Terry D EA

Does anyone know if we can still electronically file a 2013 S-Corp return? Thanks for any input.

I think they should give him the number of yeas it takes each person he defrauded to recover their funds plus pain and suffering and any other thing they can tack onto his hind end. The article says he was fined one million but defrauded people up to 1.2 mil and higher. Why did they stop there? Got off too easy in my opinion. I do like the possibility of deportation but he didn't run the calls from here.

Margaret, I personally don't see how you could be held responsible for the lack of responsibility on the part of your client. I agree you can't act unless you have the information to act. I don't understand Jack's comment either. How could anyone have known the amounts you were waiting for. I take the same position with an S-Corp client of mine who is notoriously late and has escaped late filing penalties for the last four years. I have just completed 2013 & 2014 for him. Sure, I knew these returns were due but how could I possibly be penalized when I never received any of the books. As I stated to this client, I make no assumptions for anyone. Remember, it is the client who is ultimately responsible for an accurate and timely filed tax return regardless of the vehicle he/she used to file it. JMHO.

I agree we just take their word for it. Had a client this year slip up and tell me he was married after hiding his illegal wife for several years. Does this put me in an unfavorable position? I have a document that each of my client(s) sign that includes a jurat statement which is my due diligence. So, I feel I am covered. I did tell this client he has to amend to include his wife back at least three years when she became legal and for the other years she needed an ITIN. Haven't heard from him since, go figure. Again, always believe them???? I think it is senseless for us to have to scrutinize every client with every piece of their information. Pacun good theories but can't verify everything and as you say marriages and divorces can take place any where.

Apparently OneDesk does not offer form 3115 for individual filers. The form is available for SCorps and business returns but not individuals. There are numerous Sch E and Sch C filers that may need to change their method of accounting or correct depreciation. I don't know why the form is not available. If I am missing it somewhere I want to know. It is a lot of extra work to fill the form out from the IRS site and mail it in with form 8453 if possible. Not happy about this.

I have to file form 3115 with a 481 adjusment for one of my individual clients. I am using OneDesk software that does not have the form listed for individual returns. This is a rental property client who needs to correct the depreciation for previous years. I have filled out the 3115 and completed the 481 adjustment and want to know if the 3115 and 481 should be mailed in with the 8453 form? I am going to check with OneDesk support to see if an attachment will transmit with the return. Bunch of crap this software doesn't have the form available.

I must be the the old guy and refuse to change. Not really, but like others I like to wait for bugs and fixes to reduce problems of initial releases. I am still running a Dell Dimension 4550 that I bought in 2001 with XP Pro. Just can't kill that machine!!! I am retiring that one this year and this discussion is intriguing. Kinda have mixed emotions with touch screens

I gotta go with Judy on this one. While it will be a major pain to do this it is the only proper way and do hope the folks at the IRS who are processing the amended or correct 941's (used to be form 941C) that they can add and understand your explanations. BTW, do as an IRS agent advised me, keep your explanations simple so a 10th grader can read them. Took me three years to convince the IRS one of my clients had over paid his payroll tax for the first quarter of the tax year and the overpayment was applied to the second quarter of the same tax year (correct way to do this according to the IRS regs at the time) which started the snowball rapidly moving down hill. Office audits, penalties, penalty abatements and even visits from IRS agents and all a bunch of crap but finally settled when someone inside the IRS took the time to go Oh, I see what happened here. Good luck and charge accordingly.

You do have to identify the assets and liabilities on form 942 to prove insolvency. If the only assets your client has is $150.00, then the 17,000 cancelled debt in and of itself proves insolvency. Does your client own a home, care or other asset that has value to determine insolvency? Need to gather more information.

Thanks to all I will check into the OLTPro package.

Still haven't made any decisions as to which software program I will use next year.

Here it is April 19th and no acceptances from the State still says transmitted. Kinda bothers me.

Thanks Eric and whatever works in your schedule works for me.

By your figures, the boy friend rented the room for 10 months. 12,000/1200=10. Yes she has income and maybe the services she provides to/for him can serve as some expenses. The depreciation calculation is the square footage of both of the rooms for rent divided by the total square footage equals the percentage of the condo to depreciate. Income is income no matter how she made it, it has to be reported. The only other way out claiming it as income is if the boy friend gave her a gift and then a gift return should be done.

All losses are in the year of the loss. When you make the election to waive the carry back of any losses sustained or realized during the current tax year then those losses are carried forward. As KC suggested, you make the election for each succeeding year. If you realize losses for 2015 and you waive the carry back period, then ALL losses realized for 2015 are carried forward.

Finally DONE!!! Filed the last extension and transmitted the last return. It has been a grueling season and I hope everyone here has had a good one. Time for some much needed rest for all.

If anyone can help with filing form 8868 for a CRUT please PM me. My software does not contain form 8868. Thanks,

Some or these folks must have bumped their head on every branch of the stupid tree they fell out of.

Got three left and one CRUT I am working on but will probably put it on extension with the other ten as well. Can't wait to turn the lights off and head to the beach in a week! Hopefully I'll call it quits at 9:00 PM tomorrow.

Yeah at some point I would like to experience that "making so much money" thing. I guess on the other hand I don't have to worry about all of those pesky phase-outs.

Gotta love it. Rita you have made this season so much more enjoyable keep it up!

I looked at the possibility of putting funds into an IRA to reduce the income but even maxing out the IRA deductions won't help trigger the loss. Does reduce the balance due but to me it is too much out of pocket to save a little and taking liquid funds and locking them up.

Watch this form if you have to use it. When I first opened the form, there was an amount of Modified Adjusted Gross Income that did not equal the amount on the 1040. I searched and search to try to determine where this amount was coming from. I did the update today and when I opened the return and checked the amount on the 8582 and it was correct this time. The program still bothers me.

Does anyone know how to allocate the amounts from the 1099 MISC with amounts in box 1 (rents) to two different properties? OneDesk apparently allows only one entry on one property. I have not found a way to allocate this. Both properties in this scenario have losses that are unallowed. The overall net loss equals the same if the 1099 MISC is separated accordingly. Anyone see any issues with this?

Is there any other way to utilize the loss from form 8582 that is disallowed in the current year due to the income limitations that is legitimate. I have read some suggestions there may be some other way other than using the real estate professional loop hole which my client does not meet the criteria. Just wondering.