Richcpaman

Yes. If your client had set up a SIMPLE plan for his Biz, then his contribution might be limited, but not the SEP. Rich

Carol: I feel for you... Got stuck in the loop with a client like that last night. Single, Sub-contractor. $21k gross, $11k net. Bought a plan thru the marketplace, had a 1095-A. But when you add the 8962 or 8965 forms, it gets stuck in a loop. Screw it, he was covered and his income was lower than the limits... Rich

Rita: Something that she was going to have to learn eventually.... Good for you. Rich

Ameriprise? Anyone using Raymond James? Give me a "corrected" 1099 with all the totals. Raymond James does not do that. They send out one with just the *new* info. The first one would have interest of $2,000 and the next one has interest of $300 and you get to add them together. Who thought that made sense? Rich

Jack has the reason I won't go there. Who knows who has your data in the cloud? It not that much work moving computers. I let the tech guys do it now. That is why I want CD's with my software, not these "one time license downloads" Rich

I have you all beat. I have my Parrot fly around and patrol the perimeter. $1,457.68 for security last year. Rich

Maybe the STD was from a STD? Would you be brave enough to ask? Rich

Why wouldn't he be able to contribute 25% to a SEP for an employee? He would get no benefit because he has no Sch C net profit so no SEP for him. But as an employer, he can contribute to a SEP for his employee's. I do not know of an exception for a spouse employee. However, the spouse has to provide Bona fide services. Rich

Yes, Get Well soon! Rich

Yes, put the pressure where it belongs. Have the shareholders call the guy who has the info but isn't sending it to you. I have that now, 25 cranky shareholders and the "manager" is dragging his feet about getting the info to us. However, the "manager" has no problem telling the shareholders to call our office to get the info. I have put a stop to that. Rich

LJ: He also has up to two years to reinvest the proceeds from a casualty loss. ITs Code Section 1033 or 1034. He may not want to be a landlord at "that" location anymore, but maybe in a "new" location. Today is just a day to ponder what was lost. Tomorrow may bring to your client other info to make another choice. Rich

The monkey, or the pot? Rich

LJ: Good on you to return the others. Rich

Elrod: If your receptionist is getting those calls, that has to be a GOOD thing, right? I love those calls. I can have some fun with them, but, it can be a real source of new clients, right? I don't get that many, because folks think I will charge too much, but, by extension, clients leave, so we gotta replace them... My conversion rate on those calls in the past used to be 80-90% became clients. Now they are not concerned about what they pay. (Some are, but they have left, so we are cool...) Rich

Very few Municipal plans are outside of the SS system for newly hired employees. How long has she worked there? She *really* needs to talk to her HR folks. It might be a better deal to be in the municipal plan, but it is not portable. Rich

Why should they care? But such is the world we live in. Rich

Absolutely! We are having fun. 275 in the door in total, 37 corps, and extending 12 of those, on 2 or 3 with info here. Was at 47% completion rate on Sunday, this coming Sunday may be lower. Production has been slow this week. Rich

Have that same situation right now. I will pay the penalty and interest when *I* make the mistake, but *I* will deal with the IRS to resolve it. if *YOU* want to resolve it, then *YOU* get to pay the penalty when you blow it up with the IRS. And that is what *I* told the client yesterday, and why my engagement letter states "You will bring me all coorespondence from the IRS or other taxing authorities before trying to respond" or *I* am not responsible for the penalties. I have a 99% abatement rate. Please do not try to mess with that..... Rich

I had that happen with one of my clients. He was born in 1951, but the SSA coded it as 1957 when he got his SS card. Filed the return with and IRA contribution with the extra geezer amount, and they rejected it. We had to go to the SSA with a new Birth Certificate to correct it. Rich

Actually, it is pretty straightforward if your client is organized. Which it sounds like he is. First, either ignore the 1099's, because they have no withholding and it doesn't matter. Next, you allocate according to either the net earned in each state, or the gross income in each state, whichever is provable. Then you do the Fed return, and then you just report the net income earned in each state as a NonRes. The 1099's the state gets are just an "alert" to LOOK for a resident or NonRes return. And if the state questions that the 1099 had a 30k gross on it and you reported 16k in that state, you note that you had 14k in expenses to get the job done... Rich

Have one on my desk right now. Exercise price was $28.32. No basis amounts reported on the 1099-B. Well... The IRS likes it, because now they can send you a letter for income that is already in the W-2, for the stock sales with NO basis. Idiots.

JB: Also, I would wonder why someone would have 236 pages of trades? Is there "churning" going on in her account? If they netted her $5,700 in Capital gain, and the Int and Divs were $XXX.00 Then how much did the brokerage house earn in fees in doing all those trades? She may have paid a pretty penny for that. 15-20 trades on each page? 230 pages? That would be 4,100 trades. At $1, that would be $4,100. At $25 a trade its $102,500. And that is a much larger fee than what she "earned". And they probably charged her to manage the account as well. I would hope that the accounts had more than a million in assets. I have one client with 4 "managed" accounts and $2mil, and never had more than 30 pages of trades, and they "wanted" to be aggressive. Something is fishy. Rich

I wouldn't attach anything to the return. The four entries are enough. The IRS already has the 1099-B info. And you are not charging enough. Rich

Hotel would be Sch C. Less than average of 7 days rental. Rich

I knew my friend Joe D would show his set up. He has a "normal" desk which faces the other direction that he meets the clients and faces them. My arrangement, would be to the side, so that the monitors are 90 degrees to the clients. Or more like 60 degrees so they can not see what is on them. Plus one that does face them for tax planning or Qbooks training... Rich