rfassett

Sometimes yes, sometimes no in PA. I was thinking it was me - maybe dragging inadvertantly on the print menu. At this late stage of the game, I was ready to just accept it as that - since most of what I am doing now is on auto pilot anyway. Nice to know I may still be a little bit awake.

Lol - well, you got me there.

Oh - and I forgot to say, everything is PA tax is STRANGE.

Unlike other states, PA is a flat tax rate. Although there are 8 different classes of income which have inpentrable walls (meaning one class loss can not offset another class income), everything at the personal level is taxed at 3.07%. So the withholding should be at exactly 3.07% of the wages.

To God be the glory, to God be the glory, to God be the glory - for all He has done! Thanks for the update, KC. There is no doubt this family of your friends continually prays for you and Don. May the God of all creation be with you this day, even now - and forever!

In my State, an appraisal of the real estate (as of the date of death) is done for the inheritance tax return. So it is easy to establish the basis. If the date of death and sale date are reasonable close together, in your example, I would take the $6,000 loss. If we were having this conversation when the real estate prices were plummeting, my answer may be different because fair market value would be more difficult to establish. And just to carry your thought process through, your beneficiary is, in fact, receiving $6,000 less of an inheritance because of the monies spent to ready the house for sale. By not taking the loss, you are effectively causing your client to pay tax on the $6,000.

The "estate" does not have a personal residence. The deceased had a personal residence which stopped being a personal residence when she passed. The property got a step-up in basis when she died and the resultant loss in value and/or costs to prepare the property for sale and any holding costs would result in a long term captial loss being reported on the 1041.

Even so, even now Father God, we are certain of one thing - and in this world of constant turmoil, that one thing is our anchor in hope. That one thing Father, is the knowledge in our hearts and minds that above all else, You are sovereign. Sovereign not every once in awhile or just when it is easy, but sovereign in every way and in every single moment. And for that, Father God, we are eternally grateful. Father, none but You know what is in store for Don. But YOU DO know - and we know that You love him - and KC as well - and sometimes Father, that is all we get. And that is OK! Because we trust You, Father. But even at that, O Lord, I lfit Don and KC up to you in prayer Father. I would ask that You would wrap Your loving arms around them even now - and let them feel Your presence. Please give them that peace that confounds all understanding - that peace that can only be found in our Lord and Saviour Jesus Christ. Lord, it strikes me even now, that You haven't promised ANY of us the next breath. But You did promise us eternal life. And even as Don approaches that great divide separating us from You - and whether he reaches the river today - or twenty or even fifty years from now - we rejoice knowing that he is ready to claim his eternal life in his eternal home. My prayer, Father, is that we would all be ready - because none of us know when that boat is coming for us. But for Don and KC, Father, please be with them, as I know You will, in this their hour of need. Let them feel Your love - now and forever more. And help them to understand, that they do not walk this path alone. Besides all of us praying, O God, I know that You are with them in every step that they make and every breath that they take. Father, please instill that knowledge in their hearts that they may know - and know with certainty, that this path is beaten and You have walked it over many atime. Father - I pray for our friend KC. Help her to find rest, Father. These are trying and confusing times for KC and fatigue does not aid the problem. Watch over her, I pray. And Father, I thank You for hearing my prayer. You are the King of kings and the Lord of lords, above whose name, there is no other. And Father, in this situation and every situation Father, we will be careful to give YOU all of the glory and all of the honor. Thank You Father. And I pray all of these things in the name of my Lord and Saviour - Jesus the Christ - who was and is and is yet to be - the Great I AM. Thank you Father. Amen and amen.

Yep - I did the same thing last year and had the same re-action. So much of what we take for granted in the current package was just a dream back then. Kudos to the developers.

Wow - somebody is getting a little testy. :)

Don't mis-understand me, I still have 272 tax returns to do - about 100 of which are setting here staring me in the face. But still........I am over halfway there.

Have your client check with the school. My client got an email from his child's stating that "now that the filing deadline has passed and since you provided estimates on your FAFSA we need a transcript of your tax return". This email prompted my client to gather his stuff and drive 35 miles to my office and beg me to "put a rush on it". When he got home, he had another email informing the first email was an error. Don't know if that is your case - but it sounds about the same.

The number of returns completed just turned larger than the number of returns yet to be done. I can feel the down hill momentum starting to build!!! :D

I have had a few that lost the child tax credit for one or more of their children. Coupled with the loss of the Making Work Pay credit, it makes for a pretty good increase. And I am about to the point where if I hear one more client say that their kid is still in high school so they should still be getting the credit, somebody is going to get smacked.

Yes - that is correct. The 1099 C, if in fact the debt was listed in the bankruptcy, should be marked as such. If it is not so marked, then either the debt was not listed or the credit card company screwed up the 1099-C - either way you can anticipate a letter writing campaign with the IRS. If the 1099C is wrong and box 6 is not marked you can ask your client to contact the credit card company for a corrected 1099, but I would not expect too much success at that.

Very funny! Reminds me of something that happened just two days ago. My wife and I arrived home together after work and as I was rummaging through my keys to unlock the front door, I looked up and said, "oh, I will just use this one". She had been home earlier and left her house key in the lock for anybody that wanted to enter, I guess. If anybody did enter though, they would have had to deal with my baby - Maggie, the German Shepherd - on the other side of the door. Good luck with that! If I come in late and the house is dark and do something or make a noise out of the norm or have a hat on, she will stop ME in my tracks. I would not want to be a stranger walking in...........Best security system around!

Actually, although not in this case, but I hear and/or read "consult your tax advisor" or "a qualified tax advisor should be consulted" a great deal more than I ever hear and/or read "consult your CPA". If this guy was not in the "hot seat" he might have made a more solid attempt at broadening the paint stroke. I would not put too much into it. From your post following this one HV KEN, it does not seem to have had much impact on your business. But I do think the real problem is not being addressed here. Why are YOU listening to that stuff? That drive time should be your chill time. You might need some help HV Ken. :)

"(Prayer is just about all I have the energy for lately)" And that is all that you ever need: "But they that wait upon the LORD shall renew [their] strength; they shall mount up with wings as eagles; they shall run, and not be weary; [and] they shall walk, and not faint."

Reminds me of a client a few years back that brought all of his records in and I had one of girl's (employee) summarizing the info and I heard this awful scream. I went runnin' and she is sitting there just staring at this guys daytimer. He spent about eight months of the year out of town and had written in his daytimer when and where he met up with ladies of the night, Of course he wanted to deducted the expense as ordinary and necessary............. By the way, you will not see me post a negative comment again for awhile. Right after I started this thread my server went down. Fortunately I have a tech service monitoring my system and before I could get to the server to attempt a reboot, the service was on the phone asking if we were having server problems. They were here within ten minutes and we were back up and running within two hours.

Client just called to tell me that the Corporate filing deadline is only a week and a-half away. Like I needed to be told that? Come on man! When I finish the Corporate return I am doing now, I will only have 42 more to do - not all by the deadline. Wait, when was that deadline again?

yep - that is what I have to do. In PA for Corps we have to attach the federal to the state corp and the state S where appicable - which means I am attaching pdf's alot. The first couple of times your issue happened it freaked me out. But now that I know the fix it is no big deal. Actually your issue only happens about half the time. The rest of time, the menu is there. Go figure - I have not yet figured out the why - there seems to be no rhyme or reason to when it does or does not show up. Glad you found the fix.

"Normal", like "beauty", is in the eye of the beholder, so to speak. The "normal" 60 to 65 hours per week that some of us work during the "off season" is a brutal schedule for others (nobody on this board, of course). And speaking of the less than sane phone calls, I truly have had two calls this year asking when I would be finishing their return, both of which I countered with, "do we have all of your information?", and both said, without hesitation, "no". Somebody on this board needs to teach me how to NOT throw the phone during those kinds of calls. Are you kidding me? ;)

As you found out - PA has its own separate NOL. Use the RCT-103.

I feel you too! I am averaging right at 100 hours per week and when I looked at the calendar this morning I said is it REALLY March 1st. Then I said, OH MY GOSH, ITS MARCH 1st. I keep a running total of what has been done, what is in house and what I think is yet to come. I estimate I am 30% of the way done. Can I REALLY do that much in the next 44 days (I stop doing returns on April 13th). And of the 70% left to do, 50 of the returns are corps due in 15 days. Oh well - I do what I can and everything else gets extended. And after having said all of that, I DO NOT feel any less tired.

Schedule C and the other business forms say not to report the 1099-K separately for 2011 (and maybe forever) but that does not mean do not report them. They should be included in gross receipts. And if your client is not reporting those to you with their monthly or quarterly info for sales tax reporting, you need to have a talk with your client. As far as Line 1 of the Schedule C being confusing, just ignore the parts about the credit cards and just report gross receipts as you always did.