Lynn EA USTCP in Louisiana

If you are a CPA or Enrolled Agent you are exempt from this requirement.

For more information, visit the Dept. of Labor, Licensing & Regulation Web site.

Lynn

Lynn Jacobs, EA, FNTPI, NP

Enrolled Agent

Notary Public

Kenner, LA

Look at the 'Planner'. You'll have to add the tax rate on that form. Also see the 'Tax Summary'.

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

I got the email too. Not sure yet if I want to complete the survey.

It's a genuine email from the IRS. Over the weekend I received advance notification from the NOLA Stakeholder Liaison. I'm still deciding whether or not to participate.

Lynn

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

Turned it off and on again, and uninstalled printer and re-installed it to no avail. I'm pulling my hair out, AND I DON'T HAVE ANY TO SPARE

A guess - maybe you have to go to your printer's website and download updated print drivers to your new computer.

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

>>info he received when calling the IRS did not constitute substantial authority<<

While such a citation is not enough to support a position in tax court, it probably IS "substantial authority" for purposes of assessing penalties.

To Michael Mars - Actually, I placed the 'we can no longer serve as your accountant letter' in the clients' folder. But his parting comment was "I wish you had told me this a week ago; today's the deadline." (meaning 4/15). At that point I advised him the deadline this year was 4/18 not 4/15; I took his comment re wishing he'd known before 4/15 to mean that he'd have sought assistance elsewhere to amend the return. He repeatedly commented that 'his brother's accountant let him take the .....' so I presume he may have called the brother's accountant. If so, then good luck to them.

Lynn

I've told VERY few clients that Monday is the deadline, instead of today. This week has also been very busy in my office. But I expect tomorrow to be quiet - have one coming to pick up and another coming to do 2009 and 2010. By Monday AM I have to complete the sales tax returns for my monthly business clients; these returns are due by 4/20 so my assistant will deliver them Monday afternoon. Monday I have a couple coming in from PA who also think today's the deadline; I've already filed their extension and they're bringing me the balance of their 2010 information. Should be smooth sailing from here on out.

Lynn

Kenner, La

Yep, I had an old client who's going to be 'let go' too. He wanted me to amend his return for an unsupported position. I ignored his phone call for a day so that I could get myself calmed down. Today when he called I told him that his position lacked substantial authority, that the info he received when calling the IRS did not constitute substantial authority, and I was not willing to submit myself to possible sanctions, disbarment and a $5000 fine. While I know he doesn't agree with me he did appreciate my candor. Hope he goes elsewhere next year. I may just send him the 'you're fired letter' anyway.

Lynn

If you don't need to put it on a network, Medlin Accounting is a very good software for most instances for both accounting and payroll. It is very inexpensive and easy to use and is suitable for all use except very complex situations. You can check it out on www.medlin.com. I have been using Medlin for a number of years and the only complaint I have is not being able to use it on a network.

For Client Write Up I use Howell's software -www.howellsoftware.com ; it's very affordable, (NOT an Intuit product), and very user friendly. Tell Don Martin that I referred you.

Lynn

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

I give them a copy of the extension and the mailing address.

Lynn

IMO, how the BP (technically Gulf Oil Spill) $ is shown on the tax return depends on the reason for the claim. If it's for damages to property, then line 21, or schedule D, or decrease in basis (it depends). If it's for lost rental income, schedule E. If it's for lost W2 wages, line 21, not subject to SE income. If it's for lost self-employment income added to the schedule C as other income. I usually ask to see the paperwork filed and any documentation the client may have. I do not agree with the conclusion of the CPA firm which your son referred to. I do have some info distributed by the NO IRS liaison officer; if you'd like a copy just send me an email off-list - [email protected]

Lynn

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

If you have the CFS Tax Tools program there's a worksheet module for repossession of real property.

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

I'm in!

Well, you might want to come after me next. During tax season I usually go out of town for Mardi Gras. This year, the week before Mardi Gras I went to Arizona, riding my bicycle from Tucson to Wickenburg and back. It's been 7 days a week, 15 hour days ever since I got back, though.

Lynn

Extremely poor timing....I didn't have time to read the email let alone take time to renew! Way too much pressure from ATX!!!

I looked at my renewal quote. It included a renewal for my TaxScripts subscription, which doesn't renew until either December or January. I'm not about to pay for that renewal 8 months before it's due. I just paid for this year's renewal not too long ago.

I told them to revise the renewal quote; haven't heard back and doubt that I will.

What I do like is being assigned to a particular sales rep. That's the way Crosslink/Petz runs their business and it was a much more personal way to handle things. We'll see how this transition works out.

