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Richcpaman

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  1. How could Business a. Have a $1,000 loss, but the owner took $50k in "Draws"? Wouldn't that SP have income of $49k? Rich
  2. You can't file it on paper. Efiling it is not like filing a 1040. Be careful about what you are getting yourself into. As much as I am astounded by the fees charged by pension folks, they got that stuff down. If your client is trying to save a buck, make sure you KNOW what you are getting yourself into.
  3. If you went on a Missionary Trip on Behalf of a Missionary Charitable Organization, why wouldn't they give you an acknowledgement? Even if that acknowledgement states simply "Thank you for going!" And paying your own way... Rich
  4. Sandy: Welcome to the forum! You can ask ATX to convert the Drake data for you. They would do it if you were moving from Drake to them for the first time. They may do it, even for a fee, that would save you a lot of time. Rich
  5. And she was not retired for long, either. Sad. Rich
  6. Is this a question about "Audit Risk" The answer to that one is easy. There isn't a lot of it anymore. But I still sign the return based on what I know and what I believe to be what is right. And I find out what the real questions are on the return and then deal with those issues until I am sure it is ok. The original issue here, is a simple one, Dealer or Investor. Your client did three flips. Does the client currently own other properties or owned other properties? There is no bright line test in the code. Too keep it simple, I would put BOTH on the return. Take an amount from the gross sales, say 10% or 5% and that is the commission to do the work as a flipper on the Schedule C with appropriate operating expenses.. (SMR, Ins, M&E, etc.) of making the deal happen. And then the Schedule D has the house sales less acquisition, remodel and selling expenses. That is what you would do if someone was in the business of doing flips, remodels, renewals or rentals. Rich
  7. Is this a case where there is separation after June 30th and some years may be filed as "Single" Either way, I would just paperfile and mark it "refused to provide" Rich
  8. GGRNY: Lots of preparers do not have a clue how to prepare a return above the most basic returns. The rules changed in the past two years and now we are required to provide a basis worksheet with every K-1. Not that the IRS is going to do anything with that info.... IF this is your only S-Corp, then I congratulate you on paying attention. Rich
  9. This may be unpopular... But I would have your client fire the employee, and make them a subcontractor. Then, there is no nexus. Maybe that will not completely get CA out of your clients pocket, but it is a start. And yes, your client has nexus. Rich
  10. Bulldog: I agree with you. The excuses do not work anymore. They have plenty of money and resources to generate notices and automatic levies, and nothing to do a simple "taxpayer in OIC Consideration right now" note in the file. Rich
  11. Edsel: You quoted this: Seems to me... if the prior preparer did NOT elect the carry back of the loss on the 2015, then all the stuff you did with 2013, 2014 and maybe even 2015 are pointless. For 2016? You have your allowable carry forward, that might carry forward to 2021 or so. The IRS can be PITA, but sometimes, they are correct. An NOL can not be rolled back after the return is filed and the election to roll back is not elected. Sorry. Rich
  12. Its an election. It is not mandatory. She started it, but did not finish it. Pay the tax. Rich
  13. Margaret: Usually, if proper treatment, the Restricted Stock in Box 14 is for Dividends paid to the employee on the restricted stock, and it is included in their W2 boxes 1, 3, and 5. It is just ordinary income. Rich
  14. Nice Chart^^^^ TaxTools had a worksheet as well. *IF* you had a beginning basis, the worksheet did the rest. Rich
  15. If the replacement property had no basis, then the sale is all taxable. No 8824 needed. Just the 4797. Rich
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