GeneInAlabama

Thanks everyone. Birthdays get kind of old after a while. This is my 74th.

The post office in my town announced a day or two ago that they won't be open until midnight this year. They will close at their normal time.

I just had a new client come in. Took every bit of two minutes to file an extension for him.

Yeah, I guess so. But I was ALMOST right. Does that count for anything? I checked the instructions and found that everyone else was right and I was wrong. Kind of humbling, but I hope it isn't the last time I'm wrong. I hope I live a whole lot longer than that.

>>Really?? Since when?? Where'd you see that?? << Starting last year. Partnership returns are due on 3-15-10. Sure makes it a lot easier for preparing the personal returns for the partners.

I LOVE extensions. Takes a lot of stress out of tax season and spreads work out over a much longer period of time. I have many of my clients pretty well trained to expect and appreciate extensions. I had a massive heart attack and spent 3 weeks in ICU almost 2 years ago. I have learned to not let stress get to me, although there were a couple of days last week where I began to feel a litle pushed. WE DO NOT HAVE TO HAVE STRESS! It's not worth it.

I told my cousin that he could deduct his parrot if he could get a social security number for him, so I don't see why you can't deduct "Old Blue". Go for it!

I would think the TRX forum would be THE place to discuss whatever software TRX sells, whether it be Tax Works or some other program they might sell later. We don't need to cluter up the community with too many forums.

I have been using ATX since 1993. The first year I used it, I had to have Microsoft Excel for the program to work on and had to use overlays to print the return. Since that time, the program has grown tremendously in function and price. I think the price for ATX is very reasonable; however, since I usually do a little less than 100 returns a year, I am very tempted to go to TRX next year. $300 a year guaranteed for life for a program that apparently offers so much is hard to ignore. I received the demo program the other day and intend to test it out very soon. Some are a little leery about the company due to some underhanded actions on their part, but I have a LOT more confidence in them than I do in CCH. ATX was a great company before they sold out. As for usisng this board, I fully agree with JRS. Most of the questions are concerning tax, not software, and there is a forum on TRX on this community. I feel that this community is very valuable no matter what software we use.

The information they put out says that the program also includs client write-up and payroll. Does anyone know anything about that. The package seems to have a LOT of stuff in it.

To ease the minds of my clients, I tell them that I ALWAYS file an extension on my own return. I really don't have time to file my own before April 15th.

I THINK there is some kind of credit available if you hire a disabled person under certain conditions. I don't think it applies to someone already working for you.

Unless I am misunderstanding your question, you can just go to the page you want to print and click on the print page button rather than the print button. It is just to the right of the print button.

What is the maximum penalty? 25%? Even if it is 100%, that would only be four cents, for a maximum of eight cents including the tax. How much would the interest be for four years? Let's be really generous and say one dollar. How could that ever reach the amount of $206? Sounds like someone is really trying to make the IRS look bad, but they don't need our help. They can look bad all by themselves without our help.

How can someone owe four cents in tax when we round off to the nearest dollar?

Sounds like business miles to me. I wouldn't think that the standard meal allowance would include the expense of going after the food. If I'm wrong, I would let the auditor tell me at the time of the audit. After all, we aren't talking big bucks here.

I think that if a child is alive at any time during the year you show 12 as the number of monthes living with you, same as a birth. I don't believe that it is necessary to show a date of death, just next year you don't claim the dependent. As for the donated sick time, I believe that would just be shown on line 21. I don't believe you can show it as a gift. (At least, the client is not having to pay SS or SE tax on the income).

Thank OldJack. I just found out that the reason he is planning on selling is that he has just turned 62 and is applying for social security. A representative from the Social Security office told him he "needed" to sell the business and that he should not turn it over to his wife. I don't know the ethics of continuing a business and not drawing a salary from it for social security purposes. I would like to hear some comments on that. I didn't draw social security until I reached full retirement age. One of my clients told me that his lawyer told him he could transfer the business to his wife and work for her for "love and adoreation". I had another client retire early and he was told by Social Security that he could only work something like 10 hours a MONTH at the business. I don't remember the exact number of hours, but it wasn't many. I had another client that gave all his stock in his S Corp to his wife and continued to work for a small salary and the Social Security office seemed OK with that. I wonder if there is a hard and fast rule regarding working at your business after taking an early retirement. Anyway, I recommended that the client talk with his lawyer on that.

Rita, you made my day. It's been a looong time since I have been called sonny.

>>cause the very first one I did 100 years ago, IRS missed it<< WOW Rita! I didn't realize you were that old. Please be careful the rest of tax season and don't overdo. Stop and rest often.

Thanks Gailtaxed. I hadn't considered that aspect. I will certainly mention that option to him.

Thanks Taxbilly. You are right. Divorce can be a very nasty thing. I'm going to give him the options but suggest that he give his wife (not the son's wife) half the stock and then each of them give the son $13,000 worth of the stock each year until it is all transferred and not involve anyone else. I will also suggest that he might want to keep some of the stock for retirement.

Thanks TaxmannEA. That's what I needed to know. You and PapaJoe have got me on the right track.

Thanks PapaJoe. I was hung up on basis rather than fair market value. Thanks for clarifing that. Since the husband owns 100% of the stock, can he give his wife $13,000 of the stock each year and she in turn give it to the son? I don't know if the son has been married long enough for the parents to consider also giving stock to the daughter-in-law. The son has been married for about 5 or 6 years and she seems very nice, but...

Bump