menu tab. If your EFIN is not updated at the My ATX Solution Center within 24 hours, contact Customer Service at 800-638-8291.

I am going to take the minority approach to the question. My first reaction was - "no way, Jose!". Then I stopped and hung a few of my clients names onto your question. If this has been a continuing client paying pretty much timely and the work was not an over-burden, ie,, over 25 W-2s, I would probably do them gratis. If the client had been continually late pay and a PITA, I would probably not take his calls. For anyone between those two extremes, I would work something out with the client that was mutually agreeable.

As a die-hard Indians fan - through all of the up and down (mostly down) years, I have been a fan. Even when it was not fashionable to be a fan. Even when I lived halfway on the other side of the country I was an Indian fans. I am one that is not at all happy that the Cubs won - or rather that the Indians lost - the series. I was hoping this was our year and that the Indians could win one in my lifetime. But alas, (and I have this recorded so let me just hit the "play" button) - maybe next year, maybe next year, maybe next year. Come on Cleveland, I am running out of years. Oh - congratulations Cubs - you earned it! It was a great series!

Different practices, different cultures. There is no slow time in my practice. And what the heck is a "vacation"? I do try to get mine finished up early in December to avoid that "if something serious come up". And no - it is not at all like our derelict clients. I am not asking anybody to go out of there way or to work overtime nor do I cause undo stress on anyone (other than myself) by letting my CPE compliance drag on into December. Fact of the matter, some of the best CPE is available in December.

Where I live and play, I am required to have 80 hours every two years with no less than 20 hours in any one year. I am in the first of the two years and am 5 hours lacking the 20 for this year. I guess I am always getting some done close to the deadline. Comes with the territory.

From another listserv: On October 24, 2016, the IRS issued a QuickAlert notification to inform the tax industry of the end of year 1040 Modernized Electronic Filing (MeF) production shutdown and cutover to prepare for the start of the Tax Year 2016 Individual Income Tax filing season (2017). Beginning November 30th, 2016, Federal and state Individual Income Tax electronic filing will close and remain unavailable until the start of the tax year 2016 filing season in January 2017. At this time the IRS has not yet announced the Business (return) Modernized e-File production shutdown and cutover schedule. We anticipate the cut-over to impact business returns will begin in late December 2016. For more information on the 1040 shutdown and cut-over continue reading the IRS QuickAlert below, or visit the IRS website.

It sounds like you have not told ATX how much cash or loan the taxpayer is putting into the deal. The worksheet is in the fixed assets module. If you do not have that, I am not sure where it goes. The fixed asset module has three input screens for the like-kind exchange: Disposition Info; Exchange Info; Replacement Asset Info. You will find the missing piece to your puzzle in there.

Code T simply means that the issuer of the 1099 R does not know whether the five year holding period has been met and the participant (in this case) has died. My guess is the issuer erred by listing a taxable amount. Your options are to request a corrected 1099 R (kinda like spittin' into the wind) or file the return as you know it to be correct and deal with the IRS notice if and when it shows up.

I rest my case!

I get what you are saying. But sometimes, nay, most of the time, the client believes what he is telling you. He probably has received multiple W-4Ps from the pension/IRA places but said "what the heck is this form for?". And unless he asked you at the time, it just went into the file or the round file, never to be thought about again. The longer I am in this business, the more I understand the client mindset. The client, unlike you and I, usually has a very strong aversion to anything tax and IRS related. I cannot tell you how many times I have had a client tell me they got a letter from the IRS when it was really from the State. But they BELIEVED it was from the IRS. I had one client recently bring the "IRS" notice in and argued with me that it was from the IRS - even after I pointed out that the letter was from the State. And my clients are not stupid. They just do not want to deal with anything tax related. Anyway - on another note. I am down to my last ten returns - none of which are in-house yet. Seeing how today is the sixth of October, it is highly likely that those ten returns will go delinquent. I do not do overtime in October.

Margaret - sorry I did not get back to with cites. I did not check here after my original post until just now because of other things I have going on this weekend. But I am glad you found what you needed. Good luck!

My opinion is that you are over thinking it. It sounds like a case on intent over facts. It sounds like it was the intent that the LLC own the property. There have been cases just like this where the title did not dictate the circumstances. Barring any other idiocancries, I would be inclined to have the property in the LLC to begin with, with the title catching up to reality subsequently. Just my thoughts.

You have to scan it to PDF and then with the return open, click on the e-file drop down menu at the top, then click on "attach pdf, and then click on the paper clip next to "form 2553", locate your pdf file and click "open".

I also have had good success with the first time offender abatement - both over the phone and via snail mail. I have done a lot more snail mail lately since it takes a lot less time than enduring those incredibly long wait times on the phone. The old "taking the path of least resistance" idea. Doing the snail mail, we always get the "we received your correspondence and will reply within 60 days" letter. The next correspondence has always been, "OK, penalty abated". Keep your letter simple. Put your client's identifying information on it, attach the notice, state in the letter "relative to the attached notice we are hereby requesting abatement of all penalties associated therewith under the first time offender penalty abatement policy. This was taxpayer's first year as an S-Corp and the shareholders were mistaken about the due date of the return. Thank you for your cooperation in this matter." Always use the KISS policy when dealing with the IRS.

Oh - and you might want to have them put something in the minutes about "our new accountant (and make sure they mention your name) discovered some anomaly in the prior year tax returns and the proposed adjustment is being made to fix those".

I am not suggesting that there would be anything in the prior minutes - that may or may not exist (I get that). I am suggesting that the document that is currently being prepared - note of that needs to be put in the minutes. Tell the shareholder he needs to have a meeting with his board (which is probably he and his wife) and have the board enter into the minutes that the loans should be converted to paid in capital as of 01/01/13. And date the minutes the day of the meeting. I do not see any good EVER of pre-dating documents. Nothing good can come of that.

I would do that only after receiving written instructions from the client so you have a CYA document in your file. The document can be as simple as: it is my intention to convert the Loans from Shareholders on the books of XYZ Corp to Paid in Capital on the books of XYZ Corp, effective 01/01/13". Or something like that. But for you to just do it on your own is wrought with liability disaster. Oh - and my comment assumes only one shareholder. If there is more than one shareholder, then the document should state what each shareholder's amount of conversion is and the document should be signed by all shareholders. This should also be noted in the minutes of the Corp. Hope that helps!

https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/sale-or-trade-of-business-depreciation-rentals/sales-trades-exchanges/sales-trades-exchanges

My initial thought was that I want to come work in your office. But then I said, "wait a minute". ATX is already fast enough on my system. Any faster would be wasted speed. You see, I think me and my system have come to a point of complete correlation. As I have slowed down, the system has slowed down less. And I feel like we are right now at that point where the x line intersects the y line. Life is good. Any faster and I would not be able to keep up. But good for you. Hope that re-wire does not become troublesome. I had my office hard wired when I built the office 15 years ago and have never given a thought to replacing the Ethernet cables. I haven't noticed any of that crumbling yet. But since you pointed it out, I guess I will now have to keep watch. All of our cables are in a controlled air environment in the basement. Don't know if that would make any difference.