joelgilb

He should have been preparing CA returns with the losses to do the carryforward, but my understanding is that CA is pretty lax in this respect

Almost never waste the time unless they ask for which is pretty rare

Hmm, I think that would be an improvement if my clients kept it on my ceiling.

Don't know about CA, but you could try blaming the accountant! Often works for Federal with no adverse issues to the accountant. I always use the Generic and just say "... that the taxpayer sought professional advice from a CPA and thought he was in full compliance and would not or did not owe any tax...". This works most of the time with IRS and is one of the reasonable cause exceptions. Warn your client that it may not work though. When in doubt, blame the account(ant - rhymes better this way). Isn't that what our clients do anyway.

My guess is you mean the probate was closed in Jan of 2008 and everything was disbursed. I am also guessing that you are not doing the 1041, but are possibly the attorney doing the probate. Is this correct? Couple of thoughts: 1. If there is no taxable income in the Estate, it is not a big deal as there won't be penalties anyway and most if not all the income should flow to the heirs in 2008 and be reported on their 2008 1040, filed in 2009, even though the K-1's are for a Jan fiscal year. After all it is Jan 2008!, or 2. Tell the client you will do the return and use a Fiscal Year Ending date (other than 01/31/08) that still allows a timely filed return as IRS virtually never checks this.

Looks like she already has had an effect on you. I don't sense any of the JB humor in this post. Anyway, congratulations! I hear that married men either live longer or Die early because they want to! jk

I have sleep apnea and I agree, you almost certainly won't die because your CPAP machine stops working. You will get a terrible nights sleep or maybe none and you will SNORE something fierce, so your spouse or partner (presuming you have one) will hear you and maybe even wake you up! Justifying the generator on this case is pretty tough.

Bat Cave? Sir I am Bruce Waynes Butler, I know nothing about any bat cave! Alfred

Ok. Note I updated my previous post as you were posting Then you need to match the 1099B in the system with IRS on Mom's return. Then you could show the kids interest as a second transaction as negative, backing out the profit and transaction "as attributable to other taxpayers". Since the child was on the "stock Account" "With Right of Survivorship" I don't quite understand why it was taken from the kid, then put into an mom's checking account and distributed by the executor. It should have gone straight into the kids accounts. With what you have laid out though I have to presume that mom's checking account was also an account with kid on it, so stop me if I am wrong here. If that is the case it looks like the kid already owned a portion of the account and inherited the balance on death. therefore the tax implications should be on her return. Was there a Probate? If so you may need to speak with the lawyer to get his/her take on ownership and who the sale belonged to. Find out if this really belonged in the Estate, or went outside the estate, due to ownership. It makes a difference in who should really put this on their return, Estate or Kids.

How did the account legally transfer direct to the kids without going to through mom's estate yet still get 1099b'd to her. Were they on the account with her? did they do a small estate affidavit? Probate? Also, am I right that the 209,000 was a sale of the balance of the assets?

Wait, I misread your question. If it is on a 1099B, is any of it earned before her death? For instance you don't say if this is a Mutual Fund 1099B or a sale of stock on a regular 1099b that would all be after death. If all after her death, then back out the entire amount on her return with an explanation/disclosure. You probably should also cross reference the Estate return by diclosing the FEIN on mom's 1040. If it is a mutual fund, any sales during her life go to her return only. It has nothing to do with how much is withdrawn by the heirs it has to do with when and who earned the income on the sale. Also don't forget the "Step-Up" in basis on any portion that was sold after her death.

You need to report it in the mom's final return as a nominee to match the IRS's system this will back out the income and then you can put it on the estate tax return or related trust if there is one. Also, might not be a bad idea to attach a disclosure statement or allocation spreadsheet.

I like it, now that you are the Hangman, you are also doing the Alfred thing.

Thx Eric, Have used Firefox for years. No Internet Explorer here!

Tapes n Tapes - Hang Them all http://www.youtube.com/watch?v=AMlxeGtrTKQ

Keeping head on. Thx Hangman! Anyway, Just got off the phone with ATX and OMG an Answer! Big workaround, and will post it once I get it entered and working (not easy to do, but should work).

Hostage day 11. Hair getting gray (what's left of it). Still no return calls, even though I have called them Each and Every day requesting one. No one at the first level of tech support even understands what I am asking and all have promised a callback from the development team. Client ready to take my head off. guess if that happens , the gray hair won't matter!

What a surprise. Intuit doing something that benefits only them!

Suggest you wait for the K-1 and get the client on board with that. One way may be to tell him that pending the K-1 you have to be conservative to avoid penalties etc and consider everything he got as Ordinary Income subject to Self Employment tax. The numbers alone may be enough to deter him. I am essentially dealing with similar issues with a client have had done similar things and by letting them see how much it would cost they calmed them and made them willing to wait.

Prefer to stay out of political discussions and quietly standing in the sidelines waiting to see who to hand over to our Hangman, Zeke.

Your Weclome

When I had Pitney Bowes Shipstream, the successor to ClickStampOnline, their fee included a 10 lb scale. Apparently it was a rental and now they want it back. Using it with Endicia until my new scale arrives. Since I had to buy one anyway, I opted for a 50 LB USB scale accurate to .01 oz. My wife used to sell books on Amazon, Half and ebay and then when the weight was over 10 lb, we had to weigh in batches. Just want one now that will handle the large as well as the main mail. Otherwise, that 96 cent deal would be of much more interest to me. Hard to believe they can sell those scales so cheap. Hey on a slightly diff note, has anyone opened one of these new scales up? Interesting that there is no spring mechanism in them, but solid thick metal pieces with electronics (probably magnetic) that sense even the slightest weight. Pretty amazing and simple technology if you ask me.

Never Ever had a problem with Okidata and have had several through the years. And even long after the warranty period is over they are still giving me tech support for free. They solved a problem just before tax season on a printer that had been out of warranty for over 4 years. Now I did have to pay for my own parts, but it was really maintenance not a breakdown.

I think that there are only 2 of the old techs from ATX Maine and I am guessing that both of them are the level IV or above. And well pretty hard to get to them as they have to deal with the reg techs so they are not spread to thin.

Song not poem (sung to the tune of Underdog's theme song music) And thinking Zeke is male and therefore Hangman is NOT SEXIST! lol Now if I had appointed one of the women here to that position, then I would have to change the song. Might not rhyme at all then. But since Zeke accepted the position, I don't think that will be a problem.