taxxcpa

How much did your Viagra cost?

The best person to call at 3:00 A.M. is Hillary Clinton.

There ARE discounts if gross income is less than a threshhold. The discount phases out in increments. If you are getting a discount and the gross revenue is over $1 million, then there is an error in the software.

You're right. Major oil companies have reservoir engineers who estimate recoverable reserves. If the wells don't have enough gas pressure to produce without pumping, that might be a sign that future production is limited. Another option that I used to use in making audit claims based on estimates is the SWAG factor (Scientific Wild A$$ Guess). If the investor has access to Dwights reports (if they still exist), that might give some kind of clue. There might also be information available from the RR Commission if it is in Texas or the equivalent agency in whatever state the procuction is located in. If the wells are joint interest properties and your client does not operate the wells, then he might get something from the operator.

If you used Drake software, you could have obtained the following--but it may not be much helpo if you don't have recoverable reserve data. This deduction is based on the property's adjusted basis, the number of recoverable units of mineral at the beginning of the year and the number of units sold or for which payment is received during the year. ( Reg § 1.611-2(a) ) An elective safe harbor may be used to determine recoverable oil and gas reserves. FTC ¶ N-2255.2 ; Tax Desk ¶ 270,701 Taxpayer's total cost depletion deductions can't exceed his basis for the mineral property. FTC ¶ N-2250 et seq.; USTR ¶ 6114.020 et seq.; Tax Desk ¶ 270,701 Basis for cost depletion and gain or loss is its cost or other basis plus or minus basis adjustments. ( Code Sec. 612 ) It doesn't include the basis of nonmineral property, such as amounts recoverable through depreciation, or the residual value of land and improvements at the end of operations. ( Reg § 1.612-1((1) ) FTC ¶ N-3000 et seq.; USTR ¶ 6124 , USTR ¶ 6124.001 ; Tax Desk ¶ 270,703 Additional basis adjustments also apply to natural resources. ( Code Sec. 1016(a) )

My opinion is that you file Form 1310 always whether the court order is required or not. I had always used 1310 for deceased taxpayers, but the other day I filled it out and it did not show up in the computer output. Finally I realized the reason: there was no refund--there was a balance due. The IRS isn't too fussy about who pays the tax due--but wants evidence for refunds.

I have a suggestion. If you see their number on the caller ID, answer, "Internal Revnue Service- Fraud Division, this is Agent Eliot Spitzer."

I am a former user of ATX and I got the same postcard from ATX. I'm not sure what they may send people who have never used either of their programs--but probably Tax Wise.

Here is the link to the CCH message board. It has been 'under construction' for several months now, and may be up and running any year now. http://tax.cchgroup.com/Community/default

Are you saying I shouldn't have taken standard mileage on my yacht and my private jet?

That would certainly help reduce the need for technical support calls. Betty Sue can take care of the easy questions and Jerome can handle the more difficult ones.

You can take them all at once if you have a year with a lot of gains that will absorb the losses. There is no other way apparently.

An alternative plural form of you is 'you-uns.' This has the same meaning as 'yous' in Noo Yawk City.

I could see it coming so I switched to Drake. Yesterday I tried to efile some 1099s and they failed to upload to the IRS. I posted a message on the Drake Forum and in about an hour Debbie Land, a Drake employee, responded and told me two possible reasons. One reason, the culprit, was something in my start-up tray that I had just recently added. I deleted it and re-tried the efiling and it went through OK. My point is that most software packages do not have the kind of support you get with Drake which probably has the best in the business. However, many ATXers would probably be uncomfortable with the Drake method of input which takes a while to learn. Some input methods seem pretty strange and misleading to me until I figure it out by trial and error or by making inquiries.

I just checked and found the NM return I submitted had been accepted. So it looks like nothing more than being a federal e-filer is required.

I recently had a NM resident return and posted a question on the Drake software forum asking if I needed anything other than a Federal EFIN. The Drake State software representative said all I needed was the Fed EFIN, so I submitted it. I had never tried to efile a state return before. Hope it works OK.

It is a big gamble. I had a house I tried to sell and had hardly any lookers and no offers. Then a couple of months ago I put it up for rent and it was rented a week later. And I had other people who wanted to rent it after I had agreed to lease it to the first one who offered to rent it. In today's market, selling is very difficult since prices are dropping, mortgages are harder to get and foreclosures are available at depressed prices that you would have to compete with.

I agree. We should not charge more than a token fee. However, be prepared for some of us old geezerw who like to talk and might take a lot more time than the few minutes it takes to prepare the return.

After the tax season almost every software company offers a free trial for prospective customers. I got free trial versions of TaxAct, Drake, LaCerte, TaxPro and TaxSlayer a few years ago and tried doing a difficult return on all of them. TaxAct, LaCerte and TaxPro handled that situation the best.

A guy I know,an attorney, ran for JP and went on the highway wearing an Uncle Sam suit during his campaign. He was defeated by a non-attorney.

For payroll why not use Drake's CWU. I switched from using Medlin to CWU and found it an excellent way to handle payroll, including 941s, W-2s, 940s and all that jazz

There won't be any mismatch if you report the gross and deduct the unpaid amount on the 1099. The IRS only matches gross. Of course the return could be audited and questioned, but it would not be an automatic inquiry like you would get if you reported a lower gross amount.

Send an e-mail to Tim in Canada [email protected] I had a question last year about a Canadian income item and he explained it to me.

The client is always right.

My doctor told me to quit drinking. He said liquor has killed more men than bullets. I told him that I would rather be full of liquor than full of bullets.