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JRS

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Everything posted by JRS

  1. JRS

    Gold bullion

    The ETF's are also taxed at 28%
  2. JRS

    Gold bullion

    Considered collectibles and taxed at 28% for long term.
  3. Same problem and no solution. This is my eleventh year and I seem to be making minor tweeks on most of my returns. Little things, but they are a pain. I guess that is why we get the bib bucks!
  4. The K-1 gains or losses are not flowing at all on PTPs except to the 4952 and schedule B. The prior year rolls over, but no new losses are recognized anywhere nor combined with prior loss. I tried tracking in 2009, but could not find were losses were coming from - or going to, other than the amounts for 2009 were correct.
  5. Just tried again and ACKS came through.
  6. Just on the "other" ATX board and someone is on hold (!) with c/s and no response yet.
  7. I have basically the same in my engagement letter and it definitely works. I have had more than one client say "I'll get back to you" and they all have.
  8. CAVDI = California Voluntary Disability Insurance. From Jainen in 2009 from Fairmark.com "The "V" in VPDI is the EMPLOYER's voluntary choice, not the worker's. The employee pays 100% of it up to the maximum SDI limit, and it is treated exactly like SDI for state purposes. It is NOT a tax, however, because the "P" stands for the employers private plan, and it is not paid to any taxing agency. VPDI is therefore not deductible on the federal Schedule A, but it can contribute to an SDI overpayment on the state return."
  9. JRS

    Form 1099-SA

    My 1099SA is exactly the same. Using Form 8889 will figure what part, if any, is taxable. In my situation all was used for medical.
  10. Use the Google search rather than the "normal" search. You will get a lot.
  11. The following is an article from Fairmark.com, back in August of 2008. http://www.fairmark.com/news/08081001-demutualization.htm You will need to more research as the court's decision basically ruled against the IRS's stand of zero basis, but left it at that.
  12. JRS

    RMD

    I have two clients who received Form 5498 stated they had until April 15, 2011 to begin their RMD. (The amount required was stated.) One more received a 5498 stating they would be required to take RMD in 2011.
  13. For Bulldog Tom: http://www.atxcommun.../6232-gambling/
  14. JRS

    KC or ERC

    There is probably an easier way,but: I used the Google search for the forum on the top and used "netting the winnings and losses" as the search. Then "copied" the location from whatever you call the spot where the www.atxcommunity etc. is located. I link it. (I hope.) It should be just a copy or paste.
  15. JRS

    Billing

    I don't if this is what you are asking, but in your open return, click on forms, then go down to billing rates and all the forms in that return will come up and you can change the amount you charge per form.
  16. I don't know if this is still current, but I had a similar situation in 2005. I used the following from the IRS as the basis for handling the conversion. (I gave the recapture amount to the client for when the house was sold. Still is a client and hasn't sold the house.) "Upon the conversion to personal use, no gain, loss, or depreciation recapture under section 1245 or section 1250 is recognized. However, the provisions of section 1245 or section 1250 apply to any disposition of the converted property by the taxpayer at a later date." Read more: http://cfr.vlex.com/vid/1-168-4-changes-use-19700700#ixzz1DDKlAUWe
  17. Until the form is the "official" and finalized IRS form, "DRAFT" will continue to show.
  18. "Registered Domestic Partners in California, Washington and Nevada must split their income and withholding credits in accordance with community property laws of their states. Effective February 14, 2011, they can file a Form 1040 return using either Head of Household filing status (if the taxpayer is claiming one or more dependents) or single filing status. We apologize for any inconvenience this may have caused."
  19. JRS

    RDPS

    The new decision does not require or even allow California's registered domestic partners to file their federal tax return as married filing jointly. They must file as married or file separately for their state tax returns. They can now file a single, Head of Household or Married Filing Separate federal return, but each should now report one-half of their community income.
  20. JRS

    RDPS

    "Registered Domestic Partnerships in the Community Property States of California, Washington and Nevada can currently e-file a Community Property Form 1040 Return with the filing status of Married Filing Separate. Effective February 14, 2011, Registered Domestic Partnerships in the Community Property States of California, Washington and Nevada can e-file a Community Property Form 1040 Return with the filing statuses of Single, Head of Household or Married Filing Separate."
  21. WASHINGTON — The Internal Revenue Service plans a Feb. 14 start date for processing tax returns delayed by last month’s tax law changes. The IRS reminded taxpayers affected by the delay they can begin preparing their tax returns immediately because many software providers are ready now to accept these returns. Beginning Feb. 14, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction. Based on filings last year, about nine million tax returns claimed any of these deductions on returns received by the IRS before Feb. 14. People using e-file for these delayed forms can get a head start because many major software providers have announced they will accept these impacted returns immediately. The software providers will hold onto the returns and then electronically submit them after the IRS systems open on Feb. 14 for the delayed forms. Taxpayers using commercial software can check with their providers for specific instructions. Those who use a paid tax preparer should check with their preparer, who also may be holding returns until the updates are complete. Most other returns, including those claiming the Earned Income Tax Credit (EITC), education tax credits, child tax credit and other popular tax breaks, can be filed as normal, immediately. The IRS needed the extra time to update its systems to accommodate the tax law changes without disrupting other operations tied to the filing season. The delay followed the Dec. 17 enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extended a number of expiring provisions including the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.
  22. The only place I have seen it was an email from ATX. I searched the IRS website and it still lists thirty some odd states that can be piggybacked. The list was revised November 30, 2010 and includes 37 states and DC.
  23. My last year's experience with ATX support was similar to this Discover Card commercial: http://www.funnyordie.com/videos/e48f022e30/frustrated-with-being-put-on-hold
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