Margaret CPA in OH

Love it! I guess I missed the cartoon or I would have known what to do.

Suddenly today all the boxes on the left column are checked (as in Mark All) if the completed boxes are checked. I didn't choose this and find it mildly annoying. Anyone else experiencing this? Sure, I can Unmark All, but I shouldn't have to and didn't use to have to.

Congratulations!

So glad to actually help someone. I'm usually the one asking but this is one I've worked on for several years. If the income is too high, check to see about carry back first. I don't know the credit you have but maybe they are all similar. I did for the client I mentioned and got back many thousands, but she still had carryover that, alas, can now never be used as she no longer has any income from the activity.

I had to badger them in February, called and emailed repeatedly, synch'ed multiple times, finally got them all. Get on their case.

Did you add the 3800 to the shareholder's 1040? There are tabs at the bottom to follow. Look at the credit summary. It looks as if the ninth item down is the Work opportunity credit. You will have to read the instructions to determine whether you must add the 5884 OR the 3800 to the individual returns. For the investment research credit, I had to switch after a couple of years. But it works very well. The data entered from the K-1(1120S) should flow through as a credit. The shareholder might be limited in taking the credit by having income that is too high. Check that. One client ended up losing nearly $50,000 because she retired before she could use the carryforward. On page 2 of 1040, bunny hop back from line 54 to see where it takes you.

:bday: and many more!

Thanks, Tom, for the quick response. I guess when it's put in the same light as you mention, it makes sense. It isn't a lot of money but I would bet he would think it a waste of taxpayer's money!

Client died Jan. 25, 2008. Sad case, great young man with lymphoma...Anyway, for his final return, he seems to qualify for EIC! I can't believe it would be true but have read everything I can find, including Pub. 596, and don't see where death would be a factor limiting earned income thus qualifying for the credit. Yes, he/his estate received the rebate, too!

A quick note: don't rely on your caller id. I called from my fax number which doesn't ring. My real number ends with 4633, just in case! Thanks again so very much and have a great evening.

A client couple moved to assisted living in MA from OH last year. Browsing around the MA tax site, I was, um, surprised to see that grantor trusts must file, too. So I downloaded the MA trust forms MA 2, MA 2G, yadda, yadda. I don't understand why they have to file these things when it says that the lines correspond to Fed Form 1041 which, of course, is blank because it's a grantor trust with everything flowing through on a letter to the grantor. I am obviously missing a bunch here! I tried to plow my way through the instructions but am having trouble understanding why, when all the income flows through on the federal and subsequently the MA return anyway, another MA return must be filed. I mean, it says to attach the federal applicable schedules, forms and enclosures so why another return? Do they have to pay twice? I may very well refer these great folks to you!

Guess I'm not the only one who has these humdingers. Small comfort...

That's cruel! I do recall vividly the day I stopped at BK for a coffee and didn't know why it was so cheap. The little twit behind the counter looked at me and my gray/white hair and said, "Senior citizens discount, of course!" Gawd, I felt old so went out and ran 10 miles...

:bday: and many more!

:bday: and many more!

As I sit here almost drooling, I am really hoping that you will share the recipe as soon as possible! My son is getting married in May and we're having a Sunday brunch for out of town guests. I'll bet these rolls would be a big hit. Hmmm, we may have to start a section on recipes.

For my part, it was not the second opinion issue. I don't mind that at all because I don't know everything and would certainly be willing to learn from others. That's one reason to be a part of this board. The issue in this situation is that I specifically provided the information to the client of the proper treatment. The client then said, because the tax department of the consulting firm said they considered proper handling of the issue too much trouble, to ignore what I knew and to file inaccurate returns. I would not do that. On more than one occasion I have actually paid another CPA for consultation (a second opinion) about an issue. Twice I have paid a tax attorney to review trust returns (a second opinion). It isn't the second opinion that bothers me. As I wrote, it's a second opinion when I have done the research to support the position and, in the pertinent case, then been told to ignore the law. My pride was unhurt (how could you know whether it was or not?) as were my ethics. Or were you addressing the OP? I do hope you enjoyed your cinnamon roll.

:bday: and many more!

I, too, have been using the comparison for many years. I even include it for new clients who have brought their prior year returns. I also print out the summary and staple those together so the client can have a quick review of current status summary and the comparison. They are both great tools to have and the clients do appreciate them. And, as you noted, it's another spot check for us to make sure we've covered everything.

RCooper, I feel the same way about second opinions when I have done my supported research. I fired a long time client in January because, when finishing up the year end details for the C corp, they emailed something about business trips, 42 in fact, to another municipality for weekly meetings. Three years earlier they said they no longer did any work there. When I said that they would have to refigure a salary allocation and remit withholdings for this employee/shareholder, they asked why. I sent a link to the code and regs for that muni. They then "consulted" the tax department of the consulting firm with which they had the contract. The consulting firm said they never bother with keeping track of that as it's too much work. So this client said to just forget about the tax and filing to me even acknowledging that the cite I provided clearly stated the requirement. Since I felt I was being asked to ignore what I knew and sign an inaccurate return, I withdrew from the engagement. It was a bit painful as they mostly were good clients and always paid timely! But I feel better about my liability insurance.

Thanks for the keyboard shortcut, JohnH! How did you discover that one? I try to remember them when I can - that sounds like a good one

And if you don't already habitually do the Check Return at the top before completing, now is a good time to begin. The function catches many things including the points function here described. In earlier years the program had the capability of the calculation but the Check Return function didn't pull up a reminder if you overlooked or forgot to input the payments.

:bday: and many more!

:bday: and many more!

:bday: I hope this works, the happy birthday emoticon, that is. If not, well, know that I wish you a very happy birthday!