Karen Lee

Form 2553 is the "S" election for a corporation. Form 8832 is to elect to be taxed as other than a disregarded entity. Organization wanting to be taxed as a corporation etc. Form 8832 should not be used for a corporation. This information is very abbreviated. Go to irs.gov and read the instructions for each form.

Thank you so much. Karen

Is TRX going to have Max and TTO for following years? Or do you have to go back to CCH for ATX?

This answer should at least get some other opinions: amend prior year to correct prepare current year correctly Karen

Would like an update. Has he moved yet? Where did he go? Is he working? etc etc etc

30+ extensions, 4 because I ran out of time. Largest volume year ever. HRB next door!! Rookie assistant. Doors locked at noon and I'm outa here for a couple days. Back on Friday for quarterlies. Start on extensions May 1. Walk ins today, I was outraged. See ya Karen

You go!! Took a day off last week to go with my mother on an outing. She thinks I'm her older sister so it is nice to take her out with a group and just have fun. I lock my office at noon on April 15 and leave for a couple days. If it ain't done by noon on April 15th it ain't getting done without an extension. Had walk ins today. Had calls to make appt for tomorrow. REALLY!!!!!!!! Karen

Thank you for your comments. Cafeteria Plan is great for employers for reduced 941's but the employees don't get the wage credit for SS. Oh Well. Nice to have this in my brain just hope to be able to retrieve it when needed. Thanks Karen

My sister-in-law came in to have her taxes completed. She showed me her W-2 from a part-time job she has. Not alot of pay but uses the job for health benefits. The company subtracts her Cafeteria Plan from gross wages, ss wages and mc wages. Her W-2 shows she made less than the amount deducted for the Cafeteria Plan. Total earned would be close to 10K but her W-2 shows only $3200. in Box 1,3 and 5. I haven't searched wholeheartedly on Cafeteria Plans but this just doesn't seem right. Cafeteria Plans not subject to FIT, SS Tax or Medicare?!?!?!? No information in Box 14. Thanks Karen

Left a client waiting to finish reading the post about closing the board. Was going to post my extreme distaste for Kiddie Tax but now I'll just quit complaining about Kiddie Tax. It is really nice the board is here so I can vent and "go" somewhere else when totally frustrated. Karen

watched it snow most of the day

I know the net results but don't know how to report it. 1099B shows the sales at over $1mil. His investment was only 106500. less 9741.86 equals net loss. I guess I could report the $1mil sales and plug the cost to net at actual. Does that sound right? Karen

They are on my copy machine glass

Nope, 1099B has the big number but the year end account summary has the realized losses So are you saying this maybe incorrect? Karen

I have a 1099-B for $1,089,436.00, purchases of $1,521,872.57. Actual out of pocket $106,500.00 with money back of $9,741.86 1099-B would include realized and unrealized losses however I don't know how to report this on Sch D. All short term Various buy and sell dates Please help!!! Karen

I hear this over and over. Why do you need my social security statement? My last tax preparer never used it. My attorney said my social security is not taxable. I consulted with a CPA and he said my social security is exempt. How do you guys handle this? Karen

Thank you. That is what I did and now I have to explain it to TP and Spouse. Express Answers has a good explanation so I'll go with that explanation. Again, thanks for your time. Karen

Couple are oyster farmers. They work equally on the farm. This is their primary source of income. This is in the state of Alaska. Should I do 2 Sch F, 2 Sch SE's....1 Sch F and 2 Sch SE? Your opinions are appreciated...Thanks Karen

I thought the same thing. Have been beating up my partnerships. Now I am trying to figure out when and where I heard/read that information. Well at least I have a jump start on the partnerships. Back to corporations...should be able to get a couple out of here by Monday. Thanks for bringing it up Catherine Karen

Well that takes care of a big backload. Thanks so much. No I wasn't asking about the 1045. You guys are wonderful. Karen

I e-mailed last week and got a canned reply. I searched on this forum for discussion and kept getting an error. Should I calculate, override and mail in returns? There are quite a few NOLs in this part of the country. Your opinions please. Thanks Karen

Actually had a reasonable wage. Profit from loan repayments not effecting Income Statement. Cash flow effected. OK, sub S profits not earned income. They are about done with loan payments so we will increase wages for 2009. Thanks for all your help. Karen

Have sub s with 13789. on Sch E, pg 2, non passive income. Have 7453. in W-2 wages. Earned income worksheet only uses Line 7 wages for calculating EITC. Is this correct? What am I missing? AGI 21374.00, 3 qualifying children, MFJ. Investment income 132.00 Followed the worksheets all the way through and I just don't get it. EITC 2990. and not 4227. why? Karen

This area is known for: decrease in logging no increase of the spotted owl unemployment volcanoes snow flood mudslides closed roads (public and forest service) EIC public assistance two tax prep offices side by side in a town with a population of 1150 (one me and one HRB) HRB moved in last year a block away, this year next door I must have been very very bad Karen

There was a situation a few years ago where Social Security had not updated IRS master file for some # of weeks and IRS was rejecting a large number of returns for no matching SSN. Since it has not been very long that the SSN was issued I would think SS has not updated the IRS master file. I am assuming that there is a SS number in hand. Karen