Lion EA

That's the name I couldn't think of!!

I received one of those "bouquets" of fruit already cut and on skewers, so it was easy to eat and pretty to look at. It was some years back when both kids were at home, so we had four of us nibbling on it for a couple of days. You can get some of the fruit "flowers" dipped in chocolate, also. I think the franchise is something like Incredible Edibles. But, I've seen ads for others. I have a client who sends me a Harry & David box almost every Christmas with an assortment of nuts and Moose Munch and cheeses as well as the pears that I love. If you have some of those catalogs that arrive around Valentine's Day and even Christmas, you'll find lots of possibilities for high-end snacks. Are Mrs. Field's cookies still around?. And, you could always order the most amazing, huge macaroons from my talented daughter-in-law (also available in chocolate dipped): http://www.thebakeryhancockny.com/online_orders/default.html The storefront is closed for the winter, but she still bakes for special orders. Tell her Rita sent you!

I have charged more to prepare prior year returns due to having to review prior year laws, working on something that's not fresh on my mind nor anyone else's. Or, I've taken my price for the highest priced year (taxpayer filing multiple years at once) and used it for all the years, even when a year might be simpler, for the same reason, dealing with multiple year's laws. All that is for the clients that have brought their materials after the year, after 15 October or the next year or years later. I have had years where I had their returns in what might've been a not too late time, but something like Hurricane Sandy or ear surgery or whatever delayed my preparation. In those cases, I hold the price on multiple years the same. Or, discount a single, almost current year. It's not a punishment for filing late. (The governments will take care of that.) It's due to needing more of my time to review, proofread, etc., when I'm not working in the most current tax year. Line numbers are different on forms. Laws did or did not get extended. Tax prep software evolves. Fewer people around to ask that could be working on a similar issue from a prior year. That sort of thing.

Around here, $250 would rent a room -- with no house privileges, no kitchen privileges, no food, no garage, no storage, no laundry, no dry cleaning, no shopping for the roomer, no anything at all except maybe a mattress.

If I file early, then an identity thief cannot file a federal, CT, or IL, return using my SSN. But, he can file in other states. Lots of other states.

Catherine, you've been snowbound too long!

Is it original mortgage on their principal residence? Might get it exempt from income that way. Or, part of it. Otherwise, yes, go the insolvency route.

The wife who tries to clean up her husband's messes. You can imagine what she goes through. Hope someone works an intervention soon to get her into a shelter and and eventually to forge her own life.

That's how I'm cooling my computer that overheats, because I'm too busy to set up my new computer.

You can help him fill out his info on the support worksheet. He can take it to his mother or ignore it. For my clients, the house, family vacations, the car the kid drives, the insurance and gasoline, the allowance, skis, new clothes, etc., even if the parents aren't paying tuition (and they usually are paying tuition and rent the kid's apartment and...) almost always means the student is not paying over 50% of his own support. But, when I'm in doubt or one of the parties is, we fill out the worksheet.

Since he found someone else and paid more but is calling you again, obviously you have to charge him more.

A toilet can be a very small part of the whole plumbing system, especially if there are multiple toilets in the building, so might be a repair. Go through your decision tree type thinking. If 2013 was the first year for rentals, you might want to amend 2013 to use the new repair regs which were optional for 2013 returns. Since you're familiar with their returns, that might be easier than 3115s. I like the new simplified method for most of my small businesses, but for rentals...I don't know yet.

Provide your client the information needed to decide the correct way to file his return. If necessary, file on paper.

I haven't had any rentals for a year or two. However, a client for a few years went to HRB last year but is back to me this year with an out-of-state rental. I already told her she's going on extension and why. I took a free two-hour webinar Friday that's probably in their archives: CPAacademy.org -- 2014 Updates to the Tangible Property Repair Regulations. The IRS announcement came during the webinar, so was mentioned but not covered. The two speakers were from KBKG who does cost segregation studies, among other things, so I was expecting it to be for bigger clients than mine. However, they did talk about what they suggest for their small clients as opposed to their large. Very practical advice, Catherine (and Everyone): A couple of things that came up -- 1. For those amounts not appropriate for a cost segregation study, the IRS allows "any reasonable method," such as using the Producer Price Index discounted to the placed-in-service year or the free KBKG PPI Asset Search Tool on their website: www.kbkg.com/ppi-search-tool 2. Enhancement due to technological advancements is not necessarily betterment. Example: HVAC equipment is always going to be more efficient. So, the question is really just "is it comparable with the old"?

And, if applying the regs prospectively, then no audit protection for years prior to 1 January 2014. I have some higher income businesses that weren't depreciating anything under $1,000; so I still might want to urge 3115s for them to bring them into compliance. For my lower income businesses, this simplification is a great relief.

The taxpayer during 2014 guestimates their 2015 income with their most recent full year of 2013. For my self-employed clients, it's guaranteed to be wrong!

Issue Number: IR-2015-29 Inside This Issue IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014. “We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.” The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov. The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses.

The bitter cold is supposed to hit CT this weekend, colder than in two decades. Our electric usage is higher than a year ago, harder to tell about our oil. Except for one of the storms, we received less snow than predicted. I'm going to hunker down and get a 3115 and attachments done this weekend for an anxious client -- after a webinar starting in a few minutes by KBKG on Final Tangible Property Repair Regulations "Repair vs Capitalization Regulations"

Email [email protected] I've had responses pretty quickly. Here's more contact info: 858-487-2553 P 858-487-8245 F

Good luck this weekend, Catherine, and everyone in the path of the next storm.

Add the W-2 Code V amount to his cost.

OP needs to add the amount already reported on the W-2 for box 1 plus the 20k MS reported and hopefully get a total around 44k for the MS statement to make sense that there's a small loss.

Cost basis is what he paid, either out of pocket or withheld by MS, plus what he paid tax on via his W-2. In a same day sale, if 44k was his proceeds, then his basis was probably 44k plus fees for a small loss.

I think we all should use your template!

Yeah, I'm a couple weeks away at least for anyone dropping off today. And, two big ones arrived via UPS and USPS. One included her two sons (one going to college and working in OH -- Hi, Jack!). Her 2013 return done elsewhere and her 2014 lists for me include deductions such as medical (health and dental premiums and HSA) paid via payroll w/h, HSA contributions via payroll w/h, and donations that don't separate cash/check from Goodwill. She's not going to be happy with fewer deductions than last year. Oh, and two WDW uncashed dividend checks for her children. The other client left me for HRB for a year and is returning with multi-state rentals. Was fired so lots of things without w/h such as unemployment, 401(k) withdrawals. and my first 1095-A !! Marketplace insurance started in May, so have to see if she was still covered by her employer earlier in 2014. She included the letter from the Marketplace with a very long list of documents she need to provide by 18 February to renew. I hate people that don't open their mail. Oh goody,