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Terry D

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  1. I agree with cbslee to use a common sense approach. it is difficult to tell who uses the most electricity; etc. Personally, I would average the cost between the cabins and subtract out 1/10 of the expenses. Absolutely keep a separate spreadsheet for depreciation of each cabin and it's contents. This will enable you to properly capitalize any improvement costs. With that said, was the purchase all inclusive or were each cabin have it's own acquisition cost? Again, if all were the same or relatively similar size, cost averaging and subtracting out the 1/10 might be the way to go.
  2. Looking at different ways for taxpayers and myself to sign any and all tax forms that are "legal signatures". What legally takes the place of a "wet signature". I'm curious about such items as disclosure consent forms, 2848, 8821 and of course form 8879. We are required by law to provide the client with a "signed" copy of the return. Prior to all of the technology, I used to sign the forms in the presence of the client. How are you doing this? I can use the rubber stamp feature in Drake to do so which is a replica of my "real" signature. Personally, I don't like computer generated signatures. Is docusign the way to go? I recently sold my home and purchased a new home. Only certain documents requiring notarization were wet signed. During the process how was it known that I actually signed the forms and that it wasn't someone else? I know most electronic signature software requires some form of identification or goes through an identify verification but still wondering. Another issue, my elderly clients who have difficulty with technology. I know we could tell the client to print, sign, scan and return it but not everyone has those capabilities. I'm wondering about all of this cause I moved my home and office to another state and am attempting to meet with my established clients remotely. Looing for opinions.
  3. >>>>>> 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 create the secure online account but their credit is frozen so the ID cannot be proven? One thought, my wife's credit is not frozen and of course, we file MFJ. That might be my only option until I can get through the PPL. Thanks for all of the suggestions and allowing me to vent a little.
  4. 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 on a deadline and a response is due by July 1. I have prepared a statement of response to the CP2000, will get the client to sign it and fax it to the number on the CP2000. Any other suggestions with this one? Problem number 2. The IRS claims my client received both stimulus payments. I had them gather their bank account statements. The first payment was received via direct deposit. They have not received the 2nd payment. No checks received and no direct deposits. I have their bank statements from Jan 1 thru April 30 and no deposits from the Department of The Treasury. Called the numbers on the notice CP12 and get the same crappy message. Mind you I start calling at 7:00 am, and fail to understand how they're too busy first thing. I think this is a BS routine to not answer the phone. I tried calling Friday and forgot about the new Juneteenth holiday. Different message. Anyone have any other numbers inside the IRS that can be used. I have a few clients, including me, that has not received any stimulus payments and as far as I know, my return for 2019 has not been processed. I have two clients who have not received their 2019 refunds. I wonder if any of the field offices near me are open for walk-in service. Any other suggestions?
  5. 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.
  6. 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 that is by far easier than scrolling through the codes looking for the one that is a match.
  7. 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.
  8. 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?
  9. 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.
  10. 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.
  11. 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.
  12. 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 insightful conversation about this.
  13. 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 not be too bad. There are years where only one worked. That may be a little more expensive year. This is indeed a summer project for me. Client agreed to file 2020 separately or HOH for each and which ever status returns the best outcome for both. Then I'll tackle this mess.
  14. Thankyou, those were my thoughts as well. I did question capitalizing it but agree there is no need.
  15. 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"
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