WITAXLADY

OK - Thank you all... "keep paying in cash" the only assets are older trucks and trailers and the good faith agreement with the business they haul for . so no need for a loan at this time to leverage and no assets to get a loan on as collateral or if sell assets - nothing to generate income with. So not sure what you meant there? Trucks and trailers worth $55,000 , salaries of officers - 1 the driver running 1 of the trucks full time - 39,000, the other the secy/treas/bookkeeper - 29,000 and already took a cut in pay. Yes - you are right she - he never even knew! she didn't take care of things - brother, inherited a trucking business that was doing ok but not great and really did poorly and got by by not paying govt obligations. Came to us in 2008 and we have been trying to get this worked out and they are working on raising rates and paying obligations and being profitable - just not enough to pay all of that back and still stay in business. Even if they closed and liquidated, the firm could not pay the $$ amount. So should they close and put 10 people out of jobs in a small community or keep trying to work this out. We went to a bankruptcy/tax lawyer and he told her nothing for her $300 on the OIC etc, options and he is the area expert - 35 miles away. The IRS agent that we were working with didn't know how to help either. I had another client contact one of those fixit companies and said we got further (with the state) than that company did. Be glad to do a payment plan - $600,000 over how many years? nothing would be reasonable. She has been saving for the $80,000, they could do $2,000 a month. what is reasonable to the IRS? What changes are you talking about in accounting procedures? And it is not a new trailer - it is a used one about 1/2 the price of a new one but their current trucks, trailers and computer are now 10 years old but running - so yes maybe they should close but to what purpose does that serve? So then how do they proceed? I am not adverse to "hiring" Jainen! Sincerely, Darlene

OK - didn't file taxes for payroll or 1120 since 1993. Filed 1997 and to present . Records not viable from 93 - 96. Very first offer rejected as law then said all tax returns needed to be filed. Law changed, do not need to have all filed, just last 6 ? years. Early filings show -0- owed for income taxes, just mega payroll taxes. 2011, 2012 - all payroll and income paid and in compliance, as well as estimates for 2013. That is why there is no money for OIC now1 Making money and has to go to estimates and income tax. The last OIC offered for $100,000 with $20,ooo down and $80,000 paid was too low they said and the firm had to pay it all - it did not have any income taxes in as expenses as the taxes were not completed and no idea they were finally making money. So we redid the OIC with the taxes paid and the estimated payments and only $30,000 to buy a trailer in Dec 2013 - $2500/month but the last 3 months they only had $500 a month extra to put aside - so they are not making much money anymore. Themselves personally are current the civil penalties are because they did not file corp taxes, etc. So what is my question? What do I need to look out for to get the OIC allowed?

YA, I received my Pub 17 and E on Fri!!

Hi am resubmitting an OIC - owe $525,000 submitted $100,000 with too much earnings, resubmitting as there was not the quarterly payments to fed and state and year end tax with it. Along with an escrow account set up as the trucking company only pays cash for trailers and last one purchased was 2003's in 2007 and overdue so setting aside up to $2500 a month to escrow $30,000 by 12-15-13 to purchase another trailer. - leaves a negative 3 month P/L Any other hints? Assets $55,000, cash on hand $390 - that's it. Filed 1997 and up, compliant and paid with all since 2011 Officers also up for civil penalties for non filing since 1993 - one we filed -0- as has no assets as house is underwater with mortgage the other we offered $40,000 and they rejected - want the whole $200,000 as she has HIS retirement fund and their house valued at $60,000 Thank you, sincerely, D

and then my client - a guy applies and shows the proper qualifications and gets denied just because the mom already filed and they don't check her out... he pays back thousands!

spend more money... I thought we were trying to run this like a business or a household and live within our means!

THAT is what I would do - asap d

figured it out - it's line 11 on Sch e - pretty obvious - duh!

