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I had new couple come in today, six W-2s with four states. Seemed shocked (shocked) when I told them it would be 10 - 14 days. "Wow, we really need the refunds." Yeah, I guess that's why you waited five weeks after getting your W-2s to find a preparer. Also shocked that I charge per state. Really?? You know, I am less and less surprised at the stupid people say.

There is a picture of this in the dictionary under "No good deed goes unpunished."

Great feeling is when you allow yourself to fire one of the clients that complains about the fee. I say "allow yourself" because we all tend to bite our tongues and put up with them, knowing that most of them don't really mean it the way it sounds to us. But every year, if you allow yourself to fire your worst offender, tho, you will get a great lift from it.

and this one is not that bad; but it started off with a two and a-half hour delay due to a complete power outage. And it has progressed, or regressed, if you will, to just a little while a go, a retired Priest (new client referred from my other retired Priest client (upwards in age 75 to 85), turning left into my parking lot, turned right in front of a vehicle and the other vehicle hit his. Neither was injured too badly but both vehicles will not be driven away. So as of this moment, I have a police car, an ambulance, and two wrecked vehicles and a party of eight people in my parking lot with two wreckers on the way. And I have got to get some work done. Annie - where are you? Oh there you are: Tomorrow, tomorrow, bet your bottom dollar there'll be sun. And I will get some tax returns done.

Remember, no matter how bad your day is going, at least you're not in a fence being laughed at by a cow.

Long-time client & friend brings me his tax info. For years and years, has always paid when he picks up his return. He had some recent temporary financial setbacks (which I already knew about). Client: "I'm running a little tight right now. Is it OK if I pay you when I get my refund? Me: "Sure, no problem. I'll put a rush on your return. Than way you get your refund quicker and both of us benefit." Client: (with sly grin on his face) "H-m-m-. Mind if I start paying you when I get my refund every year?" Me: "Touche"

The deduction for investment interest expense is limited to investment income. Investment income generally is interest and dividend income, and any cap gain that the taxpayer elects to be treated as investment income. If your client didn't pay any investment interest expense or have any carryover of that type of expense, then form 4952 is not necessary. Keep in mind that any cap gain income that the taxpayer elects to treat as investment income will be taxed at ordinary rates (in other words, the TP is electing to forego the cap gain rate on this amount of income he/she elects to treat as investment income). Your program is including form 4952 because of the K-1 input that is reporting investment income. I have a good example that I just worked on this afternoon. The taxpayer and his wife had a beach condo held as an investment and it had a mortgage on it. That portion of the mortgage interest was investment interest expense, and it was never deducted on any year's return because they only had tiny little amounts of interest and dividend income each year, so they've had a carryover of investment interest expense of about $11K each year on form 4952. They sold the property in 2014 and now have a capital gain on it. They will elect to treat $11K of the gain as investment income and pay ordinary tax rate on that portion of the gain (foregoing the cap gain rate) so that they will be finally be allowed to deduct the expense that has been carrying over. Even though they are paying ordinary rate instead of cap gain rate, they are saving about $3300 in tax because of the deduction being allowed that ultimately flows to Schedule A as an itemized deduction.

Four weeks from today it will all be over but the crying. We are taking returns for the rest of this week and committing to tax season completion. Starting Monday, anything that comes in gets extended. That means I will have 22 work days to complete the over 150 returns that will be in house at the end of the day Saturday. 22 days because we take Easter off and we are done preparing at the end of the day on the 12th of April. We will be extending returns on the thirteenth and fourteenth; put out small fires for a couple of hours in the morning on the fifteenth and be closed by noon. I can see the light coming from the end of the tunnel.

As a 1065 K-1, there is a good chance that there is an inside basis different from the outside basis. The preparer of the 1065 would likely not be privy to the outside basis. In my unbiased professional opinion, having worked in this industry since 1984, there is no more complicated area of taxation than the partnership and K-1 area. I have several partnership clients - but if it were my choice they would all be corporations. At least I have a fighting chance in that arena. But there is always room for a good partnership. Keeps us on our toes.

