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Tom wins the internet! His post was one where I couldn't decide on the best emoticon: trophy (for thanks), a laugh or the heart.

Unfortunately Nomorobo isn't available for business lines at this time.

This is actually happening with my cell phone number, a number that I've had for more than 25 years and that I've never given to anyone, and only recently to my vet specialty hospital. No one other than family even knows the number! One older gentleman from downstate DE was repeatedly calling me back on that cell # and insisted that I'd been calling him. We now sort of know each other by the numerous phone conversations we'd had over this, and he does now believe that it isn't really me calling him. It's so incredibly frustrating! Now just yesterday I got a similar call on my office line, guy asked for me by name but then said he'd misdialed. Very strange. I'm wondering if it was one of those calls where the caller tries to get the person to say "yes". I never say that and keep asking who they are, where they are calling from, what company they are with, etc. Yes! This is working great on my home line through Comcast. Sadly, I have a traditional business landline through Verizon and it isn't available on that type of service, otherwise I'd have it there too. I'm hoping that it will be available on cell phones someday.

My first reaction was to the initials in colored circles that are used as avatars for those members without a picture. My current earworm is Jimmy Durante saying the money is "...under a big W" in the movie It's a Mad, Mad, Mad, Mad World.

Well, that makes it a little easier anyway. I mentioned the AMT because you didn't say how long ago the assets were put in service. It's anecdotal, I know, but it's been my experience that if no mention of AMT or its calculations are shown on an amended return, the IRS will put processing on hold until the AMT calculations are provided, whether it applies to the return or not. I had this with amended returns for an individual's NOL carryback on a 1045, and I had included a statement that there were no adjustments in any years for AMT depreciation or other AMT adjustments, and that the AMT could not have any impact based on the level of income of the original and amended, but the IRS didn't reason any of that out. The IRS wanted the 1045 schedules all recomputed on the AMT basis as proof before it would finish its processing. If I were doing this, I'd make sure that the amended K-1s have -0- printed in the AMT adjustments/preferences box, and include the form 6251 on the individual amended returns too, even if that form comes down to -0- adjustment, but that's me. You may choose to do otherwise and hope that you get agents that don't question the returns, but at this point I'd think you and your client would want to leave as little open to interpretation or questions as possible.

For gifts, if the basis is determined using the donor's basis, the holding period includes the donor's holding period also. That sale for $1 is used a lot so that there is transfer for consideration, but this is really a gift from mom to the daughter and probably no gift tax returns were filed. That $1 could have easily been replaced by something like "transferred for love and affection". Daughter starting basis is from mom's basis in the home plus whatever she's added to it since then, and then daughter gifted a % of that to her brother, so brother would pick up that % share of the basis from daughter (his sister), probably 50% since she probably just tacked his name on that the sale was 50-50. You didn't mention what the mom's basis in the home was.

For any of our members that will be affected by hurricane Harvey, you are all in my prayers that everyone remains safe and unharmed.

I think you would need to prepare the 3115 because this spans so many years. If the depreciation that was missed was for the first year in service and caught before the second year is filed, it is possible to simply file an amended return for the first year to start the depreciation and carry on from there, however, once 2 years have passed without taking the depreciation, it is my understanding that that establishes the method (lack of) as an impermissible method and requires the form 3115 to correct that. Plus, there is the potential for missed elections during those prior years, or again the lack of elections, that you'll have to consider. As far as not having the balance sheet, M-1 or M-2, are you sure that the net assets after the accumulated depreciation deductions would still be over one million? Are the revenues over $250K that would require those schedules regardless of asset value? A few other thoughts come to mind on this too: First is that you will also have to calculate and show the AMT depreciation also so that the IRS will know that the effects of any AMT have been taken into account. Second, I'd be very careful with any amendments since you said that your predecessor was in big trouble to the point of his computers being seized. When you prepare an amended return, you are signing with the jurat stating that to the best of your knowledge and belief, that the return is true, correct and accurate. This is the reason that many preparers will not amend a return that was not originally prepared by them. Third, without having all of the returns affected by the lack of depreciation, are you sure that there weren't, or aren't going to be PALs in any of those prior years at the individual level? Fourth, with this being a partnership, unless this is a joint venture with a spouse, are you also handling the other partner(s) returns too, and do you have those returns? This could be very messy and at the very least time consuming, so make sure you really want to be involved in this. I'd make sure to have a solid engagement letter and consider getting a retainer up front.

