joanmcq

I've found several instances where I've had to paper file ex-pat returns and this is one of them.

Microsoft just did it's update thing - why the hell don't I get a warning before it decides to shut down my computer dammit! - as I was composing the email to my client that owes $4808 if I don't get any more deductions. Now you can only deduct what you paid in your therapeutic pool loan for medical. And no, it didn't exceed 10% of AGI. Got another 6k of medical?

I buy the ATX folders from Tenenz. Docs go in a 2 pocket folder. I get compliments too.

My return always gets extended too. It is in a mostly done state, but if tax season is good to me, I might do a last minute IRA. before I got the employee, it was a last minute 401(k). I am feeing much better today! Watched The Voice last night, then my head cleared enough to finish the clients that were mostly done Saturday night. Then went to bed, another 9 hours of sleep (that's got to be nearly 20 hours in the last 48). Almost ready to see all the client booked for this afternoon. But I hope no one asks me any complicated questions.

I won't do returns of I'm in a drug addled fog. Tried to look at stuff this morning, but just answered emails & quit. I couldn't even keep my head up much less my eyes open. Answered some more emails & phone calls a bit ago. Think I need some caffeine.

Another pretty much wasted day. Delivered one return, and slept on the couch. Soma usually doesn't affect me that way, but I've been in a fog all day. Hope I can get my brains together tonight. Never had a root canal, and never want one!

READ THE TRUST DOC! Like I said, if there is a pour over clause anything they 'forgot' to title in the trust automatically goes into the trust at death. Did I mention the CSTC symposium has an excellent trust class?

Should be biz income. No way qualifies for the Sch. E treatment.

I'm a MOPAR girl, so I definitely appreciate the 'cuda and Road Runner.my dream muscle car? Dart Swinger with a 340 six-pack in plum crazy. I've got a special spot in my heart for Darts. They were a dime a dozen when I moved to CA, and was the first car I bought out here. Sadly, a roommate 'borrowed' it and totaled it. :(

March 20 was my cut off date. Most of my late filers haven't graced my doorstep yet. Lots of pickups this week!

Last night during a bill paying session, I bent over to file my utility bills in my home office folder. SPAZZ! My back has a muscle spasm. Managed to get off the floor & into my desk chair and finished the bills. Still in pain this morning, so I took a Soma to try to get my muscles to relax. Good thing I only have one appointment today and it's a delivery. I'm loopy. My hot tub has been broken for months. My bathtub is still full of feathers from a cat/bird incident. Like I get around to housecleaning during the season! Oh, and my assistant has a cold. Yesterday I just could not wake up and got near to nothing done, but the bill paying. All I want to do is sleep right now..... But it did rain a wee bit last night.

Does the trust have a pour over clause? If so, the stocks went into the trust at the date of death. Most revocable living trusts are reported under the grantor's SSN since you don't need to get an SSN until the trust becomes irrevocable,and it becomes a separate reporting entity. Clients are notorious for not notifying the broker that the person has died and that the 1099s should be issued as of DOD under the trust's EIN. And brokers are notorious for not issuing short year statements.

I have a couple (well she died last year) who brought me typewritten sheets with their data on them. I did have to insist on the original 1099s, especially after he missed the 9k in savings bond interest one year.

Form 3805.

Just in case you are planning for CPE in the months after tax season, the CSTC Tax Symposium is a good one. In depth classes, not just one hour throwaways. I'm going for the fiduciary and 990 classes. There's also a 3 day in depth class for those wanting to pass the EA exam. And the hotel is inexpensive too http://cstcsociety.org/content.php?page=28th_Summer_Tax_Symposium_2014

There's fraud at the preparer level, and fraud using DIY software. Each type of fraud requires a different approach to stopping it; although earlier matching of W2s can stop a lot of it.

The policy matured and was paid out while he was still alive - age 97. The final dividend and the termination dividend were added to the cash value of 5k, he received $5509. My client took over his finances from her brother in 2013, and is now executor/trustee since all his assets were in a living trust. She doesn't know if he's been receiving the 'dividends' or not, and her brother made a bloody mess of his accounts before she took over, so we'll probably never know. however, then I got his medical expenses and there's no taxable income anyways, so I'm going to consider it a moot point. Definitely learning new stuff this year!

Yes it is. One of the pitfalls of taking a loan from a 401(k).

restricted stock may be reported in Box 14, but otherwise get his end of year paystub. The amount included as wages will show on there.

what are dividends received inside a policy then?

MFS with that kind of income??? AMT, AMT, AMT.

Client (now deceased) had insurance policy mature in 2014. 1099-R has $17,332 gross proceeds and $9314 as the taxable amount. His daughter (long time client that took over his affairs in 2013) says he only received a check for about $5k. It might have been the $5509.50 Paperwork from insurance company states the following: Face value of insurance $5,000 Dividend Accumulation balance $0 Interest on accumulation $0 2013 Dividend $334.50 Termination dividend $175.00 Subtotal $5,509.50 Less Loan balance $0 Loan interest due $0 Net policy balance $5,509.50 Another page of 'important tax information' has the net distribution as $5509.50, gross distribution as $17,332.75 (cash value plus dividends allowed over life of plan) Gross premiums paid: $8.018.59 Dividends allowed $12,332.75 Net cost ($4814.16) amount taxable 'in our opinion' $9,314.16 I am not familiar with life insurance contracts at all, but in the last two years, I haven't seen any 'dividend' income from this policy, and although the dividends for 2013 and termination dividend were added to the cash received over the contract value, I have a hard time seeing why he would pay income tax when the amount of premiums was more than what he received. Does this type of contract pay actual monies out over the years, ie. the dividends allowed figure? My client's brother was handling his dad's affairs before 2013 (badly), so I have no idea if he received cash dividends over the years. I know there are some insurance agents on here; can you explain to me so that I can explain to my clients?

I do the same thing, but the one paragraph is jacked up. I've been deleting it now in every letter. It shows up when a balance is due too, and doesn't give the CA web pay info. Grrrrr!

I have one that sends emails & VMs every few days...got to my taxes yet? Until I do. BUT he brings me homemade pork adobo every year. With a side of rice and it's enough for 3 meals. Makes up for the emails!

Tail insurance covers you for mistakes made in during the employment, not after. Let's say you quit doing taxes. You buy E&O tail insurance for 3 years to cover any issued on returns that might come up before the SOL tolls.