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Found 7 results

  1. I am looking for a CPA or EA ATX user to take future care of my clients who just relocated there from Hawaii.
  2. I am befuddled with this one. Taxpayer moved mid-year to new state, for a new job. The "new job W-2" has new state wages at 100% and old state wages at 100%. My only guess is they started the new job just before they moved and didn't change their address until the succeeding year. But they moved in July, and the old state should not get any slice of the pie. The old state will probably not accept an explanation of "coding error" on the state return. Thoughts please. Thanks in advance.
  3. Client has a 1099C and a 1099S and is insolvent. Question is she is separated from her spouse, wants to file MFS, husband has military disability income only (not taxable income), does not work; does the military disability income become apart of her reporting? Lives in the state of California. What if the husband does not provide the information if it is required to be included in her income?
  4. P MCCARTHY

    1098T

    Parents filed and claimed the daughter as an exemption, and the education credit from the 1098T, AOC. Now the school has informed them that the daughter must file her taxes as she earned $1600 plus the difference between the tuition and the scholarship of $7092 brings her gross income into the filing required status. Parents now need to amend their return, can they use 1098T as it benefits them and not the daughter when she files? The daughter would use the scholarship income as apart of her gross wages filing single, claimable as a dependent & claimed by parents.
  5. Good evening Everybody, I am new to the forum and am the accountant for one of my work friends' company. At the risk of starting a new thread on something that has already been discussed- and I searched the forums before contemplating making this post- I have searched the Internet for the answer and have so far found nothing. So, again, I apologize if I am resurrecting and old thread with this new one. One of my work partners will be forming an S-corporation in the coming months. One question I have when filing the articles of incorporation for a company with this structure, is the par value of the stock an arbitrary figure, or is there a formula or something similar to determine the initial par value? Any suggestions/helpful info would be greatly appreciated. Thank you in advance. - Dosk
  6. I have a client who received a 1099C for the cancellation of debt from the short sale of his principal residence in CA. This debt was not acquisition debt, therefore I believe it was recourse debt. (Refi'd and money pulled out over the years) The client is not filing bankruptcy and does not qualify for the insolvency rules. Is all of this 1099C income taxable to the client? If it was a non-judicial foreclosure instead of a short sale, would that have made it nonrecourse debt and therefore not taxable? And finally, if it was nonrecourse debt due to being a non-judicial foreclosure, would I use the 982? I don't see any of the provisions on the 982 that would apply. Thanks for any input. Dan
  7. Client is a CA resident (wife lives in CA). He flies to NY most Sundays and returns to CA on Thursday. 77 workdays in NY. NY non-resident with NY source income. The only "other state" income is wages (thank god) I don't get the CA Schedule S. Ln1 - Double Taxed Income Worksheet. Column b I put the TOTAL INCOME listed on the W2 for CA Column c I put the TOTAL INCOME listed on the W2 for NY I didn't try to allocate by the NY workdays vs. the CA workdays. It looks like the result is that I got the "other state" credit (code 187) on line 43 of the CA 540 -- it looks like I got the whole NY credit off my CA liability. But I'm a little nervous that I did it wrong because ATX asks me to INPUT CA SCH S line 4 (CA AGI), line 7 (NY tax liability) and line 9(NY AGI). why would it have me input this data?
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