Tax Prep by Deb

Problem I ran into with one of my clients who was going to offer it, was that the payroll had to be processed earlier for the employees to get their paycheck direct deposited. For example we did payroll every Friday, but for him to get his money I would have to do it Thursday. Technically I would have to do two payroll's just to accommodate the one employee that wanted direct deposit. It would be fine if everyone wanted it, but out of 7 he was the only one. We chose not to offer for that very reason.

You can reset the password with your customer id# and installation code. I believe all you have to do is click either forgot password or reset not sure the exact wording because I'm not in front of my computer. It happened to mine as well because you haven't logged in when the password change was required so it simply locked you out. Hope this helps!

Thanks to everyone who responded. I did try to apply for a new EIN and as we all thought, it was rejected so the old one is still active. Yeah! I am so glad this client is starting his business back up as he is among my top 2 favorite clients. He listens to and always asks advice before he does anything major that will effect him tax wise. He is one of the few I work for that actually takes into account that although he may be paying someone 15.00 per hour that is not the true cost to him because of payroll taxes, work comp, ect... I am truly looking forward to working for him again!

I'm here too! Working on an S Corp and a few other odds and ends.

Yes Cathy I did see the info you spoke of, but he really doesn't fit those situations, one has to do with bankruptcy. So it was my understanding too, that the number stays with him and still should be ok to use. I know years ago I had a situation were we marked on the 941 the final wages were paid and later we used the same number so it doesn't look like anything has changed since then.

I have a question and hopefully some one here will know the answer. Early 2000 I had a client and I helped him get his employer identification number with IRS as a sole proprietor. About 5 years later he incorporated and a new number was issued for the corporation. The corporation was dissolved about three years later and he as done nothing but tend to his rentals since. He is now getting ready to start back up again but as a sole proprietor so will he need to get a new number or can he use the first one that we got early in 2000?

I totally agree. In California we have been regulated since I started in the early 1990's. The continued educational requirements were adjusted a few years ago so that it would meet IRS requirements, so as a result if I am qualified in California I am able to be listed as a Registered Tax Preparer for IRS's directory. I think this is perfectly logical, however there are very few states that regulate tax preparers. Until recently only California and Oregon. Today there are just another handful that have any requirements that I am aware of.

Does anyone have a good source for some classes (online or otherwise) that will teach at least the basics of Corporation and Partnership tax return prep? I have a few of my clients who are moving from sole to corps and I hate to loose them, but I feel dumb when it comes to trying to figure them out. I am a quick learner but would really love to take some kind of class. Any thoughts?

It has Pro.

I purchased a Dell from Costco the XPS8900. I really like the smooth operation of it, but it is not updated to the Creator edition of Windows 10. It tries but fails. Other than that I love it.

I was involved in a class action suit with JCPenny's and basically had to do nothing except say keep me in. It finally settled and I ended up with $845.00 dollars in an e-gift card. Didn't really believe it, but went on their website and put in the number and pin number and there it was. I've been using it ever since and still have a balance. So I guess my point is you just never know. If they send them to me I will always respond, but I must say this is the biggest one yet!

I agree on that question, but maybe this will explain something else. When the person who started the trust died, there were two beneficiaries named. The other beneficiary stayed in the house until her death, and I am assuming paid the property taxes as they came in, (I do not believe at this point the death or change of ownership was recorded at the tax office)and I believe it was under the previous owner's assessment, which meant the taxes were being paid but at a much lower rate. When the house went up on the market and sold, somehow this triggered a re-assessment going back to the death of the other beneficiary sometime in 2009. When she passed away apperantly one of her kids begin living there. So I honestly think the back taxes were the result of a re-assessment, not necessarily from not getting paid. It took my client a long time to finally get a hold of the trust documents due to family conflicts and the heirs to the other beneficiary not cooperating.

Thank You!

I may be in over my head and I know I still need to do some reading, but I have a client who is a Trustee of a Revocable Trust. The person who had the Revocable Trust past away back in 2003. My client did not even know this trust existed until last year at which time a tax id number was assigned the trust and she began liquidating the assets. The only asset was the deceased person's home. From the time of death till when my client took over a family member from the other Trustee was living there and paying nothing. My client did proceed to get an appraisal going back to time of death. She put it on the market and sold the home For 486,000. The appraised value at time of death was $415,000. In addition there was $34,000 in selling expense, and a large amount of back property taxes that equals $32,536.00, and I still need to see the checks that were written, but there was some fixing up costs ect... that I feel will bring this sale to almost no gain. However, even if I bring the gain down to zero, It is still charging taxes. Should this be so? I have used form 8949 to report the sales and then schedule A to report the property taxes that were paid and them using line 15a to report the extra expenses. Not at all sure if I'm doing this right and would love some input. Also how do I know which box to select in section A?

I'm having the same problem with a Windows 10, it will not update to the creator version, however it is continuing to update the updates to the anniversary version, also I can not get mine to back up either. I really want to love 10, but I have had some issues.

Yes, You have to do a policy allocation. They can agree on the percent, if they can't agree on the percent then it is 50%. The instructions for form 8962 has an example that will assist you in reporting the 1095A correctly for the dad, and I would make a copy and give it to the Son so that his taxes can be completed. IRS does require each to reconcile the credit. There is actually nothing wrong with dad getting insurance with son thru exchange, but now comes the reconciling of everything and depending on the outcomes possible having to pay back some of the subsidy.

I had a client come in this year with the same situation, I suggested she make an appointment to go to IRS office and when she did they pulled her record for her and told her that it had been cleared off, and that she owed them nothing. California on the other hand was not quite so forgiving. She did provide her with info needed and we filed the returns they requested and are now working with her on a payment plan.

1 more to go! Yay!

I wish I was done, but I still have appointments coming in tomorrow and one promised out, the rest are just waiting on signatures.

That I haven't a clue on. My client's did not have the form 8962.

Yes, I have several of these. It is handled on line 21 and there is a place, I believe second from the last or third from the last that states medicare waiver and the amount needs to be entered as a negative figure.

Yes, Welcome! Many of us left or no longer even go to the other board for the same reason. Here we try to treat each other with the dignity and respect each of us deserve, and personally I have found this board very enlightening and helpful.

I haven't done one of these in a while, but how do I input the info so that it shows up in line 7?

All I can say is Amen! After a day like today, Tuesday can't get here fast enough!

Just make sure that the total sales include the income from the 1099K. If it does, then there is nothing else to do. If you want to do two separate lines, enter the 1099-k income and then on the next line enter the remainder. When the 1099K's first came out the schedule C had a place to input the amount, however either the following year or the year after it was deleted. The important thing is that total income is reported. For example, here a lot of my hair dressers are using square. The print out the 1099K and if that was all they turned into me I would question it, what about cash, checks, ect... But if they give me a total figure that is more than the 1099K I would make the two line entry, the one for the 1099K and the other for the remainder of the income, to total the total income being reported.