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I hate it when clients have half-*** S Corporations with rinky-dink bookkeeping and huge distributions in excess of basis that I can't prove up using the balance sheet. Turtle Poop. I'm irritated.

They stayed up until 3:00am doing that??? May be time to move on from them. :-)

You "step into the shoes" of the decedent for assets producing income in respect of the decedent, IRD. IRD includes such items as: installment notes receivable, IRA accounts,....... investments in annuities.

You could always sign them after the IRS contacts you, which after your clean audit, they probably won't ever audit you again.

I won't take on a corporation without complete balanced books. If they won't do it right, then we have to enter everything into QuickBooks and bill them for it. Going forward, I try to convert them to a quarterly bookkeeping client.

Turtle poop? Why no cow flop?

I get it every other week. You don't need to restart, you need to "end task". Open task manager look for ATX2022 instance and "end task".

I've never signed one in 25 years. I just have ATX 'electronically sign' it for me. I've also never had the IRS ask for my 8879s.

Gosh, I have always signed it when I prepared the return, am I in deep doo doo

New clients this year. Trying to get them done by the deadline. Just got this email from them, this is the first line: Hi Tom, Sara and I stayed up until 3 am this morning and found quite a few miscategorized transactions in QBO. Which is great because we have new numbers for you. Great for who? Tom Longview, TX

And to make matters worse, my Apple Watch just buzzed my arm with a notification that says 'tracking is the most important part of weight loss ... don't give up'. I'm not tracking/using any type of weight loss app. My watch just decided I need to slim down. Turtle poop, Cow flop, Donkey dung, and all the rest!!

I sign, because my clients ask if they think my wet signature is missing! But I have my software set to print my signature, so it's always there and legal, if I forget to wet sign. The last time I checked, the IRS and all the states I prepare, accept the printed-by-software signature.

I've been preparing taxes since 1987. Last month I got a call from our friends at the IRS saying I had been selected at random for a compliance audit. She spent an hour asking questions and then another hour reviewing all my YTD 8879s. Lucky me. I passed the audit just fine, but now I'm slightly paranoid. I switched from ATX to Drake back in '14. I haven't found a way to have the software supply the signature. I need to check into that.

Yeah, I wouldn't let any Norton products anywhere near my computers. I tried a few about 20 years ago and had to uninstall all of them.

You have to use Form 8949 to report the DOD cost basis to be able to show her actual gain/loss for her month of ownership. Plus, the IRS has the Form 1099-B so its computers will try to match to her return. Get the DOD values for each of the sales from her ML stock broker. In fact, have him print her gain/loss statement using the DOD cost basis for each transaction. He should upload it to a ML portal and give you access. Download it to your computer. Then you have the documentation you need to prepare her return and to include in her tax folder for her to keep. Also, save a copy of her ML gain/loss statement in your electronic file for your client, just in case she gets any IRS correspondence that you will respond to for her.

Before I put my foot down about "no jpegs allowed" I had one client fuss at me about how it was too much trouble to scan - just blow up the picture sent. So I blew up the picture, took a screenshot of the pixelated nonsense, and sent it to the client asking them to tell me what the numbers were. I got scans later that day.

Tell them to get an app like CamScanner (there are several out there) that use a phone to scan into pdf. I refuse to accept jpeg except for driver's licenses. No documents. At all. Ever.

Using those input forms is very inefficient. Just put it where you know it goes. The only 1099 input forms you need to use are INT, DIV, B, and R.

Click the "Setup" drop down menu on the top toolbar, then select "Preparer(s)". From there, choose the preparer that shows your PTIN, not the administrator. When the dialog box comes up, look on the righthand side under Return Signature Options: make sure you have entered your 5-digit pin and check both boxes for "8879 PIN signature" and "Alternative Electronic Signature" . That will place your typed signature on the Federal forms and 8879 and any states that allow it wtihout making a separate selection within Drake. Read on - Also, be sure to check your state options for any states that you prepare. Some within Drake will require that you make that same election for the electronic signature on a state-by-state basis. For example, PA and NJ are two that I prepare that require another checkbox be marked, and isn't an available option for my home state of DE at all, so I still sign those manually. Those state-by-state choices are found in the "Setup" drop down, then choose the first item "Options". Then from the next dialog box that appears, choose the "state" tab and then use the drop down selection for each state that you prepare. If the state requires you to check a box separate from the Federal option, you should see a checkbox that again says "Alternative Electronic Signature". Example, that is what I see for PA and NJ. MD isn't necessary as it follows the federal option. Hope that helps.

Yes both amended return files containing the 1040X were accepted.

I believe the irs says if you can't prove any basis, basis is zero.

No because the payments from the 1099Q would reduce the Qualified Education expenses which includes the tuition on the 1099 T. I suspect there may be a checkbox or question on the worksheet you may have missed, unless the amount on the 1099 Q exceeds the Qualified Education Expenses.

One other suggestion is to remind clients with IP PINs that if they move during the year they must file the address change form 8822 or the IP PIN the next January will be sent to the former address.

The stock market has been pretty volatile, there is an equal chance of significant price changes.

Hello Teresa, you would report it as like any other stock sale but you need to go back to date of death and look up the value of the stocks. That would be your cost basis, there is a chance the stock didn’t appreciate in value between DOD and when your client sold them.

My wife and dad are in agreement - I need to move this summer. I didn't mention anything in the meeting but they noticed half my office is packed into boxes. Bookshelves are all empty and photos are off the wall.