Yardley CPA

Julie...congratulations and best of luck. In a year from now you'll wonder why you didn't do it sooner!

I also appreciate the site and all the suggestions from it's members. It's great to have this recsource back. I donated. Please keep us updated on what your income statement looks like. ;)

I just efiled my last return for 2007. Overall, things ran smooth and the program worked pretty well. While I was not pleased with CCH's commitment to the program, I have decided to renew. Hopefully CCH values the program and increases it's resources and it's customer service....time will tell. Thanks to everyone for making it a great year. All of your input and advice is/was greatly appreciated. It's nice to have the Community back and a special thanks to Eric and KC for all they do. All the best! I'll see online sometime.

Yes...in addition to the Schedule C, client/wife have W2 earnings in excess of $140,000. Sorry forgot to include that. Thanks for all the responses.

Client brought in paper work for a small Schedule C investment business that he runs. Total gross receipts amounted to just over $5,000. After taking expenses, the net income amounted to $735. Client purchased a new Dell computer in November which cost $3,100. I just need to clarify something...can the entire purchase price of the computer be Section 179? That would obviously result in a net loss for the business. My brain is fried...it's too late in the season and I seem to be forgetting basic stuff!

Tax prep is my "part-time" job as I work full-time during the day in the accounting (non-tax) profession. During tax season, I leave my day job and usually get home around 5 or so. I start taxes at about 6 and work until about 11:00 each night and most of weekend days.

Thanks for all the replies!

Great little vid! :lol:

Client calls after her return has been efiled. She says, "I forgot to tell you, my husband received disability insurance proceeds from a policy that he himself paid for...it amounted to $3,700 a month." I do not run across this everyday, and on the surface I don't think it is taxable, but figured I would seek opinions...would the monthly proceeds be taxable? She claims that she did not receive a 1099 or any type of tax form from the Insurance Company paying the income.

Schedule C client. I just want to verify something. If you take the standard mileage rate for a business vehicle, you can not depreciate the vehicle as well, correct? I believe the standard mileage rate includes a depreciation factor...no? Thanks!

Client brings all her information including a Charles Schwab statement showing over 70 stock sales. I told her, it would save her money if she was able to obtain a gain/loss summary from the broker. She couldn't obtain a gain/loss summary, but was able to get me a buy/sell summary. I told her it would take a good amount of time to research and determine the cost basis for these stock transactions. Just wondering...the rest of the return was relatively basic (W2's, interest, dividends, 1 K-1 and Schedule A). About what would you charge for something like this?

Thanks!

I have a client who brought me a K-1 from her Father's living trust. (Father passed away in 2007). K-1 shows $67,411 in box 5 "other portfolio and nonbusiness income." I believe this is taxable but wanted to make sure? Thanks!

Yes...Happy Birthday!

The most disturbing part for me is the lack of communication from CCH. They have a website. How difficult would it be to post an update to keep us in the loop on what is happening or send out an email??

You may want to try www.bigcharts.com. I use that for all my historical stock pricing. Not sure if it has information on splits, spin-offs etc.

Thank you again. All the sisters are residents in good standing. I will file the 1041 just to avoid future questions. Do I also need to file K-1's

Yes...it was. The only income for the period was $136 in interest. Expenses: Accountant fees of $250. So the net is a loss. That was all the activity. There are three sisters who are beneficiaries and equally share income/expense. I don't prepare 1041's normally. Can I show a loss on the return? I believe I still prepare the K-1's showing the interest income? Does the accountant fees flow to the K-1 as well? Any thoughts would be appreciated.

Thanks so much, JKLCPA. Appreciate it.

Client brings in estate information along with a form 7004 extension of the estate. Tax year dates: 8/7/06 through 7/31/07. Based on these dates, should the initial 1041 should be a 2007 return?

When I first read your post, my initial reaction was "it's an expense of the Schedule C and should be reflected that way." After some reflection, it would seem your approach is correct since there was no real activity for the Schedule C. I would agree with Sch A, Misc Deduction. It's too late on a Sunday for this!!!!

Obviously the key phrase here is "2nd home," which I assume to mean a vacation or other home (just not the home in which they live full-time). You can't fully deduct the points on the 2nd home in the year of purchase, but you can deduct them over the life of the loan.

Thanks for all the responses.

Yes, I've read the instructions. I see what you are referencing. I guess the issue I am having is the difference between a "personal represenative" and executrix. Are they one and the same?

I guess I am a bit confused. The client's sister is the executrix as stipulated in the Will. I've read through the instructions and cannot determine if the form is required or not. Is there anything specific I should be looking for?