ed_accountant

Agree with Terry, it is a no.

Does anyone know how to stop or change the bank account details on a efiled return? I efiled this on March 30 and received the "accepted".. Client calls me later to tell me, the account # for direct deposit was closed.. Thanks

I would add a 1 dollar to the Schedule C income and 1 dollar to schedule c expenses and note on the expenses, the business is inactive.

Gross proceeds including the attorney portion from settlement are taxable as misc income. Attorney fees are reported on Schedule A as a misc deduction subject to 2% limitation.

You should count the hours you spend on it and possibly break down your fee on a hourly basis. For example if a simple return usually takes an hour and you charge $60, then tell your client this return took four hours x this rate = my fee due to the additional state returns and all the time involved........ ... This works for me and it also helps me quote returns since I can state my hourly rate and tel the client your return could take 2 to 4 hours... Good luck Janitor Bob

You can also call ATX and they will tell you which W-2 is being rejected..

If the 20,000 received is a replacement of "heavy losses" of income than you should report it as business income. I would verify with the client that her social security # was not given to the insurance company or the attorney to confirm that there will be no 1099. Usually, the payor / insurance company, do issue 1099s and it would be for the gross amount.

I agree with the above opinions. I would request an extension and withdraw from representing this client for this audit representation. I would also suggest to the client to obtain attorney representation. In your opinion, what were the red flags on the return that caused this Audit? Large shareholder loans? Did the client take payroll for himself?

This is a common problem. I order my compatible toner cartridges form : www.imarketcity.com . They have a 30 day guarantee of Dead on Arrival. The will also send you a prepaid UPS return label for shipping back to them. However, if you order multiple cartridges you may not discover a defective one within the 30 day window and then you are stuck with.. Good luck.

I have a few that do this and there has never been a problem..

Happy Birthday! You may have to drop some early hints next year..

I believe he can deduct unreimbursed Actual travel expenses. I do not believe he can deduct per diem rates. My understanding of the per diem rates is that it is the maximum the employer can reimburse an employee for travel. The employee can deduct travel expenses on form 2106 any amounts paid greater than amounts reimbursed by the employer.

Nice Job, Tax Billy That is a very good summary. Do you suscribe to CCH?

Try doing a manual update and select that form..

Click the Help button and then click contact us. The phone # is there. There is only one customer phone #. It is the same for all atx users.

I agree the worksheet is designed poorly. Ignore the military question.

Hi, I am preparing a final 1041 with no taxable income and a capital loss carryover to pass through. The trust has 3 US resident beneficiaries and 17 foreign beneficiaries (No tax id #s). Each beneificiary has an equal 5%. Any ideas on how to passthrough the loss to the US beneficiaries? I believe I should issue the 5% loss interest to the 3 US beneficiaries and not issue any k-1s to the foreigners since they do not have tax ids. The amounts are also small. Thanks

Also, auto travel when they you use personal vehicle for police errands and work.

You are correct. Think of the Condo fees as maintenance, insurance, etc.. They are not deductible on schedule A.

What is the focus of the IRS audit on the Corporation? Is this a S-Corp with small wages or no wages? I am curious since the IRS audits very few small corporations.. From my experience they focus on larger coporations..

I would be interested in seeing the references also..

Are you also filing the required form 8752, Required Payment or Refund under Section 7519? Fiscal Year S-Corps are not so common. The IRS requires form 8752 for fiscal year S-Corps, since the year end is not a calendar year. Bart is correct. File a second return using the 2007 income tax return. You can duplicate/copy the return in your system and changes the dates....

This is a funny string... I rarely see EIC clients..

I agree with KC. I also aways give the depreciation shedules and form 6251 for all applicable clients. However, most of my clients are business returns and complicated individual returns. I do very few simple 1040s. However, I do not print out all the unnecessary input schedules that ATX creates. I print just the forms plus the depreciation schedules.

Good and only 10 more weeks of tax season...