cpabsd

What is your favorite printer for all these tax returns we are printing? My printer seems to be on the verge of going. I need network and duplex capabilities.

There was no estate as the spouse was joint tennants.

Taxpayer's spouse died in 2022 with $20k personal credit card debt. Taxpayer did not pay it since he was not on account. Taxpayer received a 1099-C in name of spouse for 2024. Does an Form 1041 need filed or can we just ignore since the Form 1099-C was in the SSN of deceased taxpayer?

Client had to pay 12K in PA estate tax when they inherited money from an Aunt. Is this deductible on Schedule A line 5 or 6? I've had computer issues all day after the windows update so please forgive me... not thinking clearly. Bonnie

Yes, i have all my codes still. I will try this. I called support ( what a joke) and was to receive a call back from tech support..... 48 hours and counting on that .

For all years prior to 2024, i have used a stand alone machine. For 2024, my machine is now acting as the server. The 2024 software works perfectly, but since doing the 2024 install, all prior years are not accessible. The server does not start and the attempts to manually stop and start do not help at all. I called support this morning and was to receive a phone call back from tech support.... they are now closed and no phone call was received. Does anyone have any suggestions? i need in the 2022 software for an estate return preparation.

i have a client who has been a victim of his in house bookkeeper stealing from the company. He would like to bring someone in to help clear out the mess left in her wake... call vendors and see what is actually still due, match real versus fake transactions on the books, etc. His accounting is being done on QB online. I am a one person shop who does not have the kind of time he needs from someone right now. Any recommendations?

I think my brain is just tired... are the legal fees associated with collecting SS disability income deductible? 85% of the benefits are taxable for all years... I know the lump sum calculation but for this client, it doesn't change anything. Bonnie

Can someone please confirm my understanding of basis and UPE? Taxpayer has zero basis in the partnership, had a loss in 2023 and has UPE. The loss and the UPE are carried forward for future years, correct? Drake software is allowing the UPE to be deducted even though taxpayer has zero basis. Is this correct?

The seller is not receiving the consulting income as a separate payment... it is incorporated into the total loan payment in the seller financed loan from the buyer. I know the Form 8594 is to be filed and they agreed to those amounts in the final contract. This question is how to allocate the consulting portion of the loan payment.... or is that even an option? The buyer is my client. From my perspective, the buyer owns everything as of the date of the sale so they can begin depreciation /amortization right away. Should the consulting amount be categorized as a prepayment of services and then recognized each year for the amount paid within the loan amount? The seller has a four year employment commitment as part of the sales contract.

A client purchased a business that was owner financed. Part of the total purchase price included $345k allocated to consulting during the transition period. What amount should be put on the 1099 as Non employee comp? Goodwill/client list 1,840,000 Furniture 69,000 Non compete 46,000 Consulting 345,000 Total sale 2,300,000 $115,000 was paid as a down payment with the remainder being the owner financed - $42000 paid on principal during the year. If the 1099 is not for the full $345,000, how would i possibly determine the amount it is for? Or can I allocate the $345,000 over life of seller employment agreement for new owners which is 4 years? Thank you for any guidance. Bonnie

I'm a CPA and am looking at options for cyber insurance. Recommendations? I am a one woman practitioner so not a large company. Also, any ideas on what reasonable coverage and cost should be? Thanks, Bonnie

It's not you.... now ATX is saying it will be available tomorrow.... I guess we shall see. I don't recall ever having such a delay in prior years.

E filing of 941's is to be available on 1/13/24. I just chatted with ATX support.

I have a taxpayer that received SS disability in December. Prior to that, they had no earnings and were on marketplace insurance with a subsidy for just herself. Are there any exceptions to having to re-pay the $2800 subsidy? From 1/1/22-12/15/22, her income was zero. Of course, SS paid late December for a time period going back to part of 2021.

No children are from this marriage. I'm not sure why wife got 60% but that is what WV law determined.

Client's husband owned the rental property 100%. He passed away without a will. The wife gets 60% at sale and two teenagers get 20% each. All parties get stepped up basis for value at time of death. Does the depreciation taken during the husband's time of ownership die with him... meaning there is no recapture to deal with once asset is sold? Thanks in advance. Bonnie

What laser printer would you recommend for tax office? The HP one I just bought last year is doing some funky stuff and probably just easier to replace it.

I am late to the game here... but ATX does have an exception box. It is under Elections, Form 1120S and the very bottom. Just FYI.

yes, some loan payments have been made. At minimum, interest has been paid as well. Basis is restored each year as the business shows profit. I'm just trying to plan in advance and the figure out how the basis is restored.... plans to pay considerably more for 2023 in the form of loan payments.

Does anyone have a spreadsheet they would share that calculates the amount of loan basis restoration for debt basis that has been reduced in prior years? I'm trying to follow my program ( ATX) but cannot determine how it is being calculated. A worksheet showing the details would be helpful... especially as I know the client will want an explanation. Any help or sites would be appreciated.

I too use the Fujitsu for scanning. I choose to use File Center for my storage capabilities. It has some great integrations with my portal that make it even more efficient. I could use Windows to save, but found File Center worth the money for the time saving features.

Thank you for the clarification!! Bonnie

A client's 2019 filed over the weekend was rejected. It appears in cannot be filed due to maintenance. When will the system be back up for e filing? ( I realize 2019 may need to be paper filed at this point.) I tried to research, but having difficulty understanding the IRS memo's.

How is the learning curve from ATX to Drake? Are they comparable in capabilities? What do you like/dislike about the Drake software. Considering a change for the first time ever.