ILLMAS

IRS Issues Tax Ruling on Settlement Payments to Borrowers Update: 01-22-14 The tax consequences of payments received under the National Mortgage settlement (NMS) depend on the unique facts and circumstances of each individual borrower. The NMS Monitoring Committee proactively sought a ruling from the IRS to provide guidance regarding the taxable status of these payments. IRS Ruling 2014-2 can be viewed here: http://www.irs.gov/pub/irs-drop/rr-14-02.pdf. The Monitoring Committee will not issue any tax forms (including a Form 1099), and your payment will not be reported to the IRS or other tax authorities. However, you should consult with your tax advisor to determine whether the payment is taxable income in your specific situation. The Settlement Administrator and the Attorneys General offices are not able to provide tax advice.

Maybe there has been advances in technology since the last time I tried converting QB Mac to QB PC, but it ended up in a total mess. You have nothing to lose in your case, except if your client buys QB 2014 for Mac, you will have to the same for PC. I am Mac guy, I run XP, WIN7, various versions/years of QB and ATX without a problem since 2008. I would highly recommend QB online for basic accounting or cloud9realtime QB hosting, see the link below. http://www.cloud9realtime.com/ Prepare a file for conversion from QuickBooks for Mac to QuickBooks for Windows The following versions of QuickBooks for Macintosh will convert to QuickBooks for Windows: Mac 2014 will convert to Windows 2014 Mac 2013 will convert to Windows 2013 Mac 2012 will convert to Windows 2012 Mac 2011 will convert to Windows 2011 Mac 2010 will convert to Windows 2010 Mac 2009 will convert to Windows 2009 Mac 2007 will convert to Windows 2007 and 2008 Mac 2006 will convert to Windows 2006 and 2007 Mac 2005 will convert to Windows 2005, 2006 and 2007 Mac 6.0 will convert to Windows 2003, 2004, 2005 and 2006 Mac 5.0 will convert to Windows 2003, 2004 and 2005

Maybe the IRS auditor was an acupuncture, they are known to be back stabbers or maybe he wanted to keep him in-line

How does the IRS see Goodwill? People can play with goodwill allocation.

Problem solved, if you are having trouble with this form, just recreate the client and now everything flows accordingly. MAS

So you are not using ATX right? I prepared the same return in Proseries without a problem too, but it's not my software so I have to stick to ATX.

Are the wages associated to form flowing to expense allocation worksheet? I called ATX, sent them a copy of the file and they were having the same issue, I am just going to recreate a new file from scratch tomorrow.

ATX is now aware there is a problem with the worksheet, under business activity 1: it does not allow you to select A: Item deduct, Sch C: or 2106: 01 Filer, and if you go to business activity 2: it does allow you to select 2106: 01, however the wages do not flow to the expense allocation worksheet. They are going to notify the programming department and will be calling me back resolved.

Don't forget to use eye drops if you spend the whole day in front of the computer, one tends to blink less when doing so and drys out the eyes.

Definitely there is a glitch, had no problem with Proseries, calling ATX to resolve issue.

Bingo, here is the problem, it doesn't select any, which ever one I pick, it stays blank. I did notice that awhile ago, I closed out of the program, reopened it, then the client. I am going to recreate the file in proseries now.

Okay, if I am using form 2106 other expenses business expenses -> home office use - > on the expense allocation worksheet line 8, Income, there is no income besides the TP wages, that is why I am using this form. Since the program is not allocating any income, I cannot deduct the expenses does this make sense?

I am following the other thread, I entered the information on the expense allocation worksheet, I see my total expenses $25000 X 5% = 1250 is correct, but on the worksheet it appears on line 42 as a carryover for unallowed expenses for 2014, but I would like to see the worksheet as to why not.

Jack if you go through form 2106, you cannot put an appraised value.

I am having a hard time entering information for TP that is in sales and his work does not provide office space, so he uses his personal home which is a rental property. It's been close to an hour and I cannot figure this thing out, any help would be greatly appreciated. Thanks MAS

LOL I cannot figure out how to enter the information into the form that flows to 2106, I get no where clicking on the lines.

Sch C business was sold, no assets were transferred (didn't have any), basically the name was sold and the contracts of clients, my questions are the following: Does one need to notify the IRS business XYZ was sold, or the fact that it appears on form 6252 (installment sale) is enough. Also what would be the proper title for the description of property sold, Sale of goodwill or Assets of XYZ? Thanks MAS

Samsclub has this fire-proof safe for $40, I was going to buy one but when I tried picking up the box I changed my mind, the $40 is not worth luging this heavy item.

Money under the mattress

yes, select uni-form.

I rent an office space from a CPA firm and we both have an account with the same bank, yesterday one of their employee took my deposit and was told next time they were not going to accept a cash deposit without an ID, they need to check if the person making the deposit (cash only) is on the account. Has anyone else had this problem already? http://www.foxbusiness.com/industries/2014/01/14/chase-revamps-cash-deposit-rules-to-ease-money-laundering-risks/

$10 a pop

Congrats on the Mac, let me know when you are ready to setup windows or to talk about it, if interest I can PM you my number.

I just received a call from one of my client letting me know he wants to do his tax return different because he put his properties in a living trust. I don't prepare trust returns, so I wanted to see if someone can enlighten me on this matter. Thanks MAS

JB please tack on $$ to her bill please