
Lloyd Hudson
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Everything posted by Lloyd Hudson
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Covid Crazy Story - But True - Not tax or politics
Lloyd Hudson replied to BulldogTom's topic in General Chat
As another Looong Time AAA member, I have used the tow service as well as lockout, flat tire, dead battery etc.. The no rider policy must be something with "social distancing" or something. I have never had an issue with riding with vehicle, Had one occasion where the operator asked me to leave my dog in the towed vehicle as he was terrified of dogs. I would definitely inquire at AAA corporate. I have noticed a few changes in the last couple of years since they moved call center to Northern California. Limit to 4 service calls a year was first. The call operator wanted a credit card to provide service. when I got a little agitated she gave me to supervisor and dispatched tow truck without a charge. I do have several "classic vehicles" that are subject to needing help home. -
Thank You, I knew it would be relative simple. Just flailing. They did send him each years balances and I computed from that. Thank you again.
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Title misleading, what is new for me is a gentleman (Longtime client) retired several years ago. Turned 70 in 2013/ We reminded him of RMD obligations . He had multiple tax deferred accounts and dutifully arranged for automatic distributions from his SEP. He discovered recently that he overlooked an IRA that had been sitting out there vegetating. Panics over penalties. I have done several where we ask for forgiveness on first year. But I have no idea of how to report 7 years of missed RMDs . Do I just lump them on 5329 ? I really do not want to do that. I really do not want to amend any returns. Just looking for the easy and cheap way out of this mess. Assume with all the experience on this forum somebody might have already pursued this. Also, T. Rowe Price refused to do the calculations for the client. Would not have helped but I would have thought that in 7 years they would have noticed.
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Several years ago had I clinet (married, both students) that started a valet service. Offered to a couple of big name restaurants . No Charge to venue or patron. Tips only and negotiated parking on neighboring businesses lots. Paid cash for two master degrees and modest condo. Declared 60 to 80k annually. Last known was valeting at indian casinos in California. I personally bartended for a short time but tips would not support me. Bell Hop in Palm Springs pays better. (Late 1960)
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Does anyone know where the name ATX originates?
Lloyd Hudson replied to Abby Normal's topic in General Chat
n 1984, he founded Parsons Technology in Cedar Rapids, Iowa, and began selling MoneyCounts, a home accounting program. In late 1987, Parsons was able to quit his job and focus completely on selling and overseeing growth of MoneyCounts. Eventually, Parsons Technology grew to be a 1,000-employee, privately held company. On September 27, 1994, Parsons completed the sale of Parsons Technology to Intuit, Inc. for $64 million.[20] I do not think there was ever a connection between ATX and Parsons. -
Thanks. That is what I did, while fielding calls about "stimulus" and other subjects. But when reviewing I developed my doubts. Thank again for affirmation.
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Have a couple that after filing MFJ discovered other issues that necessitate filing separate. One is self employed and the other is an employee at another firm. I amend leaving primary on amended return. Do I then amend the original return with the spouse? Or just file an original return MFS. Summary 1 amended return or 2 amended returns?
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Remember, that actual Expenses might produce a larger tax deduction one year, and the Standard Mileage might produce a larger deduction the next. If you want to use the standard mileage rate method, you must do so in the first year you use your car for business.
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aand then you have Arizona, Get your Adult license and then it expires on your 65th birthday. Cuts down on DMV work
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There is something in payroll that precludes printing from the dialogue. NOT EVERYTIME. I have printed once then go back and it refuses to print, or pdf. You can use page to get individual forms but in a tedious way to do it. And the problem does not manifest itself on evey return or every time. Has happened 3 or 4 times in last few days. I even uninstalled on my machine and re-installed program, to no avail.
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Just added 8606 to my personal return and it is DRAFT.
