Leaderboard

Ditto - I know I am not speaking for Jack - but I passed the age a few years ago where I can no longer count on my brain to remember these things. I take lots of notes and more notes to tell me where I put the notes and more.......well - you get the picture. I have three setting at my foot right now that need differing info - but all I have to do is open the envelope and I know exactly what was needed and my note also tells me what I have left to do in the return. I used to leave that all up to my remembering. But there is just too much of that to cause overload at this time of year. Take notes - and lots of notes.

That is EXACTLY the reason!! 20 years ago, my brain did not forget ANYTHING! Now, my short term memory is the best it's ever been. However, my short term memory is the SHORTEST it has ever been!!

I bought stock in Post-It company!!

One of my excavating clients was in to pick up his corporate return yesterday and he made the comment that it would drive him crazy to have to sit behind a desk all day (like he thinks I do). I simply replied that being crazy is a prerequisite to being in this business. Just so we all know what our "normal" is. I guess that is what your "considering everything" comment is referring to. (And yes, hanging prepositions is part of the package.)

Speaking of memory, I like what someone posted a while back. They said that the brain does not deteriorate with age. It's just that there is more stuff in there and it takes longer to find it.

Thanks. After posting, I found the spot on the 8606 to enter the inherited basis....That is what I was missing. I have the client contacting the bank today to verify the holding period and detailing what (if any) contributions were made....her subsequent messages to me are leaving me skeptical that the holding period meets the 5-year requirement. This client also took a complete cash distribution from non-spouse inherited IRA of $87,000. Client used the distributions to buy a new car and put a down-payment on a new house. That additional AGI made her ineligible for EIC and AOC for her daughter's education expenses...which she would have been eligible for had she not taken these distributions. She was shocked and upset when I told her she owed appox. $10,000 in taxes (and another $3,000 to Ohio) instead of getting the $3400 refund she got last year. I reminded her that she is lucky she lives in an "earned Income Only" school district or she would have owed them too. I'm so sick of clients doing things with no regard for the tax consequences...not asking me, then getting upset when I deliver bad news. I need scotch....lots of scotch

Actually the company is 3M. I had a client from MN who passed away year before last at a very young age. However, he had worked at 3M and one year for Christmas he brought me a black tote full of post-its of all different sizes as well as sign-here and several other labels in dispensers. Wow, Jack, maybe I should be using more of that stuff. But, I am like rfassett and I need notes to tell me where my notes are. I have two bins full of undone returns in alphabetical order; now they are just landing on the floor in NO order as they come in. Life is Good!!!!!!

Yep. And it's embarrassing when you ask Joe about his missing ****** only to realize that it's John who is missing that, Joe is missing something else ?????? . Thank God and 3M for Post-it notes.

I absolutely hate that. I actually got four returns finished up today that were laying here waiting for information. At this point, I couldn't always remember what piece of information I was waiting for.

Thanks...sounds like I'm not doing too bad....as I also refuse to run a quantity-driven tax mill. I was just interested in seeing how others were doing.

Don't change the code. I don't use Drake, but someplace around the Taxable box (or even the Code box) you should be able to access a drop-down menu or link to a worksheet or other input area where it asks you how much was rolled over. Now your 1099-R matches the 1099-R and your 5498 matches the 5498.

This is exactly what I have been posting about. I have clients that I know should not be having to pay back subsidies, but the paperwork is showing they do. I had already found out that at least 100,000 from covered California were effected, some of my clients have been notified that corrected information is on the way. So at last I am getting confirmation that I suspected from the time I did my very first reconciliation.

I think not only is there a lot more stuff in there, but I swear that my gray hair is a result of the interior little gray cells leaking out taking much valuable information.

Here is a pretty well written piece on timber sales. http://www.fs.fed.us/cooperativeforestry/library/timbertax2012.pdf As you will see from reading this, the easy thing to do is to have an appraisal of the timber at the time of purchase - and allocate that number to the whole timber lot - and then when you sell some (because hardly EVER is all of the timber sold) you would allocate that the basis based on the appraisal. At this point (since the purchase and sale happened within the last year, I would probably tell the client to get in touch with a qualified forester and get me an appraiser of the timber. This is no small task and your client you need to pay the fee. The activity will involve the forester walking the property to take an inventory of the timber and then determine the value of that timber based on the April 2014 timber pricing and then adjusting for the timber already sold. Without something like this in your arsenal you and the client are leaving it in the hands of the IRS to do their own allocation - and that allocation, lacking better support, will probably not be to you or your client's liking. You should be aware that timber prices vary by type and current market and location.

Lacking an appraisal specific to the mineral rights, I would allocate the basis in accordance with the sales prices. i.e., 69,000 / (69,000 + 235,000) x 55,000 for the surface rights. And the balance of the 55,000 allocated to the mineral rights. Yes - long term capital gain for both transactions.

On the 8606, did you enter her inherited basis?

ATX allows box 7 of the 1099MISC to flow to line 21 without SE. Just use the drop down box.

Take a look here (draft P974 - early Jan 15): http://www.irs.gov/pub/irs-dft/p974--dft.pdf My LIMITED understanding is that most of this will survive --- that the hold up is basically because of the SE information section. When that section is completed it will ALL become official and released.

Whats a "dark chocolate rock"?

My take is I don't get all the stuff I need. So that may put them out a day or a week unless I can work it back in, but then I have to get back to my train of thought when I was working on that return. Seems reasonable. I want a solid Correct return when it leaves here.

Yep, me too, two weeks. I imagine we are all pretty normal. Well, considering everything.

