joanmcq

I see you didn't get any answers. The 2553 has to be printed out and signed, then attached as a PDF to the return. I did one Monday.

You use the FEC worksheet to enter the foreign wage info. And you can efile. I do it all the time.

Under support, select 'government instructions' and it will take you to the place in the instructions.

You can in Sacramento, too. Unless you're at the airport at weird hours like I tend to be. I'm spoiled by free wifi at the airport now. Pisses me off if an airport doesn't have it.

Surf ATX communities of course! Walk the airport; good exercise. Not good if you're dragging suitcases though. Drink your favorite beverage watch annoying TV get a book from the bookseller. do not get 'Game of Thrones' or you will do nothing but read it for the next few days and then rush out to the bookstore and buy the next 5. (Orlando trip this summer-walked 2.5 miles in bad shoes to get installment #2)

I hate the horizontal entry. Too much scrolling, and it's impossible to see the whole entry screen. At least with Sch. D/8949 I've got a choice to use the entry screen or the detail screen.

They'll match on Sch B. I'd do it as dividend received and use the 'adjustments' box.

I've taken into account the timing differences on the Lines 3 & 5 M-2 worksheet (startup costs not currently deductible) & on Sch M-1 (depreciation from leasehold improvements not yet deductible since the biz wasn't opened Dec. 31). The leasehold improvements were added to assets. Small amount of penalties on a late tax payment. I've got the balance sheet open; that's what I'm working with.

Well I had to plug equity since ending AAA doesn't equal RE and ATX doesn't allow for a difference while TT does. Yucko. BUT I did calculate beginning AAA which brought the equity difference down to the increase in the shareholder loan and APIC for this year. Or should those go into AAA as another increase? Doesn't seem right. I'm pretty fried at this point. Got the basis straightened out too, and hallelujah! He has some basis remaining, so the losses on the individual returns were all ok. But this is my last corp, and I'm going out with friends tonight. Sending this sucker out tomorrow and then....its back to the individuals..

They asked me to try to break it and I broke it.

I'm going to start with 2005, the last year the corp was prepared professionally, and compute AAA over again. Last year for his personal return, I had to recompute NOLS, passive losses, AMT NOLs, credit carryforwards, capital loss carryforwards, and the same for CA. It was a mess and made my brain explode on more than one occasion. Comparatively, this is much simpler, and his QB is pretty damned clean. As in - the one adjustment I made was removing penalties & interest from the state tax payments, and have him reclassify an amount in 'opening balance equity' as APIC (we had a discussion as to APIC vs. more shareholder loans). That is a blessing; last year I went over and over the QB until I was satisfied I could rely on the numbers. I just hope he still has basis for taking losses.

Entities aren't free in CA, $800/ yr makes one think twice before piling up LLCs or corps.

Well, unless you are an attorney or passed the tax court exam, you can't go to tax court. The letter you got just indicates they got your correspondence. I'm sure the NOD is the result of the CP2000 not being answered timely.

Yes, calendar year. Big ugh. There haven't been any distributions except for interest paid on the shareholder loans, and management fees. This has essentially been a holding company for the last few years: it provides property management services for his rentals. His QB is actually surprisingly good, but there have been big hiccups on the returns. In 2013 he's starting a business that will also be run through the corp, so I want everything to be as tidy as I can make it. And I really hate plugs, but at this late date, I'll plug if I have to. The balance sheet isn't required for the return after all....

It's been an S-corp from the start. I'm getting the returns I'm missing. The prior year's QB ties into the tax return, but I have a feeling it was done as an import. On none of the returns I have does the AAA tie to retained earnings, but I know there is an issue from back in 2008 since the AAA in that year was zero. I have a feeling TurboTax just started computing it based on that year's loss, and carried forward the bad numbers. Since ATX computes RE from the AAA, I have a feeling I'll have to plug somewhere. AAA is negative too.

I'm doing an S-corp for the first time for a client who self-prepared from 2006-2011. There are some issues, but most that I can handle (although I've asked for the 2005-2007 returns to track basis since 2005 was the last professionally prepared year; I have 2008-11). Like many sole member shareholders, he's made substantial loans to the corp, & this year wants to do some APIC. I've already researched these issues. BUT: the Turbo tax return from last year has in Sch M-2 a balance of (173,229). Retained earnings of (363,041). ATX equals line 8 of the M-2 with retained earnings. I still haven't accounted for the $66096 of APIC and I'm over $100k out of balance. This is my only S-corp I'm doing that I'm not doing the books/return from inception. Can anyone shed some light on what may be going on?

Damn, I was wondering why my computer was so slow yesterday. Thanks for the clue.

All rulings have effective dates. I'm not sure why 9/16 is the one for this ruling, but it is. If the couple was married in 2012, then there are several possible scenarios: The couple already filed as single/single for federal (in CA they've filed a joint return for the state since 2007 whether married or RDP). These couples have the choice to amend if beneficial, but don't have to. They filed under the laws as effective at the time of filing. This is the difference for same sex couples and het married couples. The couple is on extension. They can file MFJ/MFS or have a window up to 9/16 in which the old laws can pertain. Planning, estimates, extension payments were all based on the law of the land as effective at the time the extension was filed. This may be the reasoning for the window. The couple was not married in 2012, but has since gotten married. They will have to file MFJ/MFS for federal for 2013. They were single in previous years and do not have the ability to amend back years. The Supremes did not rule that same-sex marriages are only recognized since the date of the ruling. DOMA, which prohibited the feds from recognizing marriages performed legally in the states or other countries was tossed out as unconstitutional and discriminatory. Same-sex couples have been legally married in many other countries and several states for many years. Like any other situation where one may have filed where the law is being litigated (remember sales of stock received in demutualization? That was litigated for years and the IRS position was not what the courts finally decided), once the courts have ruled, amendments are permitted. Allowing amendments also follows every other pronouncement regarding SSMCs. When the feds were required to recognized CA community property law in the case of SSMCs, amendments for open years were allowed but not required. Two states who do not have same-sex marriage but whose return calculations begin with federal and require the same filing status as federal have already said that SSMCs should use the same filing status as federal (Virginia & Utah).

Beta testing is being done network if that is what you have. I can't test network though, since I don't have it set up yet.

RDPs aren't married for federal, so it's the same old PITA for them. Although most of my RDP clients are getting married as before years end.

the date files are in Program Data, not in Program Files. Older years the data was in a folder in that year's application. Not with 2012.

I call late; the IRS is open until 8pm. So I get the people working the late shift, and sometimes I get a pick up so fast I'm not ready for it. But never on a Monday.

I'd like to have an exercise bike as a desk chair. That would certainly help avoid the tax season gain I seem to get every year!

I agree with jainen. It is an audit, just an automated one.

She actually didn't have A/R. Just had a phone call, and she sent me the wrong balance sheet! She's subsequently set up a new biz, which is the partial B/S I got. Had a nice conversation, and she did contribute more than the $22k from Bank of Dad. She did repay the loan with the proceeds of the sale. All of her contributions were booked again OE but it loos like expensed on the other side. So no basis in the website?