JRS

IRS begins accepting PTIN renewals — but with problems (10-19-2011)

"As of today, the IRS has made available their online PTIN renewal system.

However, three of us at Spidell went online to renew and all three of us experienced problems. After an hour on the phone with the IRS, they informed us that "hundreds" of people have called with similar problems and it would probably be a "couple of weeks before the bugs are worked out."

Thanks

Eric,

Am I blind or have you removed the link to donate? Will it be put back?

Deb!

Also the link to ATX?

I guess I will need to remodel my office. The ceiling is already full with charitable donations.

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Announcement 2011-40 advises the public that the Internal Revenue Service is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel. The revised standard mileage rates are 55.5 cents per mile for business use of an automobile and 23.5 cents for use of an automobile as a medical or moving expense. The mileage rate for use of an automobile as a charitable contribution is fixed by statute and remains 14 cents. The revised standard mileage rates apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2011, and to mileage allowances that are paid both (1) to an employee on or after July 1, 2011, and (2) for transportation expenses an employee pays or incurs on or after July 1, 2011.

Announcement 2011-40 will be published in Internal Revenue Bulletin 2011-29 on July 18, 2011.

>> Could be that later in the survey they go into more meaningful survey questions. <<

No!

Great comment about Roni Lynn Deutch "The Tax Lady."

What type? PTP?

Court freezes assets of 'Tax Lady' Roni Deutch

Read more: http://www.sacbee.com/local/#vmix_media_id=77403371#ixzz1KB9ZxgvS

I can run 2001 - 2010 with no problems. Windows 7 Home Premium.

Oh my God--I don't owe anything! I try to tell myself that I am always open to new experiences, but I am totally unprepared for such psychological trauma. What do I do now?

Quit deducting your Rose food as a business expense.

I am understanding that the fees a broker would charge for puts and calls are normally added to the basis the stock transaction. I have a client that has a list of puts and calls that shows the purchase price, selling price, dispostion, and gains or losses. The cost column says "Costs or Other Basis". The account management fees are listed at 3800.00. Is this fee added to the basis or deductible under miscelleanous deductions on Sch A?

They are a Schedule A deduction, though my clients' would rather see them added to the cost.

Two things, one of which you have already probably done. Read the instructions and explanations for 11F in the Partner's instructions for the K-1. Secondly, try this website to see if the Partnership's tax package is there. If it is, there "should be" a guide to what goes where and how to handle it. I sorry I can't be more help.

https://www.taxpackagesupport.com/

Just curious, but why waste time entering 1099-MISC data into a 1099 input worksheet? Why not just enter the income directly on the Schedule C, or F, or wherever else it goes?

E-file does not require the 1099-MISC details. Only W-2 and 1099-R details are required for e-filing.

ATX likes it that way. Plus in ATX, you would have to override the the entries and that can be a pain...........

On the 1099 MISC, box 1, 2 or 3, or 7, right below the $'s you entered, is a blank like, and when you click on it it says "select form to link." It will show you all the relevant lines, such as Line 7, any Sch Cs and/or F's, etc. You should be able to find your schedule C there, select it, and it will magically appear on the income section of your C.

If you link it to a Sch F, it will even let you pick which line to put it in, line 9 Custom Hire or Line 10, Other income.

Unless there is UBIT, you do not report anything on the K-1, even when they cash out. When the owner takes distribution the partnership would be liquidated, if necessary, and would be, as KC stated, reported on a 1099-R.

The only time there is a tax problem in partnerships held in IRAs, is unrelated business income tax (UBIT). If the aggregated amount is over $1000, usually the broker (if a PTP) will handle their taxes.

Most oil/gas PTPs K-1 packages are online at the below website. If you have your clients permission, you can view the K-1 package and usually, it will show what amounts will go on the 8903 (and their other forms). In most cases, the 8903 will be blank, meaning no credit available.

It is simple to register, your email and a password. Then go to the PTP and follow the steps.

https://www.taxpackagesupport.com/(S(dohbix5512stio55dp3tt4r0))/k1SupportHome.aspx

"Please be advised the correction to Error Reject Code 0190 relating to Schedule SE will be implemented nationwide on March 30, 2011 for the 6:00 p.m. drain (local Service Center time).

We apologize for any inconvenience this may have caused."

>> you're dating yourself<<

Sometimes that's the only date I can get!

As for a Neil Young concert in 1965--I don't think so. Although he had local fans in Canadian coffee houses, he didn't come to the United States until 1966. He didn't get published until two years later, and Horse With No Name wasn't recorded until even more years went by.

"By coincidence, it was "A Horse With No Name" that replaced Young's "Heart of Gold" at the #1 spot on the U.S. pop chart." By America in 1972.

I had the same type of problem a couple of years ago and solved by not using ATX's pdf printer. Went online and downloaded a free pdf printer and no problems since.

>>went wild posting a bunch of enhancements<<

That's an understatement!! I think you covered most of the bases. Now if they will listen.

I had a similar situation a few years back. Not only an HSA but depletion on a royalty trust. No changes in tax, but I amended just to keep everybody's records correct (and happy).

It has been 2 or 3 years ago, but I used CO form 106.

One return is not a problem. I don't think they are even checking for the "new" ptin requirement.

>>Any thing special about CA?<< Where do I start!!!!!!!!!!!!!!