ILLMAS

You have to register through Prometrics.com, there you can look up testing center near you, there is a fee of $116 (corrected fee) for the exam. Just be warned, you will be bombarded with spam emails after you register offering RTPT study courses and after you pass it you get spamed with CPE courses being offered. About an hour after I took and passed the exam I was already getting email about CPE hours.

Have you tried opening them in a different computer? I don't see why they don't open, pdf format hasn't change in years.

I finished taking the RTPT competency exam and passed, they don't give you your actual score but a passing score is from 350 to 500.

This is the first I have ever seen a 1041 K1 for one of my clients, TP aunt trust finally sold a building at a loss, TP K-1 reflects his loss, I am selecting this as passive activity and therefore the loss is appear on line 21 as NOL carry forward, does this sound correct? TP still recieved part of the proceeds but the building was sold under the FMV. Thanks MAS

Scenario: Two friends are interested in buying a property (50%/50% ownership) that is under priced for the value its worth, Paul has no money, so Peter agrees to put in large amount to buy the property, time pases by and the value of the property went up and they refinanced the loan, Peter was able to recooperate his initiat investment and still Paul puts nothing out his pocket. Now both friends name appear on the loan, both are liable, does Paul have any basis on this property? Thanks

Here is another option for you: http://www.csmonitor.com/Science/2011/0322/How-to-launch-something-into-space-for-150

My extra cash went out the door with my 2011 extension and 1st quarter estimated tax payments but I do have a few clients that still owe me.

The best thing you can do is to contact a tax professional in your area.

Not a vacation but off tomorrow and monday, I will not be returning calls or emails until the 17th in the afternoon.

Hopefully I am not the only one that this has happened to before, but I have TP that comes in every couple of years with various years, last time I prepared a tax return was back in 2010, I gave him a discount because I did like 3 years for him. Well it took him about 7-9 months to pay me, three weeks ago TP calls me and tell me he had a visit from an IRS agent and was given 30 days to submit the missing years, he calls me and I tell him I would need a retainer or to be paid in full before any works is done and client agrees. Fast forward to yesterday, he drops off the documents but no payment and now I don't feel motivated to prepare them even if he pays me when they are finished. Little things like that can ruin someone day. MAS

Can't transmit extensions :(

Add me to the list :(

Does anyone have any tips on how to save some time with the extensions, I dislike having to open one by one and efiling the extension. MAS

Or you can request a portable backup, no restriction like the accountant copy. Portable backups are compressed file that can be emailed without a problem, after you have posted your adjusting entries, just pirnt them out and send them to your client, most likely they won't post them anyway, so next year start off by checking your retain earnings. I go through this every year :)

First sorry to hear about that awful word cancer, it seems the financing seller whats the payments to go to the Cancer Society as a donations? I don't think the Cancer Society would like to get involved in real estate deals, but I might be wrong. In case they don't, I would see it very difficult for the buyer deducting the interest, the seller might hand over the title to the buyer and in good faith have the buyer donate to the Cancer Society.

I think figured it out myself, I had to increase the basis of the property to the amount of forgiveness to be wash.

TP went through bankruptcy, TP had a 2 unit house, TP lived in one apartment (sale being reported on Sch D and qualifies for the exclusion), the 2nd floor (sale being reported on 4797), Form is 4797 is showing a gain, filled out Form 982 to exclude from gross income, but I am skipping a step, becuase the gain on 4797 is showing up on the 1040 and a tax is due. Any quick help on this would be greatly appreciated. Thanks MAS

I think I should be a detective instead of an accountant, I had to do some digging around with the TP because this 1099-A didn't make sense, well it turns out there was more I wasn't told originally. TP had a line of credit on the investment property she lost to foreclosure, and she also had a loan. So here is what happened, Fannie Mae basically bought the loan (209K) and the remaining debt of the line of credit, the $85 was the only thing they didn't pay for, pretty good right? So at the end, the TP has a sales contract of 209K (Fannie Mae the buyer), the house was bought for more then the FMV, now here is a little problem, TP bought house for 134K, the adjusted basis is 110K, so would be safe to say she will have a gain if the house was sold for 209K-111K=98K, there was no bankruptcy, 100% investment property, rents were collected up the day the house was foreclosed. I had asked the TP to find out if the bank was going to issue a 1099-A for the loan, but the more I think about it, it sounds like if it was a sale between TP and Fannie Mae, your thoughts? Thanks MAS

TP brought in the oddest 1099-A I have ever seen: Box 1 has date of abandonment Box 2 Show balance of principal outstanding (client owed more then 200K, but only $85 appears) Box 5 Borrower was not personally liable for the repayment of the debt And thats all, no FMV is show. What to do?

So for example, if you are going to prepare a simple 1040 and you are going to charge your client $50, you prepare an engagement letter? And for every year they come back? I know the orignal post was for a business and I know times have changed from when things were done with a hand shake, but don't get me wrong, an engagment letter pretty much puts in writing what is and whats not going to be done and what will be the fees, but some of us have clients that are old fashioned. I think in my case I will lose some clients if I have them sign an engagement letter, but I think it's a good a idea to have one in place for new business clients.

It's back to work for me, looking at it in a positive way, at least I won't have troubles money brings .

No body here does business on a hand shake any longer?

Add one more chance of winning for me, a client of mine gave me the winning lottery ticket today :)

I would get permission on behalf of the TP and you call the other accountant directly, maybe there are other things the TP is not telling, for example there was missing information to prepare the return or they owe a balance that was not taken care of. Sometimes they forget to tell you important things like that.

Incase I hit the jackpot tonight, I will be looking tax accountant, anyone? Really whom I'm I kidding, the odds of winning are not in my favor :(