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Showing content with the highest reputation since 10/09/2019 in Posts

  1. 7 points
    Yes, the Form 1040 changes. I loved the ATX federal comparison of 2018 to 2017 since I found the 2018 form changes to be about the worst thing ever, and it was far easier for me to flip over to the comparison and explain things when I went over returns with clients. I printed the Form 1040 comparison for every return, and I thought it was a lifesaver. Nothing like seeing a figure in the middle of a full sheet of paper with print on half of it and wondering where the heck did that come from?? And what numbers got added together to get that number on the right? Also, a handful of my folks didn't have enough withholding (thankfully not many), and it helped show them they really got a tax cut; it's the liability that counts. Really hate the 2018 form changes so much I can't even tell you.
  2. 6 points
    I use the comparison for my own review and to present the highlights of the returns to the clients. Most want only the totals of income, their total tax, any significant changes, and the bottom line balance or refund. The comparison was particularly useful this year with all of the form changes and saved a lot of time in not searching through the additional six new schedules and all the other forms in their tax packages.
  3. 6 points
    I love the comparison. It's great for clients, and also great for ME in reviewing. If I see substantial differences year to year, I go back and make sure there is nothing crucial that I have missed (or the client has forgotten to provide me).
  4. 5 points
    Three stacks here in the office; two are new clients, and I'm about finished with them. Four that I can think of who haven't dropped off, but I see on Facebook that two had nice vacations last week. I'm about finished with them, too, if you know what I mean. No, not firing them, just not going to care more than they do. When they wander in, I will thank them kindly and say I'll be in touch in the next few weeks.
  5. 5 points
    I provide each client with the summary, the comparison, and the planner. I find its so important to plan for the next year to ensure the whithholdings are where they need to be (or at least close to where they need to be). I only provide planning for the next tax year. I zero out the rest of the columns. Would be nice if there was a checkbox you could click to do that automatically on the planner. This year, I made sure all of my clients received the Federal comparison (wish there was a State) and I highlighted the AGI, Taxable Income, Tax, and Withholding amounts. More often than not, I'd say at least 75% of the time, the new tax law benefited them. In may of 2018, I contacted all of my clients to make sure they checked their withholdings. Some did, some didn't. Oh well.
  6. 5 points
    If you don't like all those zeroes on the ATX comparison sheet (I don't), you can turn them off in preferences. I use the blank space to type notes on the comparison form.
  7. 5 points
  8. 5 points
    I have always included the comparison, but a couple of pages in. This year, the comparison was at the front of every client copy, right after the cover sheet.
  9. 4 points
    Dear Lord, just let them go back to the forms we know. Amen.
  10. 4 points
    Oh no! You have more issues than I can imagine. I do hope you can get it all completed then breathe, breathe, and promise yourself that you come first next time. Good luck!
  11. 4 points
    Every year I push all my procrastinators to be done by the 10th because this week in parts of MA and surroundings is prime fall foliage viewing. I try to get points for scheduling viewing at the right time, to make up for the rest of the year of missed non work opportunities. Life isn't all about work, I heard that somewhere.
  12. 4 points
    Sounds like a rock-solid plan to me.
  13. 4 points
    As a practical matter, when inventory becomes unsaleable and is thrown out, it's not counted in the next Physical Inventory or if a perpetual inventory is being used the disposition of the inventory is recorded. Spoilage or shrinkage is really a cost accounting measure used in order to keep better track of COGS & Gross Profit. Where as Inventory Write Downs i.e. Lower of Cost or Market is both a cost accounting measure and a tax deduction.
  14. 4 points
    Maybe a first time abatement? Since he does gravel and files late he could grovel for forgiveness.
  15. 4 points
    Drake does have a good comparison including a state comparison. Therefore beginning with this year I have been giving all of my clients a comparison and reviewing it in some detail especially since the changes to the 1040 along with the supplemental 1040 schedules are confusing and hard to explain.
