Gail in Virginia

Many years ago, I worked for a bank's trust company in their employee benefits section. We needed to file a 5500 for a company located in Tennessee, and we were running late and wanted to FedEx it to the appropriate service center. At that time, Virginia returns went to Atlanta, I believe, but Tennessee went to Philadelphia. I called the toll free number to try to get the correct address, and reached the Richmond call center. They informed me that they had the address for Atlanta since that was where VA returns went, but did not have the street address for Philadelphia. I asked them how I could get the other address, and they told me I should call the call center in MD or TN since their returns went to Philadelphia. I asked for the number to call, and they gave me the same toll free number I used to reach them. I pointed this out, and they told me that they did not have another number, I should just go to anyplace in MD or TN and call the same number and I would get the MD or TN center since I was calling form within their jurisdiction. I always loved that logic!

Congratulations, Pacun! I knew you would do it, and I know that it was hard work. As far as your question about the continuing education, you will have to take 2 credits for every month in the first enrollment cycle, but you don't have to take them every month. In other words, if you send in the paperwork now, and you enrollment is approved effective March 20 (assuming the IRS is faster than I would expect them to be), then you would have to take 2 hours for each month March through December this first year, or 20 credits. It doesn't matter if you wait until November and take a two-day class that gives you all the hours you need. Most EA's that I know wind up taking more hours than are required just to stay on top of everything.

The only caveat I would enter in this is that if they bought the business from someone else rather than starting the business, there might be some value assigned when they purchased the business on the contracts they are now selling. That might result in a basis for this "intangible" asset and cause the reporting to be on 4797. I think.

That is amazing, JB! I don't blame you for being proud of her - that is quite an accomplishment! I hope she continues to do well, and can have some fun along the way.

How old do you need to have your QuickBooks? I am running on 64 bit with the Windows 7 Ultimate, and I have had no problems with versions of QuickBooks back to 2008 (which I use almost daily,) I could not get 2007 to install so I did not even try with older versions, but I really think this might not be as big a problem as support is making it.

I am running Windows 7 Ultimate, and I have QuickBooks back to 2008 installed on my computer without any problems whatsoever. I was unable to install 2007 and prior, but have those on older computers here in the office and have not needed them. Good luck! I have found that I really like Windows 7 so far, and I hope you do too.

If you set your preferences for "Always hold and release," then the state return should not be e-filed until the federal is accepted even though you are filing the state as a stand alone return, if I am not mistaken. This should prevent the rejection of the federal from resulting in an amended state.

I think the main issue with using plain paper is that you do need to be sure to print the instructions that are required, either on the back of their copy or on a separate piece of paper, or , if using uniform the instructions print right on the front. The "easily separated" does not apply with 1099's since they would already be separated, and with W-2's, if you cut them apart it isn't an issue either.

I have missed you, Janitor Bob.

Terry, I sympathize with your frustration with the attitude and education of our younger generation, but don't blame educators entirely. Much of the blame rests with parents who seem to expect their children to learn everything from their ABC's to morality and manners from school, and don't bother to teach them anything at home. Then when educators try to actually correct the problem behavior of their child, the parents throw a fit. I am not an educator, and there isn't enough money in the world for me to become a teacher in today's litigious, angry society. I do work with young people through Scouts and church, but this typically means that I am seeing the best and not the worst. When my son was in school, I volunteered regularly, and what I saw was enough to convince me that teaching sometimes deserves hazardous duty pay. But I don't blame the children or the teachers - I blame parents and the courts. My pet peeve was mothers who watched their elementary aged children misbehave right in front of them, and their only reaction (if any) was to say they just couldn't do anything with them. Sorry - this will serve as my rant for the day.

I update them all; memory is cheap, and when I want a form I don't want to wait for it. But then I have never had much patience...

I like the suggestion that someone made to do one Happy Birthday for all the birthdays that day. Some days it won't make much difference but there are some days that have three or four birthdays at a time, and doing one "Happy Birthday Bob & Carol & Ted & Alice" would be more efficient without losing the personal feeling of this forum. If we worked in the same office, we would probably only have one birthday cake per day maximum even if someone had to share birthdays. :lol:

I don't care a great deal either way myself, but I find it more efficient to skim through one forum than two. I also know that sometimes a thread that begins as a strictly tax discussion can evolve into a political discussion or wind up with mentions of non-tax items such as a welcome to a member not seen in a while and his/her response. This board is a great information resource for me, as well as sometimes being a stress reliever with the jokes and personal comments (and sometimes a stress builder with the political commentary). As long as there is no discussion of discontinuing the entire forum, I can live with any other changes. :D

But you still need to respond to the CP2000 before the date it is due, even if only to tell them that TP is deployed out of the country and you need an extension of time to handle this.

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I had noticed that you did not always post for those who don't actively participate, but no way are you getting senile!. Please continue doing what you do so well, as well as the answers you give to posters on this board. You are one of the few who actually provides a source for your answers (or a link to the information), and I really appreciate that.

I got worried about you earlier this week when Catherine was posting birthdays first, because we notice when you are missing a few days! However, you jumped back in before I became concerned enough to say anything. Everyone else takes about a month for me to realize I haven't seen them in a while! Believe me you are very important to this board (and not just for the birthday wishes!) :wub:

Apparently it takes me about a month, but now I have noticed that Jainen hasn't posted in a while. Does anybody know if he is okay? First KC, and now Jainen has quit posting on this board. Did we do something to them?

I think, that if you re-read the same section of Pub 590 more carefully, that you are both right and wrong. If you are over 59 1/2, you do not have to pay the 10% penalty on the amount that you converted and of course you do not have to pay income tax on it because you already paid the income tax on it at the time you converted it. However, if you withdraw earnings on the amount that you converted within the 5 year period for that conversion, it is taxable income even though there will be no penalty since you are over 59 1/2., Example: In May 2006 you convert your $10,000 traditional IRA to a Roth IRA. Your 5 year holding period begins 1/1/06. In 2010, you withdraw the entire amount of the conversion plus the earnings - maybe $10,500. If you are under 59 1/2, then you will pay income tax on the $500 earnings plus penalty on the $10,500 withdrawal. If you are over 59 1/2, you will pay income tax on the $500 earnings. However, if you wait until 1/1/11 and make the same withdrawal, then if you are under 59 1/2 the situation is the same because it is still not a qualified distribution. BUT if you are over 59 1/2, there will be no tax consequences because you have met both tests for a qualified distribution. At least, that is the way that I understand this from reading Pub 590. So there may be consequences to not leaving a conversion in for five years, but not as substantial as if you were under 59 1/2.

:bday:

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:bday:

I hope that you had a very :bday:

I hope that you had a very :bday:

I hope that you had a very :bday: