schirallicpa

We always have about 20 on extentions - some of those because of corps on extention. I knocked my socks off over the weekend to get everything done, so today it doesn't matter if ATX is down!! Gotta plan ahead for the software or internet NOT to work. We actually paper file any last minute extentions. I'd rather have the post mark than wait for the computer to confirm acceptance. On to the 990s!

My husband used to work for the railroad. Gee - does this mean I should go back and amend for some mileage!!.. Just kidding. Commuting is commuting. Anyway - most of these guys probably wouldn't have enough other deductions to get any benefit from it anyway. They just yak. Railroad workers are notoriously full of it. ( Remember what the railroad guys were like on "Polar Express" - the chubby one and the skinny one with all the hair. The guys my husband worked with looked just like that. My kids got a real kick out of it)

If someone lives in a mobile home (house trailer )on a rented lot, do they qualify for the first time credit? They own the trailer, they rent the lot. They are buying a real house. In reading the info on the IRS website, I am getting confused. They are saying that the credit is available for someone buying a mobile home: "Q. Is a taxpayer who purchases a mobile home and places the home on leased land eligible for the first-time homebuyer credit? A. Yes. A mobile home may qualify as a principal residence and it is not necessary that the taxpayer own the land to qualify for the first-time homebuyer credit." which - if it qualifies as a principle home on the purchase end, then presumably, it is a principle home on the other end, and disqualifies as first time homebuyer credit. But, 1 question later it contradicts: "Q. Can an individual who has lived in an RV qualify for the credit? A. For purposes of the first-time homebuyer credit, an RV with a built-in motor is personal property that is not affixed to land and does not qualify as a principal residence. Accordingly, someone who has owned and lived in an RV within the past three years may still qualify as a first-time homebuyer." So now I interpret this to mean that a mobile home is not a principle residence, because its not physically attached to the ground. Anyone else had this question? thanks. Hope everyone enjoys their day off tomorrow!!

Now you are awesome! I really appreciate your help and insights. And have a wonderful Easter, while you're at it.

AH-HA - page 12. In the entertainment section. I was in the meals section. THANK YOU!!

Thanks for the link. I had checked the pub and it - of course - doesn't have the 80% rules, or anything about the 100 miles from home. I'll google further. Thanks again.

I'm glad you posted what you found. I didn't find that earlier in the year when looking for it. Now I can't remember what the client was doing - buying land, or buying a house on contract, or what ever got me out in that direction. Now I will have to back track....But really appreciate your posting that!!

This guy drives within the state, and sometimes is overnight if he has to wait to be onloaded. He has given me his days out- sometimes 24 hours, sometimes 17 or 18, and then a few that are 7 hours, and few that are only 4 hours. He gets a W-2, but is not reimbursed. I'm trying to get my head around all the rules: (If someone could confirm:) He only gets the 52 or 59 rate if under DOT regs(?) OTherwise he gets 39(?) He only gets meals if he's out greater than 8 hours(?) and he only gets meals if he's traveled more than 100 miles from tax home(?) I'm surprised I am not able to google and find this info a little more cut and dried than I do. I appreciate the help!!

Clients daughter started college in Fall 05. Took Hope on 05 and 06, then Lifetime for 07 and 08. Finished college in Spring 09, which is still the 4th year of college. Can we take the Amercian Opportunity? What do you think?

A lot of veterns benefits stay under the IRS radar. Good for them. God bless the veterns. I doubt anything is reported on it.

Thank you so much! BTW - in NYS we get a deduction for contributing to 529s....... We also get governors who use our money for their own play time, but that's beside the point.

Client had put money in 529 years ago, with before tax money. Doesn't remember any benefit tax-wise for making contribution. Regardless, has taken money back out, but not for tuition. 1099Q shows a small loss. I'm finding info telling me to report this loss as misc item deduct, but I think that's only after the proceeds are used for tuition. Since it wasn't treated by the client for tuition, then does it get reported on Sch D as just an investment that lost a little money? Thanks.

