Lee B

Copied from Accounting Today: The Internal Revenue Service issued a notice Monday delaying a requirement for reporting partners’ share of partnership capital. Notice 2019-66 provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 (for partnership taxable years beginning in calendar 2019) but will be effective starting in 2020 (for partnership taxable years that start on or after Jan. 1, 2020). For this year, partnerships and other persons must report partner capital accounts consistent with the reporting requirements in the 2018 forms and instructions, including the requirement to report negative tax basis capital accounts on a partner-by-partner basis. The notice also clarifies the 2019 requirement for partnerships and other persons to report a partner’s share of net unrecognized Section 704(c) gain or loss by defining this term for purposes of the reporting requirement. In addition, the notice exempts publicly traded partnerships from the requirement to report their partners’ shares of net unrecognized Section 704(c) gain or loss until further notice

Wow, minimum wage in my area of Oregon will $ 12.00 per Hour July 1st. The person that you would pay $12 to $ 15 per hour, I would have to pay $ 20 to $25 per hour and I would have difficulty finding someone !

Copied from the CPA Journal: The prices listed below are based on information found on the providers’ and/or reviewers’ websites in October 2019. They have not been independently reviewed or verified, and are provided only as a point of comparison for readers of the Annual Tax Software Survey. Tax Preparation Software Prices ATX Individual (ATX 1040 Package): $669; includes two concurrent user licenses, all federal 1040 forms, up to three individual 1040 states, 72 e-file returns, free software conversions, and knowledge base and blog access ATX pay per return: $529 ($229/user annual subscription, $300 nonrefundable deposit); includes individual returns, business returns, and payroll returns Entities: MAX Package: $1,579; includes three concurrent user licenses; all federal individual forms; all state individual forms; all business federal, state, and specialty forms; free unlimited e-file returns; payroll compliance reporting; sales and use tax forms; free software conversions; and the CCH U.S. Master Tax Guide Total Tax Office Package: $1,579; includes five concurrent user licenses; all federal individual forms; all state individual forms; all business federal, state, and specialty forms; free unlimited e-file returns; payroll compliance reporting; sales and use tax forms; PaperlessPLUS; free software conversions; the CCH U.S. Master Tax Guide; Practical Tax Expert Pro; CCH A-Line-D; practice aids and productivity tools; and online newsletters ATX Advantage Package: $3,949; includes six concurrent user licenses; all federal individual forms; all state individual forms; all business federal, state, and specialty forms; enhanced asset management capabilities; advanced tax calculations and compliance capabilities; free unlimited e-file returns; payroll compliance reporting; sales and use tax forms; PaperlessPLUS; product offers and discounts; free software conversions; CCH U.S. Master Tax Guide; Practical Tax Expert Pro; CCH A-Line-D; practice aids and productivity tools; and online newsletters CCH AXCESS TAX Individual: no pricing information available; contact Wolters Kluwer Entities: no pricing information available; contact Wolters Kluwer CCH PROSYSTEM FX Individual: no pricing information available; contact Wolters Kluwer Entities: no pricing information available; contact Wolters Kluwer DRAKE SOFTWARE Individual: Per-return: $330 for 15 returns, $22 for additional returns Unlimited returns: $1,595; early renewal discount available Entities: Per-return: $330 for 15 returns, $22 for additional returns Unlimited returns: $1,595; early renewal discount available GOSYSTEM TAX RS Individual: No pricing information available; contact Thomson Reuters Entities: No pricing information available; contact Thomson Reuters INTUIT PROSERIES ProSeries Basic Basic 20: $429 per year, 1 state Basic 50: $749 per year, 2 states Basic Unlimited: $1,109, 4 states ProSeries Professional Pay-per-return license: $329 per-year access to all federal and state forms, $41 per return 1040 Complete: $1,899, unlimited 1040 returns for all states INTUIT PROCONNECT TAX ONLINE Individual: Pricing per return; different pricing based on number of returns; most popular are $479.70 for 10 1040s and $2,035 for 30 individual 1040s and 10 business 1041s Business: Pricing per return; different pricing based on number of returns LACERTE TAX Individual: Lacerte Unlimited and Lacerte 200: pricing based on customized solution. Pay-per-return license: $389, plus $76 per return (federal plus one state) TAXACT Individual: 1040 Bundle: $675 for unlimited 1040 federal and state returns, unlimited e-file $745 for enterprise bundle, which allows for multiple users Entity: Complete bundle: $1,200 for unlimited individual and entity state and federal returns Complete enterprise bundle: $1,550 (allows for multiple users) TAXSLAYER PRO Classic version: $1,095 Web (cloud-based) version: $1,395 TAXWISE Pay-per-return: $586 (individual and entity returns; no indication of cost per return) ProFiling: $1,163 (individual returns only) Power: $2,656 (individual and entity returns) ULTRA TAX CS Contact Thomson Reuters for pricing for unlimited licenses and per return product

