any accountants out there that i can ask a question?

[Jack out of the box]

The risk is that it will get lost in the mail. Nothing to worry about, as you can just send it again if they haven't received it after a couple of months.

Or send it with a reliable traceable service such as UPS or Fedex for about $8 if sent from within the US.

[msg]

Any recommendations for accounting software? I prepare about 30-40 returns, and need a software that has good customer service. Thanks

[Dawie]

Any recommendations for accounting software? I prepare about 30-40 returns, and need a software that has good customer service. Thanks

drake?

[msg]

drake?

Have you used them? Are you happy?

[Dawie]

i haven;t but word on the street is it's the way to go if you do a lower volume type thing

[Jack out of the box]

Any recommendations for accounting software? I prepare about 30-40 returns, and need a software that has good customer service. Thanks

I use TaxAct. Mostly satisfied. What have you been using?

[msg]

I use TaxAct. Mostly satisfied. What have you been using?

I use ATX. The price keeps on going up though.

[yitzf]

Why wouldn't Reg section 1.263(a)-4(f) (the 12 month rule for prepaid expenses) apply to prepaid property taxes even if they weren't assessed yet?

[A3]

Why wouldn't Reg section 1.263(a)-4(f) (the 12 month rule for prepaid expenses) apply to prepaid property taxes even if they weren't assessed yet?

Did you read the examples?

So many things here are not the same.

[yitzf]

Did you read the examples?

Yes, like paying for a business license?

[Aussie]

Hi all. I have a question about an investment property owned in an S-Corp (bad, I know), any help would be greatly appreciated:

Building is owned by an S corp with a single member. The building is about to be refinanced now, and there will be a nice amount of loan proceeds left over in the S corp account after the old loan is paid off.

He is being told that if he takes any of the loan proceeds out of the account (obviously for purposes other than the S corp's expenses), he will have to pay taxes on this amount. Is this true? He has to pay taxes on borrowed money? Is there no way around it?

Compared to an LLC where members can pull out loan proceeds with zero tax consequences, this sounds terrible. Any solutions?

[Bostener]

drake?

Software is full of miscalculations.
Customer service is very easy to reach but are extreme in giving wrong answers.

[churnbabychurn]

Software is full of miscalculations.
Customer service is very easy to reach but are extreme in giving wrong answers.

Miscalculation? That sounds extreme. No?

[Bostener]

Miscalculation? That sounds extreme. No?

True.

[churnbabychurn]

Hi all. I have a question about an investment property owned in an S-Corp (bad, I know), any help would be greatly appreciated:

Building is owned by an S corp with a single member. The building is about to be refinanced now, and there will be a nice amount of loan proceeds left over in the S corp account after the old loan is paid off.

He is being told that if he takes any of the loan proceeds out of the account (obviously for purposes other than the S corp's expenses), he will have to pay taxes on this amount. Is this true? He has to pay taxes on borrowed money? Is there no way around it?

Compared to an LLC where members can pull out loan proceeds with zero tax consequences, this sounds terrible. Any solutions?

It's complicated.. generally distributions above AAA are deemed a dividend. I would think that a refi doesn't increase AAA but also the basis changes with the loan maybe. Im not really adding anything useful though

[Jack out of the box]

Software is full of miscalculations.
Customer service is very easy to reach but are extreme in giving wrong answers.

Are you reporting from first-hand experience?

[Bostener]

Yes.

[JunkYardUnz]

It's complicated.. generally distributions above AAA are deemed a dividend. I would think that a refi doesn't increase AAA but also the basis changes with the loan maybe. Im not really adding anything useful though

Correct refinancing will not increase the AAA and liabilities in a S-Corp don’t give you basis unless it’s recourse. Most mortgages and not recourse.

[churnbabychurn]

Correct refinancing will not increase the AAA and liabilities in a S-Corp don’t give you basis unless it’s recourse. Most mortgages and not recourse.

I thought most mortgages make somebody sign a personal guarantee. Does that not equal recourse?

[Jack out of the box]

Are you reporting from first-hand experience?

Yes.

Every tax software has pluses and minuses. I haven't used Drake so I won't argue. It's just interesting that in all the tax software discussions I've been a part of, I don't recall ever hearing such a strong complaint like that about Drake.