rfassett

Randall - not sure if I understand your question, but here is my answer to what I think you mean. In my practice we maintain the "set of books" for quite afew of my clients. We do monthly or quarterly write up work for them. And if I would take the time to map the accounts we could import the trial balance right into the tax program. I find it just as quick and controllable to print the TB and just hand enter it into the tax program. As an example of that, I did a Corporate return this week in about 15 minutes. We also have a large number of business clients that keep their own set of QuickBooks or Peachtree (Sage) and we get a back up of their books at the end of the year. I review their general ledger and then handle it the same way I do for those that we do the books in house. For those that we do in house, we issue a monthly or quarterly compiled financial statement. So doing it that way, I agree with you, I have never seen the need for a separate TB program. I did try one once and it was way too cumbersome for what I was trying to accomplish.

I am not sure what your qualifiers have to do with this - she is a model/actress with income and expenses like any other model/actress with income and expenses. With a son in the entertainment business, I can tell you that there are a lot more expenses than income for those that are still struggling to make it. I think you use the same criteria for ordinary and necessary as you do any other business. Obviously, state of the art computer and web cam and high speed internet should fit the bill. Make up would also fit the bill. Training, either in the use of the technology or acting, I would think would be deductible if it is used to keep her skills polished. My point is - lose the qualifier and treat her like any other model/actress. Now, all that said, personally I would have to invite her to have someone else do her tax work. But that is just me. And I would do that for all of the same reasons I fired a strip joint that I inherited in a practice I bought some years back.

CSA - I assumed was Thomson Reuters Creative Solutions. I know of no other accounting software that carries that nomenclature around with it. Yes - we do use ATX. I have been using FAM ever since ATX made it a separate module. I have not experienced the issues that othesr apparently have. I have 287 clients in FAM with number of assets ranging from 1 to 429. I hear and read about the issues others are having and my normal response - unwritten because I do not want to get into a protracted debate - is "check your hardware and check your setup and if those are not conflicting with recommendations, then call support". I did have to call support when I installed new hardware - server and workstations - because the program would not locate my client files. ATX support took charge and fixed the problem. While watching what they were doing, it became evident that I DID NOT follow the installation instructions precisely. They fixed the problem and did not even call me an idiot - at least not while I was on the phone. Bottom line - I like the products that I am using - FAM included.

We use ATX Client write-up and Payroll as well as FAM. It does everything we need it to do. We do not do quite the volume that your firm does, but I do not think that the program would blink with a little more volume. We converted from CSA several years ago. If you go this route, make sure that every user does the webinar for both write-up and payroll. The conversion was what most conversions are - great in some aspects and lacking in others. But we made the conversion and never looked back. We think it is a GREAT program. And the report writer is light years ahead of what I remember CSA was. Good luck and let me know if you have any further questions.

I agree with Judy. Look at Schedule D line 1a and line 8a.

Started at minus 19 today and made it all the way up to plus 25. And if the prognosticators are correct, we could very well see 38 degrees on Sunday with an 80% chance of "wintry mix". What the heck is wintry mix - it almost sounds like a drink.

It might be cheaper and easier to just fly in here and check out the slopes in my parking lot.

Now that was just not nice! I just checked the temp here - minus 4. Anyway - I am glad we are all different. I would never survive in California. I love the four seasons. And I love things like this: at church yesterday, I was talking to an older gentleman. And he says "we live about three miles apart. We are like next door neighbors." I would not trade that for ALL of California - but I am glad you like it there. That said, I do know about mowing grass in February - I did live in Texas for 11 years.

Jack - correct me if I am wrong, but haven't the returns been available to e-file for some time now? It is just the paper version that has recently been released.

I posted the other day that I constantly battle the feeling of being overwhelmed. I imagine we all feel that way, And I also imagine we all have that proverbial monkey jump on our back at least one time during tax season. It happened to me Thursday. That is about 20 to 30 days sooner than normal - and it is down right scary. Thursday afternoon I completely zoned out for almost three hours. I keep a daily time sheet and there is a block of time that I do not know what I did. For all I know, I could have taken an extended nap at my desk. I do know that it felt like I was walking and moving in cement. I attribute the early hour of that coming on to all of this nonsensical stuff the government is forcing on us. I am taking a very hard look after April and at a minimum I am thinking I am going to hire a very competent person to take the bulk of my load and I will come to the office two to three days per week during the off season and three to four days per week during tax season. I am very ready to start moving toward retirement.

Frazzled - know that we may not understand (we all walk our own road), but know that I have already lifted you to the Father. He knows you. And He understands. And there is no problem or issue too large or too small that we can not take to Him. That is why I am praying for you!

This should surprise none of us. This is the same thing that goes on with 1099s from the brokerage houses. January - here is your final 1099. February - here is your revision of your final 1099. March - here is your final revision of your final 1099. August - here is your amended final 1099. The same government that allows that nonsense is the same government that issued these 800,000 erroneous documents. The real news will be if they can get it right the second time. And, no, this is not a political comment pointing fingers at any party or party member. It is simply the culture in which we live.

