ETax847

This was just a quick call. I'm following up with him on Monday and agree that the salary does not look reasonable. As for the estimated payment issue on the distribution, I am thinking he needs to make quarterly payments, but have not found anything in print to substantiate it. Thanks guys!

Prospect who is an S-Corp owner came in to ask some questions. He has W2 income from his company of 100k and distributions of $150k. Does he need to make estimated payments if the distribution does not come to him until the end of the year?

Thanks Guru! I've read conflicting things on the use requirement so was not sure. That excerpt was from one article I came across. As always, I appreciate your response.

For someone wanting to claim their boat as a second residence, is the following true regarding the use test: Second Home Requirements If you don't rent out the boat at all, you don't have to satisfy the personal use requirements. However, renting it out for just one day triggers the use requirements. If you rent it out, you must use it for the longer of 14 days or 10 percent of the number of days you rent it out. For example, if you rent it out for a week, you have to use it for at least 14 days during the year for it to qualify. Alternatively, if you rent it out for 160 days, you have to use it for at least 16 days to qualify. The boat has sleeping, cooking and toilet facilities, the boat so it counts as a home, according to IRS Publication 936. I'm just curious on the use test. Thanks!

I would love to sit down with an experienced tax preparer who uses ATX in the Chicagoland area to discuss helping me for next tax season. Please send me a direct message if interested or know of anyone.

Did anyone receive a discount greater than 10%?

"10% Discount" but they raised the prices and include a $79 processing fee. Not sure if there is any real savings here.

I have a handful of clients that I have already E-File for, but have yet to be paid for my services. I have sent emails, mailed invoices, and left vm's but not response. Anyone have suggestions on best practices to collect outstanding receivables? Thanks

The W2 does not show that IL will be taxing all of the income based on the allocation.

Client lived in SC from Jan –Sept, worked in IL the entire time, then move to IL in Sept. So is the W2 correct then?

New client came to me with a multistate return. Her W2 shows gross wages of 100k, but on the breakouts between the states it shows 70k to 1 state and 60k to the other. Does the client need to get a corrected W2?

Thanks! That was just what I was looking for!

Efiled a client's return that has been accepted by the IRS. Client had set up electronic payments for making his estimated payments but has subsequently lost his job. How can I stop / amend the rest of the payments?

Client received a 1099-S for the gross proceeds from a sale of a property that he inherited. Is this taxable and where should it be reported? Any help would be greatly appreciated.

Is it possible to print out 1 1099 per page?

Thanks guys! Great feedback as always.

Need to create 30 for said client, but do not want to charge a less than competitive rate. Please advise

What do people generally charge to create a 1099 for a client? $20 per 1099?

Thanks guys!

Per the client, the special assessment was because the building had a huge project and the unit he bought had not paid the special yet so he had to pay it in full at closing which he did. It was for exterior work to the building and parking garage alterations. Based on that it was used for maintenance and repairs to the building, not the unit, how should I treat it?

A client had to pay about $10,500 in a special assessment to the building when he closed..... is there any way he can deduct that, and if so, where?

Thanks! Much appreciated!

For box 6a Foreign Tax Paid I have a dollar amount on the 1099b. The countries are various, however in box 7a, I cannot select "unknown country" Did something change?

I receive an error message after downloading the payroll program from the website. The ........config.dat could not be opened. Any idea how to get around this?

Thanks Bulldog Tom. That definitely cleared things up!