Client is school librarian and takes trip to South Africa thru People to People. The trip included her touring various libraries and sharing with them how US libraries are managed. The trip did fulfill her 40 hours of professional ed credits. The trip cost her around $6500. I'm thinking, perhaps an allocation of the cost, at best. But this trip wasn't really ordinary and necessary. Can someone give me their thoughts. thanks.

ATX has continued to improve its product. On a NYS corp return you must indicate what state the corp is incorporated in. And if it is not NYS, you must indicate when you started doing business in NYS. (This I think is a new error popping up on NYS corp return.) Anyway - new client. doing business in NYS since 1997. The state of incorp is Delaware. They have a very small oil extraction outfit. I have no idea why they are incorp'd in DE. In fact, i don't think I have ever come across a corp in NY that wasn't incorporated in NY, so I had not stumbled across this before. There is a $300 fee for a "foreign" (non-nY) corp doing business in NY. Otherwise, the fee would be $25. But the $300 fee doesn't come up until I put in the date started business in NY. The thing is - they have always disclosed on the cT-3 that they were Delaware corp. And it is blantantly obvious in reviewing the return and 1099 that they are doing business here. They have never paid the $300 fee. In fact, last year, they inadvertantly paid $100, when they otherwise should have paid $25 (well - if a NY corp) and got a refund. So someone in Albany must have looked at something, but no one has noticed. my question? I don't know....I just don't want to tell them that they have to pay this. Let alone they should have been paying it all along, and maybe they should amend, or maybe they will get caught. Am I understanding this right? Any thoughts out there.

I'm just asking for quick clarification on EIC and dependency rules. If 2 people living together have mutual children, then I can split the children between the returns. As I understand, the person with the greater income would claim HOH. Also - my question - the person with the greater income takes all the kids as EIC kids, regardless of who takes them as dependent. Is that correct? Thank you for your help.

Hey - thanks! I appreciate your reply and your helpfulness. Some of the replies you get are not helpful at all, and really a chiding because you dared to ask. I just need some one elses opinion, and I thank you for yours!! Have a wonderful day....

The attorney didn't file the 2553. whats new. Why don't people just come to the accountants first? It is not legal work setting up a corp. Just let me do it. It's easier...... Anyway - I know I can file the 2553 with the 1120S in this first year "Filed pursuant to Rev Proc 2003-43" And it will fly. But does anyone know if NYS will take a late election? thanks again.

1374 being when we transfer assets to a corp tax free, presumably, there needs to be an attachment somewhere that says were electing this. I don't find on the handy elections form, but I'm wondering if there is some standard lingo that someone has contrived. Thanks for any input.

You guys are awesome. This is exactly what I was thinking, and you, especially, kcjenkins - are always so helpful. thank you!!

This is a new client. The previous tax preparer did not amortize the portion of the purchase price that was considered intangible "business" purchase - the agency's clients. I know there are times under GAAP when things like this just never get amortized, and are re-valued - if you will - if they decline in value. Whats the correct treatment on the tax return. Can anyone point me to "code". thanks!!

Agreed!

the big AH-HA! I had a link problem. No wonder it didn't seem to be working right...........

Oops - NP, PN.....Ok fresh eyes this morning may help. I see now how this works. Thank you! And thanks for everyone else for their input. I agree - I'd rather do the return based on the fact that there is gross income from a state, and then at least have some record of the activity. Good day!

My client is a full year NY resident, having moved from Col to NY in 2008. She is renting her former residence in Colardo, and is taking a loss on it. This would be her only Col source of income. I have attempted the NP form, and am coming up with a taxable amount (because it loads everything from the Fed return.) I'm not familiar with Col. Do they want non-res to file just to report a rental loss? Can we skip this one? If not - hmmmmm - how do I get the form to only look at Colorado income? Some state returns let you find a worksheet where you allocate Federal income as resident income or non-res income. Am I not finding such worksheet? Thanks in advance for any help.

Thank you everyone. I appreciate your help.