My mom surprised me with a new gs4 tablet for my birthday last night. When I opened to oversized box low and behold they had given her a whole case of them instead of just one I got 5. and yes I plan to take the other 4 back. But what a shock.

I have never filed a return for children receiving social security unless they had sufficient other income to file. The statement is in their name and SSN. I think that their is a form that their guardian might have to file showing what happened to the money, but it has nothing to do with taxes. But I agree with your thinking on this situation, Pacun.

You are such a good guy. I make them write me a check when they pick it up, and date it ahead. Then I have it and don't have to hound them for the money. I only do this occasionally and when there are special circumstances.

Issue Number: 2015-3 1. New on IRS.gov 2015 Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans 2015 Pub. 5196, Understanding Employer Reporting Requirements of the Health Care Law (brochure) 2015 Pub. 1167, General Rules and Specifications for Substitute Tax Forms and Schedules 2015 Pub. 505, Tax Withholding and Estimated Tax 2015 Inst. 941-SS, Instructions for Form 941-SS, Employer's Quarterly Federal Tax Return - American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands 2015 Form 945-A, Annual Record of Federal Tax Liability 2015 Form 943-A, Agricultural Employer's Record of Federal Tax Liability 2015 Inst. 941, Instructions for Form 941, Employer's Quarterly Federal Tax Return 2015 Form 941, Employer's Quarterly Federal Tax Return 2014 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage 2014 Form 1095-B, Health Coverage 2014 Inst. 1094-C and 1095-C, Instructions for Forms 1094-C and 1095-C 2014 Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns 2014 Inst. 1094-B and 1095-B, Instructions for Forms 1094-B and 1095-B 2014 Form 1094-B, Transmittal of Health Coverage Information Returns 2014 Form 8922, Third-Party Sick Pay Recap 2015 Pub. 5200, Affordable Care Act: What employers need to know (flier)

In my opinion because you efiled the original, you could mail file the amended any time. All the data is computerized already because of the efile. If there is now an amount due, you could wait until April 15 but maybe not cut too close. That's what I would do, ymmv.

Give him time. If he keeps day trading, eventually he will go back to working as a security guard.

Talk about the ultimate photo bomb... That cow gets first prize.

You do not need to file an IA return unless there is IA withholding on the 1099R. It should be taxable where she lives.

i believe the 1099r will already incorporate the general rule and show/take into account the (fed) gross distribution and taxable distribution...plus the taxable state distribution (manually adjusted on the iowa return).

With six W-2s and four states, they are going to be underwithheld, especially in the states, and not get refunds.

Do you have caller ID? She could answer any unknown callers by saying, "Gould's Morgue; you stab 'em we slab 'em!" Or she could just think of doing that.. sometimes it's almost as much fun without the possibility of saying that to an IRS agent.

I was under the mis-informed impression that slavery had been outlawed - until I was in the position you find yourself and reality set in. Better days are coming Rita - if you can survive the tide. Frankly, I worked 105 hours per week during the past ten or so tax seasons for very similar reasons. Those reasons don't exist anymore and I am getting by with 80 hours per week. There will be a lot more extensions, but frankly my dear............. Glad that one is behind you!

Eh, she just thinks her daughter-in-law and son know more than me. And I put up with that because two universities need my tuition dollars. That will not last forever. Then the daughter-in-law will get to feel my pain.

Well, I love everybody right now! Just finished the return of the biggest PITA client in the history of the world. Ever. Has a daughter-in-law who's an EA, and a son who's a CPA, and you know that feeling when somebody tells you what you can do on the return? Yeah, that feeling. Lean into it with me. And yeah, recall that feeling when you resist the urge to say, "Now why the hell am I doing your return again?" Yippee, I made it thru another year of not saying that to her. Go me!

