Jack from Ohio

Urban myths supported by an overactive media and a gullible public.

My answer was shorter!!

No. How can he deduct something he never had?

I have had 5 clients use direct debit and all have gone as expected. Federal, State of Ohio and School District.

One of the updates for 2010 added this capability. It was available about 6 weeks or so ago. Go to the 2010 program, do a MANUAL update and it should be there. I have e-filed 2010 returns this year. The return MUST meet requirements for MEF, or you can't e-file them, When you create the e-file in the 2010 program, it will tell you if it does not meet the standards.

9325

Transmitting right now!!!

ATX is down for me too. What a day for it to crash!!!

It only counts assets added this tax year.

Printing out multiple 4868 is faster. I prefer e-fling the extensions because it allows me to check if any states or local taxes need extensions as well. In addition, I can sort the e-files to show all extensions, so I have a printable and acknowledged list of all extensions. Another idea is to add form 4868 to every return and fill in the e-file information even if you don't submit the extension. Next year, several steps are eliminated to submit the extension. I add the comparison form to every return for the same ease of answering the question of the year... "Why is my refund smaller this year??"

"...my little piece of revenge for them being inconsiderate." Your revenge against them is taking clients. Your "favor" to your clients is your lower fee structure. In the whole process, you must not keep your fee structure so low that it is not "CONSIDERATE" to "YOU" for being professional, thorough and caring about your clients. There is plenty of room between your fee structure and the "big boys" for you to be sure you treat your self appropriately by not "undercharging" for your services and professionalism.

Consider this.... Your revenge at them should be CONSIDERATE to YOU as well. Your services and personal service are items that people will pay for. You can still be substantially lower than your competition, and still be compensated adequately.

Clients married over 20 years. Passed away 8-12-11 He was 93 when he passed. Always insisted on MFS their entire married lives. (A widow and a widower married) Decedent's son is executor. He is the one claiming the refund. Form 1310 filled in, no issues there, until..... I try to create the e-file and I get the red warning... "When the Filing Status is married filing separately, the SSN of the person claiming the refund must equal the Secondary SSN on Form 1040/A/EZ" If I change the status to single, I can create the e-file. Am I destined to paper file this return?

YES. The broker get paid every year the investment is in their company, so it is (in my mind) the least the broker can do for their paying customer. These brokers act like providing basis is something new....

Yes. After you enter basis, his earnings most likely will be near $0, so no tax consequences to the child or the parents. If you do not file the return, an CP2000 will be in the grandson's future.

In the date paid field, enter "1099 tax"

Dependents as qualifying relatives. Not eligible for any other dependent tax breaks. Not eligible for EIC.

I send a letter to each of my clients in January. I talk about the high points of new laws, and include the list for them to bring or send. I include the engagement letter with it. I use Microsoft Word to customize each letter with their name(s) and address on it. I state in my letter that without the signed form, I cannot prepare their return. I have had ZERO resistance. I format the letter to the client so the addresses show in a double window envelope. 1 printing, fold, stamp and mail.

No. Part 1 covers it.

I always get those blank #2 and #4 crossed up!! I am hoping to find a supplier that has the blank papers presorted!!

Nothing on line 21. Be sure client can document all the numbers on the insolvency worksheet. We have seen IRS asking for documentation for both debt and assets.

I instituted an engagement letter for all my clients in my personal practice. 165 sent and not one single objection. I have clients that are age 15 to 88, and income from $500 to $750K. If your clients would leave you because thay are not willing to allow you to protect yourself with an engagement letter, then the issue of how much they trust your professionalism, ethics and honesty comes into play.

File a non-resident form for CT and paying MA is the simplest method. The chances of getting someone to correct a 1099 are about the same as us winning last night's MegaMillions drawing.

If you win and object to paying taxes, give me your winnings and I will SMILE and pay the tax for you.

I splurged $5 in the pool here at the firm. 11 of us. Would only be about $13 Million each spendable after taxes. Trying to plan how to lower our lifestyle to accomodate those earnings. If we win, there may be a tax business up for sale....