Lion EA

I was typing while eating a bowl of soup and didn't proofread. I meant Then is the adjusted cost basis in the hands of the partner receiving the asset the same as the book value to the partnership when it distributes the asset?

I've used IntelliConnect for a few years. It gets better each year, and I learn more about using it each year. I can access it from within ProSystem fx and from any browser and on my iPhone. If within a return, it takes me right to info re that line. If you have young staffers who Google everything, you can have your browser return the IntelliConnect results right at the top of your browser results. You can choose by Code or Regs or Explanations or Charts or.... I can print out just the highlighted passage I need, but it includes the source for me. I can save to my-named folders, such as CT or Property Regs. Take any webinars that are available and use the built-in help and videos to learn it.

Thank you, Mr. Davis. Then is the adjusted cost basis in the hands of the partner receiving the asset the same as the book value to the corporation when it distributes the asset? Holding period for depreciation? Glad I don't have any partnerships holding real property now. I brush up by taking classes when I get something new in my practice. You and this board help me know what I need to study!

Don't have any rentals owned by more than one (or more than just H/W) right now, so haven't looked this up lately; but, I was taught that joint ownership of a rental property in personal names (not owned by an entity) does not mean a partnership. Although, the owners can choose to be a partnership. I do know the regs have penalty relief for partnerships with 10 or fewer (fewer than 10?) partners for not filing a 1065 as long as all is reported on the individual returns. If your clients prefer filing Schedules E, I'd go to the IRC and research. Also haven't dissolved a partnership with real property, so hope someone answers that question for you. Doesn't the partnership distribute assets at FMV to partners? (Or, book value?) Might partnership then show gain or loss that passes through on final K-1s? Partners receive assets at book value for depreciation? Just moving this up so someone who knows will jump in!

Just for the record, I use ProFx and keep my costs down by using pay-per-return and pay a fraction of that CPA firm's cost. I have found that the additional returns I can prepare -- and charge for -- each year pay for the cost of my software.

Definitely keep the 1941 stuff. Put it in a glass case on your wall. Let your clients know the history of your firm!

How many pages does it have?!

I had a carpenter client who installed a large mail slot in my front door. One of the best things I've done! I do remember the hand-built mailbox you remember, so think that preparer will jump in with his details.

Ones that don't have an applicable financial statement, maybe? Away for Thanksgiving, so I'll read the notice next week. See the Notice # in NECPA's post.

Check with your web site. It may include a simple portal. (My CCH SiteBuilder web site comes with FileShare included.) Or, your tax software. I've heard people talk of that, too. Or, your ISP. There are some free and low-cost options out there.

This getting old is maintenance, maintenance, maintenance! But, it's better than the alternative....

And WHY is this a tax issue?! I am definitely raising my fees re ACA.

Had some ACA updates Monday night in a 2 CE tax class. With exceptions of course like anything from the government, the company issues the forms only if they are an ALE (Applicable Large Employer, and the number of employees is different for purposes of issuing forms and for paying penalties!!) and self-insure their plan. For my small biz clients, the form will come from the insurance companies and not them. Everyone who had insurance for even a month (the forms are to be month-by-month) will get a form. Most of my clients will have forms from insurance companies and a very few from of mine will have the 1095-As. It sounds like an employee of an ALE would get two forms: B from the insurance company and C from employer with information about offering program. What a nightmare.

Same. In fact, I label it Continuing Education.

Also, CCH's e-Sign. No license fee. Just pay when you use. Can use for verified signatures, such as signing tax returns, or for unverified for a smaller fee.

Try to get demos of the programs to try with your tax prep software. I have CCH's Scan & Flow. Have done a lot of scanning/organizing but not much flowing (computer crash, scanner upgrade, laptop the program was on died, etc.). Each year the program reads/recognizes more and better; scanning was never the problem. An occasional is it a 6 or an 8 question, but it color codes it for me to check against the original document. Do get a good quality scanner such as Fujitsu, as sometimes it's the light source in the scanner that's the weak spot and not the software. You'll need to test how the programs compare when importing into your tax software. And, how the cost compares to hiring a data entry clerk.

