ILLMAS

H.R.1223 - To amend the Internal Revenue Code of 1986 to prevent the retroactive claim of the earned income tax credit after issuance of a social security number. https://www.congress.gov/bill/114th-congress/house-bill/1223/text

I attended a tax training update this past weekend, the instructor mention there is going to be a big problem for individuals who own Medtronic plc stock, see attachment for more details. 2016_01_11_10_46_56.pdf

Can the corp pay dividends if the RE are in red? Normally no, dividends are paid from accumulated profits. Can the corp pay dividends if the capital and RE accounts combined are positive (up to $50k in this case)? ^ Can the corp pay dividends over $50k here? ^

What the did TP say when you asked them why took out distributions instead of paying off the credit?

"Although it is called a “Solo” 401k, you can actually set up for you and your spouse. If you have a bona fide partnership, it would work for them as well. " I would take a look at the following link: http://benefitslink.com/m/qa.cgi?db=qa_who_is_employer&n=154

TP sold his building under bankruptcy (section 363) and there will be no gain/loss, in ATX under disposition, do I select "Do not calculate gain/loss"? Also, is there a special form that needs to be prepared besides the 4797? Thanks MAS

For those that like DWS, can you imagine this song being danced too. https://youtu.be/GEdXagVh-Rs

I have around 15 1099 clients, but I received a message from CCH that they need my credit card info for 1099 processing. MAS

Is ATX charging a pay per return fee for 1099's starting this year?

I have a question, how do you report a property that was sold pursuant to a confirmed plan and section 363 of the code the IRS? Thanks MAS

I figured it out, firefox and internet explorer for some reason don't work, chrome was the only browser that did.

Do you know if they changed the login website? A couple of my clients cannot login this morning. Thanks MAS

Anyone received their package yesterday? I haven't opened yet, but looks like they changed the packaging design.

A friend of mine call me and I was not able to answer her question, hopefully someone can help me. She bought a business from someone else and have been making two payments to the seller, one payment is for the goodwill and the other payment is for the shares (S-corp). The seller is financing the goodwill and the shares, my friend makes payments for the goodwill from the business account and she pays for the shares + interest from her personal account. The question is can she deduct the interest paid on the financing of the shares she pays? Thanks MAS

Husband is 62, wife is 66 in 2014, ATX is calculating EIC, but when look up the rules for "If you don't have a qualifying child" that you must be at least age 25 but under age of 65 to qualify. Here is my question, is ATX qualifying the husband only and therefore they qualify? Thanks MAS

Return was accepted last night, thanks for the tip.

I resubmitted it, I will let you know how it goes. Thanks

Anyone know if the IRS is accepting 2013 returns? I submitted one this morning and I received an rejection error "Year in submission ID is incorrect: 2014 should be 2015.

I have friends that have every minute of their life planned out, talk about having all the time in the world

You can always request a refund of the sales tax from FL.

Thanks, you are absolutely correct, I am sure glad I asked.

A fellow tax preparer friend called me with a question that caught me off guard, he has TP that bought a house in 2014 to flip, house was sold in 2015, his question was if he should capitalized the property in 2014 and what ever improvements they made in that year? I was a bite confused and suggested it can be reported it on Sch C as inventory or even on Sch E but no depreciation allowed, now I am second guessing myself. Can anyone help me on this one. Thanks MAS

This year I said NO twice to last minute filers and it felt great.

TP created an LLC in 2014, had no income but some startup expenses, if I were to prepare an 1120S at this point, most likely it going to have a loss, would the IRS assess a penalty for no extension? Thanks MAS

Does anyone know if one can print an asset life report in ATX? For example if I want to know what will be the depreciation in year 3 etc... Thanks MAS