YANKA

Can anyone help me on the following: An S Corp. borrowed 50,000 to start the operation on march of 07 , in June the repayment started( principal + interest) how or where do I report the loan, I know I can deduct the interest, but I am a little confuse with the loan money and the repayment of the principal Thanks for the help

Thanks to all for the support, I can rest tonite, I was getting sick thinking on what to tell him, after 20 years I feel like I know less and less. thanks again

I made a terrible mistake, since October 07 at the request of the client I started a payroll for him and his wife based on hours work for their company, they wanted a weekly pay check , In January we filed for him the quarterly and annual reports. How stupid can I be, I do not know WHY I assumed he had an S corp, today he brings everything to do his taxes and I discovered that he is set as a Partnership with his wife. Besides amending the 940, 941 etc is anything else that I can do to correct this mistake, since partners are not to have salaries. I am thinking to request for an S Corp, am I to late for this, the client does not mind to change to an S corp, it is his first year. any suggestion will be greatly appreciated, I know I will not get any sleep tonite.

Pacun you are wrong, for the Virginia Department of Taxation the ITIN is as good as the SSN, you DO NOT HAVE to have a SSN to qualify for the Credit that is why they have LOW INCOME CREDIT and EARNED INCOME CREDIT. VA accepts the ITIN as a legal number, I think that it is ATX the ones not knowing the difference. Thanks for trying to help

Thank you Pacun for helping: head of Household, $13,500 total income, no social security number only ITIN (starts with 9), 2 children under 16, I even called VA Dept of TAxation and yes she does qualified, but I do not like to override the program, She does not qualified for EIC because of her social. Her taxes should be zero, same as last year. Thanks a lot

Thanks Pacun but line 13 of the ADJ form must be manually done, the program is not calculating like last year, any other sugestion Thanks

To all Virginia preparers, ATX is not calculating the low income credit, it does the EIC but not the low income credit for taxpayers that do not qualified for the EIC on the Fed return, you must override the info, this mean that you must know the Poverty Guidelines for VA. Called ATX, several times and they have no idea what am I talking about, is anyone else having this problem. This is the first year that ATX makes me sick. Thanks for any sugestion. Yanka

I am glad that I am not the only one with the problem, I had tried everything possible and still , called ATX, after 1 hr and 13 min someone tells me that they will check, another 20 min waiting, she comes back telling me that I need to send her the return because probably I did something wrong and if she does not see the return she was not ready to help me, I refused to send the return, and requested the supervisor, Cindy?, she comes and tells me that she needs to see the return, bottom line, I was so mad that I told her that the ATX service this year is totally unacceptable to which she replies, we are no longer ATX and I do not know what else , I would like to send a formal complain but do not know to whom, any suggestions. I rather have customer service from India, even though I was not able to understand them, but al least they were friendly. Yanka