TAXBILLY

>>Are any colleges that are not in the United States eligible educational institutions for the purpose of this credit?<< I would think that the college could answer that question. taxbilly

I would set up a meeting at the local IRS office with you and your client with all of the relevant paperwork and the proof of when the check was received and let them unravel it. taxbilly

A partner is not an employee so a 2106 cannot be used. taxbilly

May you have any more! taxbilly

A friend of mine just got a call from IRS regarding one of her clients and they want to schedule a 2007 business return audit for April 5th. She politely reminded him that the 2009 deadline is April 15th and that she would not have time for an audit until after April 15th. The agent insists on having it on April 5th because "we do audits year round." The supervisor is also insisting on that date because a later one "would not fit into our timeframe." taxbilly

Look at the top of Form 8829 to select another home. taxbilly

Add the K-1 Form 1065 Worksheet to the return. Enter the Name, and FEIN Check the Publicly Traded Partnership line. Enter your figures from the K-1 on their proper lines. The program will pull in any form necessary. No need to override. Interest and dividends will be taxable and go to the proper forms. If the other figures netted result in a loss you will not be able to take it until a year in which you have a gain. Form 8582 will keep track of it for you. taxbilly

May you have many more! taxbilly

May you have many more! taxbilly

Walking into the bar, Mike said to Charlie the bartender, 'Pour me a stiff one - just had another fight with the little woman.' 'Oh yeah?' said Charlie, 'And how did this one end?' 'When it was over,' Mike replied, 'She came to me on her hands and knees.' 'Really,' said Charles, 'Now that's a switch! What did she say?' She said, 'Come out from under the bed, you little chicken.' taxbilly

Father Murphy walks into a pub in Donegal, and asks the first man he meets, 'Do you want to go to heaven?' The man said, 'I do, Father.' The priest said, 'Then stand over there against the wall.' Then the priest asked the second man, 'Do you want to go to heaven?' 'Certainly, Father,' the man replied. 'Then stand over there against the wall,' said the priest. Then Father Murphy walked up to O'Toole and asked, 'Do you want to go to heaven?' O'Toole said, 'No, I don't Father.' The priest said, 'I don't believe this. You mean to tell me that when you die you don't want to go to heaven?' O'Toole said, 'Oh, when I die , yes. I thought you were getting a group together to go right now.' taxbilly

Paddy was driving down the street in a sweat because he had an important meeting and couldn't find a parking place. Looking up to heaven he said, 'Lord take pity on me. If you find me a parking place I will go to Mass every Sunday for the rest of me life and give up me Irish Whiskey!' Miraculously, a parking place appeared. Paddy looked up again and said, 'Never mind, I found one.' taxbilly

Use caution here so that you don't get sued later. Present the options to the owner because you never know about divorce, etc down the road. He may not want to give a portion of his business to his daughter in law or kids who may then have some legal rights in decisions made in the business. Proceed with extreme caution. I would suggest he gets legal advice before proceeding. taxbilly

>>Is this the way it is supposed to display? Does ATX even have the capability to display the LSE notation?<< The letters LSE will print to the left of line 20a. It's a dumb place to put it because it can easily be missed when filing a paper return but it's not ATX's fault. The IRS requires it to be in that spot. I highlight LSE in yellow as well as 20b to alert the key puncher. taxbilly

May you have many more! taxbilly

Agree with j on this one. taxbilly

Q. Can a dependent on someone else’s tax return claim the first time homebuyer credit if they otherwise qualify? A. Different rules apply depending upon whether a dependent buys a home after Nov. 6, 2009, or on or before that date. Dependents are not eligible to claim the credit on any purchase after Nov. 6, 2009. However, a dependent who buys a home on or before Nov. 6, 2009 may qualify for the credit. (11/19/09) taxbilly

http://www.rothira.com/ taxbilly

Ouch!! taxbilly

Have a client who has a PTP. Looking at the capital account at the bottom left of the K-1 I notice that the beginning was a positive $745 and the end was a minus $1251. Does this mean he has taxable gain? taxbilly

Click help and then extensions. taxbilly

I provide a free service for my clientele by mailing them their 1040-ES coupon and an envelope a month before due and then we call them a week before to make sure they paid it. They are very appreciative of the reminder and the baked goods (cookies, brownies, etc) we get at tax time make up for the few minutes it took to handle it. When they pass away their children usually remark about how we helped mom and/or dad. taxbilly

http://www.unclefed.com/ForTaxProfs/irs-wd/1998/1998-041.pdf taxbilly

I agree with your reasoning. In the court case the key fact was that the taxpayer was already doing the job that the MBA maintained or improved her skills. In your case the client is not doing that job but preparing for a future opportunity. taxbilly

Yes. taxbilly