JFH

Client purchases 100% of the stock of a reg c corporation on 1/01/09. Corporation has an $8,000 contribution carry forward to 2009. He applies and is granted Sub S status for 2009 tax year. Has he lost the contribution carry forward? Any suggestions? Thanks

Charlottesville, VA 1-Thomas Jefferson (2nd President) 2-University of Virginia 3-James Madison (4th President) Not much else

New client, paid $65,000 to R/E agent who got him a tenant for a 10 year lease - should I amortize the 65K over ten years or may I deduct all in the year paid? Thanks JFH

I received a call from ATX yesterday - the young man's name was Taylor, Taylor from Rome GA. Very nice - just called to see how I was doing, being a long time user (10 years or so) Wanted to know if I needed anything, what problems I may have had last season. Told me that ATX hopes to beef up support this coming season. Didn't try to sell me anything. Gave me a toll free number with his direct extension in case I had any problems or questions. We spoke for about 10 mins total. As of now I feel comfortable as to my renewing with ATX this coming season. I'm looking forward to the season to start!----That's just me. JFH

Thanks for the heads-up - I'll check what the Virginia laws are. Thanks again JFH

I think I found my own answer - that is to elect out of the option of having the tax paid over a peiod of time. JFH

Client is selling his business ($2,000,000) and owner financing for 15 years. He wants to pay all of his capital gains this year becasue he is afraid what might happen to the capital gains in the future. I see no documentation that states that you HAVE to report sale over the time financed (installment sales). I just want to confirm with you guys. Thanks JFH

Me too - I've used this number for several years and it does help. JFH

I renewed several days before the discount deadline - ATX called earlier and I asked that they call back on the 21st of May. I paid using my credit card and the billing cycle ended the 20th. Just as he stated ATX called back on the 21st and in a snap I renewed and got an extra 30 days before payment is due. I feel very lucky as I have been with ATX for a long time and have never had the problems like I read on this board. And I must ad that this board has also alerted me to some problems that I was able to avoid. Anyway - I'm in for 2008, I just need to clean my office now. yew! JFH

I have client with several K-1's which all have passive losses, I have marked at the top of the K-1 input sheet as passive income, however, it is not posting to the 8582. When I do a check of the return, it tells me that checking passive activity does not send to 8582, check either the passive box or the PTP box for this activity. What is the PTP box? What am I overlooking, I am on hold with ATX now, my first call this year! Also, T/P sold one of the K-1's, I do add to the cost of the sale all passive losses not allowed for this activity from prior years, yes? Thanks, you guys are the greatest as I said in another post. JFH

I agree also - I do not post alot, but I read several times a day. When I do post, my needs are always met, which has been a great help. I to am a sole preparer, so I feel as though all of you are my partners (Can't wait for the company picnic). Thanks to all from Virginia!

Thank you - and yes - he is already organized as an LLC

I have a client who is a single member LLC and wants to be treated for tax purposes as a Sub S for 2008 and not as a Sch C as he is for 2007. I think all I have to do is complete a form (Form #?) and send to the IRS - is this the right time to do this for 2008 - can it be retroactive? - Like to 2007? Thanks for all the help.

Just installed (not me) a new computer - Dell Vostro 400 with XP - my computer guy stated that he does not recommend Vista at this time. What is great is that I got a 24" monitor and IT IS Great!!!!! I can see everything. I work with 3 monitors now but with the primary being so large now - It can easily act as two now giving me a 4 monitor station! JFH

Even though you may not get a refund from a return that may exceed the three year period, a refund from a period prior to the three years may be used to offset a liability from another year after. I think I said that right.