YES, ACTIVE CHECKED if I do 6198 I can get it to work but not when I check it for all properties - I am going to print the sch E and 6198 and compare to see which ones It is allowing the losses and which not - no time for this no AMT, checked that, no pg 2 thx

you are all so funny - snowstorm again today - that is usual for the 14th or 15th but this time it is not on grass but adding to the 2-3 ft of snow. The 4 wheeler in the backyard is still buried up to the handle bars. The cold front caused about 20 more lambs to drop but nice and healthy or so hubby says as they are not in the kitchen. The lambs are supposed to be pasture lambimg after 4/15 but no pasture anyway and 35 of them can't read a calendar... found a client Sat who is coming Mon to help with lambing tho' - she used to raise calves and will help for the next couple of weeks! so I can visit the grandbabe! and stay away from the barn. (naughty me) Oh wait I have too many extensins - not really - getting many done yet tonight.. and usual number.

ok, so client sells rental at huge loss - should create NOL Other rentals - now the loss is limited and shows a gain of $4,000 income which then knocks him out of EIC - Earned income of W-2 and Sch c of $10,000 and 6! yes 6 children. So what is wrong with 4797? , that looks correct - flows thru -29,000 8582? Sch E income of $34,561 Expense of $37,792 should show loss of $3,231 and instead shows gain on 1040 of income of $4,674 and as I put more expenses in for my fee, management fee etc, the income goes up, not a greater loss. I do not understand. Please help! Thx d

I agree Sch D also but he needs to be made aware of the frequency and would be a Sch C if he continues at this rate.

she removed the excess of $2382 in 3/6/2013

SO TAXPAYER WAS STILL CONTRIBUTING TO HSA AFTER RECEIVING SOC SEC AND (OOPS) thru work. Work said tough. Now what - just leave be - stopped when she figured it out or take out and pay 10% penalty? that doesn't seem right when work wouldn't adjust? Ideas anyone? Thx

can't be profitable - too much time spent waiting and paying people to watch screen and double check and redo work! and talk to clients while waiting for circle to become a page,.... ahh such is life

and then did I do last year's wrong? If they put $40,000 into trust from personal - he gets no deduction but the Trust should only pay on earnings - no tax on principal contributed? only earnings? Now I am confusing myself - help please to clarify this. Thx D

client receives estimated form - had to pay penalty last year as put money into trust without letting me know they even had one! Haven't put any $$ in yet - recommended they put in enough to cover prop tax = 0 as pay the tax and then gift $13,000 for the 2 years before and after. So no additional,,, so she fills out form and thinks she should pay $5,000 in tax. Any reason why? Only if someone is going to put money in? Thank you, D

I had this marked when it was first formed but then?? this is what I do at night when I am waiting for the program. during the day I am lucky to get any returns done I get interrupted so much, Hubby has new plan - go to bed tonight at 12 with him and get up at 5 with him hmmm we'll see how that works. I doubt I will want to get up. 5 hours is also more sleep than I have been getting! 4 am to 8 am.

hey - how do I change newbie to witaxlady? thx d

12.13 was supposed to fix this - sometimes it does and sometimes it doesn't - just like always - does what is wants... just like prints what it wants as well

WELL I bought Drake 4 weeks ago and have not handled the learning curve at all! so have been plugging along with ATX and every glitch I am so sorry I did not convert to Drake - April 17th!

I am amending taxes prepared by a preparer named Hack - who would go to a tax preparer or CPA named Hack?

ok - it looked good, only getting acks from March but it is over 2 hrs and acks are not finished yet... yesterday they were going back into Feb again plus the efiles created did not all show up to be transmitted - what is up? Where are they? I have to go back now and re create - I do not have time - it still takes long enough to do this I use a different machine and it still ties up a workstation all night! and it still is not correct.. what a pain D

sounds fine to me - greater than 6 months - whole year, placed by agency, payment not taxable income. great! good for them!

AH! I like that answer - good start