rfassett

I do not want to work on your return this year!

I always fill out the balance sheet, M-1 and M-2. OK - not exactly always. I have one - very, very small (revenue wise) partnership to which I do not prepare the aforementioned schedules. But it is just that one.

And answer all of the questions on the eic input screen?

Follow the tabs at the bottom of the screen. I think you will find your answer there.

No issues here. Version 15.3.5861.36501

Almost sounds like a partnership with guaranteed payments. He would not be an employee of the partnership, but his pass through earnings would be subject to self employment tax.

I use gototmypc extensively. And it works very well for my purposes.

Never a dull moment around here. We blew through the preparation of our quarterly and annual payroll reports and our 1099s (still waiting for info for about a half dozen of those). The general consensus in the office is that the payroll reports and 1099s have gone smoother this year than ever - and we did not do any fewer. Moved from payroll reports and 1099s to a financial statement audit and finished that yesterday. And in the meantime we are wrapping up year end financials. Somewhere in that mix, we did payroll tax deposits and sales tax reports. And I have completed five corporate returns and two individuals. All of that - and I am just treading water. The work will continue to come in steadily for the next eight to twelve weeks. Our cut off this year is March 20th. Anyone showing up after that day will be extended. Back to this month - I have oft said that January is far and away the busiest month in my practice. This one has been no different. If not one more thing came into the office to do, I am good with work for about three weeks.

I do not see an 1100-V in ATX. The 200-V is there but it does not come up with a balance due in the corp return. The letter says to send the balance due in an envelope with the payment voucher and a check made payable to DDR. Write 2015 Delaware 1100, the voucher number and the ein on the check. So ATX leaves it a mystery as to which voucher to include but it does note that a voucher should be in the envelope. It sounds like the letter with the requisite info should suffice.

Makes you want to jump up and yell "COTTON EYE JOE"!!!!

Yep - it was explained pretty well in the info I received before renewing.

Not here. We have both programs on the server / workstation set up and have not had the issues you describe. Of course I have done next to nothing in ATX2015 since we are always up to our eyeballs in payroll reports and 1099's during January here. But I do make time to at least open ATX2015 everyday to capture any updates that might be out there.

Call tech support if you are not on ppr. I had this happen a couple years ago and it had something to do with an errant file that was in the system. They logged into my system, renamed the file and restarted the program, made sure everything was working and logged out. Took less time than it took me to type this - well almost.

Like Gail, I have had a few of those here in PA. Never in VA. But PA is very money hungry and are turning over every stone looking for pennies. Heed Gail's advice. Cooperate and check the work. There is not too much gray area in the sales tax arena - but there may be some. They will be looking at purchases to determine if use tax should have been paid - at least that is what they do here. As Gail alludes, frequent internet shoppers are avoiding paying sales tax and not subsequently paying the use tax. The few audits we have had, none had a sales tax issue - they all had a use tax issue.

Our minimum fee this year, the fee that will entice me to put my signature on a return, is $200. For the scenario you posted, I would charge that guy $200. Where I work and play, that means, assuming he did not move during the tax year, three returns - federal, state and local. Where I work and play, the state and local do not play off of the federal. I practice in a town of about 5,500 people in what seems to be an area not so different than yours. I do not seek out the type of client you describe - but if he shows up and we do the return, he will pay us $200. And we will not apologize for charging him that/

I don't own shares but Medtronic is near and dear to my heart. No, I mean it is near and dear to my heart. That is the brand of pacemaker that keeps my heart beating. Without my Medtronic pacemaker, I would beat no more.

The late fees would not be considered interest unless the lending agreement stated that the late fees are interest. Probably not the case here and the late fees would not be deductible. So you are saying that the substantial shareholder distributions in a loss year probably attributed to the credit card being paid late on a regular basis? Not sure what your point is with the statement about the loss year and the shareholder distributions. I guess if the corp had a large AAA at the beginning of the year (because of previous years being profitable and distributions not equaling the current AAA on an annual basis), there would be money to distribute. But if the shareholders took distributions beyond the AAA, the shareholders probably have a capital gains issue at the shareholder level.

End of this week.

I deal primarily with self employed folks. A few years ago I analyzed and surveyed all of them to determine if and when they would retire. The bottom line? Almost none of them planned to retire. Almost to a person, they were well planned financially for retirement and they said they may not continue doing what they are currently doing, but they will never retire. It's the nature of the entrepreneur. The point, they will be doing something constructive their whole life through. These are not the mall sitters unless a health issue has come into play. Even then, I doubt that I would see them sitting in the mall. That said, I will exit this profession soon, at least from a full time position. But I have years and years of things to do. It will be a long while before I am bored. A very Blessed and Happy New Year to each of you and yours!

Geez! I thought I was amongst the senior servers with my 32 years. OK, you win! But I am with you, there are not too many more years of service in front of me, this is the greatest of forums, and I wish you and all of the others a very Merry Christmas and a Happy New Year.

Wow! Dear Client letters and it is not even tax season yet. Hope your day gets better! Merry Christmas! Oh - and you have no ownership in the client's doing when they act contrary to what you tell them. That mind-set has helped keep me sane (or at least very close to the border) for the last few years. Took me many years to come to that realization. Again - Merry Christmas to you and yours!

For trusts, the capital gains rate is 20% for the 39.6% tax bracket, 15% for the 25, 28, and 33% tax bracket and zero % for the 15% bracket - according to the USMTG 2016 - paper version.

It was posted Tuesday night which allows it to be voted on in the House Thursday (today). And then it goes to the Senate for vote. Assuming no changes in the Senate, it would then go to the President for signing. In as much as this is part of a mega spending bill, I believe the jury is very much still out as to whether this can get done by the end of the day tomorrow after which Washington will look like a ghost town until after the new year.

Them's the rules. Depreciation is taken or assumed taken when it is suppose to be taken. Your over the road truck has a three year depreciable life. If he placed it in service six years ago, you are out of luck. His basis is zero. Hopefully this was not your client six years ago and this can be a teaching moment for you. And you can show him how tax smart you are. Of course, none of that will lessen the sting. But at least he will respect you.

I agree with Gail. At least in MAX, there is an efiling charge for 1099s. If you do a bunch of 1099s, like my firm does, you might be able to negotiate a lower per company charge than is published.