joelgilb

I say just hang'em! Judge Roy Bean ok I am kidding.

Sounds like the election to forgo the carryback is appropriate, but you should check to see what if any refunds they would get by carrying the loss back. If income was small in prior years and they paid little or no taxes then it your professional opinion what to suggest to the client. But, ultimately it should be their decision with you providing the professional advice. It is after all their return. That said; to carry the loss forward you need only make the election, which can easily be done using the Election Form ATX has provided. Next year you will have to make sure you correctly calculate the NOL carryforward amount.

Most PDF software will allow you to password protect / secure your file. A few years ago ATX bundled PDF Factory with the software and it (I believe, I bought the Pro version) will also allow you to add a password to the file. If that is not sufficient, you can use a compression / Zip software (many free ones out there) that will also allow you to encrypt your files.

No I do mean "Short Sales" are not on the 1099B but on the detail and are not reported to the IRS

For your reference: Note that 1099B's do not report short sales and that all brokerage statements show short sales separately and indicate that these transactions are not being reported to IRS.

Thx I knew there was a box somewhere without manually changing each of almost 100 assets, just couldn't find it

boy is that ever the truth.

Have a start-up S-Corp with large loss and large asset purchase. Shareholders want to reduce the loss by forgoing the Special Depreciation I see where to make the election on the election statement but how (short of overriding) do I turn off the special depreciation calculation in the asset entry form for all assets. Or do I have to do it asset by asset in the input?

Thanks, but I looked there and its really not pertinent. Irish Social Security is not being taxed in Ireland. He is a U.S. citizen and the treaty deals with the Irish Social Security directly, so it will be taxed here. This, per treaty, is so the the country of residence will tax to avoid the double taxation between the countries. So the only issues are: 1. How will the U.S. tax it? a. The same as U.S. SS? Which is how I believe it should be taxed; or b. In some other fashion? 2. If, as taxtrio suggests, it is taxed like the U.K. and Canada the same as U.S. SS, (which I believe to be the case) then where is it reported? a. my guess here is it needs to be reported as Other Income and the S.S. calculation will need to be done manually.

I always thought so also, but the U.S. definitely has a separate tax treaty with Ireland.

bump Anyone?

As an attorney I am going to give you the legal (not tax) answer. When a corporation is created in any State, it has to indicate the number of shares authorized and the number issued to its shareholders, as well as the dollar amounts. Then for a shareholder to be a shareholder they MUST have stock issued in their name, by creating a "Stock Certificate" which lists the number of shares issued to them. Far to often the stock certificates are never created or created after the fact to reflect the history, so get them or their attorney to prepare certificates now. They also are required by State laws to have a Corporate Book, Minutes and Bylaws to be legally incorporated and in most States they need to record the Articles with the local county as well. Note that you should not create these documents as it is practicing law without a license and is a crime in most States. So how do you get this information? Ask your client for a copy of the Articles, or possibly get one from the Secretary of State as some States have them available online. The Articles will let you know how many shares were issued and the dollar amounts (although not necessarily to whom issued). John is also right that you could look at the 2553 and see how many shares are shown for each, however, I have found that if 2 different professionals did the work or the client directly that the 2553 does not always agree with the actual Articles. Which of course creates additional problems which will need to be corrected.

From what I can tell from your question the employee is no longer an employee of the company (your quote: "Taxpayer was receiving a salary and taxes were being withheld.") and that there is a pay stub with withholding's ( your quote: "since the employee does have a pay stub which shows withholding's, the taxpayer should file SS-8, 8919 and 4852.") That being the case you should not entirely follow the IRS advice as your taxpayer would, as Jainen wrote, double pay the withholding's. File the return with the 4852 substitute W-2 and provide a copy of the pay stub as support of withholding's.

LOGIC 101 Many Illinois Politicians are crooks. Many politicians in Illinois and elsewhere are also lawyers so does this then mean that all Lawyers in Illinois are also crooks? Or not to be trusted? Hmm I think this fails any form of the logic I know.

BTW All - sent message to mircpa, so I could provide him names and numbers of some trust attorneys I know that are still in Chicago

Hmmmm ... so, would the reference have been more appropriate if it referenced Political Officials rather than lawyers?

These comments are to those here that chose to defend me. I am still a Chicago Attorney even though I am living in Las Vegas. I appreciate those that chose to defend me. Thank You As for Jainen, his comments in this thread aren't worth me wasting my time responding to them. Nuff Said!

Totally agree! If the roof was replaced and not repaired, you should capitalize the replacement.

Been using Firefox since its first release and although I did download the latest IE I will onl use it on the very few sites the other browsers have difficulty with. Also, I am considering looking at Safari. Does anyone else uyse Safari and if so what do you think of it?

Interesting that this thread came up at this time. Just got a call from a client with an issue on SS from Ireland. He receives an Irish Soc Sec check and had his taxes prepared by an accountant that showed it in 2007 as Ord Inc. In 2008 had different preparer that tld him that the Irish Soc Sec is not fully taxed in this country due to the treaty. I can see that U.S. taxes vs Ireland, but do not see how the treaty taxes it. 2008 accountant taxed it like U.S. SS so a portion was not taxed. Any thoughts?

Not a real surprise there. U.S. does not have treaties with certain countries for obvious reasons. South Africa was one for a long time. Since there is no treaty, I would treat it as misc income on line 21 as you were thinking.

Don't agree that it doesn't matter, although I do agree that it will have to be calculated manually, as it is unlikely the software can handle it. Since the business loss changed a portion of any gain or loss will now have to be allocated between the business and personal.

This may be a dumb question, but did you make sure that he is "Actively Participating" on the input sheet?

So many of these insane and unenforced old laws on the books. Wondering if VA even bothers to pursue this one.

Another thing to note, that moving an audit is a good tactic to close out old years, especially if you expect adjustments.