Gail in Virginia

I believe that Virginia considers birth certificates public records and they can be obtained by going to a DMV and paying a fee. I am not sure what information he will need, but if he claimed them on his taxes he obviously has birth dates and social security numbers. That being said, i tend to agree with ILLMAS that you should refer him back to the "expert" that filed his return and claimed all those people and credits.

I have two identical pairs of earrings. My husband like them so well that he gave them to me two Christmases in a row, forgetting that he had bought them the first Christmas.

Is it possible that he originally owed much more, and part of the tax, penalty and interest have already been paid? This is what remains. I agree with Max that you need to look at the Account Transcript to see what actually happened. I just never could resist a bad pun.

He shale overcome, but make sure he doesn't take you for granite.

I googled the message you pasted, and this is the answer that I got: You can see the definition of names by activating the Formulas tab of the ribbon and clicking Name Manager. You can delete it from there if you are sure you don't need it. In general, you should click Yes to the prompt that you got, but it depends on the exact way the name is used. Does this help?

Edsel, I have tried but from the information you provided I can't duplicate the problem to try to find a solution. What version of Excel are you using? And could you maybe paste the exact error message for us to see? I love a good puzzle....

I have four done, waiting for them to show up and pick them up, and two I am still working on. Plus one to do that I doubt I get finished before the deadline and I am not going to lose a lot of sleep over that one. She won't either.

If the k-1 shows losses, not only do they get free money but those losses will offset some of the other income they have. Not really a bad deal in this case.

I am not sure that I am understanding your question. Which tax return the beneficiaries report the K-1 on depends on whether or not the return is on a fiscal year. If the estate year end is in 2019, then the K-1 goes on the 2019 personal return for the beneficiaries. As far as whether or not the K-1 generates, I think that depends on whether or not any of the income was distributed. If everything stays in the estate until the estate closes out, and the estate is open multiple years, there won't be a K-1 until the final year (I think.) But if the beneficiaries get income distributions throughout the life of the estate, I think they will get K-1s every year. So if you are not showing income distributions, K-1s will not print. Does this help at all? I am not an expert on estates so someone else may have better answers.

Did he cut the timber himself or did he sell standing timber to someone else who cut it? If he cut it himself, I would most likely use a Schedule F, and the basis would be the cost on the Schedule F. Or if he is actually milling the timber before he sells it, I might use a Schedule C but I would still use the basis as the cost of goods sold. If he sells it as standing timber, then I would use a schedule D/8949 to report the sale and the basis. Using basis for the timber results in a reduction of basis on the land generally. It can be pretty complicated. And a lot depends on the facts and circumstances. The IRS farm publication also has some information on timber sales, I believe. Or at least it used to.

Looks like it was a beautiful wedding! Congratulations to the happy couple!

Perhaps they are not getting away with anything. Those fringes that don't qualify due to non-discrimination requirements are just not considered non-taxable fringes and either the company or the recipient is probably being taxed on them. The fact that the company cannot deduct the expense doesn't mean they cannot provide the benefit. They may feel that the benefit of retaining top people is more advantageous than the cost of non being able to deduct the expense. Since I don't prepare taxes for large corporations, I can't say for sure.

I am not expert in this, but I think only felonies prevent you from getting a EFIN, and not being current on all taxes. The IRS website should have the e-file handbook available and I would expect that information to be in there.

Yes it would increase his tax burden in the year of the seizure/absolution of liability. But he did give up the equipment in exchange for something of value. Interesting question, Edsel. I am not sure if it would be sale on a 4797, or cancellation of debt. And how would this affect the 179 deduction - does some or all of that need to be recaptured since the property is no longer business use? I hope somebody else weighs in on this - you have me wondering now.

Offering different prices to different customers is not at all unusual. Keeping the price differential going forward seems a little unfair - I would have thought they would gradually ease the new customers up to the same price as the old. I have noticed sometimes when I look at something on line but decide not to buy it, the price will drop in a few days to try to get me to pull the trigger. So i hardly ever buy something the first time i look at it online anymore. Sounds like you might need to leave ATX and come back to get the best deal.

And they will continue to be domiciliary residents of NC, I assume, and will therefore continue to file a NC tax return based on their US Tax return. The fact that they are no longer resident in the state of NC will most likely be irrelevant unless they establish residency in another state. Or that used to be the way the states rolled - someone may have better information than I do.

According to Kim Kommando, Edge does not have any major drawbacks but lacks some of the security features and extensions of other browsers. It does open quickly and is kind to system resources. Firefox is supposedly the safer browser, Chrome is more popular but may be sharing information with Google and is a resource hog. I don't know anything much about Vivaldi (Opera) or Tor. If Edge is doing everything you want it to, I would go with it. I am not an expert on browsers however, so don't rely on this information as the final word.

Just remind them it is for the whole calendar year - once they give them the cash they should, technically, be sure to skip any Christmas or birthday gifts since that will put them over the limit if they have already given the max.

I don't think that is what I was saying, Pacun. The instructions for 1099R do say that repayment of the loan is after tax money and creates basis. if the plan does not allow for after tax contributions, I don't think that they should allow you to repay the loan after it is deemed a distribution. If it does allow for after tax contributions, they must have a mechanism for tracking those and I would think they could track this the same way. As far as tracking earnings on that money, I am not sure that matters. Your basis will remain the same, and the earnings, being tax deferred regardless of the source, will be taxable. If this wasn't Roth money to start with, I don't think repaying the loan will change it to Roth money - I would expect it to be just an after tax contribution to a regular 4021(k) or IRA account. But I don't have any kind of citation for that, even an impermissible one like a pub.

From the instructions for Form 1099R regarding loans treated as distributions: Subsequent repayments. If a participant makes any cash repayments on a loan that was reported on Form 1099-R as a deemed distribution, the repayments increase the participant's tax basis in the plan as if the repayments were after-tax contributions. However, such repayments are not treated as after-tax contributions for purposes of section 401(m) or 415(c)(2)(B) If you show them the instructions, do you think they will realize that it does have to be treated as paid with after-tax money?

There might be a step up in basis for the S-corp, but the land was held in a corporation which did not die, so there is no step up in basis on the land itself as I understand it.

I don't envy you, Lion. I think that the sale of the building was reported on the corporate return, and the information on the K-1 gives you the pass through that is reported on the taxpayer's return. The stock in the S Corp, I believe, would be treated the same as any corporation that goes out of business. The sale price is 0, but the real question s what is the basis? And if this is gifted rather than inherited, I have no idea how you will find that out. Can the CPA at least provide a copy of the first return that showed your client on the K-1? That will give you a balance sheet to start from, but no idea really of what the father's basis was....

If he inherited stock in the S-Corp, his basis in the stock would be what it was worth at the time he inherited it. One approach would be what Evan is suggesting, to look at the balance sheet for that year and see what the company was worth at that time. But that does not take into account either intangibles or appreciation of assets, as a rule. Another approach might be to try to locate the inventory for the estate of his father and see what value was used at the time the estate was probated. I don't know if that would be a matter of public record in your state. I don't know if it is in my state. I don't envy you this trying to find this out when your client is unable to help. Does the client have a lawyer or children who might have access to his papers and be able to look for any records?

Or since a rental was involved, do they have a partnership and would a 754 election be required?

It does look like a map for a subway system! I am not sure that I have the patience or the eyesight to work through that mess. Byzantine, at best!