taxxcpa

I created an excel program to calculate pay. Enter hours and minutes, then the program converts the minutes to percentage of an hour; e.g. 15 seconds = 25%.  Any hours in excess of 40 is entered under overtime hours and minutes with minutes converted to decimal.  Regular and overtime pay are calculated by the program and added to get total gross pay.  The program also calculates SS and MCare to be withheld.  Income tax is entered manually, then the program calculates gross pay, withholding and net pay for each employee and calculates the total for all employees for that pay period.

Did he really "learn" that she underreported her income, or just suspect It?

It might be possible to have a rate-per-form that could be used, but some schedules might take five minutes for Client A, but take 30 minutes for client B.  A fixed rate per hour seems more reasonable, but the rate would need to vary based on the ability of the employee.

It mentions a tax "return" not a "refund."  Also the "return" is in USD rather than pesos or Euros, since, otherwise, you might wonder what currency the IRS was going to pay you in.

I get a sneaking suspicion the IRS must have outsourced some work to Afganistan.

Until I read that Air Force regulation, I had never realized that it rolled better if hung as illustrated in the first picture.

Proper hanging of toilet paper was almost as important as saluting and saying "sir."

When I was in the Air Force, we had a regulation explaining how to hang toilet paper.

However, I don't believe anyone was ever court marshaled for hanging it incorrectly.

I don't see how this would stop people from having a joint account with a tax preparer.  But even if it did, the client could give the preparer his account information and log-in codes, then the preparer could transfer part of the money to his own, separate accouint.

One of my clients once had something on their income statement called miscellaneous for about $10,000.  I questioned it and one of the employees said, "That's a lot of miscellaneous."  I finally got them to explain it and reclassify it to something less suspicious.

When I worked for the Air Force, some defense contractors would hide their liquor bills under miscellaneous.

I've used miscellaneous a few times for very small amounts.

I joined Linkedin hoping to track down some former co-workers.  Found one that I worked closely with and one who remembered me, but I didn't remember him.  About two years ago, I invited one person I remembered as one of the best accountants, but she didn't respond until just a few days ago.

The problem with Linkedin is that it is primarily a tool for people looking for a job.  I get recruiters who try to connect with me, but I don't accept their invitations.

I probably should delete my account since i see very little benefit from itl

You have the case of the preparer and this one. Words are stronger that actions, correct?

Man Convicted of Threatening to Kill IRS Agent and His Family

Providence, R.I. (May 27, 2014)

By Michael Cohn, Editor-in-Chief, AccountingToday.com

A Rhode Island man has been convicted of threatening to assault and murder an Internal Revenue Service revenue agent and his family.

Is that a crime or was he performing a public service?

Try this one:

Amid the mists and coldest frosts, I thrust my fists against the posts and still insist I see the ghosts.

The EIC should NOT be part of a tax return. The EIC should have been a function of welfare agencies.

Absolutely right. People who really need financial help gain little by just a once-a-year windfall that they spend the first month and then have to look elsewhere for help.

It is a big incentive to work in the underground economy and/or to file fraudulent claims.

Drake provides a forms-based method. You click on the relevant 1040 line number and it jumps you to the appropriate input screen.

After you become more familiar with the input screens, you tend to use the forms-based mode only for a few forms or schedules that you do seldom use. I still occasionally use the forms-based mode even after using Drake for about seven years, but for most returns it is no longer necessary.

The parent can withdraw the money, but it is still the child's money. The withdrawal may involve the sale of a mutual fund or stock which would result in a capital gain by the child.

If I were in her position, I would report all of the income on my return, then take the after-tax balance attributable to the ORRI and split it with the parent but in increments to preclude a gift tax if giving it all in a single year triggered the gift tax.

Don't forget to take the depletion on GROSS royalty, not net of severence tax, ad valorem taxes, gathering, compression and marketing cost deductions.

Whether a client has a good reason or not, if he wants to switch to someone else, I don't agonize over it and I don't do follow-ups to try to lure him back.

With e-filing, my rule is, "If at first you don't succeed, give up!"

Very few get rejected, but if there is not a quick and easy fix for a reject, I paper-file.

I notice that K-1s from MLPs tell you that you can import the K-1 information into Turbo Tax. Apparently this is something Tax Act and other DIY software does not do.

This is somewhat similar to including advertisements with W-2s. It would tend to make you less likely to buy anything other than Turbo Tax.

Here is an example that illustrates why you can't take it:

You bill $2,000,000 and only have $100,000 in expense.

Half fail to pay so you deduct $1,000,000

So you now have a net taxable loss of $ 100,000 yet have $900,000 more than you had before.

I avoid that problem since almost all of my clients fax, mail or e-mail their tax documents or just drop them off and leave without spending a lot of time with me.

Before I started e-filing 1099s, I had to tell the clients where to mail them.

I had a C Corp return rejected recently. A few days later it was approved even though I had made no changes and had NOT re-submitted it.

The rejection was due to a "zip archive" mismatch which made no sense to me and I gave up and told the shareholders to set up an EFTPS account and paper-file the return. Then when it was accepted, I had to call the client and tell them that the e-filing was now approved and, since it included having their bank drafted for the tax due, they should not pay it with EFTPS or it would be double-paid.

I usually have the opposite situation. For someone I might do it at no charge, I make some kind of small charge so they won't think they are a charity case. If I only charge them $40 or $50 for a $200 return, they think that is my usual fee and don't feel embarrassed.

An architect, an artist and an accountant were discussing whether it was better to spend time with the wife or a mistress. The architect said he enjoyed time with his wife, building a solid foundation for an enduring relationship. The artist said he enjoyed time with his mistress, because of the passion and mystery he found there. The accountant said, "I like both." "Both?" The accountant replied "Yeah. If you have a wife and a mistress, they will each assume you are spending time with the other woman, and you can go to the office and get some work done."