Yes, I have had several clients where that was the case. I reported the balance sheet on an accrual basis, then showed all the adjustments between cash basis income and accrual basis income on the M - 1.

I am two weeks out as well doing it full-time - most of my clients are used to that turn around time each year

We are running about 7-10 days out (and this is our full time job, )

Any clients dropping off there stuff today will wait two weeks...Is that normal? People/clients seem appalled/shocked when I tell them that. I try to prepare as quickly as I can, but with only a few hours each night after my full-time job, I can only get so many done each night. Hoping to make progress this weekend...stack of at least 30 return on my floor to be done.

No. You have to prorate them if you pay them within the year.

in ATX right under box 2 is another box for the amount rolled over

Just like in XL. put the courser on the line between return name and next field (mine is client #) at the very top. The courser will become a double arrow pointing left and right. Left click on mouse and hold while dragging the field longer. It only works at the end of the field dragging to the right. (dragging left shortens the field) This is assuming you are talking about the return Manager.

David, the de minimus elections are required to be filed each time that the taxpayer chooses to make them, and must be filed even if the form 3115 is included in the return. With or without 3115, de minimus elections are required.

lol Tom, I think we're all frustrated at this point with this ridiculousness and that of the ongoing changes to the repair regs also. I found my answer about when and how the gov't will be notifying those with incorrect forms. The marketplace will call +/or email those that are affected. The SLCSP shown on some 1095-A forms was the 2015 premium in some cases, not the 2014 amount. Here's the page on the marketplace that describes the issue, and it has a link to look up the appropriate SLCSP for 2014. ETA - Accounting Today's article said that people can log in to their marketplace account and should also see a notice in their mailbox that will state whether or not their 1095-A was one with the error. 2nd edit - log on to the marketplace, open the 2014 application, and then click on "Tax Forms" which is the bottom choice in the list at left. If the 1095-A is affected, a big red box will appear with the message stating that the 1095-A originally issued is wrong.

I'm easy at a couple of weeks - and that does NOT include the returns with stuff missing. Post-it notes, yes --- but I am now also doing copious electronic notes in the file where all the clients' stuff is kept. Belt, suspenders, duct tape, and staples...

Maybe Obamacare will send out checks to the preparers who have to amend the tax returns. But then we would have to sign up on the website and wait 3 months for approval of our credentials, which would have to involve a new back end process for the programmers, at which point the IRS would issue new regulations saying that you don't have to amend until we can get the system up and running, and that regulation would come after 250K of the people who have already amended their returns, which would lead to a congressional hearing at which time the programmers will take the 5th to avoid the inquiry of congress, which will lead congress to further cut the IRS budget. Or something like that. Totally political disgust in this post, so Judy or KC can delete it if they think it is inappropriate for this forum. Tom Newark, CA

This should surprise none of us. This is the same thing that goes on with 1099s from the brokerage houses. January - here is your final 1099. February - here is your revision of your final 1099. March - here is your final revision of your final 1099. August - here is your amended final 1099. The same government that allows that nonsense is the same government that issued these 800,000 erroneous documents. The real news will be if they can get it right the second time. And, no, this is not a political comment pointing fingers at any party or party member. It is simply the culture in which we live.

www.timbertax.com

It would work. Stupid that you have to go to so much work because some state employee is too lazy to do it right, but not much else you can do.

What she said!!

The person from College Planning ABC is DEFINITELY not a tax professional. I do not know of any way it is deductible. Remind him to call you the next time BEFORE he gets ready to shell out more than $1,000.

Fed -Ex just dropped off a box from Shari's Berries compliments of my client in Taiwan. That will certainly change the attitude in the office. http://products.berries.com/gifts/4-Dipped-Cookies-10-Sweet-Cherries--6-Fancy-Strawberries-30005053?sk=&ref=SSSorganicgglunkwn&prid=sbseogu&viewpos=9&trackingpgroup=SCP Yum yum!!!!

Nuts, like pecan, cashew, etc, covered in dark chocolate. Delish.

I tell my newer clients, I don't run a tax mill type of business here.

You can always amend a return. You just can't get refunds later than 3 years after 4/15 or the filing date, whichever is later.

Thanks Judy. That's what I needed to confirm. I entered 50% of the reported amounts on Form 8962 and indicated on the second page an allocation of 50% under his social and 50% under hers. They are barely speaking soooooooooooooooooo.

Good grief. He must think very highly of his advice, OR he is marketing to huge firms where several dozen accountants will use the same books for reference. Or both.

Can i expense them this year or do i have to capitalize? :pop:

I too spent a lot of time looking for it and it is missing in action. My guess we will have it sometime next year.

The ex-spouses may agree to any allocation between the two of them, and must apply that same % split to all of the figures on the 1095-A. If they can't agree on a split, then all the figures are divided 50% to each. It doesn't matter who worked or paid the premium if they can't agree, then it's a 50-50 split.

Perhaps you are using a different Schedule E than I am ? All of the Schedule E s that I prepared last year and this year still have the 1099 questions !

If I hit that 500m lottery, I sure as heck won't be worrying about clients, the ACA, or repair regs and the 3115 ever again. Maybe I'd even hire someone else to prepare my returns.

And I agree with both of you: I just am not willing to tell them that it makes sense for them not to have insurance. I prefer to point out the facts on both sides of the argument IF ASKED and let them decide what if anything they should do. i am not going to tell them it makes economic sense to forgo insurance when I have not got a working crystal ball.

This is going to be just like EIC. When people figure out how to cheat, they will cheat. This is a hardship for ME. What do I get? A big ole plate of nuttin, honey.