mcb39

I had three for 2008 and had one checked right away. Am sure that I wrote about this before. We had to furnish copies of closing papers, tax transfer stamps, etc. I would never consider doing one of these without having copies of the closing papers in hand. (As well as answers to all of the other qualifiers)

It is good to know your solution. The pastor's that I have DO report on Sch C and are considered to be self-employed. I don't have a lot of them, though.

And, really, why is it such an issue? We all have the option to make the choice we want. As long as we ALL end up with a functional, useful and productive program, why is it so important who gets a discount and when? Be happy with the decisions that we each made and not cry over spilled milk. I know that I am "all right" with my decision and was ready to put it behind me the day I made it and move on to other things. Best of luck to each of you on this board for a successful new tax year. There will be difficulties enough with the new laws, so let's just hope that whichever software we chose is up to the task.

Therefore, his income is reported on a Sch C as SE income?????? This might be the reason for the Elections. I think you are worrying too much about it. If it is his personal residence and he is paying for it himself (not subsidised by the Church) you have no problem.

Does your client, by any chance, own a business or rental property that would trigger the election not to depreciate?

Margaret, it worked for me too......... :rolleyes:

Tere.......have not seen you here for some time, but have a Wonderful Birthday...........

I have also been through a couple of conversions and, no, they weren't all that traumatic. However, they were much more expensive and I was much younger. I don't expect things to stay the same for several years, but as long as I like ATX, and I do, I am not going to leave them just because I might not agree with all of their policies. That was the only point that I was trying to make. I can only hope that ATX stays around. If not, I can walk away from this business or consider another software that is cost effective for me.

John, I agree with what you say, but at the same time, you cannot cut off your nose to spite your face. If you are young enough to spend time searching for new software, that is one thing. Some of us, however, are basing our tax prep retirement on the availability of ATX as well as the new conditions of compliance. Many times in life we think that things are unfair in our lives and our jobs, but we don't quit working and living because of it. This scenario plays out in the purchase of many products. If you don't like the policy of the seller, but you like his product; you have the option of finding a product you like as well or better. On the other hand, if you REALLY want that first product.; you play by the seller's rules.

Yes, if you are continuing business, you should file it even if there are no employees for the quarter.

They already announced the winners of the prizes, so does this mean that the prizes will be repeated? I don't have a problem with it, am just curious.

Sara.......KC is correct. There is no limit on the income for a Sch C; Sole Proprietor LLC. If he wants to become an S Corp that is one option, however if he wants to stay on as an LLC....Schedule C is the answer. You will have to file a part year final return for the Partnership to close out that entity. Then he can go to C or S Corp and will need an new EIN if he has employees; which I assume he has.

My husband has been a used car dealer for 35 years. We have always used actual expenses. I account for Gas, Diesel, etc. under the category of Travel and Transportation; sometimes cars are transported by rental carrier at a per car rate. The things that I add to the cost of the vehicles are major parts, repairs, cleanup and such for specific cars; which expenses then become part of inventory. General parts purchases as well as bulk oil, batteries, etc usually go to Shop Expenses. I keep the Sales Tax and License Fees separate as well in their own categories. Any more car dealer questions, feel free to ask. We have never been questioned or audited, knock on wood. :read:

I am running a 5 year old computer with a 2.8 GHz Pentium 4 processor with HyperThreading. I have upgraded to 1.5 G Ram. I have no noticeable slowness issues except when preparing Partnership Returns. I do regular maintenance, such as defrag. I have 10 years of ATX software on my hard drive. Am running Windows XP. Rebooting at least once a day during the busiest times is a definite "must". I can multi-task while running ATX with no problem. I think the HyperThreading is a definite advantage. Unless something drastic happens, I don't plan on changing my system any time sooner than a year. If you do nothing else, backup religiously.

I agree with you, John. I did prepare and file three claims for the credit in 2008; only had one questioned so far. I have already had numerous calls and questions regarding the 2009 credit. Of course, everyone wants to amend and get the money ASAP. Many of them are looking for a workaround to the 3 year non-ownership requirement. I will NOT be a party to any of that. I will only file them if I absolutely know that they qualify. It is more work now and more work down the road if and when the IRS requests to see the paperwork.

And that is exactly what they will do. If they want a copy of the closing papers, etc. ; they will ask for them.

That is the method I use; generally because I use two different computers at two different locations. Just always have to make sure to have the latest update for the program and forms on both computers.

I wouldn't "mind" seeing a more colorful design, but I am VERY happy with things just the way they are. There is no way we can ever thank you enough for what you have done for us and our clients.....You gave us a home, whatever color you choose to paint it is fine with me.

It will adjust itself in the Cost of Goods Sold. Opening Inventory, Plus Purchases, Less Closing Inventory = COGS.....It will increase his COGs and decrease his Gross Profit. (I hope I am thinking correctly on this one as I have had a summer cold for a week). If not, someone is sure to jump in and address any error I may have made.

I only figured it out after three "brains" told me how.... :scratch_head:

I also went to the IRS web site and printed everything relative to the Recovery and Reinvestment act. Also have a "Special Report" from CCH; but don't remember where I got it. All of these pages have been referred to over and over as clients as well as other preparers, call with questions. So many people are also asking about the credits for Energy Efficient Improvements to Existing Homes. All of those who purchased new furnaces last year with the idea that they would get a credit as well as the new furnace they needed, are kicking themselves. Just more proof that one never knows what the Government will do from one year to the next.

JRS is correct...for 2008 it was a $7500 no-interest "loan" that has to be paid back over 15 years. This year it is the $8000 credit, BUT there is a lot of criteria to follow as to eligibility. In regard to anything, I always tell my clients, "That is the law this year. Who knows what it will be next year!"

Catherine is correct. The EIN belongs to the Partnership. If the percentage of ownership is 50% or less, nothing is affected., as per the EIN.

Surprisingly, one of my clients brought me a full body netting suit. I am doing just fine. We can do some deeper research on the Homebuyer Credit, but I think you are correct to have her take it. The only problem I see (re IRS) is whether she has kept her married name and will be filing as such. I had one client that was called on the fact that he had paid property taxes in the prior year. They were on vacant land, but he had to explain the situation and furnish proof of purchase of new home as well as proof that the property taxes he paid were not on a home. Will talk to you about this next week. (BTW, I am also allergic to the "cillin" family, but I do have an Epi Pen to carry now. Thanks to you as well as all the others on this board who expressed concern. :)

Wow, Jainen, that is some heavy stuff coming from you. Sara (from Joan's) hasn't been around long enough to have learned to read between your lines. Because I know her personally, I know that she would never do anything to compromise herself or her client. I think she should take the credit. Sorry to hear you had medical issues. I had some myself on May 21; when I had anaphlaxic shock from black fly bites and got to have a 40 mile ambulance ride, sirens all the way. Since that close call, I have really come to realize how relative things are and how important it is to make the most of every day. Nor am I going to live in fear, but am going on with life as usual; just taking precautions.