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  1. Today
  2. IRS Audit Letter

    What Max said. Tom Modesto, CA
  3. Personal question, kind of

    And Jim, please remember that in the history of this world there has only ever been ONE perfect person, and none of us here (including you, including me) are He. It's OK not to be perfect. And it's not like we have a choice. Release yourself from the need for perfection. Excellence, yes - but that is not perfection.
  4. Yesterday
  5. SEHI deduction?

    Publication 535, Business Expenses, page 20, seems to contradict the law (IRC 162 (I)(1)(A)) which simply states "specified premiums means premiums for a specified qualified health plan or plans for which the taxpayer may otherwise claim a deduction under section 162(l). For purposes of this paragraph (a)(2), a specified qualified health plan is a qualified health plan, as defined in § 1.36B-1(c), covering the taxpayer, the taxpayer's spouse, or a dependent of the taxpayer (enrolled family member) for a month that is a coverage month within the meaning of § 1.36B-3(c) for the enrolled family member. If a specified qualified health plan covers individuals other than enrolled family members, the specified premiums include only the portion of the premiums for the specified qualified health plan that is allocable to the enrolled family members under rules similar to § 1.36B-3(h), which provides rules for determining the amount under § 1.36B-3(d)(1) when two families are enrolled in the same qualified health plan.. The code does not specifically disallow insurance that is not in the name of the business or the self-employed person. I would have no qualms taking the self employed health insurance deduction if the taxpayer otherwise qualified since the married couple tends to be one 'taxpayer' (joint and several liability, etc.) under the law. Just my opinion. Excuse the emphasis . . . that's what happens when you cut and paste from the IRC.
  6. Personal question, kind of

    Jim, Don't worry, be happy. I know this is easier said than done but you need to find a way to get to that goal, don't let these feelings get the better of you. Find a therapist to help you sort this out. From all that you do and the respect you have from clients you appear to be very accomplished and a leader in the accounting business. I too have some OCD, and I know it makes you driven to get things done in perfect order, I use it to help me with organization. But you need to remember to think of yourself first, because what good will you be to everyone if you get sick. Take care of this now Jim, life is too short to let this over take your life. Be well my friend, you can do it, Bill
  7. Efile Mandate

    That's my take on it as well Catherine. A number of my older clients use mail filing and will likely want to continue filing that way. I don't see a scenario where Congress would deny a client that option although most of mine have changed to efile .
  8. Personal question, kind of

    Use your OCD. Clean and organize your office, schedule courses, touch base with all your biz clients to remind them of deadlines, tackle payroll taxes. Especially this year, use your tax projector software to do a "check-up" on your individual clients. Are they withholding enough under the new tables, or will they have unexpected balances due or lower refunds for 2018. Create new Forms W-4 for your clients. Schedule an appointment (in person or phone or...) with each client to talk about the new tax laws specific to each, such as W-4 withholding, 20% biz passthrough deduction, anything that your clients need to know about their own situations, personal and biz. And, schedule yourself personally, not just business/courses/appointments, but schedule your doctor/dentist/eye appointments and exercise times and holidays/vacations, including shopping to be ready for holidays/vacations and time to try something new to see if it works for you (could be yoga or running that actual marathon). And, schedule a day/time each week to check in here to report on your progress. Have a calendar with the right amount of activity for you, well scheduled in advance, so you can feel comfortable and prepared looking at it and not have gaps to cause panic, only gaps you scheduled for a purpose. I read that Martha Stewart would sit on a plane every 1 January returning from her holidays and schedule all her doctor appointments for the year. Don't know how that worked from a plane on a holiday, but at least she had her working list ready to go! And, my daughter had six months scheduled out when she started training for a half marathon by joining a training group that included scheduled runs and group meetings and individual appointments with the physical trainer, etc.
  9. Final "Star" week 4/7 - 4/17/18

    All Greats!
  10. Final "Star" week 4/7 - 4/17/18

    I remember Jerry Mealer.
  11. Final "Star" week 4/7 - 4/17/18

    I would enjoy seeing a "Tax Star Emeritus". KC would be the obvious, but who remembers Louis Sheffield, JN Mealer etc...
  12. Personal question, kind of

    Everyone, thank you for your comments. Every tax season I go through this but this year has been worse. Even before tax season ended, I felt this coming on, this time around April 10th as I knew what was going to happen. I wish it was as simple as taking on other tasks, taking a break, going on vacation, making plans, etc. There is more involved. I wish it was that simple. There are some other issues that go beyond accounting, payroll, taxes, and work load that I have to deal with, fight against. I deal with some pretty painful OCD and anxiety issues. In tax season those other issues do not go away but somehow I can push them aside, or at least press on in spite of them. Tax season gives me a challenge, sort of like Sara said, preparing for and running a marathon. I prepare for this marathon if you will starting in November and December. I only mention the following comments as these steps are part of my preparation, the marathon, and then what I am left with. It all starts in late December really. I know 1040 season starts late January and really heats up February. For me to be ready for that onslaught I have to get everything else done by late January. I do a lot of companies books, payroll, and taxes. sort of like controller or part time CPA for companies.. By end of January I need to have so much done. 1099s, W2s, 1065s, 1120Ss, 1120s. The first thing I concentrate on is W-2s. With the help of Medlin Payroll, which I have been a customer for approx. 25 years I can get most of my payroll clients W-2s done in December.. .. but even then it is much more than W-2s.. there are the 941s, state and local reports, unemployment returns. etc.. So I like to have all W-2s done by New years day and am working on these through Christmas and New years holidays. 1099s, I can get most of those done by early January as I have monthly Peachtree activity for my business clients.. After January 1, I concentrate on business returns.. I can prepare a 1065, 1120, 1120S before I can a 1040 as I have the data by doing monthly or quarterly accounting. For all of this to work I almost need perfection, from everything to scheduling clients not rescheduling, clients not missing data, etc. Even the weather.. a snow storm could lead to clients rescheduling. In spite of my other struggles my clients really like me and my service. Most don't know about the struggles I face. I just tried here to give a little background on my preparation and what other issues I face, without going into details on those as a courtesy as I did start the topic and felt I owed a reply to those asking about me and how I am doing. it is just not taking every ounce of strength to get through tax season with the work load but with the other issues that I have to deal with I feel like I ran more than a marathon and more like one of those ultra-marathoners. I am trying to shift gears into post-tax season life now. Though the tax season crunch may be over, other issues remain that never seem to go away and make post tax season in many ways more difficult than tax season.
  13. FOREIGN INCOME?

