rfassett

Soup and bread - and a diet coca cola.

No - if the 1099 has the son's SSN, he will need to file his own return.

My explantion has consisted of a brief "net operating loss carryforward from 2009". They want to play "stupid"? - I am getting pretty good at that game!

LoL!!! That made my day! I suspect if I ever called her a moron, she would find out one way or the other and slap me all the way to Janitor Bob's place and back.

I showed this to my wife and she said "is that true"? I said if Janitor Bob said it, its true. What a moron!

Same here. We push real hard up to the weekend before March 15th. Spend that weekend filing extensions for the corps(only 45 extended this year - yipee!!) and then go into coast mode for the duration. We tell people now that their return will be completed in "a couple weeks" and they say "no hurry". Last month, if it wasn't done in a day or two, they were calling. I was getting frustrated toward the end. We require a voided check for direct deposit info and there is a question on the organizer "do you want your refund direct deposited, if so included a voided check". I told my wife last week that from now on when they answer that question yes and don't include a voided check, I am just going to use MY bank info. Think anyone would notice? Anyway, I am now down from 15 hours a day seven days a week to 14 hours a day and have only 105 tax returns in house to do with about ten more coming in each day - and I feel relaxed. Oh - and my printer just broke and it didn't even phase me. :)

I don't think you can have active and passive shareholders. Would that not constitute a second class of stock and terminate the S election? If there are loss limits, they will be at the shareholder level.

I had a similiar problem when I was working on a return and had about six other programs open and my computer got angry and stopped working (overload I guess). I was not able to do anything, much less close out of the return or program properly. I ended up just biting the bullet and pushed the "off" button. After I booted back up and opened ATX and the client I was working on I got a message that Asset Entry had been corrupted and, yep, all of the assets were gone. Fortuately there were only 15 assets so I just re-entered and moved on. But 500 assets? Ouch. I sure hope that was a roll-over situation - it will be alot quicker to re-input the 1120 info than the fixed assets.

Doesn't sound right. I have never had that happen. If it is happening, it is down right scarey. But that does not mean you are not "losing it". :)

I learned something new. Just for grins, I opened up a 1040 and input a 1099 R with a code 3 and it flowed to 16a. But if I mark the box "If code 3, check if recipient is under the minimum retirement age", then the income flows to line 7 of the 1040. I checked and sure enough, line 7 is to include "disability pensions received before retirement age". I also checked and did not find an exclusion for EIC. As weird as it sounds, I think this is correct - assuming the taxpayer is below the minimum retirement age.

Not intending to "one up" you, but I finished a 2005 in January and have 2006 - 2009 (we are not even thinking about 2010 yet) setting here. I will squeeze in 2006 sometime this month to keep the IRS at bay, but the rest will wait until May. And this guy has something like "DR." in front of his name.

Someone needs to take a time out, RitaB. That is not how we are suppose to treat our clients. We are suppose to be nice and kind and gentle and blah and blah and blah blah blah. Only 45 more days - yes, my office will be closed on April 16th, 17th and 18th.

Yeah its taking longer than he thought. He thought you would just do it for him and he would have NO time invested. Good for you! Keep up the good work.

Makes you want to scream, doesn't it? Some of these people need to learn that tax planning takes place BEFORE the bell tolls on the new year. After that, it is just a matter of recordation of the history. Yes, there are often times things that can be done during the preparation stage from a "planning perspective" where elections are involved, but the facts are the facts, lady. Just give me the facts. I feel your pain Terry D.

Another win for efiling

Nope, nope, nope and nope.

Wow Cathy, It sounds like my office with the March guys showing up early. I keep telling myself that there are only so many hours in the day. I started the day with 78 returns in-house - and thanks to a show storm, I did not lose ground. But alot of these are what you refer to with the March crazies. It's not so much that they are crazy here, just more complex. Most of the returns that I normally do in February get done in about an hour and a half. Our March ones take anywhere from two to ten hours. Those are the ones messing up the works this year. I set a goal this year to not get any "is my return done yet" calls. Well, it was a worthy goal, but fell this week - I got one such call Weds and one today. I hope to get that corrected over the weekend. As to fee collect, I tried it a couple years ago and had one taker. It does not fit my practice mold. And I do not make a practice of holding checks until they get their refund. The bulk of my clients are trained to know that they do not need to even bother bringing their stuff in if they do not have the money to pay me when they pick it up. I will be alot of things to my clients, but a bank I will not be.

I would think that you have to re-open the program after a program update but it has never been an issue for me. I open the program on the server, do the update, re-start the program if it requests, and then shut down the program. Then I go to my workstation and open up the program. So I am restarting the program after every update anyway.

Yep, you are being unreasonable. Especially since you were told the same thing last year. It is just one of those habits that you have to train yourself to do. Just like shaving or taking my daily allergy pills (which I forgot to do today), it is a habit. I do a manual update as soon as I get here in the morning. I do not use the automatic update at all because a few years back it created an issue with the server. So the only update I do is at 6:00 in the morning, every morning. And I am certain that I am no less busy than you. I am in the office by 6:00 A.M and stop working at 10:00 P.M. seven days a week.

General rule of thumb for the landlord 1099 issues, if you would have issued a 1099 for a "business enterprise" for that item, then you will issue one under the landlord rules. No 1099 is necessary for the insurance expense. I believe the issue is not so much about tangible vs intangible as much as earned vs non-earned income (to the recipient).

Dan, your point that son has a day job has no relevance. I have several farmers that have "real" jobs also. I vote for Schedule F. I sense you are attempting to escape self employment tax, but the fact is, he was paid for the work he did. It is either W-2 earnings or self employment earnings. You have no other choice. And I agreee with Jainen (wow, that is twice today) that the subsequent sale of the items go on Schedule D with his basis equal to the amount of income he paid tax on.

Just to clarify, the stated fair market value means nothing here. As Jainen said, it would be a $280,000 sale in the ordinary sense. Gain or loss will be $280,000 minus your client's basis.

I concur with TaxmannEA, we need more info. I can think of a couple of different scenarios like winnings at a fair. Or, as was the case with my wife's grandfather, back in the 1950's he used to sell his crops or animals in his grandchildrens' names so he did not have to pay tax on the sales. I guess he did not understand the "income assignment" concept. :)

Feel better? Watching a number of different boards, I can tell you that ATX is not the only software company having issues. I understand there are others that may be closer to having everything in order, but generally those are the ones you are going to pay high four or even low five figure dollars for the software. Look before you leap!

Yep - if all income was deferred, box 1 is zero. And boxes 3 and 5 are zero due to the under-18 rule. Here in PA, you would see the total earnings subject to State and Local tax. "Flummoxed" - its not contagious, is it?