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Showing content with the highest reputation since 07/10/2019 in Posts

  1. 8 points
    Nature abhors a vacuum, so that white space that still remains on the now 2/3 full page, will one day be filled up again.
  2. 7 points
    Max parking his car..... Max going to office...... Max in office working taxes...... Max at home after a hard day at office.....
  3. 6 points
    To our friends in Louisiana: Stay safe with the storm, the ridiculous amounts of rain, and the storm surge!
  4. 6 points
    If you are in this business and don't have a sense of humor, things can get pretty frustrating.
  5. 6 points
    It's California. I'd be wearing shades. But, you got it right on the car. It's a red, '94 Buick Regal with peeling paint.
  6. 5 points
  7. 5 points
    I guess the 100 million that were filed this year was a Beta test. Now, they are coming around with the finished product. Th IRS went overboard with the simplification and now they have had to backtrack and make it easier to understand for the taxpayer. Definitely looks like an improvement, though
  8. 5 points
  9. 5 points
    If his return gets filed and the Income is less than the total of the 1099's. He will be underreporting his income and will get a CP2000. If it is a latge amount with penalties, etc., guess who he is going to blame? With clients like this, I will get IRS income transcripts, and also add up the deposits from their bank statements. He doesn't have to go back to his clients. When people start avoiding things, I begin to get suspicious. Never let the client dictate what you need for the return.
  10. 5 points
    1040X with corrected SE form and an adequate description in the explanation box should do it. Not sure what you want to stamp 'Do not file' on. Taxpayer's should check their SS earnings in about a year, because I doubt the 1040X will be updated over to SSA.
  11. 5 points
    Not mad, just not a good typist and it doesn't help when several letters on the keyboard are obliterated. I never get mad at ignorance, only stupidity.
  12. 4 points
    Has anyone heard the news that form 1040 is undergoing another face lift? Here is the article highlighting the changes: https://www.forbes.com/sites/kellyphillipserb/2019/07/15/everything-old-is-new-again-as-irs-releases-form-1040-draft/#36f6b1f42f75
  13. 4 points
    I do like the larger print on the SR.
  14. 4 points
    Link to IRS for all draft forms: https://apps.irs.gov/app/picklist/list/draftTaxForms.html Great, let's waste more time and money on another redesign and programming at IRS and all the vendors. The 2019 1040 draft does allow seniors to file that form with notation for those checking age or blindness to see the instructions for the proper amount of standard deduction. The only difference between the 2019 1040 and the 1040-S (senior) is that the "S" form has a chart at the bottom of page 1 for those checking age/blindness boxes. I guess there were too many mistakes in the standard deduction in 2018 for those self-prepared returns.
  15. 4 points
    I was thinking last week, "If only they'd go back to the old Form 1040." Fingers crossed. I apologized to a client just a few minutes ago for the 2018 forms.
  16. 4 points
  17. 4 points
    The other piece is depreciation on any assets bought during the "missing" years. If the corporation is in a position to Section179 everything - or if they didn't buy anything that qualifies as an asset during those years - then if your client can confirm through the SOS's office that the corporation still exists, go for it. Many times, too, you can reinstate a corporation by filing all the back annual reports and paying the fees (plus a sweetener, frequently called a reinstatement fee). Else he has to open a new corporation, get a new EIN, and he can kiss this particular loan goodbye and try again once his paperwork is in order, in two or three years. Of course, no one is going to loan money to a brand-new corporation with zero history... You can't save some people from themselves and it's NOT our job to try.
  18. 4 points
    If you're at all suspicious about his "tossed" 1099s, then make sure you keep/scan/whatever mode his P&L or his written/emailed statement of income received so you have documentation that he told you his revenues were $ X, just in case he gets that CP2000 a couple years from now. If he's sitting at your desk and saying his income was $ X, hand him paper and pen to write it down "for your file."
  19. 4 points
    When I saw the guy in the tub with the whiskey bottle, I though I recognized him. And now I remember. His name is Duncan Disorderly.
  20. 4 points
    Thanks for the opinion, humor and admonishment, Max. I will eat the humble pie,and I will Like it! No disrespect intended
  21. 4 points
    I don't think the IRS will be a problem. The first year that penlties were applied for non-filing was 2015, so I think 2014 would have had to been filed in order to flag 2015. A larger problem, but not yours, is that your client didn't file an annual report(s) with the SOS, which is required to keep it in good standing. The SOS maintans an on-line list with each corporation's status. If the corp is not in good standing, the bank might deny the loan and/or put more honerous conditions on the loan. Ir is also possible that the corp has ben suspended. Suspended corp contracts are null and void.
  22. 4 points
    Thanks for the support. Haven't heard "gentleman and a scholar" in a long time. I guess that dates us.
  23. 3 points
    The Age-Blindness section should go right on top of the chart. It makes no sense to separate it.
  24. 3 points
  25. 3 points
    About 10 years ago Oregon had a tax amnesty. I prepared 11 years of regular corporate returns . My client filed the state returns and did not file the federal returns. My client paid Oregon the corporate tax due plus 1/2 of the interest. The state waived all penalties and 1/2 of the interest. The next year I prepared and my client filed both federal and state corporate returns, which we have done every year since then. To my surprise, my client has never received any letters from the IRS about the missing 11 years of Form 1120.
  26. 3 points
    I am so happy Max, that you have a sense of humor. I truly meant no disrespect, but what you wrote in your previous post struct me to be so funny, I wanted to return the humor to you. Your picture on here is more handsome than what I posted......Hope your computer comes back..
  27. 3 points
    Max was so mad he couldn't type straight!