In my email with pdf (encrypted) returns for client review, I specifically state that no paper copies will be provided unless specifically requested. I always have a couple that do want that paper but the vast majority are fine with electronic versions. It is rare for a request for a printed copy after tax season. I offer first an electronic version which usually suffices.

That's pretty much the case with us. We stopped printing client letters years ago. The best we do today is to manually print their federal and state refunds or oweds on their billing invoice. I still have to field a few hundred calls over the year to check these refund amounts anyway. Clients are very hands-off with their taxes, as I'm sure you know. We make the effort to focus their attention on what their refunds are, their vouchers, and any paper filings they have to do (largely for Ohio, it's the municipal one). Everything else is just stuffed into the document envelop and marked with the tax year and their name. Too often these are just lost or filed away, and we were doing a lot of "can you give me a copy of my 2012 filing thanks so much", etc. At least I changed that so we CHARGE ($20 per tax year) for making those copies. We stay open all year and making a few hundred copies of client filings was looking like too much of a pointless cost; we'd get a few dozen print requests in the first 3 months after giving their current year copy. We were paying for client laziness.

Seriously, though, it amazes me that people think we do their returns in stages. What is this - a garden? And also that they apparently think we don't really care about getting paid. We just pile up finished returns for the nice feeling we get inside.

I agree too. No filing is necessary because none of the SS is taxable, so they have only the $800 to consider for determining whether or not they need to file and also for the kiddie tax. The kids are not subject to the kiddie tax in your example either.

I do this mostly at the top of the season. I could take it out of their refund, but there is a bank fee. I want their money in THEIR pocket and MY pocket. We don't share. It has been very good for my business.

Alas, my biggest problem with pricing is getting employees to understand. One preparer when challenged about how he priced a client, called our pricing policies "guidelines". Several employees even after being trained, still had significant trouble pricing a return. We made a custom copy of the ATX "Billing" form and all it takes is a few clicks of the mouse to price the client correctly. Somehow this is too difficult. Granted, the pricing policy and billing form were designed by a couple of OCD guys (including myself), but they are no more complicated than several tax forms are already. I wish I knew why tax preparers tend to be in such a tearing hurry to get through these forms; they miss things all the time. When I get a client or prospect on the phone, I can give them a good idea of exactly what they'll be paying for their appointment. But I just can't take every such call.

Very Mooooving...... ................They shouldn't be Horsen around by the fence.

Maybe this article will help- Trader vs Investor.pdf

Thanks again, NECPA! No Iowa withholdings so all seems good now.

I use secure drawer to send efile signature pages and final copy. No printing.

rfassett, Thanks! Appreciate you posting and confirming. Yes, warm and fuzzy...very fuzzy.

