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About Pacun

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    ATX Supreme Guru

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  1. Pacun

    Canadian Tax question

    If I understand it correctly, Canada has a social security system and in addition they have a pension that people get when they get old. So, if you qualify for one when you retire, most likely you will get both. Again, I am not 100% sure but you report one together with the US SS security benefits and the other on line 21 since ATX might not like you to enter pensions without entering the pension forms.
  2. Pacun

    Dell Computers - Good Bad or Indiferent

    I used to build computers thinking that it would be easier to replace parts, but DELL made me change my mind for two reasons: 1.- I cannot build a computer and spend less than the price DELL charges. 2. DELL has a next day service for 3 years free on most purchases and you can add warranty to 5 or 7 years if you want for an additional (reasonable) fee. In your case, DELL would replace the power supply and MOBO the next business day. AND it would be harder for me to find a similar MOBO vs DELL finding a MOBO that will not need any drivers when replaced.
  3. Pacun

    Vehicle Donation of $5k+

    Nothing wrong with donating a car and cash at the same time. The church will give you two different receipts and they are not related to each other. Once you give money to the church, it is unconditional and you no longer have control over that money, if they church decides to give it to the pastor or fix the car is beyond your control.
  4. Pacun

    Vehicle Donation of $5k+

    In the future, if your client donates a car worth it $4K, and then pays the mechanic $1k+, please don't pay the mechanic but rather make the check to the non profit and have the non profit pay the mechanic.
  5. Pacun

    Proof of 1099-MISC payments

    You need proof EVEN when the person reported the income on his 1040!!! Remember that auditors DO NOT have access to all filings... they only get access to the account they are auditing so they don't know if the person reported the income or not when they are auditing your client's return.
  6. Pacun

    Power of Attorney

    What services is he providing to the parents?
  7. Pacun

    Question for the IT guru's

    I love the type of statement that I am going to make. When the encryption software says that it is going to encrypt only data, it means it will encrypt the programs and data. I know that statement will have some reactions... but c'est la vie!!! ILLMAS, you can encrypt the whole "container" and that's called "whole hard drive encryption". Each time before the computer access the hard drive, you will enter a PIN. Once you have entered the PIN, the hard drive is wide open and it is business as normal, except that the data you will be saving will encrypted because you will be saving it on an encrypted Hard drive. So having your hard drive encrypted, will not interfere with your programs because your programs will be active on a wide open hard drive like right now that your don't have an encryption software. This is what encryption is: It seals the hard drive and also some of them move the master boot record. Since you have the hard drive without encryption, if someone steals your hard drive or computer, they could easily be put on another computer as a second hard drive and they can see all your data. If they steal your whole computer, they have two ways of getting to your data, one is by using a program and getting either an account created on your OS or by changing the admin password on your OS, the other is by putting your hard drive on another computer as a second hard drive. If you encrypt the hard drive, they will be able to format your hard drive but they will not be able to see your data. Please encrypt using bitlocker since it is built-in on Win 7 and up as long as you don't your home edition. Save the recovery key dearly because if you forget your PIN or if your computer doesn't boot up, you will NEED IT BADLY.
  8. Pacun

    Estate and unclaimed property

    I guess it is too late to donate that money to the PACUN foundation vs giving it to the IRS. The first thing I would do is to file Form 4506T option 8 and maybe ALSO request a copy of any tax returns available from the IRS. Let's say that those dividends were split in 10 years, maybe that money was available for deceased and therefore you will have to file 10 years of taxes for 10K each year. That will increase your fee and reduce their taxes. Remember the doctrine of constructive receipt.
  9. Pacun

    CPE recommendation?

    When I go to live seminaries, the first thing I do is to find out what's for lunch while I get some coffee and "continental" breakfast. The next thing I remember is that I am sleeping after drinking my coffee. Then it is lunch time, I normally eat a lot so a nap is in order. After my nap, I go and sign my name on the attendance list and voila... the organizers are happy because they got my money, I am happy that I got 8 CPE credits and the IRS is happy because I am studying. I guess I agree with Jack, seminaries make everybody happy. I know Jack... I should request a refund because I didn't learn anything... but then again, why will I risk my 8 CPE credits? I have used www.webce.com/ (apluscpe.com) some years and some other years I have attended Bob Jennings of TaxSpeaker seminars, I have taken live seminars and on line courses from www.natptax.com and I have taken live courses from the Maryland Society of Accounting and Tax Professionals. All of them have some good stuff but Taxspeaker seminars are a bit expensive and again you will get 8 credits as long as you keep your chair warm.
  10. Pacun

    CPE recommendation?

    It seems that you can pay 50 cents per credit if you buy the membership and you study and pass 200 credits in 12 months. I wonder if I buy it now I can use the CPE for this year and the next. If that's possible, I will not join for a year and then I will join again. Max, do know you get news letter or any other live training opportunities from Sequoia?
  11. Pacun

    NT-Computer is messed up

    Going back to what Katherine suggested, this is what I do: I have a regular user account named admin and that's what I use for my daily work. Then I have an account called receptionist and another called user123 and those two accounts are admin accounts. If my profile is not working, then I log on as receptionist or user123 to fix any issues. I forgot to mention that a lot of corporations are using bitlocker which is built in encryption from Microsoft on versions other than home for Win7 and Win10
  12. Pacun

    Capital Gain/Loss or Wash

    I agree with your explanation and analogy.
  13. Pacun

    Capital Gain/Loss or Wash

    You are right. I was thinking about gifts. I have seen examples of stock and houses that get step-up basis. I have not seen income-producing items that get step-up basis. Which is interesting if I inherit the McDonalds corporation, will I inherit a bunch of restaurants or a bunch of stocks?
  14. Pacun

    Capital Gain/Loss or Wash

    You are right, when the transfer is from the dead to the Estate. But when the State passes the property, when the beneficiary sells the property, the basis for gain is the lower of cost or FMV. You still need the records from the deceased to calculate the gain. Again... this is from the top of my head.
  15. Pacun

    Capital Gain/Loss or Wash

    FMV is for the area where the item is... if I am not mistaken. If not, the IRS will say... I need appraisals from 3 different areas to come up with FMV. I want an appraisal for the area where the item is, and I want an appraisal of the FMV of that item in England and I want an appraisal of what that item would cost in China.