Lynn EA USTCP in Louisiana

Remember that while the IRS requires the 1099's to be the 'red' forms, the SSA no longer has that requirement. Lynn Jacobs, EA, NP Kenner, LA

Well, if I had just sat back and pondered this a bit, I'd have realized the answer - it's all in recognizing the forest from the trees. VAT tax = a foreign tax paid. Sales taxes = state and local taxes paid Ergo, the VAT tax may be deducted either on Schedule A, as foreign taxes paid, or taken as a foreign tax credit via form 1116 (a bear to complete in some instances). Thanks, though for considering this. Lynn Jacobs, EA, NP Kenner, LA

1040 Client itemizes. Goes to Spain for a vacation. For schedule A keeps track of actual sales tax remitted. Is the VAT paid while in Spain included in the actual sales tax paid? Or is it added to foreign tax paid? Or is it ignored? Thank you, Lynn Jacobs, EA, NP Kenner, LA

I voiced my concerns about the depreciation printing options via the forms pipeline and take this opportunity to share the response received: I have not yet downloaded the 2009 tax year program, so haven't perused the features in it. "Dear Lynn, While the Asset History feature was removed, the Next Year option on the 4562 reports are still available. On the 4562, go to the '4562 Statement', 'Tax Classification Report' or 'Detail Report' tabs and in the Type field at the top select 'Next Year Fed'. This will enable the reports to display next years depreciation and accumulated depreciation amounts for planning purposes. Unfortunately, the Asset History feature had complications and increased return calculation times. The ultimate decision was to provide the best quality software solution for asset management without jeopardizing the ATX tax software or calculation speed. If you are interested in reviewing the Fixed Asset Manager program, please contact our sales department who can provide a demo version and possible discount on the software. Sincerely, John Abel Sr. Manager - Tax" Lynn Jacobs, EA, NP Kenner, LA

Here's the website for Canadian taxes - http://www.cra-arc.gc.ca/formspubs/menu-e.html But, if you'd like to contact an EXPERT in Canadian taxes, I recommend Joseph Smith EA, (MST in 2011!), Fellow NTPI TravelTax LLC, www.traveltax.com , Norfolk NE Lynn Jacobs, EA, NP Kenner, LA

The other ways to opt out of mandated e-filing in California are for the taxpayer to either sign the opt-out form, or always miss the filing deadline and file the tax returns late. I have one CA client who is consistently 2 years behind filing her returns. Lynn Jacobs, EA, NP Kenner, LA

Denne, until Hurricane Katrina came along we kept everything, forever. No more. Now, per the IRS Circular 230, I keep only what's required - 3 years (actually I keep 4) for tax returns and supporting documents. I do review each file and pull out any docs pertaining to real estate purchases. stock and mutual fund purchses or basis, and corporate inceptions. For accounting and payroll records, SSA mandates we keep PR records for 7 years, so 7 years it is. My assistant labels each box with the contents, the date placed in storage and the planned destruction date. We do not shred in house - too labor intensive for that. We have alternately used either a commercial document destruction company, and had them shred the boxes on-site. Another option was to have a weekend long bon-fire. The commercial document destruction company is much faster. We paid about $200 - $300 for them to destroy a pallet's worth of boxes, piled 2 or 3 layers high. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, LA

I saw this draft several months ago when it was first released and theIRS were asking for comments. I strongly urged them to NOT change the 1040X - guess my comments carried no weight. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, LA

Sec 179 expense $24,000 was taken for a vehicle that is now 100% personal use. Entity is a corporation; the recapture is reflected on k-1. K-1 has been imported into individual return. At bottom of form 4797,page 2 is the line for Sec 179 recapture, but it doesn't seem to be flowing from there to the front page of the tax return. What am I missing? Thanks, Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, La

Actually, I would say, 'it depends' on the type of return you'd like to e-file. If it's individual tax returns, that cutoff date was 10/15 (except for retransmitting error file rejects). Entity e-file continues, even for prior years from what I understand. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, La

I wholeheartedly recommend TaxScripts. I had nothing but difficulties with the IRS e-services, but with TaxScripts, it's a much easier and faster process. You can save your searches and modify them as necessary at a later time. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, LA