    I found this and I wonder if other countries SS equivalent can be entered on our regular SS worksheet.
  14. Personal question, kind of

    @JimTaxes yes please do!
  15. Last week
  16. How to withdraw/resign from a POA

    Withdrawal by representative. If your representative wants to withdraw from representation, he or she must write "WITHDRAW" across the top of the first page of the power of attorney with a current signature and date below the annotation. Then, he or she must provide a copy of the power of attorney with the withdrawal annotation to the IRS in the same manner described inRevocation by taxpayer above. If your representative does not have a copy of the power of attorney he or she wants to withdraw, he or she must send the IRS a statement of withdrawal that indicates the authority of the power of attorney is withdrawn, lists the matters and years/periods, and lists the name, TIN, and address (if known) of the taxpayer. The representative must sign and date this statement.
  17. How to withdraw/resign from a POA

    Read the instructions: https://www.irs.gov/instructions/i2848 Revocation by taxpayer. If you want to revoke a previously executed power of attorney and do not want to name a new representative, you must write "REVOKE" across the top of the first page with a current signature and date below this annotation. Then, you must mail or fax a copy of the power of attorney with the revocation annotation to the IRS, using the Where To File Chart, or if the power of attorney is for a specific matter, to the IRS office handling the matter. If you do not have a copy of the power of attorney you want to revoke, you must send the IRS a statement of revocation that indicates the authority of the power of attorney is revoked, lists the matters and years/periods, and lists the name and address of each recognized representative whose authority is revoked. You must sign and date this statement. If you are completely revoking authority, write "remove all years/periods" instead of listing the specific matters and years/periods.
  18. Reason being that the client is a slime ball. Told client to get new preparer.
  19. Personal question, kind of

    I agree with the majority of the posts here. The letdown is a really strange phenomena, and it can be overwhelming. I, too, have started to plan many things for the week or two following the end of the season so that I can ease in to regular life (which is very enjoyable)! The office feels a little strange now, but I have client meetings again starting next week, so it will regain its energy. Another thought, if you enjoy working as much as it sounds like you do, is to consider what types of work you might add to make your business 'busier' year-round. I do financial planing, and I'm a lawyer, so I do estate planning, M&A, and some financial mediation and forensic-type accounting for other attorneys. It seems to me that there is a fair amount of this type of business 'out there' if you open yourself to the same. You certainly don't have to be a lawyer to do most of the items listed. Sky is the limit on what someone with good 'bean counting' skills can offer! I might not be understanding how you are feeling . . . these are just suggestions. Jim, please let us know that you are okay.
  20. Efile Mandate

    A client can always opt out of e-filing (there's a form for that!) but the preparer cannot opt out of offering.
  21. Personal question, kind of

    We always defrost the freezer in the middle of winter. We put the frozen food in a box outside when it's colder than the freezer gets!
  22. Personal question, kind of

    Thanks for the reminder Lynn, I owe you one.
  23. IRS Audit Letter

    Catherine is right. Once a return comes under audit, you can not submit an amended return. What you can do is submit the corrected forms with an explanation.
  24. Efile Mandate

    I believe the current requirement is any preparer who files 11 or more returns from the 104x series.
  25. Personal question, kind of

    I have lots of clients on extension and some year-round biz clients. But, I do get lethargic after the April deadline. I usually get to PA to spoil my granddaughter Avery. Prior to Avery's existence, we'd hit a beach hotel or B&B in Madison, CT, for me to unwind. This year, it's fitting in all the postponed doctors' appointments and trying to get a consensus re my pain. It's looking like a hip replacement is in my near future with all the rehab that entails. So, that will replace my Appalachia Service Project trip and maybe our family reunion on The Cape and even my usual CCH User Conference, this year in Miami. I guess that'll give me 2019 trips to look forward to with a new hip! And, we'll have to FaceTime or something Rita's BBQ. Today, I'm catching up on paying bills for my church and need to get some laundry done. Client is picking up her tax folder and bringing me a check after Church tomorrow. Client who moved to CA is in town Monday, so we're going to Westport Country Playhouse and having dinner. Payroll taxes. A funeral next Saturday. I never run out of things to do. I do run out of energy to do them after coming down off that adrenaline high of preparing as many returns as possible by the deadline while being egged on by anxious clients!
  26. Efile Mandate

    I read that Congress is going to lower the efile mandate to 10 returns filed. I am wondering if the client will still be able to choose mail filing just as now. Anyone have a clue?
  27. IRS Audit Letter

    This might not apply in your case but it is a good idea for all of us to remember that if a student took the HOPE credit, it counts against the four times a student qualifies for AOC.
  28. IRS Audit Letter

    I think once it goes to audit, you have to go that route. However, if you do find one student took the credit five times, go in saying "we looked into this, discovered a mistake, here's the correction" and you may be done in a half hour. If it's a correspondence audit, do the same thing but on paper.
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