Terry D EA

QB has never been good at handling inventory. They do not allow the FIFO or LIFO method of inventory just the average inventory. Also, WIP is not available either. It can be done but it is a pain.

I think it would be best to contact ADP and have them correct the W-2 otherwise the IRS will probably come back looking for the income from ADP on the return. After reading your second post, I see where they should use the balances to prevent the double dip of the 12,500.00. Again, I think ADP should not have sent a W-2 and needs to correct it.

I find that odd as well and do agree with Pacun regarding companies using their own records. How did Paychex even know about the balances from ADP? Again, I think your client should call Paychex and ask them how this happened. I can see the IRS wanting to see both amounts on the return.

Try to contact Dan at OneDesk support. I am sure he can help with this issue.

Judy, thank for pointing this out. you are correct and I was thinking of the penalty exemption and not the PTC. Accept my apologies please.

You both have confirmed my thoughts exactly. I did ask for the original 1099B when the loss originally occurred. Judy I can't tell you why she won't claim the son other than she is scared of her x. He does pay for his son's education and provides the health insurance for him which is part of the divorce decree as long as the son stays in school (college). The ex has agreed to give her the difference in cash between claiming her son and not. Simply put, she doesn't want to rock the boat. I have told her how he files and what he does is not my concern and should not affect her because she has the sole right to claim her son as well as the total 3000 loss. The return last year that was MFS was prepared exactly as Judy said. My main job now is to convince her she should file the way she is entitled to by law and forget what the scum bag says as everything I have seen proves he won't follow through with his promises. Gotta stay neutral here but I do get tired of seeing how others plain and simply screw others without conscience.

I have a situation where I am preparing the tax return for the wife in this somewhat nasty divorce. This couple divorced last year and no guidance was given regarding any tax filings or who gets to do what. My client inherited 100K from her mother's passing. My client's ex-husband invested this money with E-Trade and the account was opened in my client's name. The ex-husband lost 67,000 within days. When they were married, naturally they filed MFJ and the loss of 3K per year was claimed on the joint return. Last year they filed MFS with 1500 los on each return. Now, she is filing single and I feel the loss belongs to her. All 1099B's were in my client's name and SS#. Ex-husband has stated he will claim their son who has not lived with him and does not meet all of the tests. He insists he will file HOH when he may be itemizing deductions. I don't care what the ex-husband does cause he is not my client. My interest is in doing the right thing for my client. Again, I feel the loss is hers totally and she is willing to let him claim the child. Opinions please.

See if this will help you. This is a post that I believe was started by JKLCPA regarding penalty relief due to the repayment of any subsidy. However, your client should have received form 1095A to get this relief. '?do=embed' frameborder='0' data-embedContent>>

Check your calculations. Only the taxable portion of SS is used to add to the household income. Any repayment would be taken from a possible refund or result in a tax due. They can't refuse to pay. That would be the same as refusing to pay a tax due and the IRS will indeed do everything possible to them to collect the balance due.

Again, I've never experienced this. Go to settings and see if here is a default setting for this that is automatically setting it for you. There may not be one but it is just a thought.

Not on student loans. Good bye refund and then some.

John is correct here with the NC changes. I also agree that by raising the standard deduction and taking away the other benefits strikes a balance. I have had more client's pay this year that had always got some type of refund in the past. Oh yes and all of my rental property clients are suffering with the elimination of the first 50k for non-passive income.

I don't have those answers either but I will try to find out. Thanks cbslee you have shed some light on this for me.

No, I have not experienced this at all. I will check later when I can.

I am moving this question up the ladder some as I didn't get any replies. I am pretty sure this is an allowed expense but wanted other's opinions.

Yup, I agree MFS without the daughter is the only choice. Advise the daughter, if you can, she maybe able to get the education credits.

I am in the process of completing a return for a rental property partnership that is an LLC and uses form 1065 each year. The partners decided to purchase life insurance through the LLC that covers each of the partner's liability for the mortgages on several of the rental properties should either one of them die. Would this be a deductible expense to the partnership? I question this as it is designed to protect their personal interests and not the interests of the partnership. They each have guaranteed mortgages for properties and will continue to do so until the partnership can stand credit worthy on it's own.

2015 I believe.

Need a little more information here. Is the early withdrawal from a 401K, IRA, or Roth IRA? There are different treatments. If you are talking about a traditional IRA, then yes the amount taken and spent on the actual purchase of the home is excluded. I am fairly sure the reaming amount not spent on the home purchase would be subject to the 10%.

Not sure what you are dong wrong. I am not using ATX so I can't try to duplicate your entries. But.... KC is right she should only be taxed on the interest earned.

Just spoke with Dan at OneDesk about these issues. He will send the items that I questioned off to engineering to have them look in to it. These two issues are: one, the MFJ & MFS comparison tool that does not work properly when the client's itemized deductions. I did explain to him that the tool appears to work well for non-itemizers. Two, the wrong year instructions for the NCD400. I did not tell him there were other old instructions as I did not know what State they would be for. Now all we can do is wait for the update.

I find it amusing how folks tend to read into this original post. I said "he smokes" I never said he smoked in my office. I would NOT let that happen. I too am a reformed smoker from over 30 years past and can't stand the smell. From this guy it was a combination of smells but the sour ugly alcohol smell is what just about made me sick. I work out of my home and have an office that is attached but separate from the rest of the house and I can close a door so no one can see the rest of the house, but the smell from this guy leaked into the laundry room and kitchen. Kinda reminded you of pig pen on Charlie Brown with the cloud of dirt following him.

If I have to install previous software then there is an extra charge. The worst one I have had was ten plus years which had to be filed to complete an OIC. I got the retainer up front which included an additional amount for each year I had to complete. Normally, within a year or two I do increase the fee a small bit for the same reasons that have already been mentioned here.

Whew!!! I just had one of clients leave that drinks and smokes and literally smells up my office to point I want to puke. Half the time he can't remember what he has done with his documents, dumps a pile of letters; etc, on the desk for me to rummage through, and couldn't tell me if he paid his vehicle taxes or not. BTW, current license tag and in NC if you don't pay the vehicle taxes... not sticker and no registraton. It killed me to have to take time and look them up on the county website as the air in my office was no longer suitable to breathe. He has been coming to me for quite a few years now and I have to go through the same air filtration process when he leaves each year. I can definitely prove all of those febreeze commercials wrong. It takes at least two or three applications to begin to clear up smell. So, this year I raised the price of preparing his return with the idea that it would make him mad and he would go somewhere else. Not a fat chance. He didn't even blink at the increased price and wrote the check. Now he says he is headed to Costa Rica to leave in a year or so and needed tax advice. I naturally told him that I was not an expert on foreign taxes, US taxes when living abroad; etc, and advised him to find an expert in this area. Nope, wants me to bone up on this. At the very most I have one year here in the US left with him and if we do business when he is in Costa Rica or wherever he goes, the only thing I'll have to fumagate is the envelope when it gets here. Ok, rant over and the febreeze has finally taken over!

Wow, we are getting really too far into this situation. While I appreciate all of the cautions and advice, you all can rest assured that I have completed his return with him claiming no exemption for himself. I have already explained and shown him the refund differences between claiming the exemption and not claiming the exemption. He doesn't want his mother to claim him because of the amount his refund is reduced. When I suggested he could paper file and let the IRS investigate that is when he said he didn't want to cause his mother any problems and he just wished he could get all of the refund he can. As Lion said, I gave him the exact same thing to do. Show his mother the difference and ask her if it benefits her much more than him if she would be willing to make up the difference to him. Totally his call. As I noted earlier, the education expenses are from financial aid neither he or his mother are paying anything for college. KC I agree that 250.00 per month wouldn't feed him and my wife and I can't each that cheap per month. Whether it is true or not, this young man said he buys his own groceries. Again, I am not getting into her financial situation. She prepares her own return and does it very early and quick. We all can figure out why.