ILLMAS

I am an IL preparer.

I have a student who was NR of MN in 2014, ATX is asking for preparers ID number, I don't have one, can I use my FEIN number?

I have received 3 calls this year asking for prices, but so far I have told them lets make an appointment to discuss the fees and I am still waiting for them to call me back

Thanks Judy, MAS

TP received paid a monthly premium (for the whole) but received no advance payment of PTC, do I still have to fill out form 8962 if there is no reconciliation of the tax credit? Or do I just check off full-year coverage on the 1040? Thanks MAS

TP who is a physician left before employment contract expired, as part of the contract if TP left early he would be held accountable for a certain amount of malpractice insurance also known as tail. I did some research and found it is deductible on a Sch-C for example, but is there a reason why it wouldn't be deductible on Sch A? I just want to double check with other that might have experience with this before. Thanks MAS

Can't get through for the last couple of days for individual returns

That is a line 21 item and not subject SE tax.

It was expensed in 2013 as a Loss on Investment, so we are okay reporting as other income. MAS

Corp XYZ invested $100K in Corp ABC, ABC went belly up and XYZ lost it's investment and reported the transaction in their 2013 1120. The owners of ABC collect some money and gave XYZ $25K back, how should the $25K be reported on the 1120? As other income? Thanks MAS

I hate it when the TP tries to take the bull by it's horn, and then doesn't want to pay to get them out of the mess they caused.

http://www.irs.gov/publications/p547/ar02.html sounds like it can fall under theft.

Has anyone else experience computer hang when rolling over a single return? I noticed this yesterday and also ATX2014 is slow in responding. MAS

Everyone that guessed the DOB was wrong should play the lottery, you guessed it right.

Thanks I'll double check the DOB with the parents, but if the date of birth is incorrect, I was able to transmit the dependent tax return without a problem and it was accepted. MAS

09-09-98

Will try that, hope it works. MAS

Form 1040, line 6c, for each dependent, if Line 6c (4) checkbox "EligibleForChildTaxCreditInd" is checked, then that dependent's age must be under 17. Dependent was born in 1998 and was 16 during 2014, so the parents are still eligible for the credit, anyone have an idea why it's being rejected?

Ah the youth of today, how do they survive in this world with a limited vocabulary? TP's 21yr old dependent responses to my questions: TP said you had health insurance on your own? ahuh Did you get the insurance through the marketplace? I don't know How much did you pay out of your pocket? I don't know Are you sure you had health insurance because it doesn't seem you did? nah, I did.

TP works/lives in a foreign country, the company he works for is owned by a US company, the US company is going to give him a retention bonus this year and will be deducting the appropriate taxes for his home country, however they want to deposit the remaining funds into his US personal bank account. TP will be reporting the income in his home country tax return, but I wanted to know if there will be an US implications or reporting, he is non-resident of the US. Also if there is a good reference you can refer me to I would greatly appreciated it. Thanks MAS

JB: How much did you charge just for this transaction?

I wanted to share this step that I was thought at the CPA firm I worked for; check retained earnings for clients that do their own books, I know everyone here has a horror story when it comes to deleted items.

Another option too '>

For a Sch C you will only need a P&L.

State of IL: Our state communicates with the IRS maybe NJ does the same.