chadw

I need to attach a schedule for form 8594 for question 6. How does one do that with ATX. Thank you

I have also seen efax (www.efax.com). They have a few different types of service. They do have a free one that can only recieve about 20 per month. They are a bit pricey I think for the number of faxes you can recieve, but I think it can recieve to multiple emails and such.

I just used the link above and it got to the website just fine. It may have been down while you tried.

I have had no issues with that. Well, at least as of yesterday. I will have 06 & 07 versions of ATX open as well as the 07 version of quickbooks at once. I do have 2GB of RAM if that does make a difference.

Thanks for rubbing it in Duane. No Acks here as of yet.

Well they transmitted successfully. Although who knows when and if we get some acks on all these today.

That game sounded so much fun I decided to give it a go myself. However, my game only lasted about 5 minutes thank goodness.

Michael is correct. It is under the 4. asset category part of the asset entry

On the latest news section the most recent news is that the atx communities are back. That was dated 3/28.

If the parents can claim her as an exemption, the nine year old cannot claim herself even if the parents do not.

My cut-off time is usually around midnight. Saturdays are usually later since I can sort of sleep in on Sunday. Although with 3 little ones, sleeping in isn't what it used to be.

Isn't that the truth Joel. I loved being able to do a search on a topic and being pretty much to find an answer to something. This board is getting there and hopefully will get there at some point.

Yeah I'm still watching. I do appreciate the bump, and I did rather enjoy the discussion on the whole background of a bump. As of now, the group did decide to form the LLC. Even if they lose the interest expense and real estate tax deductions they would rather keep a formal LLC in place to limit their liability just in case they do some renting of the property they end up buying.

New client brings me his K-1 which has all of the following as ordinary income. S Corp sold most all of its assets in 2007. Still operating under same EIN but now not doing same exact business that it was doing before. Purchase price was allocated by putting towards things like trade name, customer relations, fixed assets, developed technology, inventory, and goodwill. Client thinks all of the proceeds except for some of the depreciation recapture should have been classfied as long term capital gain on his K-1 instead of ordinary income. I am no expert on corporations and don't do them except for small non-complex ones. Should this be available to him as long term capital gain on the flow through or not?

2 Excedrin and a can of Mountain Dew does the trick for me

I am going to recommend doing a schedule c and see if there are any unreimbursed expenses that may be around to help lower that amount. I will let him know about the 8919 and tell him the potential consequences of going that route, but I may just leave that decision up to him. The overall liability difference is about $450. I don't think it's worth the battle with the employer, but I was just curious what other opinions were on the issue. Thanks

I'm sure your right. I'm sure the employer won't be happy if they get a call or bill for the other half of the taxes.

Client received bonus from his employer for about 10k. He is a W-2 employee with the firm. The firm he works for asked him if he would like his money right away or wait until his next paycheck. Of course he said right away and so therefore they cut him a check. Well they didn't withhold any taxes from the check and they 1099-Misc. (box 7) for the amount. He is still currently employed with the firm as of now. I don't think he should owe self-employment taxes on this, but I do feel as though he has to pay his portion of SS & Med. Would a 8919 or a 4137 be appropriate in this case. If so which one and if a 8919 is needed, which code should be put in? Thanks

I agree with all the posts. It saves me time and money. Less to print out and I don't have to assemble all the paperwork and give instructions on what the clients need to do.

Group of 5 people want to pool money and purchase a cabin as a vacation property. They are each going to put cash down towards a down payment and then set a fixed $ amount that will go towards mortgage and expenses. Everything will be equal. They are thinking initially to set up as an LLC. They are looking only to very occasionally rent it out. Maybe a few weekends a year at the most. Rental income is not their concern at this time or the primary purpose of this purchase. What is the best way to set up this endeavor for tax purposes? I guess what I am asking is if the 5 form a LLC and purchase the home through that LLC, can the interest and taxes still flow through to the members Schedule A or are those deductions lost. Any suggestions?

It doesn't actually say, but since you are choosing your spouse to be a US resident wouldn't you file a regular 1040 like normal. I was also assuming that the original client of the post was either a US Citizen or a resident alien filing a regular 1040 since that is needed to make this election.

he can file MFJ if he chooses to file an election and attach a statement to claim his wife as a US resident. He must then claim all of her income as worldwide income on the return. Publication 519 (page 10 for choosing to make your nonresident spouse a resident)

Complex trust was set up for nephew. The stock within the trust was sold in 2007 and distributed to the beneficiary at the same time. The amount distributed to the bene. will be taxable as long term capital gain to him correct or can the fiduciary take on the gain if he wishes? Thanks

I believe that right now Great Plains is called Microsoft Dynamics GP

Per instructions: Important note for MI-1040CR-7 credit form filers. If amending an MI-1040CR-7, file a CR-7 for the appropriate year and write "amended" at the top. An amended claim requesting an additional refund will not be accepted after September 30, following the year of the claim. Chad