ed_accountant

Thanks Joan, So, they cannot amend 2011 but since they are legally CA married for year 2013, they can file MFJ for Federal and CA for 2013. Thanks

Thank you Mr Pencil, I appreciate your help!

Regarding the new federal Same sex law effective 9/16/13. http://www.irs.gov/uac/Newsroom/Treasury-and-IRS-Announce-That-All-Legal-Same-Sex-Marriages-Will-Be-Recognized-For-Federal-Tax-Purposes;-Ruling-Provides-Certainty,-Benefits-and-Protections-Under-Federal-Tax-Law-for-Same-Sex-Married-Couples I need to confirm the following since this is not my area of expertise: I have CA same sex client that were a registered domestic partners in CA for year 2011 but not officially married. This couple were officially married after year 2011 since marriage was not available by law in year 2011. This client wants to amend year 2011 and file a joint return based on the new law. http://www.irs.gov/uac/Answers-to-Frequently-Asked-Questions-for-Same-Sex-Married-Couples Federal determines marriage based on State law. Are the CA registered domistic partners considered married by CA law? Thanks

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See form 1120S page 1 Box H for check the box to terminate the Scorp election. Then you will need to re-file form 8832, Entity Classification Election, for the C corp election. Read the instructions for timely election filing.

This is common for small employers who do their own payroll to do it wrong. Small employers who are only setup for payroll in their home state do not know that they have to withhold and get set-up in the employee's state . The employer will not want to open this can of worms. Late filing penalties, amended returns and etc.. Is your employee still working for this company? If so he should ask the company to correct or pay the difference in the increase in state taxes plus extra tax fees.

It is a scam.. He as called many.. http://whocalled.us/lookup/7163200319

An associate is expanding his income tax business. Does anyone have a recomendation and link for the purchase of marketing postcards for new home buyers.. Thanks

Does anyone know the cut-off date for efiling forms 1040 year 2012? Thanks

These agreements should be written by attorneys who specialize in corporate or LLC/partnership business issues. For successful companies that can afford life insurance, I have seen buy sell agreements with life insurance provisions where the premiums are paid by the company and the proceeds purchase the decedent's interest. For example, if one partner dies the life insurance proceeds buy-out the decedent's share and proceeds go to the decedent's heirs. The life insurance proceeds of course are pre-determined and agreed upon in a written buy out agreement between the partners...

The IRS just had a 16 day paid vacation.... They will be running a little behind this year. I am sure the shutdown will be blamed on all the delays this year..

Loss on Sale of Rental property would flow to form 4797, sale of business property. 1099-C would flow to form 1040 misc income. Form 4797, Loss on rental property, $50 -$250k= -$200K Loss Form 1040, Misc Income, 1099-C $220K income Net 20K ordinary income

F-1 and J-1 student visa holders are typically exempt from paying F.I.C.A. http://sait.usc.edu/ois/taxes/fica.aspx Internationals and F.I.C.A. F-1 and J-1 student visa holders are typically exempt from paying F.I.C.A. taxes for their first 5 years in the United States and these taxes should not be deducted from paychecks. J-1 scholars and researchers are typically only exempt for 2 years. The mechanism for the exemptions are found under Internal Revenue Code 3121 (b (19) and is available to persons in F-1, J-1, M-1 and Q immigration status. To determine residency threshold for tax liability, one would use the “Substantial Presence Test” utilized by the IRS. It is a blanket exemption with the only qualification being that the person be a nonresident for tax purposes and that the work is authorized (CPT, OPT, AT). IRS Publication 519 is a good resource, specifically pages 44 and 45. More information is available here. Obtaining Reimbursements of F.I.C.A. Witholdings If one's employer has mistakenly withheld F.I.C.A. taxes, they must work with their employer directly to request a reimbursement. If the employer will not assist a taxpayer, one would file Internal Revenue Service (IRS) forms 843 AND supplemental form 8316 to request reimbursement. Please note that J-2s with work authorization are not exempt from FICA taxes. If USC may have withheld FICA in error, please contact University Payroll Services at [email protected]

