Abby Normal

The gain is taxed at the higher collectibles rate, but the loss is just a capital loss.

He's just dissolving the S corp (a taxable event) and putting the assets into a sole proprietorship. He may want to rethink that, unless there aren't many assets in the business.

2 hours ago, Roberts said:

While drake (IMO) isn't overly intuitive in data entry, it's something I've gotten used to. I only do about 30-35 returns on it for someone else and would seriously consider it if I were to switch (which I'm not). I know nothing about the buying process of Drake but the guy who buys it for me to use shares it with another single accountant. Don't know what they are buying or the cost but I log into Drake and download it. I know at least 3 offices (each doing <50 returns) is using it.

My cost went down this year due the changes in license costs. The program's gone up a little each year but nothing terrible.

Yes, I plan on switching to a group plan to save on payroll taxes for me and income taxes for me and my employees. Also, none of us will have to deal with insurance exchange websites and PTCs.

http://cs.thomsonreuters.com/ua/fixa/cs_us_en/ass_life_tbl/hid_help_asset_lives.htm#

I'd use Class 0.27 trailers 5 years.

Or my fallback, Class 57 Distributive services 5 years.

Most assets are 5 year except office furniture not used by customers.

Take remaining amortization in final year. It's a capital asset, but there will be no loss in this case.

And they were smart enough to make it work for color blind people. I'm not color blind but I can see that the icons would work if you couldn't tell the colors apart.

I don't think the code DD vs. Box 14 matters, as long as the health insurance is in box 1 wages. As for the Code W treatment for HSA contributions, it may not be technically correct but as long as he doesn't take a deduction on the 1040, it all works out.

I've always added HSA paid by S corp to box 1 wages and then taken the HSA deduction on the 1040, because when I researched it, that seemed to be the correct way to do it.

31 minutes ago, Jack from Ohio said:

I don't think that treatment is allowed, unless it is a single member S-Corp.  ACA Effective Jan. 1, 2014.

Must be added as wages.  Subject to SS & Medicare.  Boxes 1, 3 & 5.

It was extended thru 12/31/15 early in 2015.

In the Return manager, click oh the Returns menu, then click on Change Printer.

We have ours set to ATX PDF so when we print one page, it goes to a pdf.

I thought this was a month by month calculation so people weren't penalized through no fault of their own?

4 minutes ago, kcjenkins said:

Bad laws make for bad outcomes.  They are stuck with this one.

All laws will have unintended consequences for a minority.

Was it a Roth 401k? If not, then it's all taxable and not a rollover.

Yeah, I'm hearing others report similar issues with health insurance. I thought we were getting a break this year!

There's no such thing as 'taxed as an LLC'. They own it personally so straight to Sch E.

It brings up the Pages menu from the bottom. Use the arrow keys and press enter. Tip: pressing the up arrow while on the first item takes you to the last item.

Also been using Ctrl+O to move between forms. In that window, Home, End and the Page Up/Page Down keys work.

I hate using the mouse, can you tell?

https://community.atxinc.com/forums/thread/224076.aspx

I had an unexpected error yesterday and I was able to duplicate it, so I posted and listed to the steps for ATX to replicate. Then I asked ATXKristin if she could pin a post for us to post all of these for ATX to analyze.

When you get this error, click on show details then copy to clipboard and paste to a comment in the above thread, with detailed description of what you did right before it happened.

I believe it's always the custodial parent because it will likely be impossible to get the ex's 1040.

Yes, I do think you should be able to deduct your fire hall bingo losses as a donation to the fire dept, but the IRS disagrees!

Unrelated: Client with a $13 state refund this year ($200 last year): Boy, the state is really cutting back on its refunds.
Me: [after several seconds of stunned silence] You should probably check your withholdings so you don't owe for 2016.
 

Now that we're scanning records before we do data entry, it forces us to go thru the stack, sort and weed out duplicates and useless pages. It's an unexpected bonus plus it familiarizes us with all the data before we start entering.

Yes, the first estate return filed determines the filing year, so if none was filed, choosing a calendar year for 2015 is fine. Mark it first and final. No 2014 return was due because income was below $600.

You can't do a 2015 1040 for someone who died in 2014.

I actually doubt that Vanguard will issue a 1099R for the beneficiary because that isn't what happened. When this happens, it's best to just run it through the estate and pass out the income and withholding to the beneficiaries, attaching a copy of the 1099R to the estate return.