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  1. I personally don't do R&D credits. Too much work, too long of a tail, not enough time to keep up on the education needed, not enough experience, not enough clients who qualify to keep me sharp at it. I refer them out. Tom Longview, TX
  2. I have not used Lacerte, but from my understanding, you will be losing a lot of bells and whistles. But getting away from Intuit can't be a bad thing. ATX user since 2000. Tom Longview, TX
  3. OP says there is no cash to pay SH #4. I think the other shareholders need to put some cash back in the company so it can be distributed to SH #4. SH #1-3 can loan the company the cash (with a note, interest, payment schedule) to make the distribution to SH #4 if that is how they want to go about it, but SH #4 needs to be caught up quickly. Tom Longview, TX
  4. That is a very good article. Tom Longview, TX
  5. @Max WCan you create an LLC using the same name? "Sentimental Corp" becomes "Sentimental LLC"? Not sure if it would fly, but if there is no one to object it might go through. Just a thought. It would save a ton of tax, penalties and tax prep fees for them. Tom Longview, TX
  6. Ouch....This is one that could take up most of your summer and fall. Are you sure the corp was operating from 2012 until date of death? If so, I think you have a bigger issue than the depreciation schedules. Do you have income statements for all those years? If not, the books need to be produced (can you get bank statements for the years in question?). It may be that you can work out a deal with the IRS, but if it is a CA Corp, I don't think you are going to get out of all of the minimum corp franchise fees for all those years, and CA penalties. If the corp was operating and did not file, there is a big mess to fix. And the Corp has to be collapsed with the CA SOS to stop the fees from continuing to accumulate. Good luck my friend. I hope the kids have the resources to pay for the clean up of the mess their folks left them. Tom Longview, TX
  7. I have no idea. My last 4 or 5 POAs were sent in, waited 3-5 weeks after faxing to call, and none of them were registered. The PPL agent then took the POA while on the phone. They sometimes say they will enter into the system, other times they don't mention it. I have not called back on any of them after getting through to PPL, but I suspect they are not registered because I am not getting notifications for those clients. Tom Longview, TX
  8. Yes, but it does not solve the problem... Max needs to know if depreciation was properly taken on the assets in the past (to correct if not done) and how much tax depreciation to take on the current and next returns. Without the detail schedules of the assets you can't be sure you have an accurate return. Tom Longview, TX
  9. Did you get the depreciation schedules from the last return filed? If not, did you get more than just the last return filed? Can you see when they stopped taking depreciation expense? Could be the assets were listed property with a business use limitation on them and the depreciable years are up? Tom Longview, TX
  10. UPDATE: Issue resolved. Taxpayer got her refund yesterday. No notice or letter from IRS as to why the delay, just sent the money to her account. Tom Longview, TX
  11. Several years ago, when the price of gas spiked like this, the IRS made a mid year adjustment to the mileage rate. Wonder if they will do it again? I wonder if we will get to $1 per mile soon on the mileage rate. Tom Longview, TX
  12. I would guess that because it was W2 income rather than SE income and it was not your brother's responsibility to report it to the SSA. Tom Longview, TX
  13. So she can reach the fruit on the bottom branches..... Tom Longview, TX
  14. Just looked it up. 3 years, 3 months and 15 days from the end of the calendar year (April 15th of the fourth year). After that it is lost. In your client's case, only 2019 and later will be added to their SS record. I learned something new today, I assumed you would get that credit as long as you filed the returns before you filed for SS benefits. Thanks for the post. Tom Longview, TX
  15. you got better results than I did....I suck at searching online. Tom Longview, TX
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