Jump to content
ATX Community


Popular Content

Showing most liked content since 12/19/2017 in all areas

  1. 12 points
    How do you know if an introvert likes you? When he talks with you he looks at your shoes instead of his own.
  2. 11 points
  3. 10 points
    Here's to Hobbes, that he has comfort being with those he loves and with those who love him. As for a joke or two (or a half), nothing like a little pressure, but here goes. This could happen to us someday. Technically not a joke, more of a public service message. In the village of Riverwalk, an over 55 community people often eat at the clubhouse. One morning Jerry, an older gentleman didn't show up for breakfast. Some of his neighbors went to check on him and knocked on his door. They could hear him thru the door and he yelled he was running late and would be there shortly. So everyone went back to the clubhouse. An hour later Jerry was still not there. They went back to the house and found Jerry at the front door with a death grip on the railing. He was having trouble walking. They wanted to call an ambulance but Jerry said he felt fine, just help me to the clubhouse. Once there he had breakfast but could not get up from the table. His friends called an ambulance and brought Jerry to the hospital. An hour later the friends called the hospital and asked how Jerry was. The nurse said, he's doing fine, but that he just had both his legs in one leg of his boxer shorts. Moral of the story, if you get old, be careful and pay attention. The Biggest Lie I tell myself is....I don't need to write that down, I'll remember it. Gone are the days when girls used to cook like their mothers. Now they drink like their fathers. I decided to stop calling the bathroom the "John" and renamed it the "Jim". I feel so much better saying I went to the Jim this morning. I didn't make it to the Gym this morning. That makes five years in a row. Last year I joined a support group for procrastinators. We haven't meet yet. Why do I have to press 1 for English if they just transfer me to someone I can't understand anyway? Am I ready for the Catskills yet?
  4. 10 points
    Yes, looking at tax only, this is correct. Tax is $514 more. But if I understand correctly, if the three dependents are under 17, the credits will be $3,000 more. ($6,000 instead of $3,000). If the three dependents are over 17, the credits will be $1,500 more. ($1,500 instead of zero.) Don't think the Family Tax Credit is refundable, but I think your client is better off in 2018 either way.
  5. 10 points
    Merry Christmas to everyone here. Thank you all SO very much for your help and friendship during the year, and I look forward to working with all of you again next year!
  6. 10 points
    Merry Christmas holidays are awfully hard on an introvert. I am so tired.
  7. 10 points
  8. 10 points
    Enjoy all your holidays and the best of health, happiness and prosperity in the coming year!
  9. 10 points
    ......................................................... ....Joy and a Happy Holiday season to all....
  10. 10 points
    Merry Christmas to everyone. Same sentiments here, Catherine.
  11. 9 points
  12. 9 points
    A new update on Hobbes-I was afraid to say anything. but Andrew took him to another vet Tuesday before he making a final decision and we are glad that he did. The vet said that he would try to save him by getting the fluid out of his lungs and trying some different heart medication. He improved some by yesterday and today he is eating a lot and they took him off of all oxygen. He won't live to a ripe, old age and maybe even just a few years, but it's something. He will need pills twice a day, so he will have to decide how to make sure that Hobbes is taken care of while he is flying. I just hope for him to have a happy life, since the first year that he lived on the streets was terrible. A lot of family and friends were praying and maybe it helped some. I am relieved and just hope for no more emergencies for awhile. Thanks, Bonnie
  13. 9 points
    Merry Christmas everyone.
  14. 9 points
    Merry Christmas, Happy Holidays everyone! You're all invited to my house, I bought too much food....again. Allie is not too happy getting dressed up.
  15. 9 points
    Merry Christmas! This community is such a gift - thank you all!
  16. 9 points
    Merry Christmas and safe travels to those that will be away over the holidays!
  17. 8 points
    No advanced degree in Math, but I’ll never forget Tom’s post on that problem. Every time I have to do that iterative calculation, I just search for “oh shit” in the ACA forum. Yes, inelegant is the perfect word.
