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Lion

Member Since 14 Apr 2007
Offline Last Active Today, 06:22 PM

Topics I've Started

Paper

27 January 2012 - 09:53 AM

I've been using a nicer laser paper (on sale) for client copies, items they sign/touch, etc., and the cheapest paper on sale for anything I have to keep, personal printing, etc. With the price of paper and the fact that I'll need to stock up soon and haven't seen any good sales in months, I'm re-evaluating my former process. I know some clients throw their folder in a file cabinet and never touch it again. Others pour through it line by line and call/email with new questions or thoughts about the next year. Some take extra copies I print to mortgage brokers, etc. With the lively discussion on client packets, thought I'd ask for your opinions on paper....

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25 October 2011 - 10:56 AM


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Hurricane Irene Tax Deadlines Extended

10 September 2011 - 08:29 AM

From this week's NAEA e-newsletter

IRS Grants Disaster Relief

E@lert would like to revisit news NAEA has posted on its social media sites (Twitter and Facebook) IRS in two press releases has granted disaster relief for Hurricane Irene victims.

More specifically, in IR-2011-88, IRS announced that taxpayers whose preparers were located in an area that was under an evacuation order or a severe weather warning because of Hurricane Irene (even if the preparer was not in a federally declared disaster area) will have until September 22 to file returns normally due on September 15.

On the same day IRS released more expansive relief targeted at taxpayers located in federally declared disaster areas. IR-2011-87, which has been updated at least four times to expand the federal disaster area, postpones both filing and payment deadlines to October 31, 2011. This extension includes corporations and businesses that were on a September 15 extension as well as individuals (and Sched. C businesses) that were on an October 17 extension. The press release details the counties and municipalities covered by the relief.

While this relief is certainly welcome, it prompted questions from a few sharp EAs who wanted to know exactly how their clients are treated properly. Naturally, your GR team chatted with IRS in order to provide you with good, timely advice. With respect to the short extension, EAs should keep in mind that the extension does NOT provide relief for payment of taxes owed, so the filing deadline is moved one week, but the payment deadline does not move. Further, we are informed that there is no requirement to self-identify or notate the return taking advantage of the one-week window. Nonetheless, we suggest you note the returns you are filing, perhaps by referencing (and attaching a copy of) IR-2011-88.

With respect to the more expansive relief, the key question revolves around the fact that IRS shuts down the e-file system shortly after the end of the individual extension period (in this case, October 17), yet return preparers are required to e-file (under pain of a disreputable conduct charge in Circular 230, amongst other fines and penalties). Clearly, EAs cannot file these returns electronically because IRS will not make the e-file system available (yes, we asked, just for the record—no, we did not say ‘pretty please’ but would have if we thought it would have made a difference). So what to do? We suggest attaching Form 8948, Preparer Explanation for Not Filing Electronically.

And before you gang up on E@lert and suggest that this advice runs contrary to advice IRS offers on its e-file requirement FAQ page, E@lert concedes the point. FAQ 12 states “preparers do not have to complete Form 8948 and attach it to any paper return IRS does not accept electronically,” while FAQ 19 further states, “only returns that cannot be e-filed are exempt from the requirement.” You are not required to use Form 8948. We just think it is a very good idea to do so.

Residential Rental

18 July 2011 - 06:32 PM

Married clients rented their primary residence after living there for many years. After a couple of years, they returned, moved back in, renovated, got divorced. Wife is now my client, owns the house, has been living there for years with her children, finished a "bonus" room, and tried to sell.

She's receiving offers to rent. If she rents her home, do I pick up where she left off on her last depreciation schedule and add lines for renovations since that time? Or, do I start a new incidence of rental for 27.5 years?

I understand the basis calculations. It's the time I'm unsure of when there's a lengthy break between rentals. 27.5 years or 27.5 minus the years rented in the past?

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