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You guys are way too generous. I feel guilty for all of the cash you guys send for the small amount of work I put into keeping the site going. There are some big changes coming later in the year, though! I'll post more info as it gets closer.

I don't post very much, but I do read the ATX Community Forum very day during tax season to see what is going on. Just last week there was an issue I had been dealing with and there on the forum was the issue with just the information and the references to clarify the situation. Thanks for this Forum, Eric.

I don't see why you cannot -- it says "lifetime" for a reason. Plus since not half-time not eligible for AO anyhow.

You mean your real name ISN'T "Lion"?!?!?!? OK; now I have to go lie down with a cool cloth on my head. Such a blow to my world view! Seriously -- that's really wonderful work you do.

Better make RitaB's quota 60 !!

Of course! I'll do that right now. It's currently set to 20... so I'll double it to 40? What do you think?

Ease off, Jack, I'm pretty good at defending myself. SCL, there is a thread on this subject in the Politics forum, as I am sure you know. However, I don't think of this subject as so much "political" but rather "humanitarian" and knowing that many don't have time for the Politics forum, right now, I decided to post just this brief update here. BECAUSE I find this latest development horrifying, for both the child and the family, I want ANYONE INTERESTED IN THE PELLETIER CASE to know it. I think it is clearly marked, and clearly labeled, so I don't see any reason except pettiness for you to object.

Yeah the crazy clients that seem to know they owe and figure if they procrastinate long enough my Heavy Duty Magic Wand will make it all go away. "You have no life or other clients than me"... Grr They are coming out of the woodwork like fleas...

Create a new k-1 entry for the partnership with the word depletion added to the name and then put the depletion amount in box 1 as a negative.

I know spring is here when all the crazy clients start popping up like weeds.

If you are making changes, any chance you could give us a few more 'likes' per day?

Don't complain about reaping benefits for the good job you continue to do!!! We all appreciate you very much.

The topic is marked NT (FYI - NT-Not Tax). Exercise your freedoms as an American to not click on the topic and stop the inflammatory rhetoric posting. When did you become a moderator?

Sometimes the annual statement information is mailed separately. Sometimes its additional pages in the consolidated 1099 package. Your client might have it or can get it from their broker or online. It's April, and if it's just around $300 for foreign taxes and not thousands or enough to make a substantial difference in the return, I'd be tempted to let the program flow all the dividends or chose some proportional amount that still lets the full $300 be a tax deduction. I sure get less picky in April !! Or threaten to put them on extension; I bet they find the info for you.

The shares might have been inherited on that date or transferred into the broker from another on that date or transferred to the brokerages new computer database on that date or.... Yes, I'd just use the code for long term and move on. I too have seen some sloppy stuff when the info is not reported to the IRS.

At the firm, we have had 1099-Bs from several brokers with such errors. Sloppy programming and input of the program that produces the 1099-B. I think the producers of healthcare.gov went to work for investment companies...

From 4797 Instructions: "If you disposed of both depreciable property and other property (for example, a building and land) in the same transaction and realized a gain, you must allocate the amount realized between the two types of property based on their respective fair market values (FMVs) to figure the part of the gain to be recaptured as ordinary income because of depreciation. The disposition of each type of property is reported separately in the appropriate part of Form 4797(for example, for property held more than 1 year, report the sale of a building in Part III and land in Part I)."

I know we are all busy but I still can't avoid pulling some pranks. Lets hear what everyone did, I did a few, here is my best. I Xeroxed a paperclip and then made a couple of hundred copies of it. Loaded the paper bin and asked an intern to make me a copy of a few pages. when I got them back I pointed out the clip image on the paper and said there must be a paper clip stuck in the machine.... ..... 3 hours later he was still trying to take apart the machine looking for a stuck paper clip.

My 9 year old just delivered a handful of the first dandelions of the season to my office door!

Aww, shucks, thank you! My middle name is Liane (rhymes with Diane), so that was the start of the nickname Lion.

Great. I find it useful, saves adding a post to just agree, for instance. I know if I get several 'likes' to a post, I can feel good about going with my idea.

I agree with going with various and long term. Trust me you're going to need your time and your energy to close out the season.

Yes, just assume Acquisition is "Various" and classify the small gains and losses as "Long Term" and be done with it.

Personal loan. Loss is personal. Not deductible under any circumstances. She is not a loan company or a car dealer. Personal all the way. She should go get the car.

The day will come, yes -- and on that day, the first thing the client will claim is that you never told/warned him and so YOU should be paying the penalty. The higher the penalty imposed (and it can be $250 per recipient, to start), the louder they will scream. Which will be the time to bring out the signed paper...

Time for the donate button, anyone?

I have filed late 1099's for the past 3 years for some client who won't bring them in on time. we have never received an penalty from IRS . I guess the day will come when they start enforcing the rule and charge the penalty

A potential new client (referral) called me last night. Her Mom died last year and she needed help with her 2013 taxes. I explained that I would have to put her on extension. She then goes on the tell me that she needs to tell me something that nobody knows. I don't know this woman from Adam, but she needs to confess to me. Do I think she is married if she went to Vegas and got married, but didn't file any papers in Nebraska. I told her that I am not an attorney, but that she needs to call Las Vegas and check. I asked her when they did this and it was in 1999. He died in 2013. Both of them filed taxes as single people all of these years. She called me tonight and told me that she has been married since 1999, because she called and checked. What the heck are people thinking? Apparently they believed that what happens in Vegas, stays in Vegas. I'm pretty sure that she needs to talk to an attorney, since their taxes were all incorrect and who knows if she is responsible for any debts that he had when he died. I am going to have a piece of chocolate and my husband made me a filet for supper.

