Pacun

They will design it as soon as there is a market for it. Don't you think casinos have a research and development department? Casinos don't let anything to chance.

"Main home exclusion" has nothing to do when you sell at a loss. Which one is it? Also, if he is insolvent, you can file form 982 for rental. How do you know he will get 1099-C this year?

You must be a tax preparer to think that way. When you die, do you care who will take your money? Do you really? In many instances, parents have distributed their wealth well before they die and have ended up without family, without money and other people end up helping them. Plus, when you are 84, you think you will live to 100, when you are 100, you think you will live to 110. (espacially if you just won the powerball).

They must deduct the repayments from the paychecks. The only time repayments don't come from paychecks is when the worker wants to pay off a loan in one payment. Everything is after tax as stated by Joan

I was hired by an "statutory employee" who makes 70K yearly to prepare her 2008 taxes. W-2 form had only box 1 filled out (no ss had been paid). I always ask for the previous years return and I noticed that all income was reported on line 7. She told me that she has gone to the same preparer for the past 5 years. I told her the consequences of her actions and I suggested to go back to the previous preparer if she wanted to amend. Without trashing the previous preparer, I did the work I was hired for and I prepared the 2008 return correctly with sch C for 70K without any deductions. All deductions were taken on form 2106 with the 2% floor. Ironically, in 2010, she got a letter from the IRS stating that she missed a W-2 for 70K. We sent a letter stating that it was reported on sch C and they close the case. If I am hired to prepare a return, my responsibility is to let them know of the consequenses of their previous actions. Technically, I don't even have to see the previous year's return because each year is different and each year you have to ask the same questions to verify the info.

You are right but if ATX wants to update its 2001 - 2008 software, in 2013, I don't want to install it. Antivirus (Symantec AV) has two kinds of updates, 64 bits and 32 bits. It will take more than a decade for them to stop providing 32bit updates. You update the definition file from USB or CD Roms from your well protected current computer. No need to be updated using the Internet. Did you know that you need antivirus because your computer is connected to a network, which includes the internet or because you insert any USB drive on your computer? Let me give you a perfect example. A married person does not need to use any protection with the spouse because there is no newtork involved.

I am planning to use my XP PRO SP3 machine for the next 10 years if necessary. I will never connect it to the a Network and I will never connect it to the Internet. Who said that a computer dies as soon as MS decides not to support the OS? There are two things that happens when MS stops support: 1.- If you computer breaks, you don't have support from MS at $300 per hour without warranty to fix your issue. 2.- No more updates for the OS. I have never used option one and option 2 is no problem if your computer is only on for a few hours a year and you don't network it or connect it to the internet. It is something like... in a closed mouth, no fly goes in (sorry for the literal translation).

Why will I mess with a computer that is working properly and try to remove 2001, 2002, 2003? People file taxes for the last 10 years or amend for many reasons, including immigration proceedings. It doesn't hurt if my archived computer has old programs.

I have ATX since 2001 and I use them from time to time. I have archived 2001 to 2008 by keeping my old computer with monitor in a dry, clean and easily accessible place... which next to my current computer. I normally keep back up of data on external hard drives.

Their website is not working properly. I get an error each time I request an ebook they offer or when I request additional info.

You have to allocate RE taxes and Mortgage interest between Sch A and E regardless of the results.

I am planning to go to the one in DC. I will stay in the Hotel so I am not late for clases but driving everyday is an option for me too.

I agree.. ATX solved so many issues this season that for the next 3 seasons only little maintenance will be required. I had no issues whatsoever this year, so I would go with an early renewal but I have not seen anything on the mail yet. I also said on another post that people who left ATX this year will be back in 2 years. Let's see what happens.

Well spoken and I agree with all of you, she doesn't qualify for AOC

I think they don't have any tax liability, so it is equal to nothing.

How do you know they didn't claim the credit for her? Did you interview the parents? Did you see the returns filed by the parents? You are correct. She already completed 4 years of college and she cannot take AOC.

Thank you for the congratulations. I didn't have any issues this year. We will be waiting for your return to ATX in a couple of years.

I also limit myself to amend or to let the TP know the consequences of his actions and go back to the job I was hired for, which was to prepare current year's tax return. I don't talk bad about the previous tax preparer and I expect other preparers don't talk bad about me because they were not present when I interviewed my client. In short, I agree with Jainin that unless you were a fly and you were present during the visit, you don't know the whole story.

There are many reports stating that EIC is abused each year... what do you do about that? Do you refuse to prepare returns with EIC?

Why don't we limit ourselves to prepare taxes, which is our area of expertise and let the homeland security use their expertise on those issues?

Thank you.

I thought so.

I would use the amount of the loans as the cost price and the FMV as the selling price. You have to dispossed of an asset on sch E which will be transferred to Sch D and other forms.

I called the practitioner's hot line and they wanted to transfer me to the 1-800-829-1040. I asked what the practitioners hotline was for and she said for account information.

Whoever has dealt with a TP who previously had an ITIN and now has a SS# will know what I mean by "his old SS#".