Abby Normal

Sounds correct to me but why on earth did they take the money out of the IRA instead of passing part of the IRA out to the beneficiary. Was there no beneficiary named on the IRA account?

Just use Ln 7-Wages tab.

Check boxes for final disposition of PTP and final K1. Also, the gain/loss should be on a 1099-B from their broker. AND the K1 should have a statement showing you how much of the gain is ordinary and needs to go on 4797 part II. If AMT is an issue, there is a number on the K1 attachments for that as well.

You can't amend from joint to separate after 4/15 or extended due date, but if joint was an error, you can amend anytime you want.

If you pay the IRA advisory fees with funds outside the IRA, you can deduct it, but it only makes sense to do this if the fees are large and you're already over the 2% limit because it both saves you taxes and leaves more money in the IRA. For most people it's smarter to pay the fees inside the IRA.

Unless they're working odd hours, you could connect remotely with TeamViewer (my current favorite) to their computer and transfer files your exports directly.

Do exports contain all the same info a backup does?

Put it on the 1099-DIV and let it flow to the 1116. That always works for me.

Just report the distributions equally.

Done & thanks!

Was son on account as TOD or as joint owner?

Does the partnership have a joint checking account? Or even a separate checking account at all?

What would be the consequences if the IRS audited the returns and determined that the 1065 should have been done? Should past partnership be prepared and 1040's be amended?

Fortunately, with partnerships there is automatic removal of penalties for late file partnership returns, so an audit should result in no penalties or tax.

What would you accomplish by filing a partnership return now?

More billing and letting the public know you know how to prepare returns.

Every now and then, I'll go to the Efile Manager, filter by those marked complete and review the status to make sure they're all accepted.  I do that in case I've marked something complete by mistake.  I also like to get extensions filed first week of March and first week of April even if I think I can complete by due date.  Some things still might fall thru the cracks though.

Likewise, we filter efile manager by created and held to see what has not been sent. We also file extensions first of March and first of April.

We just check the efile screen in ATX and see what has not been sent, especially when it's the last few days.

I'd bet 99% of those people could survive two weeks without their refund.

Agree with keeping it brief and clear, as all business communications should be. But I've had plenty of intelligent and competent IRS employees help me over the years, and I am truly grateful for them. It can be a difficult job.

Personally, I love efiling for the instant receipt acknowledgement. I've also had cases where taxpayer was unavailable at the final deadline and I've had them email me authorization to transmit with a statement they will sign the efile forms when they return.

I also like that I don't have to rely on an unskilled IRS temporary worker properly entering the return.

You ladies are too cute! You're gonna hate paperless.

No because you have to file them directly:

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

If he's still breathing it's his.

Tis a good feeling! What the heck are efile stickers?

Ok, I laughed.

I'm just glad this commissioner is going after these frauds. It's way past due.

As you know 1098-T is not the document you need in order to enter the amounts. You need to get the receipts from the client in order to enter the amount. Most students go on line and the payment information. The student will also know if  the form includes amounts that were billed or pay for a prior year.

Have a client with a CP2000 about education credits. Faxed the IRS the 1098T and the IRS says, sorry, inadequate proof.

A few smarter colleges are putting transcripts on the back of the 1098T. They all need to get on board with that!