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Depends on what people are looking for. That group is for software-related questions and has 44 members and would duplicate what we have going here. It's not a bad thing to get additional input on the MAX program from anyone that uses it. Maybe we should invite those 44 to join here. ETA - I see you are one of the 44 already. It really depends on what people are looking for: a place for more personal and fun postings, or more tax-related and professional items. Personally, I like to keep FB as one of my fun places to relax and share with friends, not more work-related material because I have enough of those sites already.

Not any official site that I've found. Lots of us are probably on FB with personal pages if you want us as personal friends. Would people want an unofficial group on FB for sharing pictures and such? We could set up a group called something like "Friends of..." that could be managed so that friends could be referred and approved. Those are pretty easy to set up and would be much easier for sharing personal stories and pictures.

I see lots of familiar names appearing that haven't been on in a while. Welcome back to those of you MIA over the summer and fall of last year, and welcome to our new members that have joined recently. Also, thank you to all that have stuck around through the slower months to keep this site one of the best. I'm looking forward to this year and this filing season being better than the last one.

That is correct. The due date changes are for tax years AFTER Dec 31 2015.

I had time tonight to re-review the classifications myself, and so I'm taking back what I said about the gain being portfolio income. I have edited my post above with strikethroughs so that it has the correct information. Gain from the disposition of the passive activity would be passive income, and I believe that the gain recognized on the installment basis each year would also continue to be passive income as well. I'm sorry for the misinformation I gave earlier that I now believe was wrong.

The $25K allowance is the special allowance for rental real estate with active participation and also has income limitations depending on the filing status. The OP didn't give us enough information to determine that. Prior and current year PALs of a particular passive activity are allowed in full in the year of complete disposition, but if the taxpayer has other rentals with losses, those would not be allowed. The gain on sale is not passive income. It is considered portfolio income, and the loss on the activity isn't allowed because of the gain, but because it was completely disposed of. The property could have been disposed of at a loss, and the PAL's and current year loss would still have been allowed because of its complete disposition. See my statement above. The gain on sale is not passive income. You might find that reviewing the definitions of portfolio, investment, and passive income to be helpful, as well as the instructions for Form 8582. Those instructions are quite extensive and give a lot of information that you may find userful.

Ordinary income from depreciation recapture is recognized in its entirety in the year of sale. It is reported on the 4797 and in part I of the 6252. Only the portion of the gain that exceeds recapture income is reported as installment gain. Pub 537 on installment sales might be helpful. Link to Pub 537: Depreciation Recapture Income If you sell property for which you claimed or could have claimed a depreciation deduction, you must report any depreciation recapture income in the year of sale, whether or not an installment payment was received that year. Figure your depreciation recapture income (including the section 179 deduction and the section 179A deduction recapture) in Part III of Form 4797. Report the recapture income in Part II of Form 4797 as ordinary income in the year of sale. The recapture income is also included in Part I of Form 6252. However, the gain equal to the recapture income is reported in full in the year of the sale. Only the gain greater than the recapture income is reported on the installment method. For more information on depreciation recapture, see chapter 3 in Publication 544. The recapture income reported in the year of sale is included in your installment sale basis in determining your gross profit on the installment sale. Determining gross profit is discussed under General Rules , earlier.

Introduced in the House on 3/3/15, referred to Ways and Means Committee. No further action since then.

^^ that, what Lion said! Laughed at this:

Don't know if this topic will help you. It was posted on this forum last week with a link to a KB

One of the most useless forms ever.

My husband's Medicare coverage started in Aug 2015 and he got one too with boxes checked for Aug through Dec. Too bad Part III was completely blank so that it didn't indicate the issuer of the form or coverage provider. I guess that would be too much to expect.

Not sure how long normal processing and mailing has taken in past years since I'm not an EA, but # 6 in the EA FAQS page at IRS site has this info if you want to call: 6. How can I replace an enrollment card? (updated 9/17/14) A replacement card may be obtained by calling (855) 472-5540. You may also request a replacement card by e-mail at [email protected] or by fax at (855) 889-7959. If requesting the card via e-mail, please do not include your SSN. The request should include your name, contact information, such as your daytime phone, and your enrolled agent number

I have that as well. I keep running up against the site's down time for maintenance and haven't been able to access the samples yet. I sent out a blank organizer and engagement letter tonight as email attachments to a prospective client and was totally frustrated. First Drake's blank organizer doesn't include the 2 page yes/no questions that their regular organizer does for existing clients, and it also doesn't include any sort of letter. I ended up using blank generic ones available from The Tax Book and customized the letter. Wasted a bunch of time on that.