  28. 3 points
    Ha-ha! Kudos to you, Max - you're a gentleman and a scholar. As a card-carrying codger I appreciate your spirited defense of "old folks" while still offering a clear analysis of the problem as you (in the words of you-know-who) refuse to take advantage of the original poster's youth and inexperience.
  29. 2 points
    The easiest way to make additional ES payments is on line. I have personally used it and several of my clients have used it, too. It is easy to use and a confirmation will be sent to the client right away. Otherwise, it means calling the IRS, cancelling the next two payments and having the EFT reset, which sometimes takes 2 months and a possibility of missing the next payment.
  30. 2 points
    HRB has probably has the best training class, materials and methodology of any. It also has the highest standards as in CA they exceed the requirements for passing. They cover both the fed and state return. Classes start in Aug. and if you enroll in time, there is usually a discount. The fees, just as their prep fees, probably vary from area to area.
  31. 2 points
    A cynic would say those who work in the IRS forms division need work too, or their budget will die...
  32. 2 points
    I had no idea we were going back to two 1040's. this time is called Senior 1040-S Didn't look to see who gets to file this form. Hopefully we can still file them all on the regular 1040. I didn't use 1040A or 1040EZ.
  33. 2 points
    The IRS treats each year separately, and they're underfunded and understaffed right now. The shutdown plus the new tax law with a 1040 redesign, have put them in a serious bind.
  34. 2 points
    Been talking with my friend an hour north of New Orleans near MS and he says it is a typical rainy day in LA. But then again, a typical rainy day for him is watching cop shows and eating chips and drinking Kombucha tea (I guess to offset the chips) so how would he know what's going on outside? Stay safe down there, and maybe take his rainy day advice and stay inside.
  35. 2 points
    Thanks for both replies. I was under the impression that 1099 Misc forms were entered on the Schedule C and that the IRS was looking to match those within their system. Obviously, my understanding was incorrect and you do not need to enter each 1099 you receive, as long as the total income is greater than the total of the 1099's. Thanks again!
  36. 2 points
    Probably not. Most of my freelancers 1099s add up to less than sales anyway. I trash all the 1099s my clients send me too.
  37. 2 points
    Gail makes a good point. If there is a change in the amount of tax, then the return should be amended. Then, the client would have to follow up on a later date, probably in 2021, to see if the correct changes took place.
  38. 2 points
    Maybe I am missing something, but if husband had negative SE income (less than $00) but wife did not, wouldn't the amount of tax change if the income was moved from him to her? She would be paying SE tax on all of it, as opposed to him paying on the amount above his negative SE earnings.
  39. 2 points
    Do not amend. You will be filing a zero change in tax and the IRs has a good chance of screwing it up as it is not a tax issue, but a SS earnings isuue. Wait a year until your clients earnings are posted to the SS files. Then, there is a procedure on the SS website for correcting them. PDF] Request For Correction of Earnings Record - Social Security https://www.ssa.gov/forms/ssa-7008.pdf SOCIAL SECURITY ADMINISTRATION ... If you disagree with wages reported to your earnings record, complete Item 7. ... If you do not have self-employment income that is incorrect go on to item 10 for any remarks, and then complete Item 11
  40. 1 point
    I am so glad they brought back the" Date" by the preparers information.
  41. 1 point
    Most of your professional organizations have 1040 webinars &/or live courses. Check their websites for locations near you or webinars. (I'm assuming since you're asking this question that you don't have a good teacher on your staff.) If your staff is large enough, check on bringing in a teacher, perhaps basic 1040 for your newbies and 1040 update for all. Tailor it to fit your firm's needs.
  42. 1 point
    Go to your MYATX page. You can download the install program from there.
  43. 1 point
    Gail, et al, the wife minister's W-2 was entered as spouse and Special type, clergy. The 1040 Clergy worksheets were completed. Husband, filer, had $325 non-employee compensation. Somehow, the SE created was short form for filer and should have been long for for spouse. The amount of SE tax was actually almost correctly calculated, off by just $15. I can't easily find out why but it was in their favor. The remaining issue is that the SE tax was reported for filer, husband, and not spouse, minister wife. So I will still pursue the path Max recommended as the tax difference is less than $50 and we just need to be sure she gets the proper credit. Thanks again, all, for great guidance! What a group of fine professionals on this board...
  44. 1 point
    Kimjo, I appreciate your response. All is forgiven.
  45. 1 point
  46. 1 point
    I've still got a postcard-size promotional piece for "Textellent" that I picked up at last year's National Tax Forum vendors' hall, alleging that it's good for "tax pros." www.textellent.com is its website. Just haven't had the spare fraction of an hour to really research it.
  47. 1 point
    Oh! I was thinking 2018. If it was for 2016, they can do it now. You could fill out the forms for them and have them sign it.
  48. 1 point
    Copied from Tax Pro Today: IRS Modernized e-File (MeF) will be upgrading systems over the summer and will be unavailable at certain times, the service announced. The system shutdown will occur in two phases: 12:01 a.m. EST July 18 to 12 p.m. EST on July 22; and, 12:01 a.m. EST Aug. 3 to 12 p.m. EST on Aug. 5. MeF submissions should not be made during the outage periods. A Quick Alert bulletin will be issued once the MeF is available for submissions, the IRS said.
  49. 1 point
    Not sure is this is the best solution, but it would work. You could set up a simple macro to open and prefill the Form 8948. Since you know at the outset which clients wish to paper file, you'd just run that macro (along with any other standard macros you have set up), when you first open the return. Then it will already be there the first time you go to print the return.
  50. 1 point
    "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights... that to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed".
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