This should leave you feeling warm and fuzzy. But this is actually saying that you reduce the sales price by the selling expenses as opposed to adding the selling expenses to basis. Gets you to the same place. § 103.13. Net gains or income from disposition of property. (a) Gain or loss. A gain on the disposition of property is recognized in the taxable year in which the amount realized from the conversion of the property into cash or other property exceeds the adjusted basis of the property. A loss is recognized only with respect to transactions entered into for gain, profit or income and only in the taxable year in which the transaction, in respect to which loss is claimed, is closed and completed by an identifiable event which fixes the amount of the loss so there is no possibility of eventual recoupment. (b ) Stock dispositions. Corporate reorganizations, acquisitions and recapitalizations shall be a sale, exchange or disposition resulting in a taxable gain or loss to the shareholders whether or not the gain or loss is recognized for purposes of the Federal income tax, except as provided in the TRC. The transfer of property or anything else of value to a corporation in exchange for an interest therein is a sale, exchange or disposition resulting in a taxable gain or loss. A resident shareholder shall report as taxable gain in the taxable year in which it was received or credited the excess of the fair market value of any ‘‘return of capital’’ distribution over the adjusted basis of his stock. A ‘‘return of capital’’ distribution is a distribution which is not made or credited by a business corporation or association out of its earnings and profits. The basis of stock or shares held by a resident shareholder shall be decreased, but not below zero, by a distribution which is not taxable dividend income. Example. B Corporation distributed from its capital account $100,000 to its sole stockholder, S, a resident of Pennsylvania. The adjusted basis of S’s stock was $75,000. As the distribution is not made out of earnings and profits, the $100,000 does not represent taxable dividend income to S. S must, however, decrease the adjusted basis of the stock from $75,000 to zero and report the remaining $25,000 of the $100,000 ‘‘return of capital’’ distribution as a taxable gain. (c ) Basis. If property is acquired by a taxpayer by inheritance, the basis shall be the fair market value at the date of death. If property is acquired by a taxpayer by gift, the basis shall be the same as it would be if the property had remained in the hands of the donor. Otherwise, the basis shall be the cost. (d) Sales made before June 1, 1971. Payments received pursuant to an installment sale made before June 1, 1971, are not subject to tax except as to separately stated interest payments. (e) Gain or loss on property acquired on or after June 1, 1971. The amount subject to tax shall be the net gains or net income less net losses derived from the sale, exchange or other disposition of property—real or personal, tangible or intangible—to the extent that the value of that which is received or receivable is greater than or, in the case of a loss, less than the basis of the taxpayer. The basis shall be increased by capital expenditures made after the property was acquired and decreased by depreciation or amortization, allowed or allowable, after the property was acquired. (f) Gain or loss on property acquired prior to June 1, 1971. If the property was acquired prior to June 1, 1971, the amount subject to tax shall be the net gains or net income less net losses derived from the sale, exchange or other disposition of property—real or personal, tangible or intangible—to the extent that the value of that which is received or receivable is greater than or, in the case of a loss, less than the basis of the taxpayer determined as follows: (1) The basis as of June 1, 1971, for determining gain shall be the cost or other basis as adjusted or its fair market value as of June 1, 1971, whichever is greater. (2) The basis as of June 1, 1971, for determining loss shall be the cost or other basis as adjusted without reference to the fair market value as of June 1, 1971. (3) The application of paragraphs (1) and (2) may be illustrated by the following example: (i) On June 1, 1966, a taxpayer purchased for $50,000 property having a useful life of 50 years. Assuming that there were no capital improvements to the property before June 1, 1971, the depreciation allowed or allowable on the property before June 1, 1971, was $5,000 (5 years at $1,000), so that the original cost adjusted, as of June 1, 1971, for depreciation allowed or allowable prior to that date is $45,000. On that date the property had an appraised fair market value of $90,000 with a remaining life of 45 years. The property was sold on June 1, 1980, for $120,000. (ii) For the purpose of determining gain from the sale, exchange or other disposition of the property on June 1, 1980, the basis of the property is the fair market value of $90,000 as of June 1, 1971, adjusted for depreciation allowed or allowable after May 31, 1971, computed on $90,000. Thus, the basis of $90,000 is reduced by the depreciation adjustment from June 1, 1971, to May 31, 1980, in the aggregate of $18,000 (9 years at $2,000—$90,000 ÷ 45), leaving an adjusted basis for determining gain of $72,000 ($90,000 less $18,000). Taxpayer would be subject to tax on a gain of $48,000 ($120,000 less $72,000). (iii) Assume the same facts as in subparagraph (i) except that the taxpayer purchased the property