ILLMAS

As I was about to leave the office yesterday night my phone rang: TP: You know I forgot to tell you that I bought energy efficient appliances and they qualify for the credit. Me: Ok, we can amend your return to included the credit, but before that just verify with energystar.gov and the manufactur to see if they qualify for the credit, then send me all the information and a copy of the reciept. TP: But I didn't buy them, they came with the new constructed condo a bought in 2009. Me: That is true you didn't buy them, so you cannot take credit for something you didn't buy, they were part of the deal you got when you bought the unit. Me: Have a great evening, good bye.. click

Have you tried creating the efile? I know it's a problem for "date of purchase" for stocks, if you use various the system will not allow you to transmit it. It only allows you to use various on the sales date. Give it a try.

Your topic line reminds me of this:

Has anybody looked up what a troll or trolling mean lately?

From what it seems you client is at a loss when you take the payment less out of pocket expenses, so there will be not tax due, also maybe not a good idea (more travel expenses, I assume) to pick up the art work, let the university deal with it.

I caught a small glimpse of this man talking about this credit called savers credit, unfortunately I cannot see the video, has anyone else heard of this credit and offer it to it's client? http://www.myfoxchicago.com/dpp/good_day/save-money-taxes-credits-mr-refund-mike-kolar-20110321 MAS

A new TP came to see me and I did a quick review of his tax returns and it seems the previous preparer was deducting property taxes on land held for investment. He has 7 or 8 land lots and the property taxes are not more then $120 a year per each, is it wise to report each lot under the special form (don't remember the form number)? According to client, he doesn't think he'll be selling them anytime soon or in the near future because there is unfinished development all over the area where he bought the land. Your thoughts?

It doesnt hurt to try it, one of my client has a touch screen desktop and it's not all that great for quickbooks. System gets confused and doesn't allow you to use the pull down list. You can always Tab your way around too.

Only an accountant could catch NASA, when you hear NASA you think of rocket scientists right? Well watch this video and see if you can spot the mistake: LOL

Just wanted to share this info, tomorrow (3/19/11)the moon will appear at it's biggest, this phenomena happens every 20 years. Hopefully you will get to see it, we are expecting rain tomorrow. http://science.nasa.gov/science-news/science-at-nasa/2011/16mar_supermoon/

Home edition comes with software you will probably never use, pro is perfect for a business use, but home edition works too with your tax and accounting software. It there a price difference or you can choose which one?

Just wanted to wish all that celebrate a happy St. Patrick Day!!!

Have client close his bank account immediately and get a new wife. IRS won't stop the process even if he calls, the only way to get a paper check is if they cannot deposit it. Two years ago a client failed to notify me he closed his account, I called the IRS on his behalf and was told no, the system tries two or three times to deposit the funds, after that a paper check is issued, well it took 3 or 4 months to get it.

TP is an attorney who decided to move to a different state, most of 2010 he was studying to take the bar exam in the new state he lives, so he only had a very small amount of revenue. For example he made about 3K in revenue, and he had about 4K in expenses, exam fees and review courses pretty much ate the revenue, then he has about 3K in self-employed health insurance, is he still able to deduct it? Number one he wasn't taking new clients because he cannot practice in his current state of residency, secondly the income was mostly for fees not collect in prior years. SE insurance deductible yes or no? To it seems it isn't because he really didn't try to generate revenue because he was studying most of the time. Thanks

Today it will be at the bar and grill for me, not to worry I gave drinking for lent, but I do have a beer here and there when at lunch.

I spoke with the client and I am going to be amending the return but it will be in May or June.

A young girl walks into a bar and right away a guy comes and starts using some of the worst pickup lines. "I may not be the best looking guy here, but I'm the only one talking to you" and "Do you have a quarter? My mother told me to call home when I met the girl of my dreams". So the annoyed girl asks him, "Hey, by any chance are you thirty years old?" The guy replies "Yes I am, how did you know?" "Well I have a brother that is half an idiot and he is only fifteen."

I am not a dell user, however I would recommend the optiplex 780 series with Win 7 professional 32bit, these work horses are built for businesses so you don't have to worry about games or extra software being install on it, the only problem I see you don't really get any savings if you buy Microsoft Office from them, it's pretty pricy but can be bought for cheaper somewhere else.

New TP came to see me, in 2007 he bought two personal residence in two different states, he lost his job and eventually lost both houses and also filed for bankruptcy and included both homes. Fast forward to 2010, he recieved a 1099-A for one of the homes he let go in 2008, and the 1099-A is for 2010 which I am including in 2010 tax return under form 982. I asked him about the other property and he said he never recieved a 1099-A or heard anything from the bank, well I recommend to him to let me go ahead and request a transcript of his return from 2007 to 2009 and see if indeed the bank had issued one to him for the second home. I recieved the transcripts today and I do see he did recieve one in 2009 and he didn't report it on his tax return, if I were to amend his tax return I would only add form 982 which would make no difference to his income tax return, so I wanted to know if 2009 should be amended just to include form 982 or just leave it as it is? Your thoughts?

Any update why it came out early?

I don't believe she has to mark all corrected, just the new one or she can mark all of them corrected, however it won't make a difference to the recipients if the amounts, name, SS# and address did not change from the original issued. In this case since she probably did them by hand, them she would have to redo all.

Wow, all these business pretty soon will be UP IN SMOKE!!!

That's correct, normally starting NP start as a 1120 for tax purpose, once approved they would file a 990. Why not have your client file a 990 and report "for profit" income as taxable income on the 990, same goes for expenses. Can your share the reasoning?

This the first 1099-C I am going to be doing for a client this tax season, just to make sure, there is no specail form to report the 1099-C & A? Also, if the property given up was his main home and went through bankruptcy, then there is nothing else to report. Cancellation of debt was under $100K. I am looking at instruction and from I read it seems the client does not have to report the cancellation of debt, your thoughts?

Not good, but as they say don't write checks if you have the money. Have the TP call the IRS to cover the bank charges. JK. All kidding aside, TP should of known not to write checks if he/she did not have enough to cover, not much you can do for them.