cpabsd

Taxpayer and spouse are getting divorced. Wife moved away. Since she works for her dad,she didn't change jobs but thinks moving expenses should be deductible. I do not believe so. She worked for her dad before moving and after moving. She moved in with her parents since separation. There was no job change even though the mileage criteria would be met. Agree with me??

Thanks everyone. I knew there was a form but it has been so long, i could not locate it.

I e file all clients that quality. This client qualifies but does not want to e file. Do I need to have them sign a form stating it was their choice?

I did this very thing this year. Copy the personal return. Delete everything but the Fixed Assets. Add a Form 1065. The assets and prior depreciation are all there. In my case, a section 351 transfer was required. It is a way to save a lot of data entry time.

Thank goodness for this board. I did not install the update!!!! Sorry for those having issues. Hang in there. You will survive!!!

Corp has a book loss for 2013. They distributed $132,706 excess distributions. I understand I have to issue a 1099. Is this a 1099-div? On the books of the s corp, AAA cannot go below zero due to distributions. Where do I put the excess distributions on Schedule M-2 so that retained earnings is in balance? This entity has always been an S corp.

Does anyone have a sample of Form 3115 attachments for a conversion from accrual to cash basis? I just want to make sure something is not missed. If you'd rather, you can e mail me directly at [email protected] Thanks!

My client qualifies for home office deduction as an employee. I'm having difficulty with ATX allowing the amounts to flow from home office page to Form 2106. Any suggestions? It calculates amount but does not flow to form properly. I was using standardized amount. Due to mileage, my client is over threshold so it matters tot he bottom line. Thanks!

Update needs done now!!! All my e files have to be re created in order to e file. This is a pain!!! I thought I could e file some today and not have to individually update each client...wrong!!!

thanks KC!!

I have a client who has decided they no longer want to be accrual basis. I had told them in the beginning they could be cash basis but they wanted to report as accrual. Based on the qualifications, they qualify for cash basis. I know I need to file Form 3115. My question is when can they elect this change? Their corporate return for 2013 has been put on extension. So, if I’m reading correctly, they can elect the change for 2013. Agree?? I will use code 33 and filed under rev proc 2011-14. Any other guidance - this is the first one I've ever completed.

Thanks everyone. Just confirms what I thought but always good to double check myself!!

A client incurred a loss from sale of time share during 2013. Is this deductible? I'm thinking not. A time share is a second residence and loss on sale of personal residence is not deductible. Confirmation anyone? Thoughts??

Thank you KC!!!!

I have a LLC operating as a partnership. This is a rental property. During 2013, Partner A sold his interest to partner B and C. Ownership did not change by greater than 50%. I do not prepare partner A's individual return. How do I treat the remaining capital in partner A's capital account? The transaction was handled at the personal level and did not run through the business. Do I just allocate the remaining capital account in the new partnership percentage? Thanks!!!

I know the return can not be e filed yet but trying to get a little ahead. The college credit info has changed. I'm preparing for a single taxpayer who was in college during year. How do I tell ATX that the taxpayer is the student? I must be missing something. I've put 1 school next to taxpayer's name but it still does not allow for detail input on next page. HELP!!!

Thanks everyone for your input.

Any recommendations for free or cheap amortization software? I do not use it but 5-10 times a year, but like to have one available to use. Thanks, Bonnie

I am working on estimated taxes now. The status is Married filing joint. The lower standard deduction is due to the new requirements that reduce exemptions and standard deductions for high income taxpayers. Capital gain is all long term. Taxpayers are both under age 65. They have two college age children but lose the college credits due to income.

I have a client who had a large capital gain sale in 2013. Their total taxable income is $460 K of which $400k is the capital gain. The program I am using is calculation a tax liability of $114,667. This seems extremely high. Any input please? Wages 96149 Interest 53 Cap Gain 400,000 Other income 1000 AGI 497202 Standard Ded -10150 Exemptions 0 lose because of AGI Taxable income 487052 Regular income tax 96503 AMT 8770 Medicare tax surcha 9394 Total Tax 114,667

I know to input the UPE on the K-1 input sheet. I've done this for several years. However, for the first time, the program is not deducting these expense when calculating SE tax. Huge difference. Am I missing something here? Thanks, Bonnie

Fujitsu 6130 - A little pricey but very fast and reliable. I've had mine since 2008 and still very happy with it.

I called tech support. Erin was most helpful. Managed to fix by using a new feature that allows all the forms within a return to be updated. It worked. Thank you Erin.

Is anyone else having this issue? I input 50 detailed stock transactions. The software was super slow in allowing me to do this. However, I finally was able to complete the task. When trying to create the e file, the software says you cannot create because the Form 8949 has an estimate in it for the sales price and it selects on of the detailed transactions. I did not use estimates on any of the entries in this form. The numbers are not showing up as an estimate but continuously gives me this error. I deleted the problem stock, re input it, and the system selects the next stock to give me the same error. Usually, i would delete the form, save, exit, re-enter client's file, add form and re input. But that will cost me at least an hour or more of work. Any other suggestions? Is anyone else having this problem? I did another client's with many stock transactions yesterday morning and it all worked great. Help me please!!!

A local bookkeeper has been preparing the W-2's for a local church following normal employer rules. The pastor's income and housing allowances have not been treated properly. I explained the rules regarding proper reporting and treatment. They switched from a bookkeeper to another CPA in town. I had to teach the new CPA how it should be done, properly. New CPA did the forms properly for 2012. Sr pastor does not like the results. So, for 2013, they are going back to old way of doing it. Old way is flat out WRONG!!!. I lost the account because I would not prepare in the wrong way. Very frustrated that the church is willingly preparing the quarterlies and W-2's wrong. Sometimes, it just feels like the good guys never win. End of rant - thanks for listening. Now, must get back to preparing the returns that are in my office. PS - All this came to light because one of the pastor's is my individual client. He is staying with me though. He is just as frustrated!!!