ILLMAS

Does anybody run their ATX on a virtual network? If so, what do you use? Real VNC Logmein Gotomypc VPN or remote desktop The reason why I am asking is becuase I would like to work at home somedays and I would like for my database to be at the office, I have used all of the above before, however I have not been successful in printing outside of the office. I have only been successful with VPN setup that my client had, so I know a VPN would work. So I am interested in knowing what are other options. Thanks,

Thanks, but a lot clients say one thing and do another thing.

Hello to all, I have a client that formed a corporation in 2008 and the corporation didn't go as planned (No employees, very little income, and a loss at the end of 2008). Now he wants to change to a S-Corp., I know the IRS might a accept a late election, but what would be a valid reason? It's not like amending a tax return, I am having trouble coming up with a reason, even though the reason is to reduce his taxable income (1040) and avoid double taxation. Any suggestions?

I tried to rollover the preparer information from 2007, however I don't see it. Is there another way of doing this, also for the e-file, do I need to entered it manually for 2008? Thanks

I am not a tech, but have you checked for hidden files? Here is the step to see hidden files: To enable the viewing of Hidden files follow these steps: Close all programs so that you are at your desktop. Double-click on the My Computer icon. Select the Tools menu and click Folder Options. After the new window appears select the View tab. Put a checkmark in the checkbox labeled Display the contents of system folders. Under the Hidden files and folders section select the radio button labeled Show hidden files and folders. Remove the checkmark from the checkbox labeled Hide file extensions for known file types. Remove the checkmark from the checkbox labeled Hide protected operating system files. Press the Apply button and then the OK button and shutdown My Computer. Now your computer is configured to show all hidden files.

I am back from the Holiday break and I still have a profit for 2008!!! There would not been anyway I could of zero out, I really don't have that many operating expenses. I am self-employed and opened a SEP-IRA plan on 12/31/08, I just need to catch up with my accounting to determine the contribution.

Hello to all, I paid and pre-paid as any items as I could, but I still have a small profit, I am thinking of either opening an SEP or IRA plan, can someone advice on what's best? I have a 401K plan, which I haven't contributed in almost a year. Thanks

unless you are a lawyer I would refer them to one. taxbilly No, I am not but I have mention to them it's best if an attorney creates the partnership and puts something in writing. I may have misunderstood the question. Is your client wanting to dissolve his corporation and then form a partnership with two other people? Yes, that correct. He'd distribute the corp assets at FMV. Check the secretary of state web site for dissolution procedures. Since it's a fairy new corp, it has no assets at this moment He should consult a lawyer for organizational paperwork for a partnership, especially an operating agreement covering things like how to dissolve or procedures if one partner wants to withdraw or retire. As long as he's going to use a lawyer anyway, he should discuss the dissolution of the corporation as well as the formation of the partnership. Partners take guaranteed payments for services to the partnership. Remaining profits are divided per the partnership agreement on the K-1s. That operating agreement will be very important. I agree 100%, however it seems they rather do the legal documents themselve. I told them I would not get involved with any paper work, the best I could do is disolve the corp. Since you did not put your location into your profile, I don't know where you are located. But it depends on when the corp was started as to whether it's too late to elect 1120 S status, which is probably how they should go. Given the new easy 'late election' rules, it may be possible. The corp is Illinois, the corp was formed in June 2008, I did mention to them it's an option elect to become a 1120S vs creating a partnership, but would still require for an attorney to put something together for them. Either they could form a partnership with the corp as a partner, or they could buy into the corp, but either way, if they are a corp or an S corp, they need to do payroll for anyone who works in the business. That's another option I see "partnership with the corp as a partner", I will definetly let them know, as for the payroll that's another story, I don't know in what way for them to understand they cannot just take money from the business. Thanks everyone

Hello, a new client of mine recently incorporated (1120C), and now 2 other individual want to join him as partners. They really don't want to dissolve the corporation, because they want to keep the same name and/or re-apply for a city license again. From what I know each wants to own 33.33% of the business, however I am trying to figure out if a legal document can be created to include the other 2 partners as owners of the 1120C. This is where I see a major problem, they are not going to have payroll, each partner will manage the shop on different days, so no need for employees, however they want to distribute the profit at the end of the month to each partner, I mention to them it was not possible under a corporation just to take out money. If they change the status from a 1120C to 1120S, instead of a partnership, would the work better? Thanks

