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rick in cal

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  1. I agree that the $8,500 is just a reflection of FMV and not deductable and that a $30,000 or $38,500 reduction in value couldn't have happened over 3 mo. but in this market the property's value could have easily fallen 12 to 16% over a years time or 3 to 4% over 3 mos. This would compute to a $6,000 to $8,000 loss (hypothetical). I would have your client speak to the appraiser and ask how he arrived at his property value number and also get some second opinions from real estate brokers using comparative sales in July and October to see if you can document a more realistic loss. If you get a few professionals to arrive at a similar reduction in FMV I would advise your client that it is a deductable loss that could be challanged.
  2. The worst part of it all is CCH knows the support WE PAY FOR is ridiculously lacking and they have no intention of fixing the problem. They have taken an excellent software (ATX) and turned it into a mediocre investment with greed and higher profits as their motive. Other than the ATX tax program I make it a point to buy nothing from the parent company I can buy from someone else no matter what the price. If we do that and they feel their profits are being affected they would improve their support by adding additional staff. Not because they care one iota about their customers but because they care about their customers' wallets!
  3. Thanks Julie,The 2553 form was not required but the program kept insisting it was and opening it. The second time I closed and reopened the program it fixed itself. Too bad because I was soooo looking forward to dealing with support on Tuesday morning.
  4. I'm having trouble efiling an scorp. It says form 2553 must be attached and to get it from the E-FILE menu and select Attachment for 1120/990/1065. I have a 2553 opened and filed out and I've tried deleting it and starting over but the program still doesn't recognize it. I also don't see any attachment in the E-FILE menu.
  5. I understand the concept of different zip codes for different entities and whether you have a refund or amt due and I use preprinted labels accordingly BUT the FTB gives a zip ending in 0009 on the 540 for amt due and a zip code ending in 0008 on the 3582 form for that same amt due. No worries, I don't think they'll return a check no matter what zip you use.
  6. Has anyone noticed that the zip code on form 3582 is different than the one called for on form 540.
  7. Over the years I've learned to avoid calling support and using the board whenever I can. Yesterday (Friday)I had a problem where I thought I would need support and had similar problems as Eli. Forty minutes in someone picked up and told me he wasn't from support and he didn't know how my call got routed to him but he would put me directly through to support. Fortyfive minutes later I finally had someone answer. We spent another ninety minutes on the phone and couldn't fix the problem. We finshed with the tech saying he would have someone at a higher level get back to me. The problem is this; I loaded 2008 and 2009 into a new computer. When I started opening returns I noticed the payer information did not get transferred with the returns. When I select quick entry select payer while filling out w-2s the list is very small. I can solve this by opening every return then opening the w-2 tab and closing each return. This will take a long time,(500)returns. Has anyone encountered this and fixed it? It also seems that once I increase the list of payers in 2008, only some of them roll over to 2009. I had no problem with rollovers on the computer I use the most but the computer I'm having trouble with is where I will be having someone do a lot of the data entry next week.
  8. I started getting CA acks last night. I received 2 out of 12 filed.
  9. Jainen, The clients' return was filed using the forms that were current at the time of filing >>up-to-date-forms<<. The IRS are saying we have to use the new version of the form and refile but there is no new version. Common sense would seem to dictate that you don't retire a form without having its replacement available for filing.
  10. I have a married couple who just called me saying the IRS refused their 1040x because it was filed on the outdated form. They told them they would no longer accept the 1040x or the 5405 with the OBM No. 1545-0074. When my client asked for a copy of the new form they were told it isn't ready yet. I'm waiting for them to mail me the IRS letter but I went to the IRS website and couldn't find the forms with the most current OBM no which ends in 0091. As far as I can tell their forms were filed correctly and the IRS is stalling their refund with no basis for doing so.
  11. Jainen,It is best explained by The Tax Book (small business edition) pg 19-7.It's for allocating income only and you actually file it all on one return. This scorp will meet all the requirements. You can also find it in Quick Books Small Business pg D-5.
  12. An scorp has three stock holders.The two major stock holders are going to buy out the third stock holder (20% owner). this will take place in Jan. or Feb. and the scorp will elect to file a return as two short years. All parties agree that the ordinary income reported and paid to the selling stock holder in this manner will more than compensate him for his stock. His stock has no basis and he will be paid a nominal amt. for his stock to make things simple. This is something I rarely deal with and would appreciate any opinions or criticisms. I will make sure the stock is transferred properly and all the corporate officers sign off where needed and may even suggest they use an attorney if it seems too complicated.
  13. Or oct 15th 2013 after they file for an extension and drop everything off to me on the 14th.
  14. That's the way I see it too. I have a few clients that will probably be able to take advantage of this new law and it seemed to be too easy. I can't remember another tax year where tax planning was so important especially with the inheritance tax debacle congress created for one year. One minor correction that might have been a typo. The tax payer wouldn't pay taxes on the racharacterization until the 2011 and 2012 tax year.....strange.
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