Lynn EA USTCP in Louisiana

I do not think it makes them responsible for paying the debt, unless the intestate estate had any assets.

I presume you must follow state law. Here in Louisiana, the parents would be responsible for making sure his final return is filed.

in ATX right under box 2 is another box for the amount rolled over

David, the de minimus elections are required to be filed each time that the taxpayer chooses to make them, and must be filed even if the form 3115 is included in the return. With or without 3115, de minimus elections are required.

I received an announcement yesterday from Virginia that they had passed legislation to conform to December 31, 2014. TAX BULLETIN 15-1 Governor McAuliffe Signs Bill Advancing Date of Income Tax Conformity to December 31, 2014 February 19, 2015 Conformity to the Internal Revenue Code for Taxable Year 2014 Under emergency legislation (Senate Bill 1044; Chapter 1 of the 2015 Acts of Assembly) passed by the 2015 General Assembly and signed by Governor McAuliffe on February 16, 2015, Virginia's fixed-date of conformity to the terms of the Internal Revenue Code will advance from January 2, 2013, to December 31, 2014. Tax Bulletin 15-1 provides taxpayers with directions on how to reconcile this legislation with their 2014 Virginia income tax returns. This legislation allows Virginia to conform to federal tax legislation enacted during 2014 that would impact the filing of Virginia income tax returns, including the Tax Increase Prevention Act of 2014. Virginia will continue to disallow federal income tax deductions for bonus depreciation allowed for certain assets under Internal Revenue Code ("IRC") §§ 168(k), 168(l), 168(m), 1400L and 1400N; the five-year carryback of federal net operating loss deductions generated in Taxable Year 2008 or 2009; federal income tax deductions for applicable high yield discount obligations under IRC § 163(e)(5)(F); and federal income tax exclusions related to cancellation of debt income realized in connection with a reacquisition of business debt at a discount after December 31, 2008, and before January 1, 2011. To view the details of this Tax Bulletin, click here. If you have additional questions, please visit the Department's website at http://www.tax.virginia.gov, or contact the Department at (804) 367-8031 for individual income tax questions or (804) 367-8037 for corporate income tax questions. Back to Top

yes

Unresearched - allocate to guaranteed payments to partners

If he took a 'loan' no 1099-R should have been issued, unless as stated above he terminated his employment with the company afterwards and did not repay the 'loan'. If he took an early hardship withdrawal from the 401K then the 1099R is most likely correct. Ask to review his paperwork on this.

Haven't tried yet. My VA clients have not sent me their info yet.

One of my colleagues from Florida, an NAEA director, received this email from the IRS commissioner a couple of minutes ago Dear Mr. xxxx, Thank you for your message. I thought you might be interested in the following press statement which we just released. Best wishes. John Koskinen Media Relations Office Washington, D.C. Media Contact: 202.317.4000 www.irs.gov/newsroom Public Contact: 800.829.1040 IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years IR-2015-29, Feb. 13, 2015 WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014. “We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.” The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov. The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses.

Rats. LIke a good doo-bee I installed the 14.5 update johnny on the spot. Now I wish I'd waited. No problems, yet, or at least none that I know of (sigh....). Some returns rolled over into the previous versions without the depreciable assets showing up; not a big issue except with the farm with LOTS of assets.

One caveat to the real estate safe harbor - the unadjusted cost of the building must be less than $1,000,000 in addition to the other requirements.

Lion, did Lisa Ihm modify her 3115 booklet after the new rev proc's were issued (2015-13 and 2015-14)? I too,purchased before that.

Joan, for the property safe harbor first look at the undepreciated cost basis of the building. If that value is less than $1,000,000 then the real property safe harbor is 2% of the building's value, capped at $10,000. Lynn

Are you using ATX? If yes, pull up their form 1040, at the bottom are tabs = click on 'filers information' and enter the taxpayers date of death (just below his date of birth). That should set the efile forms so that surviving spouse signs taxpayers signature as surviving spouse. In occupation I place 'deceased'. The 1040 should print the deceased date of death when you print the copies. I always try to efile it. Sometimes they go through and sometimes they don't. I don't do fee collect (had too many problems with it so d/c'd it) so can't answer that question.

Cathy, will you post the telephone # for LA Efile help desk, please? I need to call them and am unable to find the number. thanks, Lynn

Send the paper one with the 8453 to the address for sending the 8453.

I create a 1099-INT entry for that bank. The numbers flow from there onto the schedule B. I also check the box so that schedule B always prints.

My sources tell me 'yes' - list change # 184

Marie, you are right - it's not there. I wonder if it will be included in tomorrow's program update. If not, then you'll (and the rest of us) will have to add a blanket election for this reg. I found a sample: It is the company's policy to capitalize assets that cost $___ or more. All capitalized assets will be depreciated in accordance with the company's depreciation policy. Assets that cost less than $__ will be expensed in the period purchased. Amounts paid for assets with an estimated useful life of 12 months or less with a value of $___ or less are expensed in the period purchased as well. Management will periodically review these levels and make modifications as necessary. Hope this helps, Lynn

Was the estate k-1 a calendar year form? Or fiscal year? If fiscal year was the ending date in 2010 or 2011? If in 2011 you might be able to amend his 2011 return. Not sure this helps......

Ask for the form "Elections'. Once that loads, look at the tabs along the bottom of the page and choose depreciation. The safe harbor elections are near the bottom of the depreciation page.

The condo has no common use areas? Nothing on the depreciation schedule? No landscaped areas? Who is responsible for the roof repairs and the outside shell structure repairs? I'd file the 3115 with the code 184, just so the IRS knows you know about the new cap/repair regs, as well as filing the de minimus policies that apply to this entity. Just my 2 cents worth

Yes, ATX does have the de minimus safe harbor election statements.

I just love it when they say 'request free trial' and don't tell you anywhere how much it's going to be for the paid version.