Hello, does anybody use their bank to collect client fees? This coming tax year I would like to use my bank ACH Collections to collect fees from clients that don't pay for their tax return when they pick them up, I spend too much time sending out statements, reminders and calling them. My bank offers ACH collections for $25 a month for 25 transactions and .25 cents for additional, now the only thing is how to notify my clients about this new payment plan. Most of my slow paying costumers file electronically, so I am thinking of them signing a paper giving me permission to electronically collect my fees the day thier direct deposit goes into thier account or not filing it electronically until the return is paid. I hate to do this to my clients but I need to pay to maintain an office, operating expenses and then I come last If someone knows of an option with ATX to collect fees sooner, I would appreciated if you can let me know how to. Thanks

I have a client who needs to amend a couple of years of his tax returns for immigration purposes, in 2001 he had his tax return amended to include his 2 sons. He had orignally not included the sons, then they amended his return to include both of them. Now I have to amended again to remove the 2 sons. I would just use the last amended return as the most recently filed or this is imposible to amended the same return more then once? Thanks

At the beginning of thise year, I had called my insurance provider regarding prof. liability insurance I was told I didn't need it since I was not a CPA nor was I giving opinions. I contacted two of my CPA friends and I was basically told the same. Can someone point in the right direction if I was told wrong?? Thanks,

Earlier this year I ordered a couple of e-file things (stickers, window sticker and payment schedule), I made a mistake not telling them how many forms I wanted, so please let them how many stickers you want or else they will send you only one of each. :wacko:

I have a client that has various rental property under his name, in the past years he had some problems with tentants and now wants to move the properties to various corporations. Would a quick claim deed under each corporation work? Now for tax purposes, I would just move the properties, improvements etc... under the corporation with the prior depreciation? Also, what is recommend for a situations like this (tentants that like sue), to move them to a corporation or an LLC? Thanks,

Well I finally renewed my software for the 2008, I did not elect to pay the 1/3 to be entered into the drawing Anyways I guestioned the sales person why the shipping cost was so high and he said it was because the regular updates are really not free, it included in the cost of shipping, supposely it like a maintenace fee charge as shipping fee.

I used to work for a CPA firm that bought someone's tax client, the prior owner notified his client by letter stating the reason why he was closing shop (retirement) and that all files where going to at XYZ CPA firm. Something very simple, but now for the bad stuff, the sales contract practically had a price per client, but out of about 50-75 tax client, only a handful continoued service. Of course, the client were notified before the tax reason began, to give them time to find someone else if they didn't agree with the change, and no were in the client letter stated their account was sold.

Can someone guide me on restoring a backup? I have a couple of returns I haved backed up but I cannot seem to get the backup/restore function to work, it seems it just hangs.

Got it, when it's thier trade or business.

The portion of interest he recieves does go on Sch. B, why won't you report the installment sale on 6252? Honestly, I never heard of someone keeping homes/houses as inventory, I see these as investment properties that needs to go on a Sch E., if they are not being rented then you would elect to carryforward the expenses of maintaining (property taxes, insurnace, improvements etc....) the investment property until sold or rented. If I am incorrect regarding homes/houses as inventory on sch. C, can someone please enlight me?

I have a client that doesn't want to charge his corp any interest, but I know the IRS will do it + plus add the interest to his personal return. I should be okay, if it's documented in a memo to the client regarding the interest, is there anything else I need to protect myself as to "you never told me ...."?

Do your recommend your clients to charge the corporation interest for loans or vise versa (corp. lending money to the shareholder)?

Check for characters or symbols, even check for double periods or for the letter O, instead of zero. I had a problem similar to yours a while back, QUOTE (MAS @ Jul 10 2008, 03:44 PM) If I double click on the preparer it gives me a message that the information has been enter into the open return, then if I click view it is still blank. After many attempts I just manually input the information (override) however not all information transfer from the federal return to the states. Problem solved, I had an apostrophe in the address information, I guess I might put in by accident recently, and now the info transfer to all the states.

Here is a good one, just modify it to your business. http://74.125.95.104/search?q=cache:GaW-dS...;cd=5&gl=us

Thats correct, it should flows into line 26 "Other Deductions" under Amortization. ATX doesn't suprise me if it doesn't flow automatically, instead of over riding it, try linking it from your 4562 to the other deduction page. There is a paper clip icon, highlight the amount under form 4562, click on the paper clip icon to start the link, then go to the other deduction page and click the paper clip icon again and it should link the amount. Hope this helps. MAS

I just check one I put in recently under Asset Entry and I used # 9 under asset subcategory. You might have to manually change the recovery period to 5 yrs, Method is SL and convention code to FM.