for $90,000 on June 1, 1966, and the property had a fair market value of $30,000 on June 1, 1971. The depreciation allowed or allowable on the property before June 1, 1971, was $9,000 (5 years at $1,800) so that the original cost adjusted, as of June 1, 1971, for depreciation allowed or allowable prior to that date is $81,000. For the purpose of determining gain the basis of the property is its cost of $90,000 reduced by the depreciation adjustment allowed or allowable in the aggregate of $25,200 (14 years at $1,800—$90,000 ÷ 50), leaving an adjusted basis for determining gain of $64,800 ($90,000 less $25,200). Taxpayer would be subject to tax on a gain of $55,200 ($120,000 less $64,800). (iv) Assume the same facts as in subparagraph (i) except that the property was sold on June 1, 1980, for $20,000. For the purpose of determining loss from the sale, exchange or other disposition of the property on June 1, 1980, the basis of the property is its cost, adjusted for depreciation allowed or allowable. In this example, the amount of depreciation allowed or allowable is $15,000 (15 years at $1,000). Therefore the adjusted basis for determining loss on June 1, 1980, is $35,000 ($50,000—$15,000). The taxpayer would report a loss of $15,000. (4) If the selling price is greater than cost but less than the June 1, 1971, value, there is neither taxable gain nor loss. The application of this paragraph may be illustrated by the following example: Example: Assume that acquisition cost is $10,000, June 1, 1971, value is $30,000 and the selling price is $20,000. If the rules in paragraph (1) for determining the basis for gain were applied, the result would be a loss—($30,000 less $20,000). If the rule in paragraph (2) for determining the basis for loss were applied, the result would be a gain—($20,000 less $10,000). However, the rule in this paragraph provides that there is neither taxable gain nor loss. (5) Determination of fair market value as of June 1, 1971, shall be as follows: (i) If the property on which a taxpayer is reporting was not listed on an established market or exchange, the fair market value as of June 1, 1971, shall be the opening price on Tuesday, June 1, 1971. If the property was not traded on that day, the price of the last sale during the preceding week shall be the fair market value as of June 1, 1971, for computing gain or loss. If the property was not traded during the previous week or in the absence of an opening price for Tuesday, June 1, 1971, the average of the high and low price or the average of the bid and asked quotations on Tuesday, June 1, 1971, whichever is appropriate, shall be used to ascertain the fair market value as of June 1, 1971. When a return is filed involving property acquired prior to June 1, 1971, an explanation of the method utilized in computing the June 1, 1971, fair market value shall be attached to Schedule D. (ii) If the property on which a taxpayer is reporting was not actively traded in an established market or exchange, the fair market value as of June 1, 1971, may be established through a bona fide, independent, written appraisal as of the date by a competent appraiser of recognized standing and ability. The value as established by the appraiser shall specifically exclude the value of improvements made subsequent to June 1, 1971. A copy of the appraisal shall be attached to Form PA-40 when filed. When an appraisal is utilized, an explanation of improvements made subsequent to June 1, 1971, including the date and cost of the improvements, shall be attached to Schedule D. (iii) The following table illustrates the application of the rules for computing gain or loss as enumerated in this subsection. It may be used as a guide when securities or other nondepreciable assets are involved, assuming that no adjustments are necessary for capital additions or capital reductions. Cost June 1, 1971 Value Selling Price Gain Loss 500 750 1,000 250 — 500 250 1,000 500 — 500 1,500 1,000 none none 500 100 50 — 450 500 25 50 — 450 500 1,000 50 — 450 (6) If the fair market value of the property was not ascertained as of June 1, 1971, by the methods enumerated in paragraph (5), the gain or loss shall be computed by subtracting from the sales price selling expenses and the historic or cost basis of the property and multiplying that figure by a fraction—the numerator of which is the number of full calendar months the property was held subsequent to June 1, 1971, and the denominator of which is the number of full calendar months in the taxpayer’s entire holding period for the property. When the proration is used, an explanation shall accompany Schedule D, setting forth for each asset the date and costs of acquisition and the date and costs of any capital improvements, both prior to and subsequent to June 1, 1971. Proration fractions utilized shall be included in the explanation. Paragraphs (1)—(5) do not apply when this paragraph is used. (i) The application of this paragraph may be illustrated by the following examples: (A) Taxpayer purchased his home on June 1, 1960, at a cost of $20,000. He sold the home on June 1, 1980, for $100,000. He incurred selling expense of $5,000. The taxable gain is computed by subtracting from the sale price of $100,000 selling expenses of $5,000, leaving a net sale price of $95,000. Next the $20,000 cost basis is subtracted from the net sale price of $95,000. This $75,000 gain is multiplied by the fraction of 108/240 resulting in a taxable gain of $33,750. Source: http://www.pacode.com/secure/data/061/chapter103/s103.13.html

