Richcpaman

Debbie: Thanks. That seemed to work... Rich

Have a client 100% Shareholder in Scorp. K-1 lists $6000 for Small Employer Health Ins premiums Credit Form 8941 I filled in the Form 3800 Credit input sheet, and the 1040 return looks like it is supposed to.... Try to create the Efile, and get the following message: "3800 Error Small employer Health Insurance premiums from pass-through entity was entered on credit form but not on Detail. WTH? Re-inputted, went to detail screen, nothing "appears" to be wrong. Any idea's? Rich

Just took a power-nap. 30Minutes. Sweet! Back to work! Rich

JB: Sorry about the anniversary of your first wife's passing away, that is a memory that will stay with you forever... Glad to here of your success since! Rich

I don't think that thread answers the question. The question is that the OP has the SSN of the person refusing in another file. Should they go there and pull it out and put it on the 1099? The thread address's what happens when there is no SSN... Rich

SFA: After this: "They think the return should be $225.00." I would have countered: "How about $425" Then, I would have explained, how I arrived at the bill that I did. And why it was worth it. And that they could call me later and tell me where they got it done for $225.... Rich

Here is my rant.... Went to bed late Friday night for a church social event, then up early to drive two hours to an 8 am start at a Rotary event. So, I am losing a Saturday for tax season, already. Had a client, who's daughter and daughters boyfriend (DBF) got involved in this business of checking on the foreclosure houses of a very large bank. Lots of driving around, but good money, I was told. So, since their house is on the way back, I stop in to collect the my clients tax stuff and talk to this young couple about incorporating and minimizing taxes and how to do it right. First thing out of DBF's mouth is how he wants to DEDUCT EVERYTHING, all the mileage, all the phones, the GPS, the camera, entertainment, etc.... ME: "Ok, well, how much money did you make" As I look at the pile of info for daughter (1 W-2, a 1099 and 1098T) and DBF (1 W2, 1098T and a HUGE unemployment 1099-G $15k+) but no 1099 from this company to "him". Him: Oh, whatever is there, but we drove SO much, and the guy said that I could deduct..." ME: "Wait, all this for $5,200? How much do you get paid to do this? Him: Finally after much hemming and hawing, he finally admits that they get paid $4.25 a house to check on them once a month or every other month.... and he did NOT get a 1099 for anything, just the daughter got the1099... ME: "How many miles did you drive?" Him: 15,000 miles. ME: "So, you spent $7,500+ to make $5,200?" "You want tax deductions? Your accounting fee is $10,000 so just write me a check, and I will worry about the taxes..." Him: Silence. Me... I shouldn't meet with idiots when I am tired. Rich

RD: Learn something from this. Your new client was willing to pay $2,500 for his two returns. And you charged him $500. He would not have gotten out of my office for less then $800 for the 1065 and $400 for the personal. And I would spend a lot more time with him as well... And I live in MD... There are several firms even I my rural area that want to start at $500 to do a basic 1040/SchA. I am not at that point yet, but most of my 1040's go out at least about $350. And the Corp's/1065's/990's go out at much higher rates... It really isn't about how much time it takes, its about client service and what the market will bear. I am not afraid of losing a client because of fees. (I used to be, not anymore...) I have my "billing rate" at $150 an hour now.... If I spend 30 minutes with a client meeting with them to get the info, then my staff inputs the return, I review it to make sure its right (15 minutes), staff prints and assembles, then meet with them for 10 minutes at pick up (sometimes they just pick up) I have less than 1 hour in a return that pays $350.. When I did it soup to nuts, with no staff, it was about 20 minutes more... So that would make my billing rate about $300 an hour... When you are more efficient, YOU should benefit. Not your clients so much. Remember that. If you get 10 returns done tonight, and you bill each one at $125, then that is $1,250. If it took you 5 hours, then that is sweet return... But, you then would not turn around and say, since I got them done in 5 hours, you are only going to bill them 1/2 or 1/3 of that.... Rich

I will stick my tongue out at your TN "No state income tax". However, the "Just Merge" thing is something that the software writers at ATX could do... Just a dream.. Rich

And clicking on the "Jumpto" Arrow on the Education Expense tab takes you not to where you can enter your expenses, but to the Dependents screen... Stupid. Rich

Marriage is for love. Divorce is for money. Rich

Its the "forgetting" that I wish to avoid. The Efile Manager is going to have twice as many files as the Return manager... You will have Fed and State Efiles, plus other states when there are more than one for a client. Just merge the Status info from the Efile Manager into the Return manager. Have a column for Federal Efile Status, and State #1 and Maybe #2. You can still have the EFile Manager and all its functions, but drag the most important info to the Return manager so that I have it all in one place. Rich