Does this include clients that ended up with returns showing a net refund too? I only had one client this season that actually owed the penalty (penalty was $290), and that return had a net refund of about $1000 that was refunded by direct deposit 9 days later. I haven't heard from him about receiving any notice of balance due.

Agree with Jack that something doesn't make sense with this and that you're probably going to need proof of all the payments made.

I haven't seen anything like that. I think you have a typo in that balance due. Didn't the return show a balance due of $1,593 that was paid in April? It sounds like that April payment of the balance due wasn't applied properly. If you e-filed the return and sent the client off with the 1040-V, are you absolutely sure that the client paid it? Have him get a copy of the cancelled check as proof of payment when you or he answers the letter.

It is supposed to be paid on the designated paydate, designated in advance, and the law states that the pay must be paid within 7 days. I suppose the employer is getting away with the earlier paper checks, legally if the designated date is the later date of the ones paid by direct deposit, or not technically legal if falling through the cracks because no employee has filed a complaint. http://www.capitol.hawaii.gov/hrscurrent/vol07_ch0346-0398/hrs0388/HRS_0388-0002.htm

In which state are the wages being paid?

I'm watching the NASA site's coverage on facebook. They showed the space station crossing in front of the sun too. All so very cool!

Yes, it's uplifting!

I'm sorry you can't go, Jack, and I surely wish I could too! I am, however, ready for it to be over so that stupid people will stop asking questions about protecting their pets and livestock from looking at the sun. So, with that in mind, I'll share this picture here that someone posted in jest and that people actually took as serious.

ROFL - you win for the funniest post of the day.

What's wrong with these guys? They should have bought extra bait, or snacks, or beer.

https://www.irs.gov/businesses/small-businesses-self-employed/lost-or-misplaced-your-ein

Remember to also factor in the period of nonqualified use when calculating the gain eligible for exclusion under sec 121.

I think so too. It used to be 3 and 3 mos additional for the second request, and now it's one 6-mo iirc.

From this IRS page:

Yes, I agree that the taxable gain is $15. That is what your client ended up with in cash from the intermediary after purchasing the replacement property. The way I see it - here's what I think should be on these lines. You said it's acreage so these #s assume nothing else on this property and the transaction that would have any ordinary income recapture on line 21. Sorry, I can't help with ATX input. line 15 - $15 16 - $175 17 - $190 18 - $100 19 - $90 20, 22 & 23 - $15 24 - $75 25 - $100 Basically since the full gain is $90 and client is paying tax on the $15 the $75 is deferred. Basis in the new is $100 and if sold tomorrow for its $175 FMV, the remaining gain (now deferred) of $75 would be taxable. Hope that makes more sense of it.

This is not correct because you are missing part of the formula for calculating the limitation on the credit that is allowed in the current year. The actual wording from pub 514 regarding calculation of the FTC allowed in the current year reads as follows (bold shows the part you are missing): You already said that the return showed no taxable income, so there should be no FTC allowed for the current year to offset any of the APTC.

Edsel, did you know about Drake's enhancement where a right-click on many of the line items in a calculated return will bring up a box that shows the source entries that feed into that line? It's one of the tools that the support people use, and it was made available to the preparers. I called a couple of times, mostly about state issues early on in the season where I alerted them to something that needed to be corrected. Overall, from that survey it shows that Drake's customers are happier in almost all areas that any other software out there. Good for them.