schirallicpa

I signed up for fee collect 3 weeks ago and have been "processing" ever since. I have called the bank (SBBT) and ATX multiple times. I don't offer all the loans and early refunds. I offer fee collect and have for the past several years that it's been available. No problems. My clients love it. What is the problem now? is SBBT down the flusher with the many other banks in America and I didn't know it? According to ATX its a bank problem. According to SBBT ATX hasn't submitted Z records yet. He said, she said. My providers are about the same ilk as some of my clients. Anybody know what's going on?

2 clients share same household. The woman has 2 children - they are not his. The man has 50K income. The woman has 10K income. In the past, he filed HOH, and did not claim any dependents. And she filed single, with dependents, took child credit, and EIC. First of all - I don't think that that was right - because if they lived in the same home, then I believe EIC should have been based on his income. Any way - of course thats the way they want to file this year. Now - if he's filing HOH and no dependents, he must list child's SS# up there in that section now. (Can't remember if you had to before>) Well "RED FLAG". That kid is on someone else's return as a dependent and EIC kid...... See my dilema. I can't see how they can get EIC. Can he claim a kid as a dependent under qualifying relative rules, and at least take some credits on his return? And she takes the other. I hate EIC. I live in poor Western NY where the EIC game has been played to the limits, and I am so darned sick and tired of it. Any suggestions today will be helpful. Thank you.

"ATX EFC Reject Federal E-File is already accepted or pending acknowledgement" What on earth does that mean? What am I supposed to do. Sit back and hope my client's return makes it? And whats with ATX? I called the 800 # and now it tells me to go to the Taxwise website. Which is fine since I haven't been able to access the ATX website in months with my "new" password. Some lady named "Justice" keeps calling me from ATX. I'm not sure if I want to deal with them any more or not. If anyone has a clue what to do with the error, I would appreciate it.

I have called ATX on this, and they have told me I should not remove, delete, or mess with any database or client folders. Well - gee - why do I need to have all this old stuff hogging up space on my computer. We're talking 03 and 04. We can't even amend these anymore............. Or is this an excuse to get a new computer. Actually, I'm of the mindset not to purchase new until the old dies. But I also have no idea what goes on behind the scenes on my computer and what I can zap and what I can't. Every since we were forced to give up DOS, I've been at a loss. Any suggestions? Thanks.

THANK YOU!!

Whatever....

I have a client that had to pay back a pension payment from 2004. They were never issued a corrected 1099. I amended the 2004 return with statement reflecting the situation. IRS responds that since we do not have a corrected Form 1099 we will need to claim this repayment as a Section 1341 request and deduct the payment or tax credit in the year of repayment, not in the year it was received. Ok - found a few articles on the internt. No problem. But, how? Gee, I don't see a line item for this one. Does this have to go on a particular form? I don't really find anything. Form 843 doesn't work. Or do I just shove it on a payment line? Do I file a 1045? It seems like I should file a 1040x. Any advise out there today....or tomorrow... Thanks

Client claims he has agreement with IRS agent and is making monthly tax payments. He has a nice refund on his personal return this year, and I was hoping to safely take my fee from his refund in order to avoid chasing him myself. Will the IRS let me have my portion of the refund, or will they snag the whole bit?

Partner #1 in LLC holding 50% interest and basis of 26469 sells his entire interest to partner #2's wife for $500 on Dec 31, 2006. I do not do tax work for 1st partner. I do tax work for 2nd partner and new (wife) partner. Can it be that simple that she has new basis of $500, and I roll on?

If it would close when it can't find the server instead of locking you out of the program, that would be fine. I wouldn't care if it spent all day waiting for the server if I didn't have to wait all day for it too!

Guy moves to beautiful Western New York State to accept a new job in 2006. Claims a moving deduct on 2006 tax return. He is engaged at the time. She doesn't move with him. They get married in 2007. She moves in 2007. I had a family that the husband moved here and the kids waited til school was out to move. We were able to take moving expense over 2 years. In 2006 we took his. In 2007 we took theirs. Can I do that in this situation? She does not have job here. She moved because she is now the wife. In looking at the reference material I have, it refers to household members and does not specify the relationship of the household members. Any thoughts this fine morning?

I had one of these this year. If the company paid the premiums, its taxable. If taxpayer paid the premiums, it's not taxable (unless it came out pre-tax, somehow.) In the case I had, it was partial, the t/p was 1099'd for the whole amount, and I backed off the portion that he had paid (half) on line 21. I know I found reference to it in a publication. May have been 17.

I was asking what to charge a few days ago. Here's a helpful link: http://www.youtube.com/user/VPYNCHON

I appreciate everyones help on this!! Are there any good reference books or basic guides on this stuff? I just haven't got anything on it and can't find anything thats not much more complicated than I need. I do very few dead people, and usually someone else has figured everything out, and I just fill in the figures. Thanks again.

Heres a quick overview on UTMA. Its the child's account under the custody of the parent/grandparent, until they reach age of majority, or some other age specified. Yes - parent takes tax for now. http://www.fairmark.com/custacct/cust101.htm

Well - that is what they are going to do. The bank has agreed to re-issue the 1099 in the decedent's name. Now - in the mean time I was given a different piece of info: That if the will states that everything should be distributed then it must be distributed, and cannot stay at the estate level. Otherwise, the state will step in and tell you the same. Otherwise, if the will states a purpose for the money of the estate which create perpetuality, then the admin can elect to have the estate pay the tax. But I haven't found anything in writing supporting this either. Everything I find is rather murky or referencing very complex stuff. You always get these people right at the end of the season.

yes - the other loan was part of his cost.

Clients mom died in 2007. Had savings bonds. An estate was set up for the savings bonds, and cashed out. Estate has 1099 interest totalling 21000. They want to close estate - no need to keep open. Doesn't the 21000 have to pass to the beneficiaries? They want the estate to pay tax, but I always thought with such an estate, it passes thru. (I suspect they would pay less tax letting it pass thru.....but, who am I to suggest it's a dumb idea.) Help.

I have tried to search the PIB NYS website, but have found nothing. I even tried dialing their number to be put on hold for an hour, only to be hung up on. The Feds have the 1310 to collect a refund for a dead guy. I can't believe NYS will just drop a check in the mail without a fuss. Does anyone know? Thanks .

Hey - I lived in Baldwinsville for a little while after I got out of college. I worked for Dannible and McKee in Syracuse and drove a mustang to and from everyday in snow like I had never seen before! I'm from southwestern NY - Wellsville - down around Olean area. We don't get nearly the snow. Those were the days. Paid by an employer. Hidden away from clients. Driving a sports car. Anyway - thanks for pointing out NY's goodness with that new option.

Can't find where to apply overpayment generated with NY amended return. I think they forgot to put in a line for applying overpayment.......... Or have I looked at this stuff too long. And how come people start wearing shorts and flip flops as soon as the sun comes out when it's still only 50 degrees. Ok- stop looking out the window.

Unfortunately most of my returns run under $600.................

What I really love is how the whole thing freezes! Geez - if it can't find the server, then quit, and let me get back to work. I don't care to have to shut down my machine just because they have problems on their end. That's probably my biggest gripe with their system.

That is awesome! Thanks for the link and the morning laugh!!

When the client has an amount due, I have learned to hold off on hitting that efile button until the fat lady sings. This time it paid off. Client is partnership with 2 partners and their corresponding personal returns. So 3 returns in all. They showed a significant profit on the 1065 this year. And lo and behold, they found that they had forgotten to give me some 20K of expense. So these are not amended returns, because I never sent the efile. But.... this is quite a pile of papers being generated here! For the 2nd time. What do you charge?