michaelmars

TRY rounding up to the nearest $100, sure helps the bottom line

anyone know if this form is fileable, i get a diagnostic that my return includes un fileable forms and i think its this one but i can't really tell

i hate the nickel thing too? even when i go to a restaurant i round the tip to make the total an even dollar amount. if i ever get a charge including change i know its not one i signed.

no purchases in the current year, the inventory is from prior year. and i agree with KC that the big issue is sales tax and liability insurance based on sales. i want to do it as above and my partner wants to show the sale at cost. btw, its a million bucks we are talking about

just change the master to say TAX RETURNS instead of federal

I agree with you but the case here is that there are no current year purchases, thus i want to reduce opening inventory to match the remaining inventory on the books [no purchases or sales in 2008] the irs says to do this when you have a disaster or theft but the effect is the same here, a reducition of inventory with no c/g/s/ effect.

good question, since they are wholesalers i assume that is the fmv we are talking about.

capital transaction

jewelry wholesaler "S" corp, the company owed shareholder $500,000. since there was no cash he took $500,000 of diamonds [for this purpose assume cost=market value]. i debit shareholder loan and credit inventory. the problem is the cost of goods sold. the change in inventory should not affect the p&l. irs says if you have a loss, disaster etc and if you don't want to flow it through cgs and affect the p&l you should adjust opening inventory for the amount of the loss. i want to do the same thing, so that my gross profit percentages etc remain intact. what do you think? i know i could show it as a sale for cost and use the receivable to offset the stockholder loan but that affects sales tax as well as liability insurance.

its a feature prosystem had for over 10 years and i think lacerte had it for a few too, its absolutely a great time saver. but remember that items like real estate prof and other items are at the shareholder level and still have to be adjusted. too many people see the k-1 was pulled into a return and forget to review it. [at least my staff gets lazy and rushed at times]

I wonder if it warns you later if you change the k-1 entity return? only time and testing will tell

i called this morning to tell them there was a calc error on the efile payment form. within 2 hours they had a new version available to download which fixed the problem. GREAT!!!!!!!!!!!!!!!!!! but now i see they didn't correct the filing instruction letter when they fixed the form and its been 3 hours i've been waiting for a call back to get them to fix the letter. BAD!!!!!!!!!!!!!!!!!!

thank you

i got that warning on all my 4797's last year and just ignored it. i couldn't find what it meant and clicking on the warning didn't reveal anything to me.

JAINEN, has too much free time, but we all benefit for it.

for example, on form 1120/s ef info, the officers name, title, tele and date signed, aren't automatically filled in, do i have to fill all this in to get the efile done? i am using ero entered pin if that makes a difference.

range fees, driving to court, drycleaning is the big one and dry cleaners don't generally give receipts. i have always estimated a shirt and pants per shift [$8] and never had a problem. don't forget notepads flashlights bullits union dues etc.

THANKS, i only tried it on one client rolled over and one new but i'll just delete and redo the form.

have a bannana

how can they use this to estimate income of the preparer unless its geographically adjusted etc. i see that some here charge $75 for a basic return and i charge $250. [i do tell some clients that they are so basic they could use h&r etc. but they use me for my knowledge and access to year round financial advise. i generally sign as preparer so the IRS will correspond with me re:questions. i just figure i am paid in love! i never saw where the payment has to be in $$$ (s)

i have it all set up exactly as prior years,[have them both open on my monitors. everything is flowing properly except my efin number

i had a blank line and tried taking it out and its not even on rolledover returns, even new ones i can't get it to flow from the preparer, efile imput to the federal ef sheet. guess all try tech support after i delete the form and reinstall it.

its part of the client federal letter, its a bottom tab on the form

you are kidding me. right? i was only told its 3 machines and have been going in circles deciding which machine to use for my third- since this year i want a few others to assist me and i don't want to set it up on a network. Thanks KC

sure, you missed how to get your clients a bigger refund. you claim something like that for maybe 10 years, then eventually you get caught, you repay the 3 open years and you are net net way ahead. i picked up maybe 30 cop returns who went to the same preparer and used that method to get big refunds. btw-that preparer got visited by some non-client cops and eat baloney sandwiches for a couple of years.