Randall

Anyone know about the TaxSlayer software?

I'm not a techie. I think the better way is to have a techie upgrade your system. But a few years ago, I purchased a low priced monitor. I didn't have an extra port on my computer to plug in the 2nd monitor. I purchased an adaptor (Tritan), plugged the monitor into the adaptor, plugged the adaptor into my computer using an available USB port. The adaptor came with software that allows me to use the 2nd monitor as an extension of the 1st, a mirror of the 1st, or even as the primary (with the 1st monitor as the secondary). It has worked well for me. Low cost and I was able to do it myself. I plan to buy a new system later this year and make sure I have the availability to go with at least two monitors, maybe three.

"Sorry for the delay"

Didn't it always end with the two sitting still on horseback, saying to each other, 'Ah, Ceeesco, ah, Pancho!

Then there was a song back in the 70s or so. I can't remember the name or group but they kept singing the refrain, 'The Cisco Kid was a friend of mine' Diablo, spanish for devil.

I've never e-filed extensions before but I'm trying to same some time. Is this the ATX procedure: Open the return, open Form 4868, go to the efile tab, input the pin, etc. Wait for acceptance notice just as with the 1040? With the paper extensions, there's no signature requirement. I'm assuming there's nothing for the efiled extension? I realize a payment may be needed on some, but I think I'll go with the paper extensions for those clients.

Then there's a different address if you agree and are sending a check from the address if you disagree and are not sending a check. I had a recent situation where we agreed with some changes but not all. I advised the client to send a check for what I calculated with the agreed items. I didn't know which address to use. I chose one, can't remember off the top of my head, but I think it was the address to send with payment. Haven't heard back yet.

On the W-2 earnings summary of a RR employee (not in the W2 boxes), there is a list of income items minus the pretax items with total earnings amount which matches amount in box 1 for taxable wages. Listed below that amount is a negative shown as deductions for meal allowance. What is this? As presented, it seems it would be an after tax deduction from the employee's pay. But would the employer charge the employee? Wouldn't they pay the employee? Or note this as a deduction before taxable amount (pre-tax)? Or show in W2 code L? Anyone know about this?

I know there have been a lot of posts on this topic. I tried looking back to find my issue. Client divorced in 2008. He gets to claim all three children for 2008. The IRS site is showing a $1500 stimulus payment. The site says if his filing status is something other than married joint, use $750 to calculate his recovery rebate credit for 2008? This calculates to $1500 minus $750, giving him another $750. Am I missing something. I know if the couple was already divorced, each might end up getting the amount for the same child in the two different years, but this one seems a little different.

This is how I do it. I install two states, then add other forms when and if needed.

I thought I was cheap. I'm easy. I'd tell them it'll be more but I'm usually easy on these things. As others suggest, if they can organize the info for you, that'll help. I try to warn clients if there's a significant change, my fee will be higher. But going from $60 to $300 will be a shock to their system. You have to gauge it yourself.

The clergy worksheet in ATX is still in draft form waiting IRS approval. I've compared the draft to the worksheets in Pub 517 and I don't see any differences. Is it ok to attach these worksheets to Form 8453? Or do I need to wait for final approval. Return has not been efiled yet. And I know I need to send the 8453 within 3 days of acceptance of efiling. But do I have to wait on efiling the return until the worksheets are approved?

Suddenly, the created and modified dates are not showing up on a printed report, only a five digit number. The dates are visible on screen. Any one else seeing this?

I got a call recently. He was on a mission in Africa. His church sent him two checks per month, one for his personal pay, the other for certain expenses incurred for the mission. He didn't receive a W-2 or 1099. He said the church made some tax payments for him with the 1040-ES. I wasn't sure of all that was going on, so I told him to first contact his church to see how they handled things. I asked if he was ordained and he said no, just on some type of mission. I'm not sure the church is handling this correctly. I haven't heard back from him yet. But as a heads up, how should the church be treating him in this type of case?

I don't have a cite, but I think there's a prevailing viewpoint that renting to a family member at about 20% below FMV is acceptable, the reasoning being that they will take better care of the property, etc. You might want to follow up some research on that angle.

Thanks for all the comments.

Client has IRA account statments (one each for both spouses) for January 2009 showing distributions on 1/9/09. No 1099Rs for 2008. He says the checks received in Jan09 are for 2008 distribution. I seems he's 9 days late on his RMD. Do I calculate penalty on 5329 or does he just wait for the IRS to assess penalty. Is there a remedy? Can he get the penalty waived? Then if so, how is it reported? I'm thinking if he gets distribution in Dec09, he'll have a 1099R for 2009 showing total of two distributions. Anyone have experience in something like this?

Good luck on getting the insurance company to issue a corrected 1099.

1099Rs are issued for annuity and life insurance distributions. Annuities can be IRA or Non-IRA. I agree with KC, that this would not be an IRA annuity because the client put a large lump sum into the annuity. The 1099R reports the distribution proceeds. The basis appears to be $80,000. Excess of basis is taxable as ordinary income (with 10% penalty if applicable). If proceeds are less than basis, I believe the loss is deductible but I don't have cites off the top of my head. Review the rules on this, but I believe the loss is deductible. No on the rollover, like KC said.

And I did throw in a few fresh hampsters too.

I think I figured it out. In the Return Manager, some clients type were listed as W2 and some were listed as W2/W2C. I manually added the slash W2C to the ones listed only as W2. Now all clients are listed on the left under the W2 category. That still doesn't answer why the two groups reversed themselves within the two categories, but oh well.

This just got stranger. This morning, I rolled over another W2 client and it went into the 'Other' category on the Return Manager. Now I'm back into ATX and I see that the earlier W2 clients I worked on (plus the rollover this morning) are back under the W2 category, but the W2 clients I rolled over in between are under the 'Other' category. They've done a switcharoo. Do I have gremblins? Maybe I need some fresh hampsters in my CPU.

The W2 category is not showing in my return manager. It was earlier. My W2 type returns are now listed in the Other category. I rolled over a new W2 return and the W2 category reappeared with the new return listed under the W2 category. But the other W2 returns are still listed under Other. Does anyone know how that might have happened? And can I fix it, move them back into the proper category? W2 is still listed as type under the Type column.

That's why I wear my contacts with reading glasses over them, even on the long days.

I use encryption software on my desktop. It can also encrypt external hard drives and flash drives. The software license allows for this. But not addional computers such as a laptop. I use PGP for the encryption. Hopefully, if I lose a flashdrive or it's stolen, the info is protected.