  18. 8 points
    Shoot, my clients are all over the place whether the law changes or not. It's terrifying. "Hey, Rita, how do I fill out this W-2 thingy again? I'm up to about eight and a half here on this worksheet blah, blah, blah..." Me: Drive over here and I'll have a thingy ready for you. Don't trouble yourself [for the love of God don't].
  19. 8 points
    Um, I woke up in a good mood? ______________________ Actually, I was reminiscing earlier today about a semi-amusing-turned-nice story of when the husband and I rode in a group charity bike ride on MD's eastern shore a few years back that I'll share. Not wanting to spend all day at this event in the mid-summer heat, we decided to start early in the day and chose to ride the shortest route that I think was either 20 or 30 miles. We started off strong and saw the arrows on the road but then an older gentleman that was assisting directed us down another road the wrong way because he read the course exactly backwards! We rode on for a while and discovered that we'd ridden back out to the main highway and hadn't seen any other riders, and believe me, there were lots of people participating. Still, we continued on remembering that we were told to look for the event's pit stop with drink refills and light refreshments. Out on the main road, sure enough there was a church with a large painted placard and arrow that read "BIKES" . . . and that's how we ended up in our full lycra bicycling kits complete with padded shorts and waddling around on our cleated shoes at a Sunday morning pancake breakfast for BIKERS, as in motorcycle guys. They invited us to stay and eat, refilled our water bottles, and were genuinely very concerned that we were lost and riding a long way out of our way. We ALL had a good laugh at how and why we ended up there! We both have a good sense of direction and decided to ride on down to the next town and then make our way back to the start area. That day was a lot of fun even though we never did meet up with any other riders!
  20. 8 points
    Well, this quickly morphed from compulsory education for practitioners into best ways to study for the EA exam. On that subject, I have no doubt that the IRS will continue to try to find a way to regulate otherwise unregulated preparers. We've had lots of discussions here in the past and I think most of us agree that these paid preparers should have to show some level of proficiency. After that, I do think that there should be some sort of CE requirement so that these preparers without other credentials are keeping up with ongoing changes, some sort of update classes perhaps. I don't know if that is up to the IRS and think that this is more of a state regulatory issue much like states regulate any other profession. As for the review courses and study guides that have been mentioned, those are excellent suggestions. The creators of these courses and books have analyzed recent tests and trends and will emphasize those areas that they think are most important and most likely to be tested. They also keep the person disciplined to study and stick to a timetable so that the candidate has completed the studies at the appropriate time. The suggestions of finding a study group, a buddy to work with, and using prior tests are also excellent ones. As for memorizing things we'll never use again, well that comes with the territory of any testing really. My thoughts on any of these tests, whether it be the EA, CPA, or now defunct RTPT, I look at these tests not only that show a certain level of knowledge and competency, but as important is that they show a level of capability. Obviously I haven't taken the EA exam, but those answers to the written essay questions and problems on the CPA were intensely scrutinized in the grading process to make see if the candidate showed the proper approach and thought process in working through the problem. Finally, and something that hasn't been mentioned here yet, is that I think work experience in the field is invaluable, maybe even more important than any testing or any amount of CPE that is imposed, when it comes to actually doing our jobs.
  21. 8 points
    Have fun, Be safe, Enjoy..... ....
  22. 8 points
    Merry Christmas to each of you and yours! God bless us everyone!
  23. 8 points
    This article gives some examples of how to figure the 20% deduction for pass-throughs. https://www.forbes.com/sites/kellyphillipserb/2017/12/22/what-tax-reform-means-for-small-businesses-pass-through-entities/#319a9e266de3
  24. 7 points
    I wish S &H Greens Stamps would come back. Wasn't that like a currency that could be traded and exchanged for goods?
  25. 7 points
    I went to a retirement party last night for a friend who retired from the fire department as a deputy chief. I was really proud of him because he was one of my rookies (probie) when he got to my firehouse. He is also a CPA and has a tax practice where he says he does close to 500 returns. I always found that amazing as there are only so many hours in a day. He claims by using Ultra Tax it is easily done because the program is so good. I know his wife is his assistant. So last night I meet his wife for the first time and I asked if he pays her. Said, No! Last year he made me take the HRB course and now he has me doing input. Now I can’t wait to get home to tell my wife, wish me luck.
  26. 7 points
    Deduction of meals for the convenience of the employer was not totally repealed but changed from its former 100% deduction to a 50% deduction as of 1/1/18.
  27. 7 points
    See qualifying relative rules, instead of qualifying child rules
  28. 7 points
    I thought of a pretty good one myself (not actually a joke, but a funny happening of sorts). Clients who had sold their business came in last week for some tax advice (after the fact, of course) and prompted a remembrance of laughs past. Some years ago, they stopped by the office to leave their W-2s but we had to stop discussing the case because school was out and they said they had to go get the kids. I asked "What kids? You told me two years ago you weren't claiming any." They said, "Oh no, we've got two children but we can't put them on our income tax return because we already claimed both of them on our W-4 forms." Barbershop advice resulting in many chuckles and two 1040Xs .
  29. 7 points
    Got my W2's and 1099's prepared today. Reconciled my bank accounts. Started working on my tax return. Just a typical day in January, except for the 15lb prime rib I cooked for dinner. Tom Modesto, CA
  30. 7 points
    Happy New Year to you all. Here's to a healthy, happy, and prosperous 2018.
  31. 7 points
    This is a no brainer for NY. I also will sign an executive order Next December and allow all my clients to prepay their tax services between December 5th, 2018 until December 20th, 2018 so I have money for a nice Christmas.
  32. 6 points
    Hopefully everybody who owns 1319.621 admiral shares of Vanguard REIT Index.
  33. 6 points
    But aren't we being told that SS numbers are not to be used for identification purposes? Why doesn't the IRS ask for PTINs or something else?
  34. 6 points
    I did not even know what "iterative" meant until 2 years ago when I had to calculate the SE HI Deduction for a Sch. C client with the advanced premium credit. Now I hate that word. Pairing it with "inelegant" is perfect. Tom Modesto, CA
  35. 6 points
    Hot ON the presses: Cards are at the printer. Fingertip Tax Facts owners expect to ship 16 January. Also, last year's customers will receive an email this week.
  36. 6 points
    There are times that we all wonder why we as taxpayers need to obtain some type of credentials. In the articles below, I didn't see any specific designations for the prepares who were caught by the IRS, in the past I have seen CPA's and others guilty of some type of wrong doing. Some of these cases just amaze me. Do folks who are preparing returns actually think they could squeak these things by the IRS? To me, some of the expenses and other items come glaring right off of the article. Now for the client, do they really trust these people and do they know their return is being fraudulently prepared and what the consequences are? Personally. I couldn't begin to do these things. I worry about honest mistakes and question the death out of a suspicious client. How do these folks sleep at night. https://www.accountingtoday.com/news/tax-season-begins-jan-29
  37. 6 points
    I am so glad that your son got a second opinion! Sometimes it makes all of the difference.
  38. 6 points
    Why isn't the student a dependent?
  39. 6 points
    It's going to be interesting to see how well the W-4 choices applied to the new withholding tables relates to reality and the tax planning that we do.
  40. 6 points
    Magic 8-Ball says "Answer Hazy; Ask Again Later!"
  41. 6 points
    So sorry to read this. There is never good timing for such events. It just seems this cutie had at least a couple of years of a loving family, more than too many get.
  42. 6 points
    NECPA, please provide updates. Many of us have animal 'kids' and of course care about out human kids. I know our son and we have been through similar emergencies over the years, not always with the outcome desired. I hope Hobbes and you and your son overcome this and have a great New Year.
