JohnH

Based on what I've seen so far, I'd exchange Obama for the last one without a moment's hesitation. Whatever you may think of Bush, excusing Obama's blunders by comparing him to Bush or anybody else just won't cut it. But if you insisnt on omparing Obama to another president, I'm still inclined to put him in the category of our worst president of my lifetime - Jimmy Carter. This administration is definitely shaping up to be the second Carter term (as predicted).

Another addition to my list of reasons not to prepare these FTHB credits. I see no need to wave a red flag at the bull even if everything is on the up-and-up. I'm sending them to HRB - they have the deep pockets if something goes wrong.

Today's news reports that the program to help people buy more fuel efficient cars is being suspended, then maybe it isn't, or maybe it is - we just don't know right now. What is clear is that they somehow failed to either 1) predict demand or 2) estimate the total amount needed to keep the program running for a reasonable period of time. This type of shoot-from-the-hip legislation is at best incompetent and at worst deceptive. And these are the people who want to take over health care administration? I can envison the day when I develop a heart problem and the bureaucrat assigned to interview me on my mandatory end-of-life counseling says "Sorry, we failed to predict how many pacemakers we needed, so you'll just have to wait until the next budget year to get yours. Good luck."

Ditto

The first mistake is using the words "rational", "logic", and "tax code" in the same sentence. They just don't go together. Aside from that, the law is what it is. An interest-free loan of $7,500 for 15 years is not a bad deal, even if someone else got a better deal in 2009. But tell your client to write their congressperson & complain. If enough people who bought in 2008 complain, they may be able to get their loans converted to a gift as well, and they have almost two years to press the point. And if they succeed, tell them they owe all the rest of us a "Thank You" note.

Well, I'm trying to figure out if the email I just received is a part of the round that started this thread. They're offering the 10% discount if I order by Aug 31, but they won't bill my account until Dec 15. I'm beginning to think that this may just be the year they finally begin offering toasters, coffee makers, and microwave ovens as signing bonuses to the last holdouts. I guess I'll find out, since I won't be taking advantage of the current offer either.

Probably not much of a connection to breast feeding, but there is a general connection to what the government is doing to us through the tax system.

This is off-the-cuff, but I can't help but wonder if CCH has aquired TRX or is in the process of doing so. (Maybe a shotgun wedding of some sort?)

Based on what you've posted so far, I'd say it's virtually guaranteed that IRS will open 2008 once they see what's going on with 2007.

I had a similar experience recently in an audit of a corporation. In reviewing the supporting info, I found several large adjustments which needed to be made to the original return. I prepared an 1120 with the info as it should have been and attached a spreadsheet to detail the "other deductions" category. (Did not fill in the Balance Sheet portion because changes to the balance sheet would depend upon whether the auditor accepted my P&L changes). I marked the front of the 1120 "For Discussion Purposes Only". The auditor accepted all but one or two minor items and in her final report she stated "Preparer submitted proposed changes on an 1120 marked For Discussion Purposes Only, with supporting documentation" as her justification for the changes. She seemed to think that was OK. Others on this forum may have differing views, but in my case that approach worked just fine. My thinking was that the 1120 marked "For Discussion" was the best way to present the correct figures in a format which the auditor was already familiar with.

I understand your concern, but I don't have the reservations about changing that many others do. I've been through a couple of conversions and although they were a hassle, they weren't all that traumatic. I moved from Microvision to Ultra Tax, and then a couple of years later from UltraTax to ATX. It really isn't that difficult once you commit to the fact that a change is necessary for the good of your business. Right now I'm planning to stay with ATX, but I'm keeping Drake and Tax Slayer on standby just in case ATX does something really stupid. So far they haven't stepped across the line, but my contempt for corporate marketing geniuses causes me to anticipate the worst - it's just a matter of how long it takes them. In the meantime I'll just wait until the last minute to renew in Dec or Jan, once I've determined that it's in my best interest to stick with them for another season. If that doesn't happen to be the case, everything's on go for a quick conversion. Your reluctance to switch software is understandable, but if I were you I'd keep a much more fluid attitude about the whole process. Expecting things to stay the same for several years is probably not in your best interests.

