cred65

Trying to grossup pay for medical insurance to end with a $0 check but not working.

Any suggestions?

I just used the K-1 import feature for the first time and it worked perfectly. This will save some time this year.

What are the procedures to Import the K-1? In which file to you start?

What is the procedure to setup a dummy e-file.

TIA

I just installed my 2008 ATX software and all seemed to be going well. After the restart I got a message... "Incompatible files, need to update" so I hit the update button, go through the update process and think it's solved but then the next time I open the program it does the same thing. Also, when I tried to go to the E-File Manager I get another message..."message failed to load, Key: service enrollment prompt Error: Object variable or with block variable not set." Does anyone have any idea what might be going on. Been using ATX for many years and this is new to me. Thanks for any help, trying not to call support.

I had the same problem in Dec. It is with NET Framework 2.0. You will need to call Customer Service and they can fix it by going inside your system and repairing the problem.

I'm getting ready to install SP3. Now that everything is working OK is this a good idea or bad idea?

Does anyone know about the new rules for IRA distributions in 2009? thanks in advance. I read both versions and neither one seems to make sense. Does it mean I do not have to take required distribution from IRA or 401 for tax year 2009 only?

You will not have to take an additional withdraw in 2010 if you waived the 2009 RMD according to Kiplinger's.

Is this late election still available for 2008 for an LLC that has been filing as 1065?

If so what would be a reasonable cause explanation on Form 2553?

It's out of stock online.

I just went to a Staples store and they were sold out.

Is there any suggested reason to (or not to) enter your CAF here?

Highly compensated shareholder of S Corp has inquired about puting herself and spouse, also highly compensated by S corp, on such a plan. They are the only employees of the S corp.

Anyone have any suggestions.

TIA

Deb, I just got off the phone with ATX (no waiting!) and they were able to resolve the problem.

I my situation .Netframework2.0 was "broken" The tech rep was able to access my desktop and make analysis, fix .Netframework2.0 and get the program to run correctly. It only took about 15 minutes but was a very detailed process. It would be worth your time to call tech support and go through this process to determine if you also have a problem with .Netframework2.0.

This also fixed a problem that I was having with MS updates (SLE.tmp has encountered a problem).

I am having the same problem with the the "Update process".

Also when I go into E-file manager I get an error box:

"Message failed to load

The program is unable to continue because an error occurred while attempting to display a message.

Key: ServiceEnrollmentPrompt

Error: Object variable or With block variable not set."

I sent a message to "Customer Service" on 11/26/08 but have not heard back

I have contaced my ins. agent about about this coverage. Probably$500 to $1000 deductible.

I have just been informed that the third shareholder has not filed any returns since 2004. He is no longer with the company. He brought over his W-2 and other records and I entered the data into ATX. He will owe $20K for 2006 alone. He will also owe for 2005 and 2007. He claims his recent divorce has made him insolvent and will not be able to pay his taxes. He currently is unemployed and lives with his girl friend. He will not be able to pay his alimony and probably faces bankruptcy.

Should I prepare his return for 2006 for the audit or should I decline the business. How should I explain him to the auditor. He had been a client of the person from whom I purchased the accounts in 2007 but was not on the client list.

Thanks for your advice.

I'm just sort of wondering why that "Subcontracted Work" was not just listed as Inventory Purchases, myself? clearly that is what it really was. I bet once that is made clear, the audit will become much simpler.

This item was actually purchases of machined castings made from foundries in China. These parts were drop-shipped to the client's customers throughout the USA. The company maintains no inventory. The company is a manufactures rep. and in some instances works on a commission.

I have had a meeting with the client. The owner, with assistance from an AccountTemps employee use QuickBooks for their accounting. I will be printing off the Purchase Orders and Vendors Invoices for the upcoming audit. Client maintains records in an orderly fashion so I will be assembing records requested for the audit and there will be a conference room available for the IRS. At present the only employees of the company that will be on site are the owner and the AccountTemps employee.

I have prepared the returns for two of the shareholders and the other shareholder has yet to file. I am trying to run him down.

The ownership of the companies has changed dramactically during this year and only one shareholder remains. One of the companies that was sold in 12/07 was serviced by a high profile local CPA firm in the city. I only serviced the fledging companies which I acquired in Jan. 2007.

Thanks to everyone who responded, Tom, KC, Jainen, joan, old jack, billy. I will keep you updated.

I agree Tom, we all need each other in this crazy tax environment, where the rules change practically overnight. And that is not a political comment, it will happen no matter who is elected.

This might be a good time for all of us to consider clicking on that DONATE button one more time, by the way. I know Eric won't ask, but let's see if we can give him a little cushion between now and Jan.

I agree and will send a donation today.

>>a laundry list of documents requested<<

If you tell us a few of the key issues, we might be able to give you some ideas about how to approach them. For example, just because the IRS is fishing for documents doesn't mean you should turn them all over right away.

They have a list of 15 items but the most relevant items are; Subcontracted work $3,876,764 and Commissions $217,901. The Subcontracted work was for amounts paid to Chinese firms for imported products. The commissions were paid to salemen that were issued 1099's.

The other items requested were ledgers, journals, bank statements, sales records, check registers, minute books, etc. Also requested were the personal tax returns of the shareholders.

Client is a C Corp and was part of a tax practice that I purchased on 01/01/07 so I was not involved during the period under audit. The Corp had an internal bookkeeper that is no longer with the company. I prepared the return from the client's QuickBooks financial statements and did not review the records.

The audit is to be performed at clients office next month. Form 4564 has a laundry list of documents requested.

The three stockholders also have interests in four other S corps.

Any sage advice will be appreciated. Should I get a POA and be available at the initial meeting?

cred65 - is this what you wanted bumped?

Yes, JohnH. Thank you.

There was a discussion several months ago about fair compensation and what was appropriate. Can anyone guide me to that link. Give it a BUMP!!!

After the rejection error is corrected do you resubmit the return through the normal process even though the deadline has passed?

Is there a formula for the price paid for the practice. Sometime ago I recall seeing an article that assigned a value for type of business, ie, tax 80% of annual billings, audit 125% of annual billings, etc.

Did more than 50% of the partners change? Did the partnership get a new EIN? Start with your client to see what might be different for 2007 from 2006.

There was a an investment by an outside investor in 2006 that resulted in 3 equal partners. Also during 2006 there was a buyout of a partner in a completely separate transaction that resulted in 2 equal partners at the end of 2006 and all of 2007. No change in the EIN.