joanmcq

I hate the interruption too. I keep one ear open to listen for that tone that let's you know someone is (probably) about to pick up. All I need is the music. And on the practioners line? We KNOW we will lose our place in line if we hang up. Really, we do.

OMG. And was she paid for this service or did she do it out of the kindness of her heart?

And he recorded the album as a farewell to fans, which I've been since I was 13.

And as I wind down my day, merry Christmas to all of you too! And a happy tax year!

You can't take SMR with a big rig.

use Form 3115 to treat as a change in accounting method ( improper depreciation method). Then and only then you can take all of the depreciation in the year of sale. FYI, the depreciation life for a tractor (trailer) is 3 years, not 5.

Mine are still on the shelf in my client office. Might be time to toss them. I feel a purge coming on!

I'm a CPA, and at my only stint with a (big) CPA firm, I used ProFx, which is top of the line software. It also costs 20k or more. i do quite a few multi-state returns (I love multi state because I'm a frikkin masochist- yeah I seek out those suckers as a specialty) and I find ATX handles them just fine. When I find a situation that ATX can't handle, like when I had same sex couples that had to file an out of state return as single, I just copy the return and then change the filing status to do the oddball state, deleting what I don't need for that return. No need to input from scratch. Also, the out of state tax credit calcs improved 100% in the last 2 years. They are much easier to do than they were in 2011. All that said, if you are used to menu inputs like with Profx, Drake will not be much of an adjustment. But I will also stress that you MUST know when a return is correct. I have the all-states guide and go through a states instructions very carefully when doing one I'm not very familiar with, and look for oddball credits and deductions a state might have. And I always check to see if anything has changed on all the states I do.

For me it depends on what I'm researching. I have the quick finders on Proview, use google and like the paper Spidell big blue CA tax book in paper and the Master tax guide in paper. Has anyone checked out the Lite research that came with the Max package?

I had my own return finished, but I always like a final look over before hitting the button. One of my perennial late filers got caught on I-80 on the wrong side of an accident that closed the freeway for over 10 hours. She found a way around and I got her filed around 9pm. Got a couple 8879s in TODAY that had been mailed from Oakland on the 14th. This is someone under the age of 30. Snail mail, really? Why not just take a damn picture with your cell and text it to me like some of my much older clients will?

I've been awaiting last bits of stuff, and I have one habitual late couple that, in response to my "are you coming to me to have your taxes done" said they'd get to them this weekend. Oops...due tomorrow dude. I did did just find out that 2013 CA returns can be efiled! As can 2014 FTB-568 when it's an SMLLC filing on a schedule C. So a few nice bits in Oct. 15 hell.

has the property been sold? this error happens if the 'property has been disposed' box isn't checked on the Sch. E.

They are likely insurance payments of some sort. I've seen this kind of thing before; some companies require the payments to be to the billing physician not the practice. You need to find out if he had to sign over the payments or if they actually came to him independent of his salary.

Should have filed a protective claim for refund.

I had a client in the exact same situation. Custody was shared but mom had them more, making her custodial parent. Mom made big bucks, three or four times what dad made, plus dad had other kids. Mom pays child support to dad, even though she has more custody.

If it's a first time abatement, you can usually get it over the phone with a POA. Pretty easy, actually.

Rad the tax treaty with the UK. It depends on what type of retirement it is as to where it is taxed. Does she live in the US or UK?

My current computer will be 6 years old in December. I bought the beefiest one I could afford in 2009, Win 7 Pro 64 bit, i7 processor, lots of RAM, and it was just stripped & all important stuff reloaded when I got the BSOD in June due to my video card fan failing. Plus put in more RAM. My laptop is only 3 years old. So I'm in no hurry to upgrade.

I posted this on another board and got zero responses that gave any insight, so here goes: Long time client's employer has always sent out W2 with a US address & last year (and this year) the W2 has a code V in box 12. Nothing weird there. Employer's name has INC on the end of it. Last year after a lot of back & forth from the client he said he sold the options that were on the W2, even though no 1099-B was received, so I reported it as as a same day sale. This year I get client's docs and there is a K1 with a Cayman island address for the employer (W2 still has a US address) and the employer name ends in LTD. The explanatory letter with the K1 says that technically the employer is a partnership and the K1 is just for information purposes, not filed with the IRS. There are dividends reported (in the tens of thousands) and a distribution of a bit over $100,000. The letter goes on to say that the distribution would be taxable if above the basis in the partnership, stresses that the dividends add to basis, and to consult with a tax advisor since partnership taxation is pretty complicated. The code V amount is about $86.000; I don't think any of the distribution will be taxable. He did not sell any of the shares he exercised; they were converted to partnership shares. Anyways, I look at this and think PFIC or something equally as onerous. Ownership in a foreign partnership that acts like a corp on US soil. The letter also said they aren't filing the K1 because they have no US source income (!). Apparently the company had a majority share bought in 2013 by a private equity firm and they set up a Cayman shell holding company to 'create a more efficient tax structure'. For the private equity firm, that is. After my first post I got more info from the client; he only owns less than 1%. He received only dividends and a cash distribution from the partnership and his basis is currently greater than the distribution. I'm tracking basis. I'm not sure if I have to file an 8938. anyone have any thoughts on this? I'm going to get any info the company sent the client as soon as he gets back from vacation.

I've gotten it several times, and constantly when I was reinstalling my programs after the crash. Before the crash, my computer also informed me on multiple occasions that Yahoo did not have an active security certificate.

M does have an SSN, a holdover from when he was here as a student. It's a weirdly complex situation. Maybe it's actually an ITIN. What numbers do ITINs start with? There's $6k income, so it's not insignificant, although expenses should decrease that. I'll recommend they find another way of renting it if they don't want the income to be taxed, or force M to have to file.

I have a UN employee as a client. Is your client working here or overseas? US citizen, green card holder, not? my client has a lot of emoluments too; hardship, hazard, etc. she is a US citizen and it's all included as salary, but a bunch of it isn't taxable because she is overseas.

Has she offered anything for sale yet? That is the cut off date between start up & expenses. That said, I'd think the cost of the yarn would be in COGS/inventory. If she is weaving large pieces she knows how much goes into each piece.

Clients are married. M is a Mexican citizen here on an A2 visa, therefore he is not considered a resident, and his salary is not considered sourced in the US and is untaxed. He owns a vacation property in Mexico that was rented out through AirBnB. Spouse is is a US citizen. I file S MFS. All income and property are held as separate property. The AirBnB income was deposited to S's US account under S's SSN. Ugh. My thought is to nominee it over to M. However M doesn't have to file since he has no US connected income. (For 2015, I advised the rent income to go to M's account). M will ill have to file a 1040NR if he has US connected income. Is this? It comes from renting a property that is not in the US, but is sent to a US account since that is where both work and reside. Even if sent to M's account it will still be a US account. any thoughts?

John, if mom nominees to kids because kids are equitable owners (who has been deducting the interest and taxes? Anyone?) then the kids would report gain, but exclude using sec. 121.