Abby Normal

I didn't think there were any Krispy Kremes near me but there is one about an hour away. Here's one of my favorite songs that just happens to mention Krispy Kreme. I think you'll like it, too. Enjoy!

I don't think you can choose to not deduct a traditional IRA, nor do I think that would ever make any sense. Just do a Roth if you don't want a deduction.

You can click the Follow button at the top of every post, but since I've never done that, I can't say how well it works. If I really want to save something, I print it to a PDF in my Tax Reference folder, which has many subfolders to keep things organized. One important thing to learn is how to name files so that a search of your computer finds what you want. Also, if you're not using the Everything search utility instead of the lousy one that comes with windows, you have no idea what you're missing.

There's a utility to redownload all forms for a return. Mark the return and look under the Support menu, and then Customer Service Utilities.

And she likely has losses suspended due to lack of basis. Or incorrect returns where she deducted those losses.

For RE but not for AAA.

This is why I decided in the mid-90s to never have book depreciation. I don't have any publicly traded clients. But, to answer your question, the balance sheet is supposed to match you books, so you are correct. But he is correct that AAA should be 33,000. ATX has a reconciling worksheet for AAA to RE and get rid of the 2,000 other reduction in AAA (assuming that is your depreciation difference).

Some states are of the opinion that unemployment compensation is bad and they make it almost impossible to collect. Then they like to falsely claim that their unemployment rate is low. MD is not one of those states but this clawback needs to be halted.

She is a part time musician, part time college music teacher and plays music at her house of worship. All three stopped last spring, so she applied for unemployment. She had no income coming in. Now, MD is asking for all of her unemployment back because she got W2s and 1099s. They interviewed her by phone and decided she wasn't entitled to any unemployment. I told her to contact her politicians and the Baltimore news stations and make a ton of noise. Go after the fraudsters, not a hard-working mom who legitimately needed the money to get by.

Basis can NEVER be negative. Whoever prepared that K1 basis worksheet did not know what they were doing. Partners have basis worksheets too. I would ask for the final K1 with basis worksheet for the 1065, but I probably wouldn't trust it after the mess they made of the S corp basis.

Are you saying that you can't amend to switch to mileage in the first year? Because I would think that you can. It's not like a formal election that needs to made by the due date. And we need to remember that mileage does contain a depreciation amount, so you're actually depreciating the vehicle either way.

I never use the NEC or MISC input forms unless there's tax withholdings. I override sales on Sch C and rents on Sch E, all the time. I sometimes use the Sales tab on Sch C to list multiple 1099s if it would make the organizer more useful next year.

I hate the letters where the total payments are correct, but I just had them on a different line than the IRS does. I entered it as a 5th estimated payment but the IRS has it as an other payment. CHECK THE TOTALS!!!

Without the extension, most of our returns would have needed to be extended. Some forms were just barely ready by 4/15. 6/15 would have been ideal this year.

Working for me. https://support.atxinc.com/User/Login.aspx

The only things we shred are IRS notices (after scanning, of course), and old 8879s.

IRS needs to move to paperless. What are they copying and printing? And who thought asking Grover Norquist about this was a good idea. He is full of .

You mean payer info. Payee is your client. Yes, the IRS only validates that it's a valid EIN for efiling. And as long as the total 1099R income equals what the IRS has, their computer won't kick it out.

I would not use fixed assets to do this. In fixed assets, use the disposal code of removed for personal use. Then go to 8949 and enter like any other sale of residence, just enter the total depreciation claimed and pay tax on only the depreciation.

It won't help to install 2011 because the 2011 forms files are offline now, so you won't be able to download any forms... unless you can convince ATX to send you the forms or provide a link to the forms. If you have ATX 2011 installed on another computer, or know someone who does, you can find and copy the forms to the new install. I have the install file if you can't get it from ATX. We'll just have to figure out how to get it to you (Drive, Dropbox, etc.)

It would kill me inside to have to answer calls all day about where's my refund. I'd need a tape player like the IT Crowd had.

Well I haven't seen one in awhile (yay!), so either I'm misremembering or they've changed. But in either case, an IRS notice without a number to call is absurd... unless they're trying to reduce the number of calls they receive, and who can blame them.

If you can't make it a late election effective 1/1/21, then yes the short year return is due May 15 (2.5 months after year end.). In ATX, you use the month/quarter tab to rollover the 2020 return to a short year 2021 return filed on 2020 forms.

I think they're screwed, at the technical level, but it might be worth an appeal.