kcjenkins

I too had a problem or three with the old Compaq lines, but I've never had the first problem with the multiple HP computers that I use now. I'd recommend them without hesitation. The best things, tho, about having a system 'built' for you by a local pro is that 1) you get a system that does not waste memory and disk space on a bunch of 'trial versions' of junk you do not want. It's rather amazing how much of that they put into every 'off the shelf' system, and how hard it is to get all of it out of the computer. Today's operating systems are not like the old DOS machines, where deleting a program took one or two steps, and you got rid of it all. Todays programs stick parts of themselves in lots of different places, and 'removing' a program does not necessarily remove it all. Then 2) the second big advantage is that you then have a local person you can call if you do need help with a problem, and he knows your system, and what it contains, and can usually fix it fast, on the spot. Or at worst, you only have to take it in to a local store, no shipping and waiting. And 3) because you told him what you wanted to do with it, he has built it to maximize the system to your type of usage, so it usually runs faster and better, but actually cost less because you did not buy parts that you will not need. A 'game playing machine', for example, will have expensive video and audio cards, to properly display those high-speed graphics on the hot new games, which you may never need if you are buying it to do tax work, and the only games you will play on it are the occasional game of solitaire. They actually slow down some other things, and don't add a thing to the looks of the tax software, or Excel or Word, etc. Most 'off the shelf' systems have at least a good portion of their cost in the cards and parts that are designed to make those popular games look and sound great, because that is how so many people judge whether it is a good machine. But they are worthless to a business computer, unless it's used for a CAD program, or such. Why pay for a great sound system, if you are not going to be playing a lot of music on it? You can buy a great CD player for that, much cheaper. One of the reasons for Dell's popularity is simply that they ask you about uses, and then sell you a system that maximizes the usage you tell them about. They remind me a bit of CCH, in that they have a good basic product, but much less good marketing, support, and accounting departments.

You can efile mulitple states, but many states do NOT allow you to efile Part-Yr or NonRes returns. You just have to check the state involved.

I'd expense it. It did not increase the value of the property, nor extend it's life.

We will have him and his family in our prayers.

You are driving in a car at a constant speed. On your left side is a valley and on your right side is a fire engine traveling at the same speed as you. In front of you is a galloping pig which is the same size as your car and you cannot overtake it. Behind you is a helicopter flying at ground level. Both the giant pig and the helicopter are also traveling at the same speed as you. What must you do to safely get out of this highly dangerous situation? Answer below... * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ...Stop drinking and get off the merry-go-round.

It should be simple to update the forms, so perhaps it is the browser you are using. I'd try using IE, and if that does not work, then call tech support. Clearly there is something wrong with some setting, and ATX tech support can probably fix it faster than you can even find it. They can do that interactively.

Yes, Kerry, that money is part of a 'retirement' plan, so no matter what type it is [there are a number of possibilities]. you can not take it out without losing much of it to penalties and taxes. Not a wise move. But moving it into an IRA might well be a good idea. So find out more details, then come back and we will be happy to help you learn your options, and the net effect of those options. Then, armed with knowledge, you can then make an informed decision about what you want to do. Like Zeke said, lots of us will be happy to help you. No cost at all, we will enjoy helping you, just like you enjoyed helping us 'back in the day'.

Well, I would say it is available to both of them 24/7, therefore it's 50% business and 50% personal, both now and when the property is sold.

That is correct. We normally keep things on the depreciation schedule as long as it is used in the business, because of course, if we SELL it, we need to report the income on the 4797. But if we simply scrap it, or donate it, there is no problem. because there is no income to report.

Hey, Arkansas is a very nice state, just cursed with lousy politicians, is all. I'm convinced that comes from the fact that it is really a one-party state, so the bums seldom get cleaned out. Even when a good one gets in, he or she is 'guided' to not let out the party dirty laundry in public, so the bad ones just get more and more power. That is why in one way, Bill did us a favor. His misdeeds led to a lot of local pols getting exposed, and some even sent to prison. Shining bright lights into the corners, under the couches, and in the closets and attics is a good thing, from time to time. Maybe someday we will actually get to the point of having two parties in this state, at least I hope so. Although the Huskster set us back on that goal, quite a bit.

OK, so they managed to totally screw up on the loan, and the banker is an idiot, too. So no basis at this time. Wow, I can't imagine how that happened, but I believe you. Still, with an S Corp, the loss does not stay in the corp, it still passes through. That is the nature of the S Corp. What I think you must have missed was adding a 6198 to the return, to set up the suspension of the loss. Or, in this case, since it is so clearcut, you could just drop down to the bottom of the 1120S K-1 input sheet, and put zero in the line for 'allowed losses from Form 6198. What you should NOT do, IMHO, is to override the income line. You want to put in the loss, then show that it is suspended, so that when you finally get their financial affairs straightened out to the point that they DO have basis, it is clear where it is coming from.

