Abby Normal

I have autosave turned off. I prefer to have the option of closing the return and not saving changes, in cases where I screwed up or was just testing something. I usually don't use autosave in any program. When I get the 'unexpected error', I am usually able to close the error message with the x, manually save the return then close the program.

http://www.journalofaccountancy.com/issues/2012/jan/20114540.html Regs. Sec. 1.6001-1(e) requires the taxpayer to make these records “at all times available for inspection by authorized internal revenue officers or employees, and shall be retained so long as the contents thereof may become material in the administration of any internal revenue law.” Rev. Proc. 98-25 clarified that the IRS has a right to electronic records.

Jeez. Did they have withholding for the old state? Just file the return correctly and see if the old state questions it.

Saddened to hear about your family's loss. Sending love and good energies their way!

It's usually a lesson I'm learning as opposed to a lesson I've learned.

I would have efiled the return on time or efiled an extension. Pay the penalty and fire the client.

If you're using bitdefender and malwarebytes, are you using the paid version?

Congrats and best of luck! We expect an update.

Ctrl+I in ATX gives you an itemized list.

I'd do a 1040X with a lengthy explanation and a corrected 1045 attached, clearly labeled DO NOT PROCESS-1040X ATTACHMENT ONLY.

He can download the updates on another computer with internet access and just copy it to the networked computers, but I don't know how he would efile without copying data files to a computer connected to the internet. Does not seem worth it to me.

Eset NOD32 antivirus, Comodo free firewall (does much more than just firewall) and free Malwarebytes (but that's not real time protection like the other two) Would never use or recommend Norton or MacAfee. Too heavy on resources and not as effective as Eset.

I approve. Hope it helps.

Depends on the error, but I think a 1040X is your best bet. Has the 1045 been accepted?

Heck, I can't even answer that without a Google! And why would it be important to know? Even WWII matters very little these days.

I try to break clients of lumping expenses together for the very same reason. I have one doctor who lumps differently every year. I had a talk with him this year after being thoroughly confused.

Newegg has the best filters to narrow down your selection.

The problem with Costco and Sams Club computers is they usually come with the home version of windows.

You could mount two monitors on a stand like these, and that should work on one varidesk. Or get a 3 monitor stand.

Otherwise known as a PITA.

The carryover basis just refers to the fixed assets. You just keep the same depreciation schedule. Cash, inventory and any other assets also come over just as they are in the Sch C, as do all the liabilities. So, yes the ending Sch C equity is the beginning stock basis for the S corp. I would show it as Capital Contributions (line 2) on the ATX Shareholder's Basis Statement. ATX does a pretty good job of tracking shareholder stock basis. My one complaint is that when there are suspended losses due to lack of basis, it doesn't keep a detail list of what the suspended losses are made of (ordinary loss, Sec 179, charitable contributions, etc.). It just gives you one lump figure. It does keep a detailed list in the 1040, and since you're doing the 1040, it will be fine. I complained to ATX about the lack of detail in the 1120S (and 1065) basis worksheets and they told me I don't need it. I assured them that I do because suppose I'm doing the 1120S but one of the shareholders uses another preparer for the 1040. They need the detail. The main things you need to know is that basis can NEVER go below zero. Distributions in excess of basis are taxable as capital gains. ATX defaults them to short-term but after the first year they're long-term. And if distributions are not all allowed in AAA (M-2), you will have differences between AAA and retained earnings. 90% of my S corps have these differences. AAA is meaningless as best I can tell. I've never needed it for anything. Basis, however, is extremely important.

Hugs? LOL

The struggle then becomes the allocation of the sales price, because they buyer wants more allocated to equipment so he can 179 it or depreciate it over a few years instead of 15 years for goodwill, but the seller wants less allocated to equipment and more to goodwill because goodwill sale is capital gains and equipment is probably mostly ordinary income. Both buyer and seller must attach form 8594 to their returns with the agreed upon allocation.

The seller always want to sell just the stock but the buyer wants to buy the equipment and goodwill so that they can get the depreciation/amortization. Also, buyer doesn't want the 'skeletons in the closet' of the old corporation, which is why we almost never see the sale of an entity.

It's carryover basis.