ILLMAS

Does anybody know if a business can pay an 1120S late filing penalties online using a credit card? I have a client that would like to use their credit card instead of their checking account via EFTPS. On the IRS payment site, 1120S does not appear, which makes sense since there is no tax on the return. Thanks Marco

I remember sometime last year Amazon in IL was required to collect sales, I am thinking either Ebay has to adhere to same rules as Amazon. But as to out of state sales, there shouldn't be any sales collected, however I do see Amazon/Ebay collecting the end-user Use Tax for their respective state.

If I understand correctly, Ebay is holding on to the sales tax amount?

If you haven't bought the Win 10 upgrade, I would recommend buying an off-lease Dell workstation with Win 10 Pro, they sell for around $200-$500.

How old is the computer?

Was this a Windows ME or XP machine before Win 7?

Clearly not a 100% step up in basis since the property was acquired with joint funds. I sent you a PM for this one. What is not clear is the ownership at date of sale. The property was sold 8 months after passing of the spouse. Partnership will terminate on date of death (agree, March 2019), unless his share held by estate until distributed to wife, then maybe 1/2 sale reported by wife and 1/2 to estate. Otherwise report as sold entirely by wife. However it is done, the total gain will end up reported by surviving spouse recognizing 1/2 stepped up basis, so the result should be the same. Since the sale happened after the partnership terminated, the sale will be reported on the 1040 correct? After termination of partnership, wife will report income on schedule E. Depreciation will have two components: 1/2 original basis and 1/2 step up basis. (Agree if 100% is not available) Assuming a Credit Shelter Trust was not involved.

How was the rental titled on the deed? The title for all the rental properties was changed to the respective LLC. Who originally acquired it and where did the source of funds come from to acquire it? Husband and wife in the late 70's, joint monies. Was an asset inventory prepared by estate attorney showing joint vs separate ownership? Not exactly as inventory, but the estate/will documents mention the properties and who is entitled to them: 1st is the surviving spouse, 2nd is the children, 3rd is the grand-kids etc.... Thanks MAS

Can the surviving spouse receive a step-up in basis for 100% of the value of spousal jointly owned property (state of IL)? I found this article and wanted to see if someone has had experience with a case like this before. http://archives.cpajournal.com/old/14469577.htm Thanks

Super odd, I have a similar computer but with a SSD drive, and for me it takes a few seconds to go through the process. You might want to call ATX, they were very helpful when I couldn’t open payroll 2018 after I transferred it to the new computer.

What are your computer specs?

https://www.accruit.com/blog/cash-out-refinance-or-after-1031-exchange

Good point, thanks.

This past Saturday l attended a tax update seminar and the instructor was raving on Drake’s questionnaire, does ATX have one? Apparently this questionnaire is independent of the tax organizer and his reason of recommending Drake’s questionnaire for clients is because soon the IRS be making tax preparer liable if they are not asking questions on bitcoin or other income found during an audit. I can share the questionnaire, please PM. MAS

Last year a client brought in a new laptop to me to install quickbooks but I was not able to make it work, then I found out the laptop was the equivalent to an iPad or chromebook and you can only install apps. So the client took it back to Bestbuy and the geeksquad did something to change the settings and everything worked fine afterwards.

Has any version ever worked on the laptop before?

Agree 99.99% on getting a new computer vs updrading to the lastest OS. Here is my current step up: Computer 1: 2006 to 2010 ( in storage) Computer 2: 2010 to 2014 (in storage) Computer 3: 2014 to 2018 (will keep on hand, SSD) Computer 4: 2016 to 2019 (brand new Dell XPS business machine with an SSD)

Where’s the beef? I have never seen so much turn over in the accounting field, they say an accountant never loses their balance, but some whipper snappers find out too late they picked the wrong career

Yikes, hopefully it's not one of those TP that their numbers have to match their excel file

I just turned on my new Dell XPS with Win 10 Pro and was hoping the Pro version was like Pro 7 and XP Pro without all extra bloatware, to my surprise it's basically the same as my home computer with Win 10 Home Edition. I am disappointed and will be looking into Win 10 Pro workstation edition.

Separated W2/W3 are required only if each business has it's own FEIN.

Scenario: Couple has various joint properties, spouse B passes away in May 2019: 1. Building one - Cost $25,000 fully depreciated, not appraised yet 2. Building two - Cost $23,000 fully depreciated, not appraised yet 3. Building three - Cost $18,000 fully depreciated, appraised and sold 4. Building four - Cost $13,000 fully depreciated, not appraised yet Most buildings were bought in the late 70's, early 80's, building three was appraised in August for $330K and was sold in November 2019 for $365K. Step-up basis for building three: Spouse A: 0 Spouse B: $330K x 50% = $165K Gain on sale: Spouse A: $182.5K - 0 = $182.5K Spouse B: $182.5K - $165K = $17.5K Question In ATX, do I go back to the asset and change the original purchase price by 50% and then create a new asset on the DOD May X, 2019 for the $165K? I am trying to figure out how to split the sold property in ATX, any help would be appreciate it. Thanks

The department of revenue doesn’t care who pays it, but when the end user is not tax exempt, somebody better come up with the sales tax amount.

Can't remember if this has been discussed before, but who is ready or not for the mandatory security plan?

I think having a talk with both of them and telling them, you would appreciate it if they didn't involve you in any issues, that you will gladly provide copies etc... of whatever they need and that's about it.