Lynn

Tax Sheltered Insurance Deductions

Google search engine

Lynn

Notary Public income is reported on line 21 with a notation. I believe the program is correctly rejecting the return.

Thanks, Pacun. I'll review that tomorrow when I return to the office. As you pointed out, it may well be a case of 'operator error'.

Lynn

I thought this issue was to have been solved with the 3/30 6 pm drain and update. But I'm still getting this reject code. Anyone else having the same issue?

Problem arises with 2 sch C for same t/p on the tax return - one schedule C is for EA activity and the other is for notary public activity which is exempt from SE tax. The SE health ins is established under the EA business.

Thanks, Lynn

Or claim the excess contribution on Line 69 of the 1040?

Catherine that's available only if there are more than one employer.

This client lives in NJ. Box 3 social security wages are OVER the soc sec limit of $106,800 by $225.00. The reconciliation for social security wages reflects

gross pay $113,089

less 401(k) n/a

less medical fsa ($1,000)

less other cafe 125 ($2574)

wages over limit ($2,490)

to yield Reported Soc Sec wages/W2 $107,025

I have an email to the client but wonder if ANYONE ELSE has ever seen something similar and could comment.

My turn to be 'brain dead'. Employer erred - employee should ask employer to refund the overwithheld soc sec taxes, all of $13.95.

No further responses required.

Thanks, Lynn

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

I've become brain-dead. I've got a fairly simple 1041. Pg 1 line 2a total ordinary dividends=5,125; line 4 capital gain (loss)= -3,000.

The question: Should the -3,000 from the Sch D (1041) be on the K-1 ? If so, where?

Thank you.

I've gone through decades of tax seasons, but I feel this has been the hardess one yet.

What 'little' I do know of 1041's is that the -3000 capital loss does NOT go on the k-1, EXCEPT if in the final year. Capital losses stay within the trust until it becomes final.

Lynn

Lynn Jacobs, EA, FNTPI, NP

Enrolled Agent

Notary Public

Kenner, LA

9 AM this morning received a phone call from a young lady from TRX asking if I was ready to renew for next year, locking in my $299 price for the $699 package. Deadline to renew is May (31st ? ).

Does she NOT know the date?

I told her that since the deadline to decide wasn't until May, then that's when I would make my decision.

Geez,

Lynn

I created one last evening and noticed the same thing. I transmitted it and just now pulled down the ack and both the fed and the state, neither of which had an assigned dcn, are showing as accepted.

Entity returns haven't been assigned DCN's; or if they are they are not printing on the 8879's. I think it's because they go through the MeF system and not the legacy system which uses DCN's.

Lynn

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

LLC is owned by 2 brothers, each brother owning 50%. LLC is taxed as a partnership, and the income is considered self-employment income of the owners. One of the wives is on the payroll of this company. Her wages are included in all the payroll filings and she receives a W-2 each year.

This company was randomly selected for audit by the Del Dept of Labor. Their only finding was to say that wife is not employed by the company. The dept adjusted the state unemployment filings by removing her wages. They cited Del law Title 19, sec 3302 11(C ). Sec 3302 pertains to unemployment compensation and 11 is part of the definitions. It is as follows:

11 - "Employment" does not include:

( C) Service performed by an individual in the employ of the individual's child or spouse and service performed by a child under the age of 18 in the employ of the child's father or mother.

What am I missing? Is she not considered an employee of this company?

She IS an employee, for all BUT unemployment purposes. Weren't her wages shown an exempt on the 940? Or was a 940 not even filed? In many states, the spouse of a schedule C owner, and apparently in your state the spouse of a partner, is exempt from state unemployment.

Lynn Jacobs, EA, FNTPI, NP

Kenner, La

fiscal year end 9/30 being done in the '09 program, can this still me efiled?

Yes, it may still be efiled. Entity returns may be efiled - current year, and prior 2 years.

Lynn

Lynn Jacobs, EA, FNTPI, NP

Kenner, La

New clients just left my office - moved to LA from Ohio in late Sept 2010.

W2's reflect W/H from OH, Village of Delta, Bryan, and Toledo.

What are the quirks to Ohio returns?

Thanks, Lynn

Lynn Jacobs, EA, FNTPI, NP

Kenner, LA

The only strange thing happening with me is when I'm editing the client's federal letter, which has 'this return will be e-filed' in the options box, it will all by itself remove that check-box, and revert to the 'mail' letter instructions. When I go back to the options box to again check 'this return will be e-filed' there's a red message that states something like 'this return was rejected - please fix the errors and try again'.

So I again check the e-file box and go back to editing my letter.

Very strange.

Lynn