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Thanks. That is what I needed.

I have several clients who have Maryland K-1's that show MD Non resident withholding from the company. The tax returns are done and ATX tells me I need to fax or e mail the copy proving the withholding to MD before they will process the return. However, I prefer to fax and cannot locate a fax number for the e file department on their website. Does anyone have the fax number?

Happy Birthday KC. You truly are a blessing to many of us here. Take a little break for yourself today.

I too had an HP to begin my business. Way to slow. I upgraded to a Fujitsu and it works wonderfully. Fujitsu is a reliable brand that is only found on the internet (I believe). I bought from newegg.com. My current scanner duplex's and is very fast which helps with my efficiency. It cost $800 but was worth every penny to me.

Taxpayer purchased property several years ago to help daughter who could not receive financing. Daughter paid loan payments directly. During 2008, they "sold" the property to their daughter at a significant loss. I believe this is a non deductible loss due to related party. Client of course would like to deduct the loss. Deductible or not?

If you are e filing, you have to attach a copy of the receipt to the Form 8453 and mail it to the IRS within 3 days of acceptance. If you are not e filing, I assume you must attach the Form 1098-C or substitue form to the return. I just had a client of mine provide me with the letter from Kars 4 Kids and the letter states it is the sustitute for Form 1098-C. I believe this is new procedure for this filing year. I have done this on several clients.

They were paid for the right of the company to come and look for the resources.

Client received $4250 in income from a company that was drilling to look for natural resources. They were actuall drilling on adjacent land but had to pay because they could be tapping into the resources from my clients property. They received a 1099 Misc with the amount in box 3 - other income. Does this go on line 21 or could it possibly be shown as long term capital gain? Thanks,

What would constitue a legitimate deduction for business vehicle? By this I mean when is it justified to transfer a personal vehicle to the company and deduct actual expenses there. I understand the actual versus standard deduction. My question related to when it is "necessary and ordinary" and what criteria is used to determine whether it should be business asset or personal vehicle with standard deduction taken. The business entitiy is an LLC if that matter.

I knew it should be added to capital. That is actually how I treated it. However, when a client wants it handled differently and we are as tired as we are this time of year, it is nice to confirm the treatment with other professionals. I have never had a partnership with a loan from the parnter. This is just how the client thought it should be handled. We all need to be reaffirmed in treatments sometimes. I am a sole proprietor and have no one elst but those on this board to run things by. Thanks to those who gave positive responses.

My clients were all informed in January that my office was closing on April 13th. My children are more important to me than my clients and they are on Spring Break. They are growing up too fast and I want to enjoy them now. I will try to get those done that call now, but if not, an extension is what it will be.

Both partners put in $15,000 in November to have some cash available if needed. They put it in a savings account in the business name. I've never seen a Loan to partner on the partnership books. Is this allowed. They hope to be able to pay it back sometime in the future. This is a pretty new business. I think it is more like Equity but want to be sure before I treat it this way. Thanks.

Thanks KC - that's why I love this board. I learn new things all the time.

Thanks KC and Bulldog Tom. I about had a heart attack last night when I saw the heading but quickly found out it was an April Fools joke. However, I can laugh today knowing someone returned the favor to Eric.

Am I required to input all the call options exersised as individual line items or can I group as 1 large item. They are all short term and at this late date, I prefer to group but want to do it correctly also.

Most of my clients have not and neither have I.

I have a client's mother who lives in Italy. She sold all of her stock in June 2008. These were all US accounts. She has captial gain income of $30,000 and the software is calculationg $129 in tax. Is this correct? This seems low but I believe it is correct since it is mostly all capital gain income. Any thoughts?

Thank you KC and Maribeth.

S corp shareholder had distributions in excess of basis. Per my research, this is taxable as capital gain. Is there any place to input this on the K1 screen or do I set it up as a separate line on Schedule D? I am trying to finish another return. Thanks!

I don't want to get political, however, the penalties and interest your client is being hit with seem much larger than some of the presidential appointees. It may be worth at least asking for some reduction.

Thanks for the guidance - I appreciate you taking the time to call support. Hopefully, that was helpful to others as well.

Client received K-1 from partnership that shows an amount in tentative allowable percentage depletion in the supplemental information attached to the K-1. Prior tax preparer showed this amount as separate line item on page 2 of Schedule E. When I show the amount on K-1 input sheet as depletion, the software created a new column for depletion but the number does not flow anywhere. Does anyone have any guidance to offer on this? Thanks!

Thanks for all the suggestions. I called the auditor again and he finally agreed to postponing until April 20. I explained to him what life is like for me this time of year. I am a one person shop and he finally gave in although I could tell he did not want to. Thanks again to all who responded. I may have more questions as I go through this process. It is definetly unchartered territory for me.

I spoke with the agent this past week and asked if we could delay the audit until after April 15. He was most uncooperative. I really am swamped and do not have time to deal with him until after April 15. I don't want to tick him off before the audit begins but feels he is being unreasonable. I am a sole proprietor and he wants me to drop everything for a 2006 audit?? Do I have any options?

I too was receiving phone calls from clients. However, I now give them the date per the schedule but tell them the goverment has been a little slow this year and it could be a week later. Everyone seems to understand and I have not received one phone call since I began stating it this way.