No. Property transactions (Mainly only the personal residence) is non-taxable. The kids and Child support are non-taxable. A lot less alimony is being approved... So much of the divorce legal expenses are non-deductible. Most lawyers will give you a breakdown of their clients invoices to help you out. Rich

I use the "Status" column in ATX as well. I have codes from "A" to "H" with a date as the returns move thru the entire prep process, and I wouldn't move off the "F" for Efile till the returns were accepted. It works, but is getting cumbersome, and I have better things to do with my time... Rich

Gang: How do you track your efiles? Since MD went to waiting till the Fed is accepted to file with them, it takes two cracks at each return... So, I was wondering, how do you make sure your Fed and state returns are efiled in ATX? I have completed the clients return, printed it, and maybe waiting to get the 8879. I would prepare a little worksheet with Name, Done, Sent, Accept, Final at the top, and then add each client going down, and fill in the dates as it happened. But its turning into a PITA. Thoughts? Making ATX do more of the work? Am I missing a subsystem or process internally? Rich

MAS: Lets break this down: My Edits Dom bought a delivery route 10yrs ago for 200K (was never amortized), That makes Dom the Owner/Pres/Etc. Since Dom did not have the 200K, Dommer (Lender) gave him part of the money (How Much?) after he took out a loan on his house. (he could have sold a horse too...LOL) Throughout the years the one single route became three, Dom was in charge of route 1, Dommer route 2 and Harry route 3, (Still at this point all Dom's) Harry asked Dom and Dommer if they would sell the third route to him, and they did, (A deal between Dom and Harry) they Dom sold it for 120K, for the past years Dom reports 100% of the revenue and expenses and then gives a 1099 to Dommer and Harry for their route (Sounds like a Sch C with subcontractors). Dom and Dommer did not consult with their attorney or accountant and took it upon themselves to make the sale. (Never heard this before!) Dom received a payment from Harry for the 120K. Dom kept 50K and gave 70K to Dommer (Repayment of the loan, no interest, etc.), Since Dom has always reported 100% of the revenue and expenses, does Dom need to report 100% sale his tax return (Yes) or he reports 41% and Dommer 59% (No)? Also how would the 70K (Loan Repayment) to reported to Dommer, expense of sale? Does that make better sense? Stick to the facts. Rich

Looked it over, we will see what happens when they let me log in.... Don't spoil it, ok? Rich

Is anybody connected to a QuickBooks forum like this? That is not part of QuickBooks? Rich

Actually, I would check that. You state this is the "Primary Residence" being sold? The T/P received $25k as an EM deposit? I would treat that as a reduction in their basis in the home, and then add the expenses for lawyers/construction to the basis. IF the T/P was selling a rental, or commercial property, then it is treated like an Option, and that would be taxable. Rich

This could be an interesting discussion.... And we would have to start with defining "Profit". As set up by Clay, he has collected enough already to pay all his operating expenses to April 15th. And everything after this is gravy. That gravy is his salary for working 10 hour days for 90 days. Well, that is 900 hours, and if you wanted to make $20 an hour that would be a "salary" of $18,000. I would not consider anything a "profit" until after that theoretical number. And we could all define what our own personal hourly rate should be. The first 5 years I operated, I would have a similar day. I called it "Liquidity" day. The day during tax season that the collections into the bank account finally overcame the shortfalls due to the low collection months from July to December. It started out close to Feb 28th, and moved forward in the calendar to about Feb 3 or 4th. I don't need to track it much now, as the monthly revenue all year now covers most of the operating and required personal expenses... Rich

JB: I thought it was YOU that got married, and I was going to say "congratulations! Rich

However... That isn't all that he is going to get audited on... I hope! Rich

Sec 1244 stock purchase? Rich

She had to store the bags somewhere right? Even if only a square foot of space. I think you are a little conservative here. However, there could have been a number of other issues in your interview that you didn't mention, and that adds to the conservative-ness of your response. Rich

He rented it for more than that. Ask him what the gross rental for the room was, because the $1,700 could have been the gross rent, or the net. Or check the AirBnB website for his address... And I bet he was upset when he got the 1099... AirBnB is supposed to be under the radar! Its FREE money! I would put it on the return, after asking some questions of course, and either Sch E with a slice of expenses that make sense. The 14 day rule can apply here, but.... Rich