I have received 3 calls this year asking for prices, but so far I have told them lets make an appointment to discuss the fees and I am still waiting for them to call me back

It can be done the same way as current payments. http://www.irs.gov/uac/Where-to-File-Your-Taxes--for-Form-941 or, possibly via EFTPS.

Wow - bless your heart! I do not believe I would touch that one. When the client comes in pretending to know more than I do, it is time for us to part company. Not that I am all that smart - but they are paying me to know more than they do. Wow!!! Go have an ice tea girl!

YES IT DOES!!!!! That sounds exactly like Rita! Love ya girl.

Under the Return Manager check the box for your client: 1. In the Tool Bar click the support button 2. About 2/3 of the way down the drop down list select "Customer Service Utilities" 3. Click on the last choice in the next drop down list, "Re-download Forms on Marked Returns" Let us know if this helped.

And you haven't? Are you OK Rita? That does not sound like you.

I have noticed the people complaining the most have 1095-A forms and I'm dying to tell them to shut up, I am paying my own health insurance and yours, too.

Depends on how much I learn.

The program is supposed to update to the latest version when you open the return. If your program is not doing that, a call to tech support is in order. There is a folder that should be deleted and then the program will re-create it. Problem will go away. I just do not remember where that folder is.

But don't try to deduct the value of your time on your tax return. Tax tip of the day. ;)

If it's a nonqualified personal use van you can do whatever you want. Otherwise, >6,000 GVW you take 25,000 179 and depreciate the rest. >depression LOL

For almost 2 full years now, I have been studying at seminars for several different venues. Getting training from only one source will not get all the information. And, webinars, while a good way to learn, are very lame in the ability to interact, ask questions and the ability to interface with other professionals taking the course. I stand fully behind my statement. Add to that the fact that the IRS keeps making major changes mid-stream about all this crap...

WARNING **** Political commentary coming. TP & Spouse come in. Have the 1095A in their stack. No insurance first 2 months. Covered CA for the rest of the year. $1427 per month premium. $1103 subsidy. Do the reconciliation. They have to pay back $1090. Actually a very good result. Their take: "That stupid Obama took $1090 of my refund. I thought it was supposed to make things better". Then I show them my fee for the additional forms. Their take: "You mean I have to pay you more so that you can tell Obama how much of my refund to take?" My take in my head: "At least you are blaming Obama for this mess. And I am not going to try to convince you otherwise. Besides, you got a $1427 per month policy for about $500 per month. Go ahead and get pissed at Obama. I get more money and I get to sit and listen to you trash the guy who thinks he just helped you out and does not understand that you are pissed at him. This is a win-win for me" Tom Newark, CA

Jack took the words out of my mouth...I also agree 100%! If you decide to keep the new client, file an extension for 2014 and make sure you get a good size deposit for the years of 2013 and 2014. I wouldn't give him an exact price for 2013 and 2014....I'd give him a broad range if they insist. Also, make sure you are paid for 2012 before you Do any other work. Charge accordingly for 2013 and 2014 as it sounds like you have the type of clients that will "play dumb" and want you to be responsible for keeping record of every payment they make to IRS which also means reviewing/answering numerous correspondence from IRS. I've paid my dues in the past in the type of situation you have and I wouldn't even think about taking on the type of clients you have with these people. However, if this is your first of this type of client, you might want to pay your dues as experience is the best teacher. Good luck which ever way you decide to go! Take care, Cathy