  16. 3 points
    No, not a barefoot, long-haired nut in sackcloth and ashes entering a bar carrying such a sign (prompting patrons to say "Quick, another round!"), but instead the state of my outstanding clients' returns. I've got two left: one's a straight-up businessguy who will appear tomorrow morning for sure and pay up all due (even my fee); the other's a maybe yes, maybe no - they owe IRS an arm and a leg so it's iffy -- we'll see. And how many have YOU got to go?
  17. 3 points
    You definitely have way more patience than I do! I have several long term non filers that tell me that they never throw anything away and have all the information. However they never bring me anything, so I won't worry about them until they bring their stuff in if they ever do, since it's been more than 12 years since either one has filed !
  18. 3 points
    still counting.. as have too many in waiting for info! really!! and then I get this email how I'm stressing her out as she thought she was filed in sept with her entity - wait! expecting her to pay and she travels her all over and how can she stop and take care of this in a fire sale.. I sent her her personal 2x since 9/15 filing - revised when she decided to put all towards 2019 - so I sort of need the revised 8879 and again my final payment - oh - I thought your estimate covered it all No - that is why I do not file til all the bills are paid - what part do you not understand - people like you get irritated and then do not pay me - so cough up the credit card and call it in!! Going to bed now - I am too upset with her!! all those I can finish are done - waiting for payments and signed 8879's and info ones and 3 IRS ones that I should file the state and 4 with state rejects I have to read up on and the 2 coming in yet ... worse than ever ! and then calmly email her am... have a great fall all D
  19. 3 points
    In recent years, I've prepared our own after all my paying customers, at least all that I have a chance of completing by 15 October. A few years ago, ours was rejected, because someone used my SSN (not hubby's). So, printing and mailing checks to the IRS, CT, and IL was a day late with P&I. I filled out all the paperwork, but that was the year with some IRS hacks, including into their IPIN system, so I couldn't get an IPIN to e-file the next year. The next year, I stopped everything weeks early to be able to e-file ours in plenty of time, expecting it to be rejected again. It was not. I've been preparing ours about 1 October since, just in case. But, this crazy year with TCJA, rehabbing my new hip, and two new grandbabies, I started yesterday! Need to get through all my Schedule C-related stuff to be able to write a check for my SEP for hubby to run down to our broker today or first thing tomorrow. And, IL does not accept the e-postmark, so I'll send the states separately tomorrow and federal on its own. Next year, I'm back to 1 October. I used to start ours first. But, broker statements get so many extensions. By then, clients are dropping off. Ours got later and later. Maybe I should just pick a time, such as August, and prepare ours no matter what. Acknowledgements are straggling from the IRS, PA, and NY for those last three. Good luck, everybody!
  20. 3 points
    I have four done, waiting for them to show up and pick them up, and two I am still working on. Plus one to do that I doubt I get finished before the deadline and I am not going to lose a lot of sleep over that one. She won't either.
  21. 3 points
    Since I am leaving on vacation in several days, I pushed all of my extensions to get me their information by the end of August. I finished my last tax return on the 16th of September. However I still have 3rd quarter payroll reports to finish for 3 more clients .
  22. 2 points
    Yes. You never give up your right to amend.
  23. 2 points
    At least use a money order or something without your name... Any trace where you show any sort of control or participation in payment is bad. While I have no idea what the exact tax prep rules on this are, payroll liability can "catch" anyone who had any sort of participation or control. Defense is expensive, and someone wanting you to handle the payment must have a reason for doing so.
