Lion EA

That's why I would use that form &/or the disclosure form to report that you know what was reported to your client may have errors but you are matching the documents provided or you are making adjustments to report what you believe is correct instead of matching the documents. You have to prepare the return the way you feel is right, and have the client agree with whatever type of disclosure you suggest. Or, don't prepare.

There's a form # for when you don't agree with how something was handled from a PE to your K-1. Let your client make the call, but as has been said, get their signature on your written advice.

Client just dropped her documents through my mail slot. Not many drive by; I'm in the boonies. In winter weather, NO one drives up my steep hill; but we had an early spring. Hubby put in a doorbell, so now a few ring the bell and wait instead of dropping and leaving. I might have to take out the doorbell !! I'm trying to learn to ignore the bell like I ignore the phone. I have the phone set at two rings to give me time to look at the caller ID and decide if I want to answer. My voice message says, "by the next business day." I'm really training people to use email. I answer email almost immediately for real questions or information; last thing at night for those checking on my progress. But now, more and more of my young clients are texting me. My cell phone is usually in my purse in the bedroom or in the back seat of the car when driving. So, I don't always notice those messages until the next time I go to use my cell; I have to start looking at that twice/day. I do have it sitting in my office now.

Rita, it is worth every penny to have caller ID even if you have to string the wire yourself from town! If I didn't have caller ID, I'd let EVERY call go to voicemail. I'd listen to them twice/day and choose when I wanted to return each one. Oh, and I'd turn the ringer off, too.

What changed by $231,000? Do you have a trial balance or statement of cash flows? I don't use ATX, but I would have to list a Description if I had numbers in the Other assets section. Do you have something checked to auto-balance the BS? It's not a section I've used, so I'm not much help. Can you go back one more year to see if you spot a trend?

If it showed up in his W-2, he already paid ordinary income tax rates on it, and you add it to any out-of-pocket cost to get his basis. Are you saying he paid $20,000 cash plus $30,000 was on his W-2? Then, his basis is $50,000.

And, I've been coordinating with dad who's been paying online, not wanting direct debit, so all prior year's payments were made electronically on time. Hope grandfather calms down now.

OK, found the form on the TN dept. of Revenue site under Hall Income Tax Forms, and it is the Form INC 250 that we've been filing. Wish they used consistent terminology! I'm OK, right?

I've been filing a TN INC 250 for this little boy and his investment income. But, grandfather says his daughter told him we need a Hall income tax return. Is that the same as the TN INC 250? Grandfather seems to think the Hall is something other than what we've been filing and is concerned about penalties for not filing.

Auntie gave grandfather a link to a Hall Income Tax Return that I should be filing for the grandkids: http://www.tn.gov/assets/entities/revenue/attachments/indincguide.pdf

So I do taxes for a little boy, TN resident, that his CT grandfather hired me to prepare because he's the investment banker that makes the money. (Granddaughter might be over the filing threshold this year now also.) Just been a couple of years, and I thought I was fine, e-filing and everything. Now grandfather's daughter/boy's aunt told her dad about a dividend tax for residents of the State of Tennessee for amounts of $1,250 or more. Grandfather just asked me if the grandkids are liable for the tax and if we have any penalties. What did I do wrong?! Auntie is also a TN resident and an editor/researcher and highly admired by her dad. I think my stock just fell in his eyes. And, I charged him peanuts because he's a loyal member of my husband's choir and takes us to the Met Opera annually. Help!

It's OK. We understand.

I enter forms as is, even if wrong, usually. I make adjustments on other entry screens, check boxes, whatever, to make the return reflect what it should -- in this case F5329 entry if he should pay the additional 10%. But, as Possi says, you need to ask your client questions to see what might fit. Did he leave employment, for instance?

Thank you, Catherine. I was hoping it was simple when all-year coverage. I'm going to email daughter and mother to get her insurance card info.