And just think - all they had to do was send you a $50 gift card for Texas Roadhouse. You'd have been telling us all on this forum how they honored their bet & we'd all have had a good-natured laugh. You'd have needed to buy ATX this year just as a matter of conscience, and ATX would have received much more than $50 worth of goodwill advertising on this forum. This sort of thing is exactly what happens when a company grows to the point that the marketing department misses little opportunities to shine because they become too bureaucratic & stifled. Too many marketing whiz kids can run any company into the ground if you give them enough time and resources.

If CAL OSHA assesses any fines, can he just pay them with an IOU?

I'd say the farmer should take OSHA to court, but the average judge would probably side with the state on this one. Wonder how much sales tax revenue the state is missing out on because of all those tomatoes rotting in the field. Aw, California probably doesn't need the money anyhow.

I doubt they make exceptions for churches. It may be that the unfiled 941 generated an inquiry letter somewhere along the way and someone just marked the "No Wages Paid" box and sent it back in without putting a copy in the files. As long as it was signed, the response to the letter would close the file without their ever having to file a 941. Since you're talking about 2007, I'm guessing there would have been at least a couple of these letters mailed out if a 941 was actually not filed. If IRS shows "no wages paid" in their records, they got the info in writing from someone, sometime. I'd say there's nothing else you need to do, provided you're sure there were no wages paid in the quarter in question.

If I did the reset and found myself on my deathbed a few days later, I wouldn't have any second thoughts about my careful planning. My heirs may be wishing I handn't done it, but not me. Assuming I was in good health (as far as I knew) at the time of the reset, I'd say re-thinking the wisdom of having done it would be the farthest thing from my mind. The risk isn't one of making a bad bet - the only real risk is that of outliving your assets/income. This option to begin drawing benefits early, putting the money aside, and then taking the do-over if you're in good health, seems like a smart financial planning strategy if the other aspects fall into place.

Glad this is available. Thanks for posting it KC. Maybe this will help some tax preparers who always recite "You've got to be ordained before you can claim the housing allowance" to understand that it just isn't that simple. Facts & circumstances do matter, especially in this area.

An additional thought on this... I think they SHOULD be requiiring copies of the HUD-1 closing statement on all returns claiming this credit. It might help cut down on the fraud and abuse. But in the very unlikely event that I prepare an original or amended return claiming the FTHB credit, I'm not attaching anything. If it isn't required, it will be in my files but it won't be attached to the return.

I never send in anything not required. First of all, it probably gets thrown away or ignored if the client is lucky. If the client is unlucky, it catches somebody's attention and they wind up doing something special with it. That "something" might be laying it aside to review later when they aren't as busy, which would at least delay the refund. Or they might also pass it along for a higher-up to look at it. ("H-m-m, wonder why this attachment is here?") I prefer to make it as easy as possible for the processor to put the info into the computer and move on to the next return. If IRS has any questions, they have the client's mailing address. All they have to do is go through the process to open a file, add it to their inventory, and send an inquiry

Good advice from Tom. Your best course of action is to stay out of it - maybe he thinks he can't afford it, but in this situation he can't afford NOT to see a lawyer.

Congratulations. I know you're very proud of both of them.

I used a formula: I squared the previous number and then added the multiplier to the product. X2 + X

I'd like a button that automatically generates a brilliant, witty, and technically competent response in my name whenever I see a post that interests me. But even if you can't do that, I'm very happy with the forum as it is. Like most users, I'll try out any new features you add. Thanks very much for all your efforts Eric, and thanks to Catherine for the reminder to donate.

Same answer here - 3263442 (but not an engineer) The progression was a dead giveaway that multiplication was involved.

Is there another bank in town?