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Terry D

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About Terry D

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    ATX Supreme Guru

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  1. >>>>>> I agree with Deb that a trace may need to be put on the payments if clients' accounts show they were paid.<<<<<<< How do you start this trace? My client in the second scenario has setup an account to obtain the transcripts and information. However, he screwed it up to where the passwords don't work and we cannot get in. I will ask to see if they may have received the debit card and didn't know what it was. This guy is pretty good with his banking and keeping track of it. Another scenario. What to do with a client (namely me) who wants to crea
  2. I need some suggestions from my friends here. I have two individual scenarios that I am working on. One the client may have failed to provide or did not receive some 1099R forms. They did receive a CP2000 from the IRS. I have gathered the appropriate POA and 8821, plus spoke with Fidelity and found some discrepancies. We're waiting on Fidelity to fax or mail the 1099-R forms. In the mean time, I'm trying to contact the IRS (PPL) and cannot get an answer. Always get the message due to high volume we cannot take your call and to call back tomorrow. This has been ongoing for months. My client is
  3. I think the two recommendations regarding speaking to the attorney who created the trust, and obtaining the trust instrument before you do anything are the best two answers in this case. Personally, I don't see how you can proceed until you do.
  4. I too made the switch to Drake after the 2012 debacle. Tried several other programs trying to save money. You get what you pay for. I just renewed Drake for next year. I use the Drake Accounting package as well and you just can't beat the price. Everything for $1345.00. If you purchase before May 31. Yes, it has a learning curve. Each year I learn more and become even more satisfied I made the switch. I agree with Max. Download a previous version of Drake for a test drive. I just learned yesterday that when completing a Sch C, Drake has a search function for finding the NAICS business code tha
  5. Thanks for all the replies. Gleim seems to be the best choice. Right now they are offering 20% off and the first 72 hours of CPE is included. So, Gleim it is.
  6. I looked for reviews of the PassKey courses and didn’t really find any. Pricing sounds good but is it comparable or close to Gleim?
  7. Now that I will be officially retired from my teaching job in two weeks, I have been looking into taking my tax practice to a higher level and seeking a EA recognition. Have been looking at Gleim and want to know what others think. Right now, they are offering 20% off the premier package which is a good deal. Opinions please.
  8. Catherine, When I used to visit my family in Stoughton, the Dunkin Doughnut ruled. They are better than Krispy Kreme. Now, here in the South, Krispy Kreme is king. But like you, I'll pass as well and they are less than 30 minutes away from me. Artery plugging death wad.
  9. It is strange the same rules apply to MFS and MFJ. I would definitely report the husband's unemployment compensation and let the program calculate the exclusion. Not sure what software you're using.
  10. The attorney fees in this case were approximately $1100.00. Not looking at the return at this moment. If the HUD pre-payment rules were not met, why did the court rule in my client's favor? i agree this all falls in a gray area. I am going to expense the fees as they are not a large amount. I don't know all the details surrounding the court ruling. I definitely agree this is not for maintaining the integrity of the rental property. But, it could fall under the course of normal business type expense. I am meeting with the client tomorrow to review the return so hopefully we can have some insigh
  11. I'm a bit confused here. I never suggested MFS. That simply cannot be. They have never been married so only options are single, HOH. I verified they have been together for 18 years and have never lived in another state. My only concern at this point is how many years to amend. IRS statute is 7 years to collect. All tax returns were filed on time, just used the wrong status. I am going to attempt a phone call to the IRS PPL for some guidance. Might be a stretch but I'm at least going to make the effort. I agree the HOH and Single deductions together is more than MFJ. Agree also, this might
  12. Thankyou, those were my thoughts as well. I did question capitalizing it but agree there is no need.
  13. Just to add, and I may have answered my own questions. I did find this on Freshbooks and will look further. Still not sure it it applies 100%. Apparently the guy who financed (seller) the property didn't want to give up the interest. "Legal fees linked to handling, protecting or maintaining income-producing property are usually tax deductible"
  14. Client purchased a home on an installment sale agreement (seller financed). Contract drawn up everything legitimate, all payments including interest paid on time. Client purchased this property and rented it out almost immediately, never lived in the property. Two years into the installment agreement, client wanted to payoff the contract. No early payment language or penalties. Owner who financed refused the payoff. In TY 2020 client hired an attorney and through the courts was able to pay off the property. Because this has been a rental, are the attorney fees deductible? Haven't done any res
  15. Correct. Cause if they did and it was in a state where common law marriage is legal, then they are off the hook. NC will accept that. Believe me I have covered everything I could with these folks. They are good people but were just miss-informed by their previous preparer. I don't like to say that but in this case, it is the truth. I mean, we all make mistakes right? According to this client he informed the prepared they were not married and they were told that they had kids together an lived together for so long it didn't matter. Unfortunately, that is wrong.
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