jasdlm

Client came to me in the fall and had self-filed prior to that time. TP is a schedule C consultant and did some work for a CA client. TP did not realize a CA return was needed. Established time spent in CA, and a return was in fact required. Filed the return, paid the tax, interest, and substantial FTF penalty owed, and requested a reasonable cause penalty abatement. Received an immediate 'denied' letter. Any point in appealing? TP would have done what was right, regardless, and corrected the error immediately once I pointed it out. I'm sure TP will send all friends/colleagues to me, as i encouraged TP to file the past returns (not sure how CA would have even known) and now, I cannot get the FTF penalty waived. Anyone with CA experience have a recommendation? This is the first penalty abatement request I've ever had denied. I'm staying out of CA! Thanks much!

Have you gone in to the 'printing preferences' 'advanced' tab and made certain that 'mirror imaging' was off? It gets toggled on sometimes - not sure how.

Clients put a $20 off H&R Block coupon in the packet they dropped off. Coupon code 69439 for anyone who wants to use it .

Nope. My new policy is $500 ;).

Has anyone been following the WI case? Our conference is warning pastors that this provision is likely to come to an end. Anyone heard anything to the contrary?

If we an lump, then why don't we just "lump" them all on to the Schedule A and get rid of the cursed 8283. To steal a phrase from Schirallicpa, "Grumble, Grumble"!

How about "Should I be billing your sister or you for this time?"

Hair dresser and mechanic. They share space and offer discounted advice - 2 for the price of 1 1/2.

Well, if you put it that way, no thank you. Honestly, I got lost just trying to read your post! (You will notice there was no helpful comment from me.)

Long time client was next in the queue, so I pick up her 'bag of bits' this morning, 16 March, and start going through it. Inside, I find 1099s (box 7) and a list of expenses that say 'S-Corp'. Hmmmm. Me: "What is this 1099 income and this S-corp"? Client: "I started that because then you don't have to pay tax on all the income; only on what is reasonable. Oh, and you can deduct your expenses." Me: "S-Corp tax returns were due yesterday." Client: "Oh, I don't want a different tax return. You can just put it on my 'regular' return." I'm so glad to have competent, well-informed, forward-thinking clients!

I'm treasurer of my Church (just started my term this year). Yesterday, the business administrator told me that the reason payroll is always so last minute (which affects ME) is because of one person who has to be begged for her time sheet every pay period. I just sent an email to all employees letting them know that anyone whose time sheet is not received by the close of business on the ___ and ___ days of the month will not be paid until the next regular cycle payday, assuming by then the time sheet is in order. NO exceptions. We'll see what happens. DON'T mess with me in March.

I can't really think of anything I dislike more than Form 8283, except maybe my ex-wife-in-law.

Do you have the paperwork he received when the transaction actually occurred, in addition to the year-end documents? I always go through those statements, which hopefully will allow you to tie the number of shares executed/price to the W2 amount and the 1099-B. Best I got.

I need an attitude adjustment. Every time one of my staff members speaks to me, I just want to scream 'be silent'. I started the morning with an 8283 because the client had enough $25 and $11 contributions (not exaggerating) to exceed the $500 threshold. Maybe I should start charging $500 for every 8283 I complete. That will teach people to think of others! Seriously . . . de minimis of $5,000 for depreciation, and $500 for old clothes to the good will? Aaaargh. Can I lease a bit of space on Rita's South 40? I'm going to need a place to 'store people' very shortly. Is it just me, or is anyone else the Bluebird of Happiness today?

Did you click 'apply' and then 'ok'? I found that I have to click both, and then the *$@&$( went away.

I agree, Jack. I was just trying to back-up my reply related to the argument about whether the guarantor was actually liable for the tax. There seems to be disagreement on that front.

From IRS instructions for form 1099-C, page 5. 7. Guarantor or surety. You are not required to file Form 1099-C for a guarantor or surety. A guarantor is not a debtor for purposes of filing Form 1099-C even if demand for payment is made to the guarantor. https://www.irs.gov/pub/irs-pdf/i1099ac.pdf

Read the treasury reg posted by the OP and the actual instructions for filing form 1099-C. It is unlikely that the guarantor is liable for tax on the debt as he did not receive the benefit of the loan. It doesn't matter that he was a guarantor. Agree with Max W, but I would still try to get the 1099 corrected with the lender.

I think your client should contact the lender and request a corrected 1099 be filed. Your client didn't benefit from the loan money, so it shouldn't be taxable given that is forgiven (as you point out and reference Treas Reg re: the same), but I don't know that you can fix it on a 982. You can point the lender toward the 1099-A/1099-C instructions, number 7 under the exceptions. This will likely be a pain, but I'm not sure the 982 will solve the problem.

Thanks! Does anyone who uses the reader know whether it can show a customer balance (if you are not at the desktop), or whether it just takes cards like Square does and downloads to QB?

Does anyone take CC through the QB processing system (or do any of your clients)? Are you pleased with the way it works? Are you able to call the invoice up on the card reader if you are not at your computer, or do you have to be at the desktop to call up the invoice? Thanks much!

Thanks much. I get nervous when I don't see peeps.

Miss both of them.

In the same place where you turn off those annoying blue triangles that pop up tons of unwanted information every time you mouse over them.

I am talking about adding back the scholarship or pell grant income, which exceeds the tuition amount at least as it is reported on the 1098-T, so that the AOTC can be claimed. Your OP discusses parents taking the AOTC.