I am very sorry for your loss. My prayers go out to you. (Unfortunately, I'm in CT; but I know you will get some help.) Please visit this Community from time to time to let us know how you are.

I'm doing more and more of what JohnH does. Used to think I needed the face-to-face interview, but learned that receiving the hard copy and having hard copy of what I told them (well, electronic but printable if needed) is really more important. I build a fee into my tax prep fee to cover those questions throughout the year. I do want them to contact me BEFORE they do something with tax consequences, so I try not to bill extra. I adjust their tax prep fee each year as I get to know their needs better. If I don't feel used, the fee stays the same. If I was feeling put upon during the year, next year's fee goes up. Sometimes I detail the reason, sometimes something vague like Bookkeeping or IRS inquiry or..., sometimes it's just less of a discount or I refer to some tax law change when I talk with them. But, I try to have only one bill per year so they feel like they are receiving service from me during the year as opposed to paying those 15-minute increments like their lawyer charges.

My CCH website includes FileShare which I've convinced some clients to use. Easiest if I send their return/signature pages that way as they receive an email with a link. But, they can initiate use also, such as wanting to upload their tax documents. Am trying out CCH's eSign which sends a link that includes their return as well as the signature pages. Free to license the program; about $3 to sign with authentication of identity; about $1 to sign without authentication; $0 if no signature. More or less, haven't had a chance to try it out yet.

My "kids" with the new premie are not at all happy with the time change. Infants can't tell time and still cry to be fed and changed at their usual times. I remember going to college where the time did not change and living where it did; made reading the train schedules a challenge.

My "projections" are just on the fly, off the top of my head, looking at the numbers on the state's K-1s, no calculations that take pencil & paper.... It's hard to bill enough for these blasted things! Hope you got what you were worth, Sara, for 58! I have one client with a dozen or so and a dozen in his trust, also, and other clients with six of more; of course, they all have 4-6 activities in each K-1. I really need to raise my prices on these.

I lay it out for the client who almost always decides not to file state returns with tiny amounts and pay me for prep. Of course, I require resident state and any other NR that they would do withOUT the K-1; for example, I include the K-1 input in CT and NY for my NY commuters without even asking. I'm very clear on which states require them to file, how much I project their refunds to be in all states, and where losses now might help them when selling later in states. I make the client decide. I need to start putting that on paper over their signature. Mike: do you have a form they sign or a paragraph/bullet point in your engagement letter re NR state returns that you would share?

I know I hijacked this thread. I'm sorry. But, I'm so grateful for all of you as I navigate my first ID theft. IP PIN: I've heard of the PIN that the IRS mails you before each season starts, different PIN each year. And, I've heard some of you talk about going online to get your own PIN (permanent?) that's a trial in FL, GA, DC maybe, a few states. Which one do I need? And, if the mailed PIN, does that result from the 14039 or do I fill out something else to get a PIN mailed to me? CCH told me to call (had announcements with phone #s right on the Reject when I clicked on it for more information) both the IRS and SSA. I tried calling, but the hold times were about an hour, so haven't talked to anyone yet. Is there anything I need to do via telephone? What info do I need to give SSA? Do they have specific forms?

I could not say it better. Margaret and Judy expressed my thoughts eloquently. My prayers are with you and with your family and with your whole medical team. And, you're always a member of this community.

There was a real run on fraudulent CT returns this year. CT did jump on that and started sending out letters asking for information when they had suspicions. I did get the CT and IL acknowledgements back this afternoon. Happy for that since we owe CT and were doing direct debit. Didn't want the payment to be very late. The state returns were never rejected, just not submitted when the federal was rejected. So, aren't the states late since I didn't retry before midnight? And, isn't my direct debit a day late? I'll make hubby stand in line at the PO on Monday to get our return weighed and mailed with a check. That payment will be late also. Or not late, since return was rejected? It's not as big as the one to CT. So glad I always have us owing at least a little, so we're not waiting on our refunds. (IL is a tiny refund, but applying it to ES anyway.)