I have a college student (dependent of clients) who worked while at BU and earned $750 with MA w/h. She's covered under her parents' insurance plan; they don't have their 1095-B yet. I've never filled out Schedule HC before. It asks a LOT of questions. All CT residents. Help!

Can they make IRA or SEP contributions to lower AGI?

He's family. You're going to grieve. Let it out. You can vent here. We've been there, done that, and empathize.

I love to use FileShare on my web site. But, I'm amazed at the people who try multiple times to download and call me for help. Had an engineer earning high six figures at a major NYC hospital try eight times! A lot of my young clients don't have printers, just show pictures of docs on their laptops or phones, so go to Staples to copy or call me for an extra copy. As much as I hate to waste paper/toner/etc., if I hear them talking about refinancing or FAFSA or something where they think they'll need a copy, I print an extra while I'm assembling their return to save my getting a call at an even more inconvenient time. Thank goodness I get more and more clients to try FileShare each year.

Oh, yes, I've done that. For years. But, as I got older with arthritis in my hands, I've gone with fast and easy. One staple, shove, done. No complaints and actually a few compliments on my packaging. And, easy on the telephone when I tell them to grab their navy blue folder for 2014 or the paper folder for the trust/vinyl for joint or whatever. I've had new clients come to me with their prior year folders torn apart when they looked for something or made a copy for a bank or someone else took it apart to take out a depreciation schedule or something, so those business-like folders don't always stay that way. Not to mention those that bring in the wrong years when they all look alike. I spend my money on my software and my education. I used to buy more expensive paper also for client copies. But, as I saw how few ever looked at them after leaving my office (and some don't pay attention while in my office!) I just use the same multi-purpose paper for everything here. I am always in a state of flux to do what matters to my clients.

I use the back-to-school sale two-pocket folders from Staples, a different color for each year, with metallic "year" stickers from M&C. Then I get larger ones in the same color and large vinyl ones in the same (or similar, not as much choice in colors in vinyl) for the larger returns. Most of my clients still want paper and lots of it to overwhelm mortgage companies, colleges, etc. I staple the returns in the corner and insert in the right pocket with client documents in the left. Sometimes the states need to go in the left also &/or the K-1s from PEs. This year I have orange cheap folders (but they look pretty nice with the stickers and my biz card in the slots in the pocket) and wider orange folders that expand to hold more pages and orange vinyl folders that hold lots and lots as the pockets are attached on only two sides so really expand. I even have a few yellow folders for when there are several returns per family, if they want a different color for the kids or biz or trust or.... A few of my clients like a .pdf, whether uploaded to my portal or on some media. Some want both. And, a few do want a smaller, basic paper return. It's just me collating returns, so I try to make it easy on myself and still keep clients happy. The real tax return folders were always a nightmare for me to staple; lots of big returns with pages sliding and ending up skewed and those large staples a pain to remove.

Or, keep two sets of books on that bank account: her business books and books detailing the real estate business. The loan proceeds she deposited were not income to her business. Move the proceeds, and any interest earned and the net of all the RE transactions, out of her biz account now. After the move, your original biz books will match the bank account, and your RE books will match her new RE bank account. And, remind her how co-mingling funds can wipe out the liability protection she thinks she has in a corporation.

His proceeds from the other 150 shares are his cost basis in the 150 he kept, or his giving back 150 shares to the company are his cost basis in the 150 he kept. Ask your client. Or, tell him to ask his employer. What Cred said.

He paid for 150 shares of his stock by buying/selling the other 150 shares, didn't he?

I get phone calls from them often and often during tax season. Sometimes they email during tax season to ask to talk after season, but that's not much better. Several years ago, I did evaluate their product. It wasn't better than my ProSystem fx and it was a lot more expensive. But, I don't think I'd buy from them unless their product was absolutely amazing and free, because I don't like their pushy sales tactics. As Judy said, they don't act as if they're trying to help me.

He may need to amend his incorporation statement with the state if he was too specific to financial planning and didn't allow himself some wiggle room, such as ...and any other lawful business activities...