jshtax

I think they are talking about preferences like default state, print pages, cell colors.....etc. (open returns, manager settings, form displays)

Health Reimbursement Arrangements (HRAs) A health reimbursement arrangement (HRA) must be funded solely by an employer. The contribution cannot be paid through a voluntary salary reduction agreement on the part of an employee. Employees are reimbursed tax free for qualified medical expenses up to a maximum dollar amount for a coverage period. An HRA may be offered with other health plans, including FSAs. Note. Unlike HSAs or Archer MSAs which must be reported on Form 1040 or Form 1040NR, there are no reporting requirements for HRAs on your income tax return. For information on the interaction between an HRA and an HSA, see Other employee health plans under Qualifying for an HSA, earlier. What are the benefits of an HRA? You may enjoy several benefits from having an HRA. Contributions made by your employer can be excluded from your gross income. Reimbursements may be tax free if you pay qualified medical expenses. See Qualified medical expenses , later. Any unused amounts in the HRA can be carried forward for reimbursements in later years. Qualifying for an HRA HRAs are employer-established benefit plans. These may be offered in conjunction with other employer-provided health benefits. Employers have complete flexibility to offer various combinations of benefits in designing their plan. You do not have to be covered under any other health care plan to participate. Self-employed persons are not eligible for an HRA. Certain limitations may apply if you are a highly compensated participant. Contributions to an HRA HRAs are funded solely through employer contributions and may not be funded through employee salary deferrals under a cafeteria plan. These contributions are not included in the employee's income. You do not pay federal income taxes or employment taxes on amounts your employer contributes to the HRA. Amount of Contribution There is no limit on the amount of money your employer can contribute to the accounts. Additionally, the maximum reimbursement amount credited under the HRA in the future may be increased or decreased by amounts not previously used. See Balance in an HRA , later. Distributions From an HRA Generally, distributions from an HRA must be paid to reimburse you for qualified medical expenses you have incurred. The expense must have been incurred on or after the date you are enrolled in the HRA. Debit cards, credit cards, and stored value cards given to you by your employer can be used to reimburse participants in an HRA. If the use of these cards meets certain substantiation methods, you may not have to provide additional information to the HRA. For information on these methods, see Revenue Ruling 2003-43 on page 935 of Internal Revenue Bulletin (IRB) 2003-21 at www.irs.gov/pub/irs-irbs/irb03-21.pdf, Notice 2006-69, 2006-31 I.R.B. 107 available at www.irs.gov/irb/2006-31_IRB/ar10.html, and Notice 2007-2, 2007-2 I.R.B. 254 available at www.irs.gov/irb/2007-2_IRB/ar09.html. If any distribution is, or can be, made for other than the reimbursement of qualified medical expenses, any distribution (including reimbursement of qualified medical expenses) made in the current tax year is included in gross income. For example, if an unused reimbursement is payable to you in cash at the end of the year, or upon termination of your employment, any distribution from the HRA is included in your income. This also applies if any unused amount upon your death is payable in cash to your beneficiary or estate, or if the HRA provides an option for you to transfer any unused reimbursement at the end of the year to a retirement plan. However, see Qualified HSA distribution , later. If the plan permits amounts to be paid as medical benefits to a designated beneficiary (other than the employee's spouse or dependents), any distribution from the HRA is included in income. Reimbursements under an HRA can be made to the following persons. Current and former employees. Spouses and dependents of those employees. Any person you could have claimed as a dependent on your return except that: The person filed a joint return, The person had gross income of $3,800 or more, or You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2012 return. Your child under age 27 at the end of your tax year. Spouses and dependents of deceased employees. For this purpose, a child of parents that are divorced, separated, or living apart for the last 6 months of the calendar year is treated as the dependent of both parents whether or not the custodial parent releases the claim to the child's exemption. Qualified medical expenses. Qualified medical expenses are those specified in the plan that would generally qualify for the medical and dental expenses deduction. These are explained in Publication 502, Medical and Dental Expenses. Also, non-prescription medicines (other than insulin) are not considered qualified medical expenses for HRA purposes. A medicine or drug will be a qualified medical expense for HRA purposes only if the medicine or drug: Requires a prescription, Is available without a prescription (an over-the-counter medicine or drug) and you get a prescription for it, or Is insulin. Qualified medical expenses from your HRA include the following. Amounts paid for health insurance premiums. Amounts paid for long-term care coverage. Amounts that are not covered under another health plan. If you are covered under both an HRA and a health FSA, see Notice 2002-45, Part V, which is on page 93 of IRB 2002-28 atwww.irs.gov/pub/irs-irbs/irb02-28.pdf. You cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) that are equal to the distribution from the HRA. Qualified HSA distribution. This is a distribution made before January 1, 2012, from your HRA that is transferred to your HSA, discussed earlier. For more information, see Notice 2007-22, 2007-10 I.R.B. 670 available at www.irs.gov/irb/2007-10_IRB/ar10.html. If you do not remain an eligible individual for HSA purposes during the testing period, the distribution is included in your income and is subject to a 10% additional tax. See Qualified HSA distribution under Health Savings Accounts (HSAs), earlier. Balance in an HRA Amounts that remain at the end of the year can generally be carried over to the next year. Your employer is not permitted to refund any part of the balance to you. These amounts may never be used for anything but reimbursements for qualified medical expenses. See Qualified HSA distribution , earlier. Employer Participation For an HRA to maintain tax-qualified status, employers must comply with certain requirements that apply to other accident and health plans. Chapters 1 and 2 of Publication 15-B, Employer's Tax Guide to Fringe Benefits, explain these requirements.

