Ray in Ohio

Dear Jack.... I always round when inputting info. But I guess I have a "bad" habit of always hitting the "." key after entering a whole number. In that case, disregard my sarcastic question to ATX. I just need to change my way of inputting.

Dear ATX.... When inputting info on Form 8949, why, oh why, am I not allowed to put a decimal after the dollar amounts? It keeps reminding me that "The value must be numeric and without cents (Limited to 15 characters) OR Expired."

Just wondering!!

I am looking for a new/different way to track my accounts receivables / payments received from tax returns prepared in ATX. What programs are other preparers using for this purpose. Any programs that are compatible with ATX?

Looking for ideas.

Thank you in advance!

Just remember, it's not just $95.  The penalty is the greater of:

For 2014, $95 per uninsured person or 1 percent of household income over the filing threshold,

For 2015, $325 per uninsured person or 2 percent of household income over the filing threshold, and

For 2016 and beyond, $695 per uninsured person or 2.5 percent of household income over the filing threshold.

 

So a couple making $80,000 total, the penalty would be 1% of $60,000 or $600.  Not $190.  

I am under the impression that there is a maximum penalty of $285.00 per household for 2014. So the penalty in your example would be $285. Not the $600 (1% of income.)

Please correct me if I am wrong.

Getting closer

I am............. Ready!

^{I am .............. Getting Closer}

I am........ Excited!

I am ................. transmitting 88 e-files. (Geez that takes a while) - Not a bad day!

on the next page?

All the way at the bottom of the screen you can go to the next page. (new this year)

I am ....................... GIF

is there an extra charge for "blood"?

http://www.cbssports.com/video/player/masters-live

Now don't be spending too much time on that... You've got work to do!!

I am ____________ Impressed!

R dey etable? day luk so gud!

I am _____________________in my 18th hour for today!!!!

Tired

Client claimed the "First" FTHB credit in tax year 2008. This the $7500 credit that has to be re-paid over the next 15 years. Apparently in 2013 the bank foreclosed on the home and the taxpayer ended up selling the home for a loss. (like a $50,000.00 loss)

http://www.irs.gov/pub/irs-pdf/i5405.pdf

My first question is, does the TP have to repay the remaining balance of the $7500 that had not been repaid? They had paid $500/year in 2010, 2011, 2012.

The second issue arising out of this: The bank issued a 1099-C (Cancellation of debt) to the tune of $72,000 plus. I have not dealt with a lot of COD issues. It seems in a quick reading of some regs, that if the COD is for a main home it is not a taxable event. I guess I would be looking for some confirmation if I am reading things right.

My head seems to be spinning this week and the more I try to rapidly read IRS regs, the more confused I get.

Thanks for any thoughts and ideas!!

frikkin bananas for lunch?

New snack item:

Gummy frikkin bananas

nom, nom, nom, nom

A chiropractor has been arrested for attempting to bribe an Internal Revenue Service auditor who questioned deductions the chiropractor had claimed for payments to two female patients who had accused him of inappropriately touching them.

Speechless. And priceless.... for everything else there's .....

Should that have been an "adjustment" rather than a deduction?

(just askin)

Looks like this will have to take its Cycle. Should we hang them out to dry when they come back?

What made you switch from Ultra Tax to ATX?

If they were the same price, which one would you use?

Do you HAVE to "unlink" the state from the Fed before releasing the efile and transmitting?

This morning we had to 'reprimand' a client that was being pushy and outright rude and not happy that he owes, wanting us to recheck the numbers but did not want an extension. We told him that we do not have time for that today and finally told him that he will have to take his info somewhere else.

Now he sent us fresh donuts and coffee.

That was really nice of him, but how is that supposed to make us feel???