ILLMAS

Someone shared this information in another group I participate, they added a note on line 17, Sch K - Other Items.  

It should apply to both.

See pages 13-15 for example:  https://www.irs.gov/pub/irs-utl/2018ntf-pros-and-cons-of-full-expensing-and-section-179.pdf

Good question, I have a client that reimburses the full amount when volunteering directly for events, passing out flyers, surveys etc….

Can someone guide me to the right publication or point me to a good source?  Zero activity corporation had a loan forgiven and in 202X it will be the only reportable non business related income on the tax return.  I am trying to determine if the available NOL can be used against the COD.

Thanks

Can one use form 9465 to setup a payment plan for an 1120?  My first time creating one for a business.

Thanks

Has anybody ever encountered a situation like this?  Agent is requesting book vs tax reconciliation work paper from the tax preparer when the only reconciling item is depreciation.  The financials used to prepare the tax return is a mirror copy of tax return.  

Have you called ATX for technical support by any chance?

Imagine if employers pushed to be allowed to give negative references to equal the playing field.  

If one already have 10 Pro and want to upgrade to 11 Pro for free, do you automatically get the Pro version?

58 minutes ago, schirallicpa said:

I have purchased a new pc.  

I downloaded ATX 2021 from the website.

I exported my clients from my old PC

I imported my clients to the new PC.

I have no assets in my returns.

I am very grumpy now.

As much as people complain about apple, apple upgrades to new devices is so much easier.  I've been frogging around all morning.

 

 

Contact ATX, you should be okay.

If you want to see something scary try this, with your smartphone being closed, the say any of the following words:

Thinning hair

cellulitis 

receding hairline

Then open Facebook and you’ll  start seeing ads for hair transplant, cosmetic surgery etc..

Exactly, I prepared the prior year but the TP did not have Health insurance via the exchange. 

2 minutes ago, kathyc2 said:

If one of the spouses qualifies as HOH you don't need to worry about the domestic abuse exception.  I would just use the normal due diligence for HOH. 

Sorry it's MFS, not HOH.

It happens to be both, the grounds of divorce is not set in stone yet, but the TP is working on obtaining a doctors letter to support the claim.  I spoke to a CPA friend and he mentioned for stuff like this to make sure you have supporting documents  to cover yourself.

I think sometimes it’s our fault clients or people in general treat us bad, because we permit it.   A couple of years I had a tenant that had every excuse to pay the monthly rent, the rent was paid late, but paid, this happened for a couple of years, until I had a talk with them.  They had the nerve to get upset because I was no longer a nice person and threatened not to pay the rent, they were evicted in less than a month.  

Has anyone had a client request an exception for PTC (MFS)?  If yes, what type of documentation did you request as part of your due diligence?

Thanks

Most likely it was missed, I think it happens to everyone.

Geez, I don’t know if I like this person family priorities, but good question.

How does you client manage to talk to someone in the IRS so often?

1 hour ago, mcb39 said:

Quicken 10 is checkbook entry and does the bookkeeping for you if you at least know how to set up the categories.  I have clients that I actually set up with paper spreadsheets because that is the only thing they understand.

I haven't used Quicken in ages, but does it now allow you print out a balance sheet and profit & loss if you are using it to run a business?  

Not defending QB, but if a person doesn't know  about bookkeeping, how does using another program solve the issue? 

4 hours ago, schirallicpa said:

My clients use QB - I don't have a choice.  Most of the time their P&L is a big lump of nothing and I need to get a back up and look into accounts - like Miscellaneous.  Always a favorite.

Both desktop and online are cumbersome.  

Can I change your I hate quickbooks to “I hate quickbooks clients that don’t know accounting”.   

I have heard of some accountants charge an arm to fix their clients QB mistakes.

I also hate quickbooks but only the online version.

13 hours ago, BLACK BART said:

Don't happen to know the AGI, do you? Only if you can say without compromising anybody (including yourself ).

PM Sent

Thanks, another colleague suggested I look into IRC 162 and I believe I found the information that I can share with a business.