ILLMAS

I efiled a couple of corporate extensions and were accepted, what is my proof to attach to the tax return once finalized? I know Proseries gives you some number on the bottom of the extension, but I don't see anything on the one that I printed out. Thanks

Have the partners check with the IRS to see if they can reinstate the prior FEIN, also (if applicable in your state), you would have to check to see if the partnership was dissolved by the state. Things can get complicated, if they closed the bank account already and want to reopen another account, the bank is going to ask for a certificate of good standing along with a copy of the FEIN assigned by the IRS.

I see this as a business because there is a cost of doing business (Ebay Fees, Shipping and Handling Fees, Paypal Fee), after you take those costs in consideration + the cost of tickets, less whatever he gets for them is his profit.

I have a TP that is a doctor, every year he tells that he wants to go independent but what holds him back is the cost malpractice insurance. He is really not interested in the tax benefits between a regular Corp and an S-Corp, he is looking for additional protection against his assets incase of a lawsuit. Can someone who might have a case like this share what be better for him. Thanks

How in the devil do I make the 1040X appear? If I go to add forms, look for 1040X it reads on "On CD", I inserted the ATX CD, clicked on the form and it seem it's working, but nothing. Any idea? Just a note, I update the forms every morning, I do the manual update, select all. Never mind, I got it working.

Well some good news, after breaking my head trying to figure how Quickbooks keeps track of vacation and sick time by the minute, it was driving me crazy not being a able to match to a spreadsheet I prepared, very simple but very big differences between QB and my spreadsheet. Not the only problem, client employees were thinking they had more sick days becuase of how I setup the time tracking. To avoid all this, go to Company, then Preferences, then General, then click on Hours and NOT minutes, this makes a huge difference, at least to me, it more reasonable and clear.

Hello, can you guide me on how to file an extension electronically? Anyone Thanks

Have you seen the IRS notice for yourself? The IRS has been sending "This is not a Bill" notices, however it does look like a bill, it shows how many days the payment was late and what would of been the penalty and interest if charged. I have a client that is a weekly depositor, I also file via EFPTS, sometimes I make the payment a day or two late, a couple of months later they get the "This is not a Bill" notice.

I was wondering if someone has a spreadsheet or template to keep track of vacation and sick time. I did a setup on quickbooks but I want to reconcile to something else. I don't think QB vacation and sick time tracking is the best and it confusing to the employees. Send me a PM if you can help me out. Thanks

I just got a call from my coworker and the same thing happened to him, however it was Sch E for him. He printed the return right before e-file, TP received a different amount on her refund! This really sucks, I will be looking at my returns more carefully from now on.

My client received a car allowance (use of personal vehicle) as part of his salary, however the amount he gets is less then what his actual expenses are. The allowance was basically used in fuel costs, but put in alot of miles on his car. If the car allowance is part of his W2 earnings, can I deduct the 100% expenses + mileage on form 2106 or do I have to reduce it by the allowance he recieved? Thanks I am thinking yes he can deduct the actual or standard mileage since he was being taxed on the car allowance, but I could be wrong.

Perfect thanks

I have new business client that files an 1120H, they really don't have any income besides interest they earn. The assessment fees they collect is used to cover operating expenses, utilities and repairs, what ever is left over stays in the bank account. My question is I would only have to file out the top portion of the 1120H, since they really don't have any income and the assessment they collect are considered exempt function. Can someone with experience guide on this one. Thanks,

How would I account for that, I have client that took out 25K to avoid foreclosure "dire situation" on his home?

Thanks!!

Hello, what form do I need to prepare to get the credit for energy efficient windows? Also, are applianances that are energy star excluded from this credit? Thanks

My client took over his daughters mortgage because she and her husband no longer could afford it. He brought in the quick claim deed and the mortgage note, but there was no sale. What was owed was basically transfered to the father + new settlement charges, should the cost of the house be capitalized on my client tax return or should I capitalize the amount he assumed? The house was being rented since the beginning of 2008, so it has to capitalized. Thanks

I had something like this happened to me last year, don't remember what form I deleted 1099 linked to Sch C, fixed asset or automobile worksheet. I deleted one of those forms and deleted the Sch C, do remember deleting any forms by any chance?

What a lucky guy :D

So on Sch E, I will expense the remaining "points 2004" and "refinancing cost 2004" under other expenses, this TP paid 7K in points amortized over 15yrs, the remaining balance is about 6K, the remaining on the refi cost is about 2K. Then I would just delete the two assest entries? I don't think the disposition applies to these entries because it's not a sale or abandonment. Thanks

I have TP that paid points in a refinance in 2004, his loan was for 15yrs, so I amort the points over the life of the loan, now in 2008 he refinanced again and paid points for the same commercial property, how do I expense the remaining points from 2004? It's not a sale nor abandonment. Same questions goes for the refinancing cost paid in 2004, I also amort over the life of the loan. Thanks,

An ADP representative visited me last month and she was telling me about a service called Wholesale for accountants, basically you run all your payroll through ADP, includes 941's, SUTA, FUTA, W-2's etc..... Your client won't know you are using ADP, ADP bills you and you bill your clients. I don't remember the monthly cost, but it's not that bad. Here is the link: http://smallbusiness.adp.com/accountants_wholesale/index.asp

One of my client called to today to let me know he has no business right now and if he can collect unemployment compensation like his other employees. He is on the payroll, the business pays SUTA for everyone includiing the owner, is there any restriction on the owner collecting unemployment? This is a contruction company. I checked the IL Dept of employment security, but couldn't find an anwser. Thanks

Cool, thanks :-)

Can 1099's be processed through ATX like the W-2 and be filed electronically? I ran out of pre-printed 1099's and a new TP needs some for his subcontractors. Thanks