  24. 2 points
    Dear Tax Professional, Congratulations! To thank you for repeatedly renewing your preparer tax identification number (PTIN) early, you have the opportunity to renew your PTIN before the season opens to other tax return preparers. The PTIN system is ready to accept your renewal from today through Oct. 15. Should you miss this opportunity, you can still renew your PTIN during renewal season beginning later in the week. THERE IS NO FEE/COST FOR 2020 PTINs. All PTINs expire on Dec. 31 and must be renewed annually. You must have a valid PTIN if you plan to prepare any federal tax returns for compensation or you are an enrolled agent. Get started at www.irs.gov/ptin. If you can't remember your User ID or password, use the "Forgot User ID" or "Forgot Password" links on the PTIN system login page. You will be asked to enter the email address associated with your account and the answer to your secret question. To keep up with the latest info for return preparers, please subscribe to e-News for Tax Professionals. - Visit www.irs.gov
  25. 2 points
    I have worked with small landowners and ranchers with occasional timber sales. In these cases, I have taken the position that the taxpayer is not in the business of raising and harvesting timber and have reported on Schedule D. I find it odd the basis equals sales, unless the land was recently inherited. I have seen cases where tax preparers pull a number out of the hat to determine basis. It can be tricky but using timber growth rates, and historical market prices a reasonable estimate is possible. When dealing with timber keep in mind the $10,000 above line deduction for reforestation cost.
  26. 2 points
    In the version I have, that function is found under "Page Layout", then click "Print Area". Mine then has a selection to clear the print area.
  27. 2 points
    Excess deductions are gone though because they were a 2% itemized deduction. This is probably a final K1 if these are capital losses being distributed.
  28. 2 points
    If the k-1 shows losses, not only do they get free money but those losses will offset some of the other income they have. Not really a bad deal in this case.
  29. 1 point
    Not remotely related to taxes. If an Excel spreadsheet has a range(s) specified, and an attempt is made to make a copy of that spreadsheet: Pop-up messages appear and blow me out of the chair, asking me to answer "yes" or "no". A "yes" answer means the old range will appear on the new spreadsheet, and a "no" answer will require me to rename the range. In other words, no option is available to me to not have a range at all in the new spreadsheet. I am doomed to have the range on the new spreadsheet regardless of how I answer the question. I have thought of removing the range on the original spreadsheet but can't find it, and don't even know whether that would work or not. Is there a solution which would stop the range dead in its tracks from being transferred to the new spreadsheet?? This seems like an elementary question that any idiot should know, but I guess that's who you have on the forum with you.
  30. 1 point
    Let's a say a grocery store has 10 cans of creamed possum in inventory as of 12/31/17, in 2018 the department of health picks up a can finds that all 10 cans have expired and asks to be throw away. Is this a good example of spoilage? Thanks
  31. 1 point
    When I went through school in 96 we had to do all the forms by hand in pencil so that you really learned how a change on this line of this form affects things on that form. I can't even imagine trying to do that with this new I'll be nice and say, "stuff." I'm doing good to know what the schedules are now. What was that about the Paperwork Reduction Act????
  32. 1 point
    He paid me and that's not the issue. And he gave me extra money to cover the tax he owed, and a couple bucks for my doing it for him. So my lazy side this morning wanted to just pull it from my account and get his return out of here. But I did go to the post office and got a MO. But it begged the question, if my info shows on someone else's return, can the IRS or state lien or levy my back account in the event the same taxpayer didn't pay tax due.
  33. 1 point
    I don't routinely include this form in my client copies. I have done so this year for a couple of folks who came to me this year and had them in their former practitioner's copy. I find the one provided by ATX really lacking when compared to the competition. The state comparison is not provided. I suspect ATX tech support has been appraised of this and likely with no result.
  34. 1 point
    I've not gotten bitten but would never put myself in that situation, either. It's one thing to not get paid, even for months or ever, for services rendered but it's for certain I would never put out my own money for the tax debt of someone else. Guess I'm not as kind hearted or trusting as you.
  35. 1 point
    How lucky you were! I tried again just now but renewal was still not an option. So I selected Update and realized that my license expires Dec. 31, 2019. Aha! That's the problem! So I just spent over an hour renewing my Ohio CPA license. Accountancy Board now shows Dec. 31, 2022. I changed to that date on PTIN but still no option to renew. I can see messages, number of e-filed returns, etc. just no renewal option. Maybe in a couple of weeks...