  43. 6 points
    We have friends who always have a New Years Day brunch, and we spent some time there. I spent the afternoon catching up on household accounting, including searching ALL over for my folder on the credit freeze stuff. Needed to lift the freeze for a few days so we can switch mobile phone providers - and the folder was NOT where I put it. Except it was; it was just hiding in front of another folder the same color. It only took me four searches of my entire office (at home) to find the bleeping thing! I was not amused - but glad to finally find it. My engagement letters went out on Saturday. Thank heavens! I start getting client calls asking for them the end of the first week of January, and sometimes get so busy with those (and 1099's and W-2's) that it gets hard to get the letters out! We had a three hour envelope-stuffing party middle of last week; I forget if it was Wednesday or Thursday. We got a higher temp here today than predicted: we got to 13F when they'd said 9F was going to be the high. When I teach on Saturday, the high is supposed to be 2F, with a low that night of -13F! We have not seen a prolonged stretch of cold like this in a *very* long time. Joe Bastardi over at WeatherBell Analytics has models showing the cold will last through mid-January at least. Brrr! Looks like the solar physicists are right and that ole sun of ours is going into hibernation for the next 20-30 years. Add in the increased volcanic activity that tracks reduced solar activity, and that doubles the effect. 80% of our volcanoes are under (ocean) water. So the ones above ground add ash to the troposphere, blocking the solar irradiance, and the ones underwater heat the oceans, which then evaporate more. When that moister ocean air hits the colder air over the land ---> snow. Lots and lots of snow. Whee! Not.
  44. 6 points
    I so agree. I always have felt that education is knowing the right book or website to look up the answer. We cannot remember everything!
  45. 6 points
    Actually, the House of Representatives held a "Tax Simplification " news conference several weeks ago, where they waved around the proverbial postcard tax return. However I did notice it was an extra large sized postcard.
  46. 6 points
    Maybe they have a good tax gal, y'all.
  47. 6 points
    Very cute - but the actual answer is that after a time of being "On" (attentive, personable, interactive) an introvert needs time alone and quiet to recover - quite possibly including a nap. It can be as exhausting as suddenly doubling or tripling your usual level of physical activity.
  48. 6 points
    Megan Sonicksen Group Owner Marketing & Business Development Manager at National Association of Tax Professionals Tax Cuts and Jobs Act Resources for Members This morning the President signed the Tax Cuts and Jobs Act into law. We've summarized major changes of the 1,000+ page tax bill into the following Tax Cuts and Jobs Act Summary. Please note, you need to be logged into the NATP website to view this summary. https://www.natptax.com/Member%20Only%20Documents/Tax%20Acts/Tax%20Cuts%20and%20Jobs%20Act%202017.pdf?utm_source=li&utm_medium=social&utm_content=post&utm_campaign=ship In addition, members have access to a 30-minute on-demand First Glance webinar at no cost. This on-demand webinar covers what you need to tell your clients before the year is over as it relates to tax planning as a result of the new law. https://www.natptax.com/EventsAndEducation/Pages/course-details-on-demand-webinar.aspx?k=ODW1804&utm_source=li&utm_medium=social&utm_content=post&utm_campaign=ship Stay tuned for a more extensive member-exclusive webinar coming in January that will go in-depth on the changes!
  49. 6 points
    I always print the worksheets (in ATX) for the lines on Sch D that show what's what and whose on Capital Loss carryovers and attach them to my copy and client copy. I don't print the crap worksheets like we've all seen that I can only assume are a way to justify fees by weight or something, but this information is important to have, just like depreciation schedules. I know some think it gives you a chance to save a client from leaving if they call to ask for information because you didn't provide it. Nah, they're gone. I don't want to spend time sending these things later. I have other things to do. Like TV and food.
  50. 6 points
    Thanks for the laugh Rita, this is also a true story. When Timmy was in grade school the teacher ask him to solve a problem on the board, what is 2 + 2=?, Timmy went up there and wrote 4, the teacher said correct. All of a sudden a little girl named Mary raised her hand, the teacher called on her, what is it Mary, the correct answer is 2, the teacher baffled said, how is 2 + 2 = 2? Mary responded by saying, my mother said to only believe half of what boys say. Well Tim now as an adult came to see me this week, he had his own assessment on a couple of IRS billed he had received and somehow he was trying to convince me left and right that the IRS made a mistake and he did not personally (trust fund penalties for a couple of years) owe any money because it was the corporation who should owe the money. I still think Mary was right.