Marie

I used the asset history tab in the asset entry. I seem to have clients who fail to tell me capital assets sometimes, and I would put in and could get the previous depreciation allowed or allowable to complete the 4562. And to compute basis. This tab is still there, but a message telling me to call sales about the fixed asset manager. I talked with support, then sales and I can buy for 1/2 price til the end of the year. A think I can figure some previous depreciation for $190. Has anyone else looked into this? Is there more to the Fixed asset manager than asset history that would make it worth the price?

The chart says qualifying rules for tax year 2008. Are they the same for 2009?

Doing a Form 709 and 2009 will be the first gift over the $13,000 limit. I put in the gift on Sch A, but can't seem to get the unified credit amount to flow so no tax is due on the first page. Any suggestions? Also, the exclusion is $1m but if giver's assets are less than 3.5 m (for now, anyway) shouldn't be any problem in the end, am I correct?

Client donated land to a non profit, worth $8000. Filling out the 8283, never had one so large. I understand appraiser has to sign? Client needs to keep appraisal for his own records in case IRS wants to see? Also non profit has to sign second page? Client wants sister to do appraisal, she is certified with the state, will that fly? Also, after doing return, client has no tax liability, (not plus figures on any line) so no sch a necessary. Does the charitable contribution carry over to 2009 even if taxpayer doesn't file sch A? Or would you send in so to get the carryover? ATX isn't putting total of Sch A deductions on the 1040, just standard deduction, and showing carryover on Sch A. I hate these last minute people, been telling me she had it ready for weeks, but I had to call. I'm going to Arkansas next week for craft fairs, not sitting and waiting for procrastinators. They had an extra 6 months! (sorry, need to vent a little) Anybody have some help for me, experience in doing this? Thanks

Is there a way in the ATX program to print off a list of returns, with just names? Isn't that what preparers are required to keep, a list of their clients? Can the program help me with that?

I have done some research. On pg 8 of PUB 972 there is a worksheet on earned income. On Line 2C "Enter any net farm profit or (loss) from Schedule F, line 36, and from farm partnerships Schedule K-1 (Form 1065), box 14, code A. Reduce this amount by any unreimbursed farm partnership expenses you deducted on Schedule E. Do not include any amounts exempt from self employment tax. " I read this as 4029 exempted SE income would not be put on this line, and without an amount, no ACTC would be allowed. But, there are tax preparers around here that are giving the ACTC on exempted SE income. This worksheet does not specifically mention 4029 exempted income like the worksheet does for the EIC. Does that mean something different, or did they just not get it in the instructions. Also, I have some 4029 clients who have been getting the EIC also. (no other income but exempted income). Why isn't IRS catching this?

Do you think that EIC and ACTC qualifications are the same? One preparer has been giving the ACTC to these clients, she made a lot of mistakes on other things this past year and I'm getting new clients. But for me to amend, I'm telling them they are going to have to pay back, because I don't think they are eligible for this money. Who's right? Can I depend on ATX to be right?

There is no box. In ATX software, you check the 4029 box on Sch SE. When you do that "Exempt -Form 4029" appears on line 57 of the 1040. That is in the instructions if you are doing by hand- to write on that line. Look at the worksheet for earned income amounts for EIC, IRA, and Child tax credit. ATX software won't fill them in if the box is checked. I can override and the ACTC will appear on the 1040. Is ATX right or wrong?

I know I've posted this before, would like to have more feedback, if possible. ATX does not give EIC or ACTC when the 4029 box is marked. My competition has been giving sometimes both, but always ACTC. She has told her clients that they are eligible when they question her. She uses TaxSlayer. Some of her clients have been receiving for several years, and IRS has not asked for this money back, she efiles and it goes through. I know if there are some wages these clients may be eligible for some EIC and ACTC, but I've been working with the ones who just have SchC and Sch F income. I want to be sure! Can anyone help me and give me resources?

Taxpayer has a collections of books worth approx $50,000. He is considering donating them to a university and using it as a charitable donation. Form 8283 says an appraisal, from who? He should get a receipt from the school stating donation, date, and amount? Anything else to do? I haven't ever had a donation quite this large, and want to make sure I cross all my T's and dot my i's.

Thanks. I understand that employee/wage thing, and the recepients are not employees or workers.

Gifts in any amount? Could the church give $25000 to an individual? $13000 limit doesn't enter in? To clairify, individual does not work for or at church,.

Church has extra money and feels very blessed and wants to give money to several individuals who need help. Does this consitute taxable income to the individuals? Do amounts have to stay under the $13,000 gift exclusion? Or does it make a difference?

Yes, I am working on the insolvency worksheet. He had debt cancelled 5 different times, all pretty close to each other. I think there is a death benefit on the retirement, though. His wife died later in the year, and he received some from the teacher retirement in her number. Is wife's death benefit an asset since the debt was cancelled before she died? Would his death benefit be an asset to him, too? It could have been simple if they actually had no money, but they did have some money in the bank, but the medical bills got overwhelming.

I'm doing a late return ( and one I was dreading, but..) Taxpayer has lots of credit card debt, medical bills (wife had cancer and died). Lots of credit card debt cancelled. He also has teacher retirement. How do I find out his interest in this retirement. I know they pay in, but depending on how it is set up, when you die, your heir only gets what is left of your initial investment. The retirement is a good thing as long as you stay alive. At point of cancellation, what is it worth if he dies the next day? Anyone know how to figure, or do we have to contact the state teacher's retirement group?

I thought it would be actual expenses, too, but last year's tax pro took mileage and I told him that I didn't think that was correct. Like he said, it was easier, but not correct. Thanks for the input

I have a client who rents his vans out. This is an individual, not Enterprise or any type of Company. How does he deduct expenses? Can he do mileage expense or does he have to use actual expenses? I understand vehicles used for taxis must use actual expenses, but he is not doing the taxiing, he rents the vehicle for someone else to drive.

THANKS, I worry about not getting it accepted in time. Is it accepted date and time, or efiled date and time? How much time after the 15th do we have to fix rejects. Do extensions ever reject?

When is the latest time I can efile returns and extensions on April 15? In Missouri, is it midnight? Then if rejected, how long to re do. What about extensions? It seems like the accept status takes longer on extensions. What time is considered filed on time? Just want to make sure I am not late with these filings

I had to file an extension for client's s corp. I haven't mailed the scorp in yet, but have the individual's with the K-1 income tax done. They want to efile. Can I send in the 1040 with the info from the scorp before the scorp is filed?

Where is the estimate tag. I've not used that feature. Can you explain how it work?

I efiled a late W-2, and now have realized it was wrong. Minister's wages, and I didn't change SS and medicare wages to 0. Can I efile the corrected w-2 hours after I have efiled the first one? No 941's or 944's have been sent in on these wages. Nothing in withheld, what is the best thing to do? Any ideas? THanks for any help.

No one told me they sent it back. I guess that is their option. I am still dealing with that other preparer giving the add'l child tax crd. He has now amended back 3 years to get this for some of these clients. Most have quite a few children which amounts to a substantial refund. Now thru the mennonite community talk, several have called me and want to know if it is right and/or what they should do. I know they shouldn't receive ACTC, and have told them that I have worked the worksheet and it says do not use exempt SE income. In your experience, does IRS catch this eventually? Should we just write VOID on the check and send it back? Or send in another amended return and pay back. But wouldn't that generate interest and penalty. Can they hold their tax pro accountable for this? I'd like to have these clients next year, so I'm trying to help, but during the last week of the season isn't the best time.

I told him to stimulate the economy with it and he said he bought a tractor already this year. (not with the stimulus, didn't know he was getting it, but helps with the payments, anyway). I'm pretty sure most of his people who received the check last summer spent their money. I didn't hear from them, anyway. I would still like to talk to Ray in Ohio, if he's out there.