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questioning my decision to change to Drake
Lloyd Hudson replied to schirallicpa's topic in General Chat
I tried about 2010 and just could not do it. Too old and inflexible I guess -
I use Win10 on laptop/ not for business. I have not had major issues with Win10. Email and general non business use. However we use legacy ATX software frequently and ATX says that Win 10 and ATX are compatible to 2011. We have current cases back10 years. For our practice that is a non starter. Also I have had minor glitches with both operating systems in the past year. Not being an IT person I cannot run two operating systems nor afford duplication of equipment. i would really like to replace some of my computers and change to Win 10 but the down side of legacy software incompatibility is very concerning.
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create pdf, e-file tab, second line,Attach pdf. Done
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I always encourage young, newly married or single to do their own returns, free file, Turbo or whatever. Come see me this summer and I will show you how to fix your return. Seems to work, I fix them,for a fee, and now have 3 or more generations of same families in multiple states. One this afternoon is the Granddaughter of one client and she Came from Colorado, where husband is working at the Air Academy. Did not give a thought to looking at other alternatives. Including the free service from the Academy. "If it is Free not sure if it will be done right". 800 plus miles. here yesterday and going home tomorrow. That is typical in our practice. No worries about future, except how do we get out when it is time?
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Finally spoke with "ATX customer support and they state that 2011 forward will work with 10. Abby, I agree with using old drive. but I am on Win 7 and am concerned about diminishing MS.support. I have already changed all the drives in the office this year with exception of server drives . They are still fairly new. At this stage of life I am not interested in late night computer malfunctions or DRAMA> Thank you both for good input.
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Probably going to have to upgrade computers and am still running WIN 7. Am concerned about new computers with WIN 10 and pre-2012 software, I am sure it has been addressed before but I could not find any comments on it. (Not bright enough for the proper search phrase
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I just read the directions and reviewed the form. I have not worked very much at salaried or hourly jobs but I never knew what my annual income would be. Would be really hard pressed to compute my future income if I was a new hire and/or new to workforce. Line 5 is for non wage income, Line 8 is for multiple jobs. where do you compute annual wages from primary job.? IRS calculator is going to be busy and HR department cannot tell the employee what to put on W-4. I am assuming that payroll is going to compute the withholding based on filing status?
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Taxes paid to Foriegn country on US Income
Lloyd Hudson replied to Lloyd Hudson's topic in General Chat
I am unable to understand how to enter it on 1116 without foreign income. the country is charging her 2% on US W-2 earnings. Forcing on schedule A does not help. I know how to use 1116 for taxes on foreign income but this is not foreign income. -
I have not ever had to address this issue. The client is dual citizen US and Eritrea. In order to maintain ownership of family home in Eritrea, they are charging her 2% tax on US earnings. I cannot figure how to exclude the tax paid to Eritrea. This is a $4000.00 tax with corresponding income double taxed. Any takers among this august group of smarter than me folks?
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we have been "cutting and pasting" the verification numbers for at least 2 years. The biggest problem is not overlooking that entry.
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State decoupling gains adjustment is automated now
Lloyd Hudson replied to Abby Normal's topic in General Chat
I must have the wrong version of ATX. Cannot connect to server...intermittent all day long on 3 workstations. Does not affect anything. Just another interruption. Multiple returns. one large and one simple. Slow in calculations. Win 7 pro, Server 12. More Ram and larger HDD than should ever be needed.. I agree that it is light years ahead of 2012. Also, incurring additional surprise fees. Received a collection letter from a law firm. I seem to owe $68.00 for "2014 Transmission Fees". turns out that it was erroneous, but another way to interrupt my day. -
That is what I said. I also suggested that issuer of 1099 change it to box 3 but he was not receptive.
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Small issue that I have not (or remember) encountering. Mother is beautician, rents station. Salon owner enlisted 11year old daughter for chores around salon and then issued her a 1099-misc box 7 for $1200.00. If I create a return for 11-year old without her exemption she owes SE tax. How do I treat it? I have ideas but wanted to see what smart people thought. Without regard to child labor laws