schirallicpa

I cannot seem to efile a 990 that is a 501c3. I have that box marked. But the error message is to fill in the box next to it, which is for a 501c (other) org. Please advise.

Capital loss stays with the 1041 til the very last year. I agree - this has been a heck of a year, and I haven't really pinpointed the reason why.

I have a client that is self-employed and wants to put money into retirement rather than pay IRS. He says - take a much as we can in IRA. If I run the SEP calc I can take roughly $10,000. Then I can take $10000 regular IRA too, I think. I haven't run in to a situation before that someone actually has enough money set aside to take advantage of this much! Just hoping someone could chime in and confirm that I can. thanks.

LOL....I haven't gotten into 2011 yet!

My former boss gave me this: If there is a fix because of acctg method, use "Adjustment pursuant to Rev Proc 2002-9". Input this on the Sch E on the misc lines. This entry is the accumulated fix. This is a bit of a catch-all for fixing mistakes for something like depr. It saves you from having to go back and amend, and carry forward, and amend, etc. Here's a link to info regarding: http://www.unclefed.com/Tax-Bulls/2002/rp02-09.pdf

Thanks you. Glad to have this forum just to double check thoughts sometimes.

(I swear I can't pick up a single return this year that is cut and dry. Every one has something funky going on this year........) This guy gets a 1099 from an exploration company for $20,000. It's listed as Other income. He says it's for mineral rights. I'm thinking NO on the depletion since it's just their purchase of the rights to minerals. Not from the production of minerals. Looking for another opinion. Thanks.

My right eye has a huge red spot in the middle of it. My girls told me I had a "blow-out".

OOOOOOHHHHHH......YOU ARE AWESOME!!!!!!!! thank you so much. I never knew that little tid-bit.

Awesome idea! thanks

Actually - I deleted it this pm

Is there a secret hiding place these go to that they can be retrieved? I thought I was being efficient and cleaning up duplicate files. Unfortunately, it was a planning file that I had done in early Jan, and hadn't printed out my critical stuff. How 'bout it.

Hey - lets have tax prep covered by Medicare, or another gov't subsidized program - that guarantees our payment, no matter how ridiculous our charge! And we can then charge for all those silly 6251's that pop up that we don't need, and we'll charge for the voucher, and the bill, and the letter, and the phone call to set up the appt. We could double bill, and see if they notice. And, we could mess up returns, purposely, to have to amend them later....and charge. Oops - I'm ranting....

Painted roof with fiber alum. roof coating for $800. Here's what I know about fiber alum. roof coating: What do you guys think? "Use on barns, garages, homes and mobile homes. Reduces surface temperatures and prolongs the life of roofs. Insulates in winter and reduces interior temperature in summer. Seals hairline cracks and pinholes to help increase the water resistance of the roof. Covers approximately 75-100 square feet per gallon. This Roofers Choice Fibered Aluminum Roof Coating is one of many top quality items in our Aluminum Coatings department." (from a website selling it.)

I read in a Kiplinger letter that the states are working with the Feds to give the Feds real estate transfer records. When real estate is transfered at below market values, then the Feds can go after the tranferor looking for a gift tax return. Even if no gift tax is due - penalties are. Way to go Feds! Who thought up that great revenue stream.......... As in everything bad, take the opportunity to pass along to your attorney friends, and maybe you can pick up a couple extra gift tax returns. Kinda sad, really.

ok- that's what I thought, but geezsh - I just can't believe the credits given to some, and the ones that work hard and have a decent income, don't get anything. I have a lot of clients this year who earn to much for the "work to pay" credit; who have paid for their children to go to school, but have too much income to get a credit; who can't qualify for a deduction for student loan interest. And I have clients getting hit with AMT. Then there's these people - I'm sure she collects other benefits from the county and state, not to mention free lunches at school, and eventually free ticket to college. I know - I know.....grumble mumble..... THANK YOU everyone for your help.

yes

Couple live together. Woman has child from previous relationship and child with current beau. She claims the first, he claims the second. His income is $50K. He claims HOH. Her income is $18K, she claims single. Can she take the EIC? I'm remembering that when you live together, and the other party has more income, then the childs EIC-ness (is that a word?) goes to the other person (if qualifying otherwise), and the other person then doesn't get EIC because income is too high. But in this case, the child is not his anyway. Clear as mud. Any help would be appreciated.

Oh I would not give unethical advice. It was just a point that was made. And your points are well taken as well. I appreciate all the feedback on this question, but I certainly didn't mean to raise a topic that would raise so many tempers.

wow - I certainly didn't expect this question to raise so much animosity. I am thinking about the situation where the lady starts filing HOH because her husband leaves her and she has a child at home. What happens when the child is no longer a dependent. Then she goes back to filing joint or separate? I was discussing this with my assistant, who happens to be British. She figures we just have too many choices:) She also posed the question - How would the IRS know. There's not a tracking on that, is there? Also, she knows the couple a little bit better than I do, and she knows that they too are foreign. She wondered if they were not married in the US to begin with, does that matter. Just thought I'd throw another wrench in. thanks.

I have an old client who has always filed single. I have known him for years. Never realized til last summer that he was legally still married to his wife who left him many years ago. This year I have a client - who was new last year - who's husband had left her in 2009. We filed MFJ for 2009. But this year, he has already filed his tax return. She thinks as single. They have not gone to court, or even begun to talk about divorce. They just aren't together. So - is that okay for them to file single now? Is there an amount of time required to be apart before single is legit? I have referenced the JK lasser book and it desribes the couple as living apart but with nothing finalized, then your not considered divorced and you must file joint or separate. This contradicts my first sentence which the older man files single. And really creates a burden on people like this client who cannot force her husband to divorce her. She isn't even sure where he is. So that leads me to a secondary question - if he filed single, can she file MFS? Or will it kick back?

It's my understanding that some types of organizations are tax exempt automatically, and only need to file application for exemption when they reach an income level that requires them to file 990. So - if they are expecting to only have nominal income and are not trying to "profit" so to speak, then they stay under the radar. What type of org are you dealing with?

Will there be tax consequences? What is better method? the 2 minority shareholders are giving up their shares in exchange for $30,000, which was their original investment in the corp. Do the shares just go back to the corp? Or do the shares get allocated back to the majority shareholders? I'm dealing with a blistering headache with our lovely March weather ups and downs. Looking forward to April for many reasons. thanks for your help.

I want to "rant" again. Can I rant again?..... How 'bout clients that come to pick up their return, and they "forgot" their money; "forgot" their card; "forgot" their checkbook. Okay - when you went to K-mart to buy stuff, did you forget your money there? And when you drove thru McD's did you tell them you forgot your money? Did they give you the milkshake anyway? How 'bout when you filled the tank. Did Sunoco say ' Hey - that's okay. You can take all you want and stop back some other time to pay'? No - you paid to take their product. So pay to take mine! there. I feel better. thanks.

The entity is probably still in existence in 2011, right? Did they file paperwork with their state for dissolution of the corportion? If they hadn't yet, then 2010 is not the final return. If they get it done now, they will have a short year final return. (I too am assuming they have a calander year.) The assets are distributed to the stockholders. Is it an "S"? I'm the one who has the problems in NYS with the state not allowing dissolution for 2 corps due to their having outstanding tax liabilities. We have decided we must file returns again this year, due to the fact that NY shows them as active corps, and therefore requires a franchise fee.