I do not think you are wrong. Tax software is one of the types that must be replaced every year, with the old year's programs being of very marginal use. Writing them off each year is totally reasonable.

I disagree with your statement that they have no basis. The person who borrowed the money on his house, [or their house if this is a couple, a detail that is not clear] and then put that money into the business has basis in the business equal to the funds invested. The SCorp did not own the home, so it could not borrow money on it. So clearly, the owner of the house borrowed the money, even if they immediately put it into the business. Also, the K-1 always sends the loss to the stockholders, where it is determined whether THEY have basis to deduct it now, or have to carry it over. The S Corp does not necessarily know whether it can be used now or not, but that does not affect anything on the Corp books. It's still passed through, each year. You have to properly enter the info into the 1040 to let the software know whether to take the loss now or carry it over.

Well, the assets you own, that she inherits, would have a step up in basis to FMV at that time. The software, once the three years is up, is not subject to recapture, any more than any other fully depreciated assets are. It's only those that are sold or converted before they are fully depreciated that are subject to recapture. But yes, if you convert equipment EARLY, then you would recapture, according to the rules, the §179 at the time of the conversion. See the instructions for that section on the bottom of the second page of the 4797. But your wife will inherit it, so she has nothing to recapture. Hope that helps.

If you live it, they will learn it.

Wish I could be there for you Julie, but I'll say a prayer for you. Hope you have a wonderful day.

I really doubt that.

Memo from CEO to Manager: Today at 11 o’ clock there will be a total eclipse of the sun. This is when the sun disappears behind the moon for two minutes. As this is something that cannot be seen every day, time will be allowed for employees to view the eclipse in the parking lot. Staff should meet in the lot at ten to eleven, when I will deliver a short speech introducing the eclipse, and giving some background information. Safety goggles will be made available at a small cost. Memo from Manager to Department Head: Today at ten to eleven, all staff should meet in the car park. This will be followed by a total eclipse of the sun, which will appear for two minutes. For a moderate cost, this will be made safe with goggles. The CEO will deliver a short speech beforehand to give us all some information. This is not something that can be seen every day. Memo from Department Head to Floor Manager: The CEO will today deliver a short speech to make the sun disappear for two minutes in the form of an eclipse. This is something that cannot be seen every day, so staff will meet in the car park at ten or eleven. This will be safe, if you pay a moderate cost. Memo from Floor Manager to Supervisor: Ten or eleven staff are to go to the car park, where the CEO will make the sun disappear for two minutes. This doesn’t happen every day. It will be safe and as usual, it will cost you. Memo from Supervisor to Staff: Some staff will go to the car park today to see the CEO disappear. It is a pity this doesn’t happen every day.

A group of alumni, highly established in their careers, got together to visit their old university professor. Conversation soon turned into complaints about stress in work and life. Offering his guests coffee, the professor went to the kitchen and returned with a large pot of coffee and an assortment of cups - porcelain, plastic, glass, crystal, some plain looking, some expensive, some exquisite - telling them to help themselves to the coffee. All the students had a cup of coffee in hand, the professor said: "If you noticed, all the nice looking expensive cups were taken up, leaving behind the plain and cheap ones. While it is but normal for you to want only the best for yourselves, that is the source of your problems and stress. Be assured that the cup itself, adds no quality to the coffee in most cases, just more expensive and in some cases even hides what we drink. What all of you really wanted was coffee, not the cup, but you consciously went for the best cups...and then began eyeing each other's cups. Now consider this: Life is the coffee, and the jobs, money and position in society are the cups. They are just tools to hold and contain Life, and the type of cup we have does not define, nor change the quality of Life we live. Sometimes, by concentrating only on the cup, we fail to enjoy the coffee God has provided us." God brews the coffee, not the cups..........enjoy your coffee.

We're still with you, Mel, so if you need anything, just let us know.

I am not sure what you mean by 'tried to override it'? The thing to do is to hit the F3 key, select your name there, and it should then input you as the preparer on all the returns.

So very true.

As we, and our clientel, get older, I expect that we will see more of this sort of goof. Some clients just are a real problem with paper returns. They take them home, take them apart to "look them over", then either put them together wrong, leave something out, and/or put them in the wrong envelopes. I often try to get them to look at them in the office, then sign, and I then put them in the envelope and seal them right then. Just to be helpful, don't you know?

That is so typical of today's IRS. They have no idea what is going on in their own system, yet they blame it all on the taxpayers.

I agree with Tom. Also, for the equipment that he bought, if he does not know how to get receipts, and paid cash, I bet there is a store in town that sells used equipment, and he could get them to give him an estimate of what they would pay him for what he has. Let him get that, and you are safe to use those values, or even just a bit higher, as 'cost'. Also, have him take pics of all the equipment, which you could even keep in his file, as support for what he has and how it looks now.