Experience F preparers

[Super Mom]

Just moving back to the top!!! Thanks everyone!!!!

[Super Mom]

and all associated indirect costs of those plants

[Super Mom]

What specific costs are we talking about?

preproductive plants that will take an average of 5 years to produce

[TaxmannEA]

What specific costs are we talking about?

[Super Mom]

I never actually use the NATP books for official CPE hours. I just order the books for my own reference since they are cheaper than the CPE credits through NATP. I get my actual CPE through another source.

They do have mini tests at the end of each chapter along with case studies and sample returns/forms. This was how I learned how to take care of S-Corp returns.

Glancing through Pub 225 made me realize that farming is quite a bit different than Schedule C/E so I knew I would need a better reference if I took on any farming clients. I never ordered the Schedule F book, but I almost did when I a farmer consider using my services one year.

Thanks, this sounds like just what I'm looking for!

[MilTaxEA]

I'm only familiar with AIPB's self study books, I especially like all the tests at the end of chapters and the sample returns in there, are these like that, is there a test you mail in at the end to get CPE's?

I never actually use the NATP books for official CPE hours. I just order the books for my own reference since they are cheaper than the CPE credits through NATP. I get my actual CPE through another source.

They do have mini tests at the end of each chapter along with case studies and sample returns/forms. This was how I learned how to take care of S-Corp returns.

Glancing through Pub 225 made me realize that farming is quite a bit different than Schedule C/E so I knew I would need a better reference if I took on any farming clients. I never ordered the Schedule F book, but I almost did when I a farmer consider using my services one year.

[Super Mom]

You might want to consider purchasing CPE for farming. NATP has a new Schedule F book they released last year. Looking at the outline, it looks like it address many of the questions you have.

I've been really impressed with the quality of NATPs publications.

I'm only familiar with AIPB's self study books, I especially like all the tests at the end of chapters and the sample returns in there, are these like that, is there a test you mail in at the end to get CPE's?

[Super Mom]

Just moving back to the top! Hate to let this one go, but may have to.

[Super Mom]

Thanks, I may have to let this one pass, but I hate to do that because I've got lots of time and LD calls tied up in it. But maybe that is the best advice to give him. I don't think in the situation of farm costs it's considered inventory although I noticed the form in the taxbook was for that. I just thought I'd use it for allocation of indirect costs. Thanks for your help and time!!!

[dan doshan]

My newest question, how to amortize these costs or is this considered inventory?????

I think the costs are inventoried. In the Tax Book chart isn't that what they are getting at. I know on the one UNICAP return I did for a couple of years we inventoried various costs. Although his situation was a little more clear cut then what I assume some farm operation would be. However, I do remember taking depreciation expense normally. Don't know if that was right but couldn't figure out any other way to handle depreciation.

In 12 years or so I have only turned down 2-3 client returns where I just did not feel comfortable doing even after spending several hours doing various research on. Situations where I thought the client would be better served by someone that had a much better handle on their situation. Not saying you do not ... just that maybe this is one you may want to pass on. If for no other reason then your own peace of mind.

[Super Mom]

Oh, and want to say thanks for the help everybody!!! I definitely plan to take a course on F preperation this year for my continuing ed requirement. In the meantime, I've gotta finish this return!

[Super Mom]

Help!

Ok, the only way this makes any sort of sense is to leave the expenses on the lines, subtract them with a negative on 32 and then depreciate them. But that REALLY doesn't make sense either, just more sense than losing all of thoses expenses!

[Super Mom]

NOW I'm really confused!!!!!

Ok, I found a worksheet in the taxbook to help me allocate indirect costs. I know the 263A costs being capitalized goes on line 32 as a negative number increasing income, I was assuming that the depreciation would then cover that, however when I take out those costs that should not be expensed and capitilize them, the net income is just a wash!! Basically losing all that expense!! I know this can't be right, don't understand!

[Super Mom]

My newest question, how to amortize these costs or is this considered inventory?????

[outwest]

Here is a very concise IRS summary

that I think will help.

http://www.irs.gov/businesses/small/...159997,00.html