You have to calculate earnings and profits of the year. The C corp could pay out a distribution to be taxed as a dividend if it has sufficient current year earnings and profits. E & P computation is different than computation of taxable income. Code sec 316; Reg sec 1.316-1. From MTG - Sources of Distributions. To be subject to income tax as a dividend, a distribution received by a shareholder must be paid out of earnings and profits of the distributing corporation. A dividend is any distribution made by a corporation to its shareholders out of its earnings and profits accumulated after February 28, 1913, or out of the earnings and profits of the tax year, computed as of the close of the tax year without diminution by reason of any distributions made during the tax year, without regard to the amount of the earnings and profits at the time of the distribution was made. (Code Sec 316; Reg. sec 1.316-1) In order to determine the source of a distribution, consideration should be given first, to the earnings and profits of the tax year; second, to the earnings and profits accumulated since February 28, 1913, but only in the case when, and to the extent that, the distributions made during the tax year are not regarded as out of the earnings and profits of that year; third, to the earnings and profits accumulated before March 1, 1913, only after all of the earnings and profits of the tax year and all of the earnings and profits accumulated since February 28, 1913, have been distributed; and fourth, to sources other and earnings and profits only after the earnings and profits have been distributed (Reg. sec 1.316-2). If the current year's earnings and profits are sufficient to cover all distributions made during the year, each distribution is a taxable dividend. If the year's cash distributions, however, exceed current earnings and profits, a part of the earnings and profits must be allocated proportionally to each distribution, on the basis of the following formula: distribution x (current earnings and profits / total distributions). The remaining portion of each distribution not covered by current earnings and profits is then treated as a taxable dividend to the extent of accumulated earnings and profits. If these are not sufficient to cover the remaining portion of any distribution, they are to be applied against each distribution in chronological order until exhausted.

Yes, it's pretty easy to cusomize all kinds of reports. If you have converted the returns into the 2014 program, open that and do the following. (** You can also use the 2015 program that will search for the 2014 data by going through the process below, and I've indicated below the additional checkbox that is needed.) From the toolbar, select Reports, then Report Manager. Expand "My Reports" to save it there. Click "New Report". Radio button "Tax Return Data" checked. Give the report a name. Under the columns selection, leave it as the default "All Categories". Next selection is for the additional columns. The list is in alphabetical order. Scroll to select and add to the report the Taxpayer Last Name, taxpayer first name, (if you want also add Spouse last name, and spouse first name), then select and add Schedule C. You have the option to also select the Sch C total income and Sch C net income also, if you wish. At the bottom, click "Next" On the next screen under Filter selection, use the drop down box to select only "Clients with Schedule C". (** It's at this point, if you are using the 2015 program for a report of data in 2014 returns, that you would also check the box "use data from 2014). Click "Save" The program will return to the first Reports box that opened. At the bottom, click "View Report". It is also saved if you want to use it again.

Ha, yes, it's the social security administration. I had lots of trouble with the accuwage download one year with IE and that's how I ended up using Firefox. I prepare so few W-2s that I'm considering not downloading the accuwage this year at all because the only error I've ever received was on my own W-2 submission: "employer name and employee name are the same...are you sure?"

I agree that it would be deductible as interest IF the unlying debt/charges were for deductible business-related purchases or obligations.

Catherine is correct, I read that email too fast! Thanks for giving the appropriate info.

I received a notice from my tax software vendor that warned that Accuwage is incompatible with the Edge browser that came with Windows 10. SSA is recommending using IE 9.0 or higher, Chrome or Firefox.

Pub 537 should get you started. Look at the section "Unstated Interest and Original Issue Discount" that has the rules for both the buyer and the seller in that regard.

Installment sale by father, installment purchase by the son. Is there a rate of interest stated in the note? If not, you still have to account for unstated interest as part of the payments, and son's total basis in the property being purchased doesn't include the interest, only the principal paid.

I already suggested and OP replied earlier in the topic:

I am too. Give it time, maybe the notice will still come. Why are you asking about joint venture since you said this was an SMLLC owned by the husband, meaning he files one Sch C for this business? LLCs are state entities, and a single member LLC owned by an individual is a disregarded entity that reports on one Sch C. For LLCs owned by husband AND wife, reporting depends on whether or not the state is a community property state or not. If not a comm property state, it defaults to a partnership unless it elects to be a C or S corp, and it can NOT elect to be a qualified joint venture. The rev proc mentioned on the IRS page I linked to has special rules for state law entities created in community property states, and it looks like those special rules state that the IRS will go along with H-W LLCs to report as either partnerships or disregarded entities. See the last section on this IRS page and the Rev Proc here. Unless you have an LLC that is truly owned by both the husband and the wife, I don't think you can make a case for the wife having a contributions to the 401K if the LLC is solely owned by the husband and she doesn't have some sort of earned income from the business.

Did you explain to him and warn him about the possibility of losing the refund or carryover as a result of missing the deadline? I would have dropped this person as a client a looooong time ago.