Bart

If I have a 2848 can I get a copy of the clients' transcript thru eservices?

Can a regular C corp pay for the funeral expenses for one of it's employee's relatives and deduct the costs?

My grandson is 27 months old. He is out in the backyard with his mom. He is pushing on a large maple tree. He looks at his mom and says "stuck?"

Is is difficult to set up? Is it difficult to maintain? Does it cost? Does it use up valuable bandwidth?

I got this yesterday. www.atxinc.com Dear Valued ATX Customer, Major changes in our industry and our profession will impact all of us over the next couple of years. First, the Internal Revenue Service later this year will launch an ambitious new initiative to register all tax professionals. Starting Sept. 1, 2010, the IRS will require anyone who prepares and signs a federal tax return for a fee to obtain a Preparer Tax Identification Number, or PTIN. Even if you already have a PTIN, you will have to register with the government. Over the next three years, every registrant who is not a CPA, enrolled agent or lawyer will have to pass a basic competency test to be designed and administered by the IRS. And every registered preparer will also have to complete at least 15 hours of approved CPE each year, with CPAs, enrolled agents and lawyers being allowed to fulfill that through their existing CPE requirements. This new registration and testing plan represents the first-ever federal effort to certify as many as 1.2 million tax professionals. We at CCH Small Firm Services (SFS) have been working closely with the IRS on this initiative so we can provide help and training for our customers as the registration program unfolds. (For more details, please see the SFS Customer Bulletin by clicking the link in the sidebar to the right.) A second major change involves mandated electronic filing. Starting in January 2011, any tax professional who prepares more than 100 individual or fiduciary federal returns will be required to electronically file all of those returns. A year later in January 2012, that threshold will drop to 10 returns. If you are not already e-filing, the SFS team is ready to support you in every way-from helping you obtain the necessary Electronic Filing Identification Number (EFIN) to showing you how to file electronically and train your staff using our Training Electronic Filing Center. In conjunction with the e-file mandate, the IRS will be rolling out its Modernized Electronic Filing (MeF) platform for Form 1040 next January following what amounted to a pilot program this season. It will cover the 22 most-used forms, which the IRS says take care of at least 70 percent of individual returns. MeF will enable XML files and the ability to attach many more documents to support tax data. And MeF will also involve real-time filing so IRS acknowledgements can be returned in minutes rather than hours. As the largest provider to the independent market, SFS is ready to ensure that you receive all the benefits of this new technology. We will be mailing you a renewal quote next week. But you can renew now by calling 1-800-495-4626 today. Doing so will guarantee that you receive the full benefit of our support for the important changes in the coming year. And by renewing now, you can also take advantage of the lowest prices of the year. We thank you for your continued business and look forward to working with you in the future. Sincerely, Jeff Gramlich, CPA, CITP President CCH Small Firm Services P.S. - Renew now and you could win up to $3,000! That's right...everyone who renews by May 27, 2010 will automatically be entered in a drawing for a first prize of $3,000, a second prize of $2,000 and a third prize of $1,000. So don't wait. More from ATX: You should receive your renewal quote toward the end of next week. But you can renew ATX now and save! Call us at 1-800-495-4626. SFS Customer Bulletin Click here for details on IRS mandates for tax preparer registration and e-filing…and more! Special Report on Health Care Reform How will Health Care Reform affect your business and your clients? Click here for a Special Report from CCH. Click here to see last year's winners in the Early Renewal Sweepstakes! © 2010 CCH Small Firm Services. All rights reserved. This email address is not monitored on a regular basis. Please contact customer support, sales, or renewals departments with your respective inquiries. If you do not wish to receive unsolicited marketing messages from CCH Small Firm Services, click “Unsubscribe” and include your Client ID in the e-mail. We will continue to provide you with technical and informational e-mails. CCH Small Firm Services 6 Mathis Drive NW Rome, Georgia 30165 USA

Do you have an email address for them?

I was told by a client that the sale of a cow that they raised was not taxable this year. Has anyone else heard this?

Marie and OldJack are both right. Check the box on the 1099-R and it should show up on the MO-A, Page 2.

On the 1040 Filers tab there is a place to enter the country name if your address is in a foreign country.

When you have COD excluded from income you have gotten a tax break. Seems to me the idea of reducing tax attributes keeps you from getting a second (double) tax break. I would think that deducting the prepaid loan fees is double dipping. It also seems to me that the prepaid loan fees were paid for with the loan that is now forgiven. Seems you are going to deduct something that is now not even paid for.

Lion Your son is getting married 100110 which looks like some secret binary code. Or the fact that 100110 = 38. Long marriage.

Toyota is selling inventory whereas this person is selling business property which has depreciation recapture, sec 1231 gain, interest or maybe something else.

I would probably adjust accumulated depreciation so there was an increase in the basis left to depreciate. I would not change the original cost of the truck.

You did not sell the boat for 30,000. You sold it for something less with the difference being interest. Like your example above, you actually sold the boat for 27,000 and when you collect 30,000 over the years you have recovered your sale price of 27,000 and collected 3,000 in interest.

I am with KC and I would wait.

I have a taxpayer who has two entities - an LLC taxed as a partnership and a C corp. The LLC owns a building that the C corp pays rent to use. The LLC has a mortgage loan for 450,000. The C corp has a line of credit for 250,000. Taxpayer consolidates both loans into one loan for 750,000 and the C corp is making the payments. How do you characterize this transaction? What are the tax consequences to both entities?

I filed a tax return electronically that I now realize was incorrect because business miles were overstated. Is it true that I can just file another 1040 before 4/15 instead of being forced to file a 1040X in a few months?

It is hard to make a return be right when the source documents are not right. I have always heard that two wrongs don't make a right. Perhaps, in this case, if you make the return right by forcing it to be right by doing something wrong, you have made a right out of two wrongs.

How can I attach a statement to a 1065 K-1 that is going to be electronically filed? I also need that statement to go to the partner.

You say you filed an extension on 2/26 that had a payment due with it. Was that payment mailed in seperately or was it automatically deducted from their bank account? If it was automatically deducted, which would have happened by now, the deduction shows that the extension was received by the IRS.

I got the same kind of virus over the weekend. My computer guy says another of his clients also got it. The only site visited by both of us was www.whitepages.com.

Why not report it on Schedule E?

Women are Angels And when someone breaks their wings.... They simply continue to fly.........on a broomstick . .. They are flexible like that

I do not understand how a company can sue her to make her pay back unemployment.

I just tried one and as long as the Schedule A was more than the standard deduction the amount on lines 5, 6 and 8 did go to the Form 6251 line 3.