OldJack

Great Picture!!!

You deduct it on 1040 at the bottom of page 1 on a line in the adjustment to gross income section. See the worksheet on page 30 of the 2009 1040 instructions.

Poll seams to indicate we all really want one forum, but we have to acknowledge there are at least 30% of us that hate the water cooler and birthday posts.

You do the At-Risk Limitation form 6198.

Yes, your client can claim he was not a responsible officer for payroll and tax payments, but he has to prove it.

Loss limitation is determined at the shareholder tax return level and is not shown anywhere on the S-Corp tax return. This due to each shareholder may have a different basis and limitation.

>>The IRS emphasized that e-file is the fastest, best way for those affected by the delay to get their refunds.<< Best only for the IRS.

>> While your sentiments are somewhat understandable, OldJack, the description of this particular forum is General Chat -- This is a "Community" board with the sub category of "General Chat". << Recognize it or not the other forums are not where professional tax preparers visit regularly. They come to this forum because there is little or no activity on the other forums and so they read your water cooler junk rather than answer tax questions. Thats fine with me as I seldom ask questions and usually don't get answers when I do ask a question. Merry Christmas and good luck with getting answers in the new tax season.

I for one believe the birthday and NT posts hurt this forum. A tax forum should not be a chat room.

Well... a beneficiary has no vested interest in an account until the owner dies so the distribution could be from any account. However, if it is a required minimum distribution after death it has to be separate calculation and paid from each beneficiary account.

Retirement in progress and practice is sold. Where is the party?? :)

It will be a cold day in hell before I give them my fingerprint. I have never given a fingerprint to anyone and don't intend to start now unless they arrest me for something and take it without my consent.

Agree with Kea and Jack from Ohio, but would suggest you take the appropriate distribution from each IRA account (if possible) for clear record of each account requirement. This especially if an account has non-taxable basis.

Well... I did attempt to become an ERO with the online application. If I have to give a fingerprint to get a EFIN I will just paper file.

Are the 6 digit number all numbers or are there also letters? Does the confirmation code contain the EFIN number?

I have never efiled. Last year (2009) I registered with IRS eservice and received a confirmation code but I have never seen a EFIN number that ATX needs in order for me to efile. What does an EFIN look like and how does one get it?

Well... taxbilly does not want to answer the question except to refer you to the pub. Page 14 gives the answer that if the office is not a separate structure and is in the home you do not report a sale of a business asset (the office) on form 4797 and only exclude that portion of the gain as to depreciation from the gain reported and excluded as 121 on Schedule D.

I don't recall any document that states or implies a 50% of profit as a rule of thumb amount for officer salary. In fact, salary is NOT even required if there are zero distributions or payments of any kind to the officer shareholder.

I would make sure that both taxpayers understand the possible problems of filing a joint return before doing so. There was a reason they did not want to file joint in the first place.

Shareholder receiving a 1120S-k1 is NOT self-employed and as such the income is not subject to SE tax. If the amount is not large the odds are the IRS will not cause any problem. That said the client should know he is required in most cases to take a salary.

All other related company employees have to be included in any retirement program of any of the related companies.

Why would anyone care about helping the IRS with anything. They certainly are not helping tax practioners with anything now days. I say let the client fold them and stuff them anyway they wish.

Nothing else to do at this time of the year! Its not like anyone needs me for anything. :)

Wow! This is the best tip I have gotten on this forum! I plan to try it in the guest bath and powder room this Christmas get together. :)

lmao.... that is a great video John!!