JRS

Obviously, the end of tax season is approaching!

It is not that difficult. Everything transfers over fine and all you need to do is make your adjustments.

There is a check box on page 1 of the PIT-1 for filing an extension. You also add when the Fed extension expires. According to the instructions no other form is required if you have the fed extension. I efiled this way last year, but it is not necessary for my client this year.

There are many views on writing off GM stock. You will need to research. Some CPAs say yes and others, like the link below say no because, theoretically, the "old GM" is still trading. http://www.autoobserver.com/2010/01/its-a-puzzlement-old-gms-worthless-shares-still-trading.html

'It's a bottle of wine. I got it for my husband.' 2 Buck Chuck?

AND your client's money.

This happens, according to ATX, the "efile" form accepted by the FTB is different from the state issued "2 page" form. (This was after they told me the form I sent them from the FTB site was incorect!)

Partnerships in IRA are subject a tax on the "UBIT" (Unrelated Business income tax) if it exceeds $1000. I have yet to see this happen. The brokerage who sold the units, in most cases, will take care of the taxes if necessary. It is found in box 20 with the code V.

I noticed this earlier this week, but now, it seems to have changed back. Thankfully.

When the season is over, there will be a lot MORE interest because of the affect it will have on our profession and our "controlling" agency.

WASHINGTON — The Internal Revenue Service today issued proposed regulations allowing the IRS to require that tax return preparers use Preparer Tax Identification Numbers (PTINs) as the preparer’s identifying number on all tax returns and tax refund claims that they prepare. These regulations when final will implement some of the recommendations in Publication 4832, Return Preparer Review. “These regulations allow the IRS to better identify and match tax return preparers with the tax forms and claims they prepare. This proposed PTIN system will help us ensure taxpayers receive competent, ethical service from qualified professionals and strengthen the integrity of our tax system,” said IRS Commissioner Doug Shulman. Under the proposed regulations, the IRS will issue forms, instructions, or other guidance that will require paid tax return preparers to begin using PTINs for all tax returns and refund claims filed after Dec. 31, 2010. Currently, tax return preparers must use either a PTIN or their social security number on tax returns or refund claims that they prepare. The proposed regulations also provide that tax return preparers must apply for a PTIN, regularly renew the PTIN, and pay associated user fees, which will be described in upcoming guidance. As part of the process, some tax return preparers would also be subject to a tax compliance check, which could include a review of the preparer’s history of compliance with personal and business tax filing and payment obligations. Tax professionals and other interested parties have until April 26, 2010 to submit comments regarding the attached proposed regulations. The IRS plans to launch a new system later this year through which all tax return preparers will be required to register, including those who already have a PTIN. Tax return preparers who already have a PTIN will have the number revalidated and reassigned to them through the new system, while tax return preparers who do not have a PTIN will be issued one through the new system. It is estimated that there are as many as 1.2 million paid tax return preparers.

The demutualization happened in September of 1999. You can find more information at this website: http://www.demutualization-claims.com/manufacturers_life_demutualization.htm

With my brokerage, they would just take more time to preparer the 1099's. In my own account, sometime this week, I will receive my fourth corrected 1099. The first three had numerous errors that I had to bring to their attention. Finally, according to the one posted on the website, it is nearly correct, but I will still get a CP2000 sometime in the fall, due to the handling of a 1099-misc for oil and gas royalty trusts.

"Enter all sales and exchanges of capital assets, including stocks, bonds, etc., and real estate (if not reported on Form 4684, 4797, 6252, 6781, or 8824). But do not report the sale or exchange of your main home unless required (see page D-2). Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. You can use stock ticker symbols or abbreviations to describe the property as long as they are based on the descriptions of the property as shown on Form 1099-B or 1099-S (or substitute statement). You must enter the details of each transaction on a separate line of Schedule D. If you have more than five transactions to report on line 1 or line 8, you can report the additional transactions on Schedule D-1. Instead of reporting your transactions on Schedules D and D-1, you can report them on an attached statement containing all the same information as Schedules D and D-1 and in a similar format. Use as many Schedules D-1 or attached statements as you need. Enter on Schedule D, lines 2 and 9, the combined totals from all your Schedules D-1 or the attached statements. Do not enter “available upon request” and summary totals in lieu of reporting the details of each transaction on Schedules D and D-1 or attached statements. If you e-file your return but elect not to include your transactions on the electronic short-term capital gain (or loss) or long-term capital gain (or loss) records, you must attach Schedule D-1 (or a statement with the same information) to Form 8453 and mail the forms to the IRS."

You will need to show the equities sold and transaction dates. From your information there is no way to determine any wash sales.

"Form 8582 will keep track of it for you." PTP's aren't tracked on 8582. They are tracked by their own worksheets, linked to the 1065 (K-1) input sheet. See the tabs on the bottom of the input sheet.

On the K-1 input sheet: I use Section 11, the last item, ordinary gain. It links to the 4797 in the proper place. For the cap gain/loss I use line 9(a). Until I figured this out a few years ago, I just overrided the entries.

Sounds good. I think my brain might be operating on fumes. That's I think I am missing something. With the "late" mailing of brokerage tax statements, I am getting buried.

I must be missing something here. If the 1099 B has sales on it, they must be reported. I figure when you are saying lines 8 through 11 are showing zeros, you must be referring to the 1099 DIV or 1099 INT. Right now I have Fidelity, Wells Fargo and Ameritrade 1099's on my desk and none have any numbers other than 1a, 1b, 2 and 4 on the 1099 B.

My 1099B's list the stock, number of shares, sale date and gross proceeds. The costs are listed in the supplemental section of the broker's statement, separate from the actual 1099's. No lines 8>11?

I have used this as an information only box. Theoretically, according to the IRS, you can figure your actual basis using their worksheet from Box L. Most of my clients that have these could care less what their basis is until they sell some or all. Then the PTP will send a worksheet with the year end K-1, so you can figure your gain,loss and ordinary gain. Below is a quote for Box L, from a PTP that I own in my own accounts. "This analysis is based on the information shown on your Ownership Schedule. Please note that this tax basis capital account balance bears no relationship to, and is not indicative of, the fair market value of your investment"

Good looking. I have used the same excuse in the past. Just adopted two cats from PetFinders.

I, too, consider this a bonus year. Depending on where CCH/ATX end up price wise next year, I will probably go to Drake. I was told by a sales rep last year, they were going to try and improve their form entry for next year. It is an effort to go after unsatisfied ATX customers. If I do switch,I just hope they can teach an old dog new tricks.

On the input sheet in Box 1 adjustments, there is a code box with a drop down menu. There you will find the reason you can stop swearing. That is until something else pops up in the next minute or so.

Not being too computer or network savy, I remembered running across this website a while back. It looks like both hardware and software applications. www.f5.com/products/big-ip/