  36. 1 point
    You could try deleting the input numbers for those fields and re-entering. Sometimes a space before or after can creep in unawares. Otherwise, search Google for reject error list.
  37. 1 point
    These may not help, or may not be what would accomplish the task: try to save the worksheet and reopen it before copying, or use 'save as' and rename to create a new file rather than copying it. I tested mine and am not getting any pop-up. Maybe I have a different version, or something is set differently. Sorry I couldn't help.
  38. 1 point
    If you didn't get the above letter you need to wait until "later in the week.". The renewal is for 2020, not 2019.
  39. 1 point
  40. 1 point
    One month. https://www.irs.gov/instructions/i1120s
  41. 1 point
    got cha! I do not think anything was distrubuted... so the next interesting question - they will get a lot of $$$$ but the K-1 shows losses dues to the stepped up basis so the distributions should be not taxed? all free money? from what I figure.. I want to be a bene! Oh wait trustee said I charged too much! Sincerely, D
  42. 1 point
    I am not sure that I am understanding your question. Which tax return the beneficiaries report the K-1 on depends on whether or not the return is on a fiscal year. If the estate year end is in 2019, then the K-1 goes on the 2019 personal return for the beneficiaries. As far as whether or not the K-1 generates, I think that depends on whether or not any of the income was distributed. If everything stays in the estate until the estate closes out, and the estate is open multiple years, there won't be a K-1 until the final year (I think.) But if the beneficiaries get income distributions throughout the life of the estate, I think they will get K-1s every year. So if you are not showing income distributions, K-1s will not print. Does this help at all? I am not an expert on estates so someone else may have better answers.
  43. 1 point
    I use it. Very helpful with clients when there's a major change in outcome.
  44. 1 point
    hhmm - I do not use that so much as the planner - I used it in 2017 - it was fairly accurate and now I use the planner going forward - it is great I double check it with the 1040-es sheet and WI-es since their is no state!!! D
  45. 1 point
  46. 1 point
    Did he cut the timber himself or did he sell standing timber to someone else who cut it? If he cut it himself, I would most likely use a Schedule F, and the basis would be the cost on the Schedule F. Or if he is actually milling the timber before he sells it, I might use a Schedule C but I would still use the basis as the cost of goods sold. If he sells it as standing timber, then I would use a schedule D/8949 to report the sale and the basis. Using basis for the timber results in a reduction of basis on the land generally. It can be pretty complicated. And a lot depends on the facts and circumstances. The IRS farm publication also has some information on timber sales, I believe. Or at least it used to.
  47. 1 point
    That was a great reference Mike. Your expertise in Clergy Tax a is great Blessing to this board! Per Rev. Rul. 64-326 : A day or two before concluding his services, B meets with authorized officers of the host church to determine the amount of compensation he will receive. It is customarily agreed at that time that a portion of B's remuneration will be designated as a `rental allowance.'
  48. 1 point
    The designation must be proscriptive. So as long as the designation is prior to ministry payment. I would recommend even prior to ministry to ensure no confusion.
  49. 1 point
    Exactly ! If they do that, in advance, he can take it. If they don't, he can't.
  50. 1 point
    Here is the thing. He gets contributions from a variety of sources, kinda like a missionary does. Some of the churches he goes to give him a monthly support amount on a regular basis, some on a one time basis. There are about 3 organizations (his home church, the organization that he is loosely working under, and another church that he does not attend) that make up the bulk of his income. But those amounts are not guaranteed, it is just a payment like they would do to a missionary. There is a blurb in Pub 517 about traveling ministers and their housing. From what I read, the donor organizations possibly could designate a portion of their contribution to him as housing allowance provided they did it before the beginning of the tax year. But I am not sure. Thanks Tom Newark, CA
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