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Terry D

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About Terry D

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  1. I never said I wanted them to bend any rules. All I asked about was after the fact payroll entry and if their software provided a means to do so. The response was uncalled for and entering after the fact payroll is certainly not bending any rules and had nothing to do with whether my friend/client had any prior knowledge of payroll functions which they did.
  2. I have been running Drake Accounting for the last year. I have two different payroll clients and have done live payroll consistently without any problems at all. I have filed all quarterly tax forms. I don't think there is a way to connect Drake to EFTPS and if there is, I might be a bit concerned. As long as I have been using EFTPS myself I have no problems. Nothing is late and everything reconciles. Recently, I started using the batch feature. Seems to work just fine. Also, I use Kotopay for the direct deposits. I must say that is functioning flawlessly. I do think there are some areas that need some improvement. I don't care for this as an accounting program. I don't like the vendor or customer setup. I renewed again for next year simply because you can't beat the price as a bundle pricing. I did use Medline a number of years ago and no Medlin doesn't efile any forms. Also, I recommended Medlin to a friend of mine who did not get good support. Couldn't call and all you could do was leave an email. That is a bit discouraging. I was in the middle of that mix and one of the responses from Medlin was if my client did not know what they were doing then they shouldn't be doing payroll. All I wanted to know was if they had a way to simply after the fact payroll to match records. Again, disappointing.
  3. I have to jump in this thread. I too made the switch but not until 2015 and don't regret it one bit. Also, Drake has not increased prices since I have been with them and the early discount is awesome. Already renewed again this year before May 31 to save the 400.00.
  4. Terry D

    Extra asset

    As others have said, the 3115 with a section 481 adjustment will do the correction with the benefit of a four year forward window to spread out the payback.
  5. Terry D

    ATX Renewal

    I filed a 2017 tax return using Drake and no problems at all. Like others in this thread, I switched to Drake four years ago and have never been sorry.
  6. I'm going to chime in here. The privacy issue is moot to me. The taxpayer keeps the worksheets and does not submit them to his/her employer. Number 3 below may ease the pain for current employees. However, for new hires, this will be a challenge. Due to the TCJA, a lot of folks can't itemize any more. The multiply jobs is an issue to me. I'll have to read further but two spouses, deduction amounts on the higher paying job, what does the lower pay spouse do?? . Why redesign Form W-4? The new design reduces the form’s complexity and increases the transparency and accuracy of the withholding system. While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees. 2. What happened to withholding allