Gail in Virginia

So if in 2013 and future years the IRS will be monitoring CE before issuing or renewing PTIN's, does that mean you will not be able to renew your PTIN until you have completed all of the required CE for the year? Or at least the 15 hours required for RTRP's? I usually renew my PTIN early, even if I still have a class or two to go to meet the 26 hours that I need.

Personally, I kind of like the Popsicle that come on sticks that interlock. But you have to eat a lot of ice cream to get enough sticks to build anything. What a shame!

If you are talking about the ATX seminar in Kennesaw on Dec. 7, I will be there. If it isn't worth the effort, it will be my last trip for an ATX seminar. Many years ago, I went to a TaxWise seminar that was extremely helpful in teaching how to use the program more efficiently. But we went to an ATX seminar shortly after we started using ATX,, and it was the next thing to useless. So we will see.

In figuring the exclusion of interest from savings bonds, you have to use adjusted qualified education expenses. That means you have to reduce the tuition by the amount used to calculate the American Opportunity Credit or LIfetime Learning Credit before calculating the exclusion for savings bond interest. So while the interest exclusion does not affect the credit, the credit might affect the exclusion. At least that is how I read the instructions. See Pub 970.

I am glad that they were with him and he was with them one final time. You have my heartfelt sympathy in this time of loss.

Love, Hugs and Prayers, KC.

Wow!

I don't understand what is going on either. If I put your numbers on a 1040EZ, and then replace the EZ with a 1040, I get the same answer once I add a Sch M and answer the EIC questions. Is there any other relevant information - did he receive a previous payment on the Making Work Pay credit based on his income the previous year? I also use ATX Max

It is interesting, and raises some very good points to think about. I wonder if these questions will ever be asked of candidates for office, and the answers made public?

I think that you are correct, Christian. Even though this is not a mutual fund, a distribution from a qualified plan has the option when they take the distribution in kind to pay tax on the stock distribution and continue to hold the stock. That establishes their basis, and therefore I would consider that to be one lot. Unless he has received other shares since his distribution as taxable dividends, he only has the single lot. Therefore, your method is FIFO for this lot, IMO.

I think that I will probably attend.

And since the email references ProSystem fx, an ATX user probably did not get the same notice.

And while income to partners is taxable regardless of whether or not distributed, nothing has been said about what type of income this partnership makes which would affect whether or not it is also subject to self employment tax unless I overlooked that in the post. If it is all rental income, and the husband takes a "salary" for managing the properties, the other income might not be subject to SE. Facts and circumstances.

You should brag on your children, Tom. They sound like they give you plenty to brag about! And KC, I don't know whether to congratulate you and your grandchild or not. The way our profession is changing, I am not sure that I would recommend it to anyone. But I am sure you had a lot to do with their choice. You are definitely someone to look up to and wish to emulate!

Personally, I would like more disclosure about what each candidate believes and plans to do for (or to!) this country, and a lot less disclosure about what they "believe" their opponent is going to do.

1. If walking is good for your health, the postman would be immortal. 2. A whale swims all day, only eats fish, only drinks water and is fat. 3. A rabbit only eats vegetables, runs and hops all day long and only lives 5 years. 4. A tortoise doesn't run and does nothing energetic, yet it lives for 450 year.s And doctors tell us to exercise? I don't think so!

I know that feeling. Sometimes you just have to walk away from the problem in order for it to make any sense at all! Glad you finally finished this one!

Congratulations, ACS41!

I knew this was a smart bunch of people on this board - congrats to all!

It seems to me that I remember reading that in the event of a federally declared disaster area, such as due to drought, income can be moved from one year to another in some circumstances. Was there a drought or any other circumstance that might have resulted in a disaster declaration?

This was posted to FaceBook by a friend of mine, and it was attributed to Eric Mendelsohn: And God promised men that good and obedient wives would be found in all corners of the world. Then He made the earth round... and laughed and laughed and laughed....

I think that it is special to receive your certificate! You have passed the test, you are honest enough to sign returns you prepare and you can continue to give your clients the help they rely on you for! That sounds special to me!

Congrats! I knew there were some very smart people on this board!

I had not seen that article. Thanks for sharing!

Wow! It was over 6 months after I took the EA exam before I received word that I had officially passed. Of course, that was before computerized testing.