Terry D EA

I too made the switch to Drake after the 2012 debacle. Tried several other programs trying to save money. You get what you pay for. I just renewed Drake for next year. I use the Drake Accounting package as well and you just can't beat the price. Everything for $1345.00. If you purchase before May 31. Yes, it has a learning curve. Each year I learn more and become even more satisfied I made the switch. I agree with Max. Download a previous version of Drake for a test drive. I just learned yesterday that when completing a Sch C, Drake has a search function for finding the NAICS business code that is by far easier than scrolling through the codes looking for the one that is a match.

Thanks for all the replies. Gleim seems to be the best choice. Right now they are offering 20% off and the first 72 hours of CPE is included. So, Gleim it is.

I looked for reviews of the PassKey courses and didn’t really find any. Pricing sounds good but is it comparable or close to Gleim?

Now that I will be officially retired from my teaching job in two weeks, I have been looking into taking my tax practice to a higher level and seeking a EA recognition. Have been looking at Gleim and want to know what others think. Right now, they are offering 20% off the premier package which is a good deal. Opinions please.

Catherine, When I used to visit my family in Stoughton, the Dunkin Doughnut ruled. They are better than Krispy Kreme. Now, here in the South, Krispy Kreme is king. But like you, I'll pass as well and they are less than 30 minutes away from me. Artery plugging death wad.

It is strange the same rules apply to MFS and MFJ. I would definitely report the husband's unemployment compensation and let the program calculate the exclusion. Not sure what software you're using.

The attorney fees in this case were approximately $1100.00. Not looking at the return at this moment. If the HUD pre-payment rules were not met, why did the court rule in my client's favor? i agree this all falls in a gray area. I am going to expense the fees as they are not a large amount. I don't know all the details surrounding the court ruling. I definitely agree this is not for maintaining the integrity of the rental property. But, it could fall under the course of normal business type expense. I am meeting with the client tomorrow to review the return so hopefully we can have some insightful conversation about this.

I'm a bit confused here. I never suggested MFS. That simply cannot be. They have never been married so only options are single, HOH. I verified they have been together for 18 years and have never lived in another state. My only concern at this point is how many years to amend. IRS statute is 7 years to collect. All tax returns were filed on time, just used the wrong status. I am going to attempt a phone call to the IRS PPL for some guidance. Might be a stretch but I'm at least going to make the effort. I agree the HOH and Single deductions together is more than MFJ. Agree also, this might not be too bad. There are years where only one worked. That may be a little more expensive year. This is indeed a summer project for me. Client agreed to file 2020 separately or HOH for each and which ever status returns the best outcome for both. Then I'll tackle this mess.

Thankyou, those were my thoughts as well. I did question capitalizing it but agree there is no need.

Just to add, and I may have answered my own questions. I did find this on Freshbooks and will look further. Still not sure it it applies 100%. Apparently the guy who financed (seller) the property didn't want to give up the interest. "Legal fees linked to handling, protecting or maintaining income-producing property are usually tax deductible"

Client purchased a home on an installment sale agreement (seller financed). Contract drawn up everything legitimate, all payments including interest paid on time. Client purchased this property and rented it out almost immediately, never lived in the property. Two years into the installment agreement, client wanted to payoff the contract. No early payment language or penalties. Owner who financed refused the payoff. In TY 2020 client hired an attorney and through the courts was able to pay off the property. Because this has been a rental, are the attorney fees deductible? Haven't done any research yet, but was hoping someone here may have experienced this. The fees, if deductible, would be on Schedule E. Because the IRS has determined rental activity is indeed a business, my first instinct is to say the attorney fees are deductible.

Correct. Cause if they did and it was in a state where common law marriage is legal, then they are off the hook. NC will accept that. Believe me I have covered everything I could with these folks. They are good people but were just miss-informed by their previous preparer. I don't like to say that but in this case, it is the truth. I mean, we all make mistakes right? According to this client he informed the prepared they were not married and they were told that they had kids together an lived together for so long it didn't matter. Unfortunately, that is wrong.

Congrats to your son as well. I give my clients a check list of items to track each year for their child's education. Just had one yesterday and he was a bit overwhelmed with what all I need him to keep track of. But, got to do it if you want the credit.

I have one that I plan on calling the IRS PPL about. Don't know if I'll get anywhere but it's worth a try. The client called the IRS and she claims they told her she could claim the refund on the 2020 form 1040. Um, NOT! Me- Are you sure they weren't referring to the recovery rebate credit? Client - Nope specifically said they could claim the missing 2019 refund. Me - Well sorry, but there is no place on the form for such a thing. So, we'll see where this goes.

My one and only PPP client's loan was 100% forgiven!!. I can't believe this happened without any documentation at all. I was all geared up with all the forms, spreadsheet of all the calculations showing where the funds were spent. We went through two weeks of status pending and we'll let you know what docs to send and today came the great news. I'm sorry but this PPP thing just blows my mind. It defies all logic that you can borrow 100,000.00 and not have to pay a dime of it back. I've been waiting on the invisible hook to appear at any moment. But it appears it doesn't exist. I hope others here will have the same outcome. I know I only dealt with one. but it was stressful enough. It's a shame I don't drink

They were never married legally by NC law. They have lived together and produced three children with the oldest in high school. Not sure of the age yet. NC also states that living together for any period of time does not constitute a certified marriage.

Update, I guess I will be taking on this challenge. The client was not successful at getting the previous preparer (sold the business) to help with the amendments. I am thinking to amend the last seven years. All returns have been filed on time so the IRS cannot go back any further if there is any money owed, which I am almost positive there will be. No looking at the date the return was filed or should have been filed to start the statute clock. Not sure if stopping at three years will be suffice. On another note, this couple will now be getting married later this year. As mess indeed.

Ditto this. I'm just as confused as the rest. I have some clients who fit this very scenario Judy mentioned. But, the mortgage is paid from the rental proceeds and not personally by the partners. Therefore, deduct the interest. I'll wait to see where this goes.

I am using Drake, Drake Accounting and QB. I have not used ATX for numerous years. Abby, your setup is exactly what I was thinking about. Just another machine as a host to share folders and runt he programs from the host.

Apparently this did not happen in NC. They would have lost the payment (sarcasm). I have dealt with a few lost payments by NC this year, including my own 2019 payment. That was a fiasco that I won't go into here. Just know, paid on time as required, payment got lost and I made history being one of the first to get thrown into collections without being afforded a bill. Started collections on me three weeks after they cashed the check. Nice huh?

I have been telling my clients there is no rhyme or reason why things are happening with the IRS as they are. Back log, under staffed, utter craziness and you name it. I have been advising the direct draft as the best vehicle for paying a balance due and that went south for a while. So, put all the excuses in a jar under the desk, reach in and pull one out and say this might be it but it is a crap shoot at best. Seriously, I see it taking a few years for the IRS to get back to anything we used to call normal. This goes for some of the states as well.

I'm in NC and NC has not stated any position on this. So, I am doing as has been mentioned. The forgiveness application was not made available from the lender until two or three weeks ago with a message to complete it within 30 days which we did. So, I'm carrying it on the books as others have stated.

I just complete the forgiveness application for one of my clients. We're still waiting on the outcome. I hope I can celebrate with you.

My office is a one man show. I have an occasional assistant that helps with payroll and other QB entries for some of my business clients. I am wanting to know if a server is needed. I would like to run the programs from a server and use the desktop machines as workstations. I know I can do this using one machine as a host, just not sure about the server. I know they can be costly and I would be one that would need someone to assist with setup. Opinions please.

Thanks for this. I did get this all taken care of.