Maribeth

Michael, I don't believe you can delete them from the rollover manager. I thought that the returns shown in the rollover manager were actually a link to the 2006 program. If you were to delete the return in 2006, then it would not show up in the 2007 rollover manager. Maribeth

However . . . . it is a good way to get officers wages on Page 1 of the 1120s without incurring ss tax. Maribeth

You have to check with your State for the taxable. "Usually" the premiums are taxable for SUTA purposes also. Maribeth

So you must have been listening to a Prairie Home Companion this weekend. I like the one about the cherry trees: Why do cherry trees smell? Because George Washington cut one.

No, only subject to FIT. Maribeth

I'm concerned, especially about the IRS postmark date. Last summer we efiled a 941 for a client. Client received a notice in October that their 2nd quarter 941 had not been received. We responded with the approrpriate information -- date postmarked, date acknowledged. IRS responded again, no return was filed. We had to send the service a paper copy. I am just concerned that this might happen again and now I do not have a postmark date. Maribeth

Average for the year is about 1.07. The highs were at the beginning of 2007 and were about 1.17; for the last 3 months of the year, it was just about par. Maribeth

As do we . . . . and wait for that magic year when they have lots of income. Or for that dreadful year when the bank wants them to clear up their shareholder loans and the "excess" ends up on Schedule D. Maribeth

For us that have already sent out all of our 2007 organizers, can we import the mini-organizer into our 2007 ATX t to use for preparing our 2008 organizers? Maribeth

David, did you set up the UPE as a separate partnership on the K-1 input forms? Maribeth

I had the same thing happen to me also with the 1120s acceptances. I am not going to worry about it unless I start getting letters from the IRS this summer. At least the IRS will probably be very aware of the issues ATX has had this year. I also have looked at Drake and like you my overall impression was of a DOS based system that has been upgraded into the Windows environment. I transferred to ATX when Tax Shop was purchased by Intuit or whoever, kept open for one year, and then dumped. It was a huge learning curve, going from input sheets to a form based software, and I do not want to go back to a input sheet procedure. I do appreciate the good marks that Drake receives from its users and I am very interested in seeing how our software valuation poll goes after tax season. Maribeth

Hmmm . . . . . he loaned his corporation the proceeds. Did the corporation make the payments to the mortgage company on your client's behalf? If so, the corporation probably paid interest expense to your client who now has interest income from the corporation. Your client then would have investment interest expense for the same amount that would be reported on Form 4952 and deducted as investment interest. This scenario would not hold true if your client purchased his stock with the proceeds from the rental loan. Maribeth

I thought they were those little pieces of coffee candy -- Coffee Nips -- you can buy them at the office supply store for the office candy dish. As long as the candy is not chocolate, it stays in the candy dish for the clients. Maribeth

I do not know of any website where you can efile 1099's but maybe you could efile through ATX using their pay-per-return feature? Just a thought . . . . Maribeth

CFS Tax Tools has a great little support worksheet; also dependency flowcharts. Maribeth

The best way to approach the NOL carryfoward is to complete the 2007 return without the carryover. Then use Schedule B of Form 1045 to determine how much of the carryforward you will be using in 2007. That number then goes on line 21. The IRS does not want you to put the entire amount on line 21, only the amount that is currently being used. hth, Maribeth

As to a 1099B nominee form, I have no idea if there is one. Does your client have to "officially" report to her siblings? I don't think so. Report the income appropriately on her return. Something as easy as listing the total sales price, total basis and total loss on one line. Then indicating on the next line "less loss attributable to SSN & SSN" would suffice. Then make sure that the siblings have the correct information to report on their returns. Maribeth

I would keep it simple. Report the total sales price on the Schedule D; determine the basis needed in order to give your client 1/3 of the loss. Prepare a schedule for your client to give to her siblings that shows their 1/3 interest in each of the stock sales for them to use on their tax returns. Maribeth

Wow, good question. I'll try. The leasehold is an intangible asset. Could be similar to workforce in place. I'd say it was a capital asset and include it with goodwill on the Form 8594, which I have not looked at. Maribeth

Margaret, I don't believe that the EF94XREG will ever be accepted. I think it just sits there in limbo. You know that it has been accepted when you receive the letter from the IRS with your pin in it. Maribeth

In my Efile manager, the IRS postmark date is not being filled in when I transmit a return. Is this something that we should be concerned about? I don't do a tremendous amount of efiling so I would appreciate anybody's insight on this. Thanks, Maribeth

Report the income that was earned after the date of death on the surviving brother's tax return. Notate on the Schedule B that it was interest/dividend/whatever reported under SSN ###. If the father receives a letter from the IRS asking about the income, then respond to the IRS with the information that it was reported under the surviving brother's SSN. Maribeth

Or the parents gift the amount of the mortgage payments to the child every year. The child takes the interest deduction. Maribeth

Yep, I like Tom's way better also. I don't believe that there is anything mandatory about using the involuntary conversion process so use the sales. Maribeth