Here is a pretty well written piece on timber sales. http://www.fs.fed.us/cooperativeforestry/library/timbertax2012.pdf As you will see from reading this, the easy thing to do is to have an appraisal of the timber at the time of purchase - and allocate that number to the whole timber lot - and then when you sell some (because hardly EVER is all of the timber sold) you would allocate that the basis based on the appraisal. At this point (since the purchase and sale happened within the last year, I would probably tell the client to get in touch with a qualified forester and get me an appraiser of the timber. This is no small task and your client you need to pay the fee. The activity will involve the forester walking the property to take an inventory of the timber and then determine the value of that timber based on the April 2014 timber pricing and then adjusting for the timber already sold. Without something like this in your arsenal you and the client are leaving it in the hands of the IRS to do their own allocation - and that allocation, lacking better support, will probably not be to you or your client's liking. You should be aware that timber prices vary by type and current market and location.

Lacking an appraisal specific to the mineral rights, I would allocate the basis in accordance with the sales prices. i.e., 69,000 / (69,000 + 235,000) x 55,000 for the surface rights. And the balance of the 55,000 allocated to the mineral rights. Yes - long term capital gain for both transactions.

Ditto - I know I am not speaking for Jack - but I passed the age a few years ago where I can no longer count on my brain to remember these things. I take lots of notes and more notes to tell me where I put the notes and more.......well - you get the picture. I have three setting at my foot right now that need differing info - but all I have to do is open the envelope and I know exactly what was needed and my note also tells me what I have left to do in the return. I used to leave that all up to my remembering. But there is just too much of that to cause overload at this time of year. Take notes - and lots of notes.

One of my excavating clients was in to pick up his corporate return yesterday and he made the comment that it would drive him crazy to have to sit behind a desk all day (like he thinks I do). I simply replied that being crazy is a prerequisite to being in this business. Just so we all know what our "normal" is. I guess that is what your "considering everything" comment is referring to. (And yes, hanging prepositions is part of the package.)

I am, today, working on returns dropped off on February 3rd, 4th, and 5th - so we are a solid two weeks out. My clients, like LouD's know the score. Those that have pressing issues (vacations are not pressing issues, I do not care where they are going or for how long) we will push it through. I get very little negative feed back about our turn a round time. We will be at three weeks out by the end of next week. I am staring at a day coming up (February 11th) on the schedule of returns dropped off, that saw 22 returns come in. I will spend at least three days working on those. And that day is sandwiched between 11 and an 8 return drop off days (41 checked in over 3 days). I continually fight the urge to feel overwhelmed.

Fed -Ex just dropped off a box from Shari's Berries compliments of my client in Taiwan. That will certainly change the attitude in the office. http://products.berries.com/gifts/4-Dipped-Cookies-10-Sweet-Cherries--6-Fancy-Strawberries-30005053?sk=&ref=SSSorganicgglunkwn&prid=sbseogu&viewpos=9&trackingpgroup=SCP Yum yum!!!!

Met with client yesterday who tried to do own return on TT. Told her it needs amended and I need a copy. She emails me a pdf this morning and I am about to send it to the printer when I realize it is 106 pages long. Near as I can tell, there are two W-2s and 3 1099R's. 106 pages? Glad I noticed that BEFORE I printed it. Phone rings awhile ago - client needs some help with his online QuickBooks. He says, and I quote, "(female name) that was helping me get QuickBooks set up took a job with (one of the local regional accounting firms) and is working 6 days a week and I can not get ahold of her - so I am calling you." ARE YOU KIDDING ME? Honest to God - I can not make this stuff up! Next call - local attorney's office (the ONLY one I have any respect for) calls. Went on line to the PA website looking for the PA20S and all that is there is the 2013 but they need the 2014. Well, I guess I can print a blank one - now I am in the forms supplying business I guess. After taking the time to close the client I am working on and open a new return and open the forms and print - I google the form. Guess what - it is there in pdf format ready to be filled in. REALLY? If I was at all sadistic, I would ask WHAT NEXT? But I know better. But good news - I have completed ONE return today!

Not the snow. Well that too. But I just took another head count. There are 112 returns setting here waiting to be done. And I have 35 compilations to year-end finalize to get ready for returns. So I guess that is 147 returns in house. At one point today I was receiving info via email, through my client portal, through the mail, at the front desk and via a phone call. The door this morning was like a revolving door. Anyway - no complaints Just an observation.

So the Nanny owed the TP some money and did "free baby sitting" and the Nanny issued a 1099 to the TP? The facts do not fit together. The Nanny did not work for free. The Nanny worked for the money that the Nanny received - previously. I still fail to see the need for the Nanny to issue a 1099. The TP, if this was a business transaction, may be warranted in issuing a 1099 - but not the other way around.

Oh sure, blame the dog!

Yes on your second question.

On the asset disposition tab there is a selection for "installment sale". It may all be floating to the 4797 if you have done it this way because of depreciation recapture. Recapture is picked up in the year of sale. If you have done it this way, you do not need to enter anything on the 6252. It should float there on its own if it is applicable.

Not sure we have enough facts to respond. Is the baby sitter a business (as opposed to an occasional in the home thing)? If so, is this more of a cancelled debt thing - which should not be on a 1099M? Or is it this a situation where the TP worked for the "baby sitter" in exchange for "free" baby sitting? Need more facts.