KC, I received the same notice, and it made my eyes burn just reading it. I wanted to respond to tell those ...... that they were about 2 weeks late in sending that out. Never received an invitation to that prior to this email. This does NOT give me warm and fuzzy feelings about TRX Alliance. Hope they improve in the future. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, LA

Average of previous three years Lynn Jacobs, EA Notary Public Kenner, La

My interpretation is exactly opposite of yours. Despite the fact that you only prepared 2 NY state returns in 2009. IF you intend to file ONE NY state tax return in 2010 (for the 2009 filing season) you will be required to register but NOT to pay the tax, since the number prepared in 2009 were less than 10. Lynn Jacobs, EA Enrolled Agent Notary Public Kenner, LA

Thank you, Taxbilly, for the birthday greetings. This will be a great day, the beginning of another great year. I'll be at my desk, then will have dinner with friends and family. Lynn Lynn Jacobs, EA, NP Kenner, LA

IRS has a lease value chart - starts with the FMV of the vehicle when purchased - vehicles valued over $50,000 are calculated differently. Determine personal use % x the lease value and add in cents per mile for personal use. Lynn Jacobs, EA Kenner, LA

Even though the program files migrated and it appeared that the data files had not, the 'restore' function did not solve my problem. Luckily I had the archive discs, original discs and installation codes for the years I wanted to restore. Once the programs were loaded from those discs, voila', the database showed up automatically. Thanks all for your suggestions, Lynn Jacobs, EA

I (well my IT guy) just set up a new computer, with XP Professional. We used Laplink PC Mover to migrate the prgrams and files from the old to the new. The ATX program opens, no problem, but no clients show up. The e-file says 0 of 424 e-files. What do I do now to get my client lists to show up in ATX? Thanks so much, for any and all assistance. Lynn Jacobs, EA Kenner, LA

If they kill PayCycle you might investigate Medlin Payroll - very affordable and very user friendly. Lynn Jacobs, EA Kenner, LA

I have a new client - retail clothing sales. Right now she's using peachtree software to keep track of her inventory but is finding it not very user friendly. Do you know of any other inventory software programs that would track inventory AND be user friendly? Thanks, Lynn Jacobs, EA Kenner, LA :scratch_head:

to KC and others on the Kleinrock TaxTalk listservice - last time I checked messages there was Friday and they had a long thread regarding the TRX Alliance offer of ATX TTO. Tried to view messages there yesterday (and again this morning) and that listserve appears to be out of service. Is it just me? Or has anyone else attempted to login at Kleinrock's TaxTalk listserve and experienced the same 'unable to find' message, or something similar? Thanks, Lynn Jacobs, EA Kenner, LA :scratch_head:

The only form I can think of is '843 - Claim for Refund" Lynn Jacobs, EA Kenner, LA

Another item - for prior years, the state would accept the federal extension. Did the preparer file a federal extension for that couple? If so, then you could send a copy of the federal extension to the state, along with their dunning notice, and ask that the penalties be abated and refunded. And, yes, there's a special form for penalty abatement requests, too, if the penalty amounts are over $100. I don't remember the number off-hand (R-10618 ? ) but it's on the LA Dept of Revenue's website too. The clients will have to sign this form. Lynn Jacobs, EA Kenner, LA

Beware - the 7% homeowners insurance credit is ONLY ON THE 2008 return. For the prior years (2006 and 2007) the only insurance related credits pertain to the Louisiana Citizens surcharges, of which there could be 1, 2, or 3 items, depending on what time of year the policy renewed. And yes, I do know about the requirement to file a Louisiana extension for 2008 tax returns. But thanks for the reminder. Lynn Jacobs, EA Kenner,

There is a separate form to be used to recoup the LA Citizens surcharges in prior years. Go to the LA Revenue Dept website and it's a fillable form. LA R540INS, a separate form for each year. Also for 2008, did you see the Homeowners Insurance Credit? It's 7% of the homeowners insurance, not including the LA Citizens surcharges. If you have any trouble with this, don't hesitate to call me - 504-469-1025 Lynn Jacobs, EA Kenner, LA