Washington, D.C. (April 2, 2014) By Michael Cohn The Senate Finance Committee plans to hold a hearing next Tuesday to discuss how to protect taxpayers from incompetent and unethical tax return preparers. The hearing will be led by the committee’s new chairman, Senator Ron Wyden, D-Ore., who took over after the departure of former Senator Max Baucus, D-Mont., who was recently confirmed as ambassador to China. In the hearing, senators are scheduled to “examine the risks to taxpayers from tax return preparers who lack proper expertise or engage in unethical business practices and discuss ways to protect consumers.” The hearing will be divided into two panels. Witnesses on the first panel are scheduled to include Internal Revenue Service commissioner John Koskinen, National Taxpayer Advocate Nina Olson, and Government Accountability Office director of tax issues James R. McTigue Jr. On the second panel will be H&R Block president and CEO William Cobb, Oregon Board of Tax Practitioners chair Janis Salisbury, Brigham Young University associate professor Dr. John Barrick, National Consumer Law Center staff attorney Chi Chi Wu, and Dan Alban, an attorney with the Institute for Justice who represented the three independent tax preparers whose lawsuit against the IRS succeeded in invalidating the IRS’s Registered Tax Return Preparer regulatory program. The hearing will be webcast at this link http://www.finance.senate.gov/hearings/hearing/?id=331dea1b-5056-a032-5215-1df389f40a67 starting at 10:00 am ET on April 8.

Wow. What happens in Vegas never happens to me.

Siberian Squill Crocus Daffodil

I charge $25 more for paper filed returns. Sometimes it changes their minds. Sometimes not.

As long as his 2013 return has been fully processed (received refund) he can go ahead and amend his 2013 tax return. Yes he will be able to apply his additional refund from the amendment to 2014.

Also look for required state opt-out forms. Some get sent in with return, some stay in your files for 3 years. I try to keep copies for my records even of the ones that get mailed in (stamped "COPY").

This is a 3 Kleenex video, but so beautiful I just have to share it

http://money.cnn.com/2014/04/02/pf/taxes/refund-lottery/

I'm going to be serving an Appalachian community in VA this summer making homes warmer, safer, and drier, as well as showing people that someone cares. Orientation and training start tonight (well, we already held a big rally in March). Appalachia Service Project is over 40 years old, over 30 for my local group of about 150. This is my 3rd year; my stepdaughter served for 10. I got 5 people to volunteer from my church last year; 6 this year. If you'd like to see more about what we do through Jesse Lee ASP Group, click on http://www.jesseleeasp.org/ If you would like to make a tax-deductible donation (we also qualify for corporate matching gifts), click on https://jesselee.ccbchurch.com/form_response.php?id=71 You'll have to use my real name Rita Lewis.

Eric, today it will not let me add a jpg image?????

Valuable/invaluable, sincere/insincere, flammable/inflammable, appropriate/inappropriate... Is is any wonder that people struggle when trying to learn English?

Many times, telling the recipients that their 1099-MISC *will* be filed, with their SSN area marked "Refused" and that means they WILL get a letter from the IRS -- is enough to get the # out of them. They are trying to stay OUT of the IRS's notice, not get a big red flag pointing to them. Also tell your client they should start mandatory 28% backup withholding on these folks IMMEDIATELY -- with the next check owed. What the vendor sees is missing money. What your client can rest in is that the backup withholding form (I forget the number) is an annual form -- most likely the recalcitrant ones will cough up the # before end of year and they can settle up internally.

!!!!

Send all the recipients' forms to them with REFUSED. As few will cough up their SSNs. Maybe you can get enough to be over the 25% cutoff.

Be sure to enter "REFUSED" in the SS# box and make sure addresses are accurate.

I have no idea. But, it sure was nice not to have to talk to anybody. Except myself.

Not much April Fools pranking went on here. My 9 year old did come in from school and said, "Mom, when did you get braces?" When I looked at him and said, "What are you talking about?," he yelled, "April Fools! I got you!" I don't think he really understands how April Fools works.

I thought the President pulled a pretty good April Fool's prank with his Obamacare speech yesterday. (OK, if anybody objects I'll delete it.)

Deduct RE Taxes and Mortgage interest on Sch A until rented.

One of my clients had her little boys say a prayer for me and I'll be darned if he didn't get it fixed within 30 minutes. I think that their prayers were more friendly and less tear filled than mine had been. I owe them lots of candy.

It appears that the second tech fixed my database problem. It took all afternoon between the two techs, but it was well worth it not to have to format my hard drive or get a new computer. He had to try multiple methods to get it to work again, but the last one did it. I have to go back and redo my preferences and resync the efiles, but that's a small price to pay. Now I just have to get my computer tech stopped from coming in the morning, since it apparently was not my computer.