Here is the latest email from TRX! They are now selling their software under a new name and new website Taxexact.com Dear , $799.99 package Now $399.99 through Friday the 4th of October. Must call in (855)-860-1040 for discount Take just a minute and watch the video below for a sneak peek of our AWESOME TaxExact 2013 Software. Just click on the link: Click Here This Package includes: Free Unlimited e-filing of the 1040 Free Unlimited e-filing of All Individual & Several Business States Free Unlimited e-filing of the Corporate 1065, 1120, 1120s Free Unlimited e-filing of the Fiduciary, Trust & Estates 1041 & 990's After the Fact Payroll including 941, 940,944, 1096, W3 English or Spanish Appointment Scheduler E-Cabinet Document Storage including the EZ Document Scan Extensive Client Organizer QuickBooksTM or Excel import for Schedule D into TaxExact QuickBooksTM or Excel import for Schedule C into TaxExact 100% true MEF since 2011 PC or Mac Compatible, we may have the only Tax Software that runs on a Mac Thanks, Karen 1-855-860-1040 ext. 3250 www.TaxExact.com You are receiving this email because you are a registered PTIN/EFIN user with the IRS. You may unsubscribe or reduce the frequency of this email by clicking here.

I got the answer from the IRS tax practictioner's help line.. Yes, my client can claim carryback a 2010 NOL loss to years 2008 & 2009. The statute of limitations for year 2010 is April 15, 2014. I can carryback the 2010 loss to years 2008 & 2009 by filing an amended return for those years before the statute date of 4/15/14. Thanks

Yes, this will be an original late return with a business loss. This person has not filed since 2009. Thanks

I have new client that wants to file year 2010 and has business net operating loss. He still owes income taxes in years 2009 and 2008. Client wants to know if he can still carryback back the 2010 net operating loss to prior years? Does the statute of limitation effect the carryback? Thanks

I use Dell Windows 7. I upgraded before the last tax season and windows 7 has been smooth..

Here is a trucking forum for taxes that may be helpful: http://www.thetruckersreport.com/truckingindustryforum/trucker-taxes/ I would suggest that you repost your question at thetruckersreport forum. There are a few trucking acccountants that answer questions on that board.

TRX called me for 2013 renewals. I asked the salesperson if many were renewing and he said yes.. I then told them about my experience with their software in 2012 and told them to put me on the do not call list.. I am very surprised they are still in business.

I have switched to Drake Software Unlimited. I need to have reliable proven software. Drake offers a pay per return system: The PPR package includes 15 returns for just $285. That’s only $19 per return, and you can purchase additional returns within the software at $19 each. You may complete numerous states, electronically file, or amend a return, and it still counts as only one return. After you’ve purchased 85 returns, you may convert your package to the Unlimited version. Charge your clients an additional $20 for out of pocket costs, software tax processing.... Cheers!

A Single Taxpayer is thinking of selling their home that would have gain greater than 500K. Taxpayer would qualify for the 250k exclusion and have taxable gain on the remaining. Taxpayer has asked me via email, if her adult 18 year old son who has lived in the house for the last 2 years could qualify for the another 250k exclusion if she gifted half the house and transferred title of the home to the son. Any thoughts on how to answer this? My feeling is to refer her to a tax attorney since her question is related to transfering deeds. Thanks

Deloitte has free 1 hour webinars weekly. Dbriefs Webcasts: http://www.deloitte.com/view/en_US/us/Insights/Browse-by-Content-Type/dbriefs-webcasts/index.htm

You just have to reply back and tell them you are an EA and you are exempt. CPAs, EA and Attorneys are exempt in from registering with the CTEC in California. I feel the CTEC rules in California are good since it requires non-licensed tax preparers to register, be bonded and take CPE classes.. http://www.ctec.org/PreparerVerify.aspx http://www.ctec.org/Content.aspx?pid=8

I agree with John also. I have avoided these clients also. There is too much risk of lawsuit on these. There are no tax preparation fees on these also. There is no upside for the accountant.