Just received a phone call from one spouse who arrived home from being out of town to find the other spouse in the process of moving out of their home and selling personal belongings. The couple has been married over 30 years and have been my clients for over 20 years. I have been involved during that time doing monthly writeup, payroll recordkeeping, business and personal tax return preparation. Given the personalities involved, I can envision dueling attorneys. I also anticipate being asked to give depositions by both attorneys. There is no way, I would try to represent both. In fact, I have serious misgivings about whether I should represent either one, given the probability of this turning very ugly. I would appreciate any advice from those of you who have been involved in a divorce involving joint ownership of a business, which very well will be an ugly situation. Thanks in advance,

Based on several articles that I have read, a wireless "mesh" network might be a good approach for you. They supposedly cost in the $ 300 to $ 500 range.

I always have 2 printers, both hard wired, not wireless. I do have WI Fi in my office but only for my smart phone due to weak cell signal strength.

IRS e-File Shutdown for Business Returns - December 26 The IRS has announced the Business e-file system will be taken offline to perform annual system maintenance in preparation for the 2019 filing season. You will be able to transmit returns to Drake up until 11:59 a.m. ET on Thursday, December 26, 2019. We strongly suggest you attempt your final transmissions at least one hour before the cutoff time.

My fee increases last year were fairly stiff, so this year I will either leave fees unchanged or only small increases.

Dan says this is personal property, which I have dim memories of the TCJA limiting the use of Form 6252 to only real property.

NEI Mod edit: acronym means "not enough information"

It depends on the facts and circumstances, it could be a reduction in basis or it could be a capital gain.

This morning I have been watching the squirrels and blue jays scrambling to see who can grab the most peanuts. Good preparation for tax season

I remember William, especially his proactive responses to any and all issues. May he rest in peace, a truly good human being.

Pub 908 Bankruptcy Tax Guide & Pub 4681 Canceled Debts & Etc.

Doing this may fix the problem. Opening the return in the original year will update the return(s) to the current version of the software.

Copying the folders over probably won't work You need to use the backup function on the old system to back up all of the clients Then you need to load the backed up files into the new system.

Supposedly, MS is going to announce the cost of extended support for Win 7 early in December.

Based on past posts from members of this board and posts on the official ATX board, your quite likely to have some problems. The most trouble free approach will be to follow the process just like you are moving to a new computer: 1. Back up everything for every year. 2. You will need to do fresh installs of ATX software for each year 3. Then reinstall your backed client files for each year. Based on what I remember from other posters, ATX doesn't respond well to the upgrading of operating systems on the same computer, I assume due to changes in the Windows Registry. Good Luck

1. Clear your browser history and try again 2. Try a different browser

I am very curious as to how checks paid to individuals and 1099 income reported to the IRS in Box 7 with the matching SSN numbers of the same individuals is reported as Corporate Revenue. What would be the logical justification ? Frankly, my creative imagination doesn't stretch that far.

This not the same as your situation. This is wishful thinking stretched to the max !

Basically they are office sharing and each individual would deduct there share of the expenses on their own a Schedule C. This is very similar to what Real Estate Agents have to do. I don't see any way to set up a business entity in these circumstances!

I have carried it for 27 years and don't regret paying for it. I have never had a claim, however it's like paying for fire or earthquake insurance. Paying for it is annoying until you need it, then it's a lifesaver.

"You will be able to transmit returns to Drake up until 9:55 pm ET on November 16, 2019 - The IRS cutoff time is 10:00 pm ET. We strongly suggest you attempt your final transmissions at least one hour before the cutoff time,"

Judy pinned it, so it's the very first thread.