Employer needs to establish an HRA as their insurance policy.

Mail it to them. Tell them you do not feel comfortable sending the way they suggest. Other option is to delete their SS from the return and print with no number.

They are smaller because they jumped ship.

As I have stated before I am currently on the fence with ATX. It is up and running. I was stating a simple fact from the other board about people having issues with the latest update. Sorry to have offended your love child ATX.

My previous answers are assuming you are only changing the way the entity is being taxed. If you are changing the entity type then it becomes a legal issue not a tax issue.

It cant change to corp(unless that change with the secretary of state.) The LLC vs. Corp is the type of legal entity formed with the state. The rest is just in how it is being taxed. Customers need to know nothing different.

It is XXXXX, LLC being taxed as a corporation that has made an s election.

Do these guys even test the releases before dropping them on us? Does this not sound the least bit crazy to anyone else that every time a new update is ready there is a new batch of issues that come along with it? Sure there might be a fix but they are starting to irritate the people that are left hoping there wont be issues like last year.

Was there ever a fix to get the backup screen from either locking up or not backing up all the recently opened files? This may be something I just have to deal with.

I dont really get too excited about taxes/penalties you have no control over. I am sure the IRS requirements will be a lot like MA in that you have to enter the policy # and so forth to prove you have insurance.

I was kidding with you. You do realize he is asking about 12 not working and not errors he is getting with 13.

Id rather have my legs waxed for 3 straight days.

What is the archive disc? I have never opened it in 6 years. I can speculate what it is but is it any different than backing up your own files?

I never said anything about importing to Drake. Are you in bed with ATX? Why so much love?

The Dinar is worthless and will always be worthless as it is a scam. The bitcoin on the other hand has some value.

I am about as aware of that as I am aware that Jack never answers a question directly.

Actually running both until I am convinced ATX will not function.

Based on the form and rules surrounding EITC what is this taxpayer doing that is so wrong?

Thanks!

If a client sells their assets they have to recapture the depreciation/amortization. On a stock sale it is all capital gain. For the buyer if they did the assets purchase they can reset the value of the assets and depreciate. On the stock purchase for a corporation they must keep assets the same but how does it work for an LLC-partnership if they make a 754 election? Does the seller get all capital gains and the buyer now gets to reset asset value? I guess I am missing the debit side of the 754 election in getting the inside/outside basis to match.

Is this mainly a Catholic thing?

Do I see correctly that the payroll still uses the 11 format? Why is it not being changed since the new platform is so wonderful? Better yet why can't we go back to that platform?

They just wanted to make sure both parties had a signature on there either original or copy and mainly they wanted to make sure the AGI/Taxable income on the form matched the amount on the return the IRS had on file.....making sure taxpayer was aware of amount on return and preparer was not altering return after being signed by taxpayer.