ed_accountant

Check out this website of tax links: http://www.taxtopics.net/

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Hi, I have a client that has moved from NJ to CA in 2008. For year 2009, the wife has a fulltime CA job and just purchased a house in CA while the husband is still working fulltime in NJ residing in the original home in NJ. In summary, the wife works fulltime in CA home and husband works fulltime in NJ home. Has anyone dealt with this situation regarding residency? Any suggested strategy? I am not clear on which state to claim as residency and which state to claim part-tim non-residency.. Thanks

Thank you Maribeth and Taxbilly !

Hi, I have a client that wants to purchase a boat for his business for advertising and entertainment purposes. His business has nothing to do with boating or water travel. If it was for entertainment purposes would it be 50% business use thus depreciation 50% deductible? Any comments regarding fully non-deductible ? I am researching this prior to responding to my client... Thanks

You should also have a backup internet browser like Mozilla Firefox. If it doesn't work in the first browser try the backup one..

For Historical bond and stock prices, I use EVP Systems software: http://www.evpsys.com/evp/index.html The IRS also uses this software for their estate audits. It is fee based and costs $1.55 per stock or bond quote. Thanks

For the real estate, I would use the sales price as the alternate value. The Sale documents are better than an appraisal. The Form 706 for deaths in year 2009 will be released by the IRS in August 2009. After its release all the software companies will update their forms... If you have never prepared a form 706, I would suggest that you work with a local experienced 706 preparer, EA or CPA. You could probably hire on a hourly basis an experienced preparer to review your work and answer specific questions. A little experience could possible save tax dollars . Thanks

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Thanks All!

Interesting post, please keep us updated. Thanks

I agree with you and do not agree the banker. If Company B owns the building and I assume pays the building mortgage, with only rental income and no other income to pay salaries and a pension.

I am guessing the problem lies on how you did the transfer from the old computer to new computer. I am guessing there are missing files that were not copied. I transferred all my programs from atx 2001 through axt2007 last year without any problems or reloading of cds by using Laplink PCmover. However, laplink pcmover did cost $40 but it was well worth it! Every old program worked! Good luck

For my clients that trade or that use brokers that trade, I often attached the broker prepared statement or the client prepared statement to the return and mail in the return. On Schedule D, I note in the description, see attached. I also complete the total sales, cost basis amounts, and list "various" for the dates. I have done this for years and never had a problem.

FYI.... I am sad to see paycycle acquired by the giant intuit... From Intuit: "Dear Valued Intuit Payroll Customer, We are excited to inform you that on June 2, 2009, Intuit announced that it signed a definitive agreement to acquire PayCycle, Inc., a leader in on-demand payroll for small businesses and for the accounting professionals who serve them. This transaction is expected to close during the third quarter of calendar year 2009 and is subject to regulatory review and other customary closing conditions. Intuit is proud to serve over 1 million customers with our payroll offerings. By combining PayCycle's advanced functionality with Intuit's small business experience and focus on ease, we will be able to better address your needs and allow you to focus on your business goals. Business as usual Intuit QuickBooks Payroll will continue to offer uninterrupted payroll service and support to you. You can continue using your QuickBooks software to simplify all of your finance and accounting needs, and continue to manage all of your payroll tasks from right within your QuickBooks software. We will continue working hard to earn your business, and I want to personally thank you for your loyalty and support."

This sounds like a lRS letter audit.

I would correct the current year only. Amending opens up the old year for review. You can always amend later if you need to.

Goodluck and be careful of what you wish for... More work during tax season..... I am so glad tax season is behind me.. I agree with the flowers and a short note of offering assistance.

Try calling the IRS or tell your client to call. Thanks

Good response!

She is good! Circular 230!

I have also used PES (Professional Education Services, LLP) and their self study courses are very good. However, for the past few years I have been using CPEDepot.com which has a fixed price of $149 per year for unlimited CPE course hours online. CPEDepot.com courses are all pdf downloads and the tests are all online. I have found their material to be very good also. Thanks

Jainen is correct. Worldwide income is taxable to US citizens. Having a home in Burmuda and US will not change the taxability of income in either location. However, the foreign income deduction for federal purposes may help. With the foreign income deduction you must be out of the country for 330 days out of 12 consecutive months. Burmuda appears to have no income tax, capital gain or corporate tax. Burmuda appears to be one of those offshore foreign tax havens that the IRS is always investigating.. Try googling or searching on the following: "us expatriate burmuda income tax" "US Expatriate Burmuda" Good info link: http://www.expatcpa.com/expat.htm I personally would pass on this and suggest they seek another expert. good luck

I am wondering if ATX can be easily networked between two computers. Can just the data files be shared? How is ATX networked? I have a office with two XP computers that are networked and I am running ATX separately on both computeres. Thanks

See form 2555 and the 2555 IRS instructions. To claim the Federal $80,000 foreign income deduction, your client must be out of the country 330 days out of 12 consecutive months. Thanks