mdmcfarland

I had another problem pop up. The file I am trying to send gets an error message :

Sch C(1040) Error: IRS e-file exclusion: Name(s) and Address(es) of person who received Form 1098 must be entered. If Other Interest amount is not associated with Form 1098, paper file this return.

There is no Mortgage interest on this return. I have restored the field to all lines on the corresponding worksheet to make sure there is no "hidden" numbers and that doesn't work. Anyone else have this problem?

I also got the error regarding direct deposit. Guess I'll follow your thoughts and have the taxpayer receive a paper check. Hope they get this fixed before we get a rush of filers!

Thanks - I guess I should have looked on the NE site.

Thanks to all of you for your help.

Jainen - the 4 partners that are selling only have a total of 12% ownership. The buying partner will have only 25.50% share after the buyout.

kcjenkins - the only thing I see in the agreement is that they will sell to the to the partnership ( I assume they meant the remaining partners) and not to the general public.

I am just now getting my first NE return ready for efiling. My FOrm 8453N does not look right - it doesn't look right. All that is on it is the basic taxpayer info and then a checklist of attachments. There is no place for signatures. Did you find this on your return?

I have a client whose only income is from a schedule C. She as 2 depedants, both in college. I have entered her info into ATX. After the standard deduction is subtracted from the AGI, it shows a negative figure. The program is showing a NOL to be carried forward. Is this correct? Her schedule C shows a profit?

I have a LLC Partnership with 12 owners(!). The partner with the largest share is buying out four of the partners. The partners being bought out contributed no capital when the partnership was formed. The only capital they have is what has been earned since the partnership was formed. Would the buying partner just have to pay them what capital they now have? How do I show this on the return?

Congratulation! Every new baby is so precious.

I agree with you, Mel on your thoughts and memories. We are reliving that now with our grandchildren. My husband especially is spending much more quality time with his grands. When our boys were little, he was busy trying to make a living. He is a farmer so you can imagine the hours put in. He is certainly making up for it now and gets to baby-sit quite often. Kind of makes me jealous - especially to think I'm stuck here working and not being able to enjoy the kids.

Thank you. I thought that was what they wanted. I'll have to do some checking on the past years since there were several treasurers keeping books in those years.

HELP!!!

We have been doing tax returns for a non-profit child care center held in a church. They are required to file Form 990-EZ. I think we have that pretty well figured out.

Now they need to file a Form 8734 to retain their nonprofit status. I have the front of that form filled out, lines 1 through 11 with information from the past 5 years. I'm having trouble with Line 12.

I have a figure for line 12a.

For line 12b they ask for a list showing name of and amount contirbuted by each person (other than a governmental unit or publicly supported organization) whose total gifts for year 5 through Year 1 exceeded the amount shown on line 12a. Enter the total of all these excess amounts.

This day care gets their money from donations (mostly small), state funds and the fees charged parents. Are they wanting a list of actual donors or do they want parents fees also?

I know this isn't very clear, but it's late on Friday and right now this is as clear as mud to me. Hope someone can help!

I guess this is my luck day! They were able to repair my printer! It wasn't real cheap, but a lot less than a new printer. I hope this lasts the whole season.

Hit either the Fast Reply or Add Reply.

I have a client that owed a couple hundred dollars in 2006. This client was a high school student last year and is in college this year. I assumed her parents were paying her taxes for her. Her mother informed me yesterday that nobody had paid the taxes due. She says that they did not get any letters on the taxes owed. I was told that they planned on paying the 2006 taxes with their refund from this year. If the daughter gets a refund herself this year, will the back taxes be withdrawn from that refund?

My printer may be dying. I had a HP LaserJet4Plus. I am comfortable with HP printers. What printer do any of you use? I don't want to spend a fortune.

I want to welcome you also. I wasn't upset that an "outsider" was on the site. I was just curious on the program you use. There have been quite a few complaints here lately and I wondered how yours compares.

I was an ATX User and viewed the company community board until is was abruptly discontinued on 4/6/07. What were they thinking? Glad to find this new board.

You said you were an ATX user. What program are you with now?

Yes, you can use any amount up to the max. Play with the numbers to find the one that gives the best tax advantage.

Just how big is your shoe? With the right size rubber band, you should be able to get it on over your shoe AND hold your sock up.

Merry Christmas and Happy Holidays to all. Wishing you and your families safe travel.

My husband and I have differing view on this. He puts peanut butter on both slices and jelly in the middle. I think that only causes the jelly to squirt out. I put peanut butter on one side and jelly on the other. That way, the jelly kind of soaks a bit into the bread. I think I put the peanut butter on the "right" side!

The daycare we have in our town has been given its own federal tax exemption as an organization described in section 501©(3). We are also filing returns to maintain their nonprofit status. They are exempt from FUTA tax.

The daycare is situated in a church, but it provides services to anyone in town and does charge for these services. It is run by a board of directors some from the church and some are interested community members or parents of those in the daycare. This board hires a director for the daycare and she hires all other employees.

We have a daycare in a church in our small town. We do file a 990-EZ for them. We couldn't see that they fit the dcriteria for being exempt from filing.

I'm interested in finding out if there are any other ATXers in Nebraska. And if so, where in the state are you located? This would be helpful to me if I have a problem specific to the state.

When a depreciable asset is traded, we no longer add the basis to the basis of the new asset and continue to depreciate it until it is all depreciated out. How can I identify the "traded" asset on the Detail Report for form 4562. Or is there another report where this can be shown. In Nebraska we have to send a report of depreciable assets to the county assessor for personal property tax purposes. :(

That was an interesting website - and right up in my neck of the woods! (Northeast Nebraska)

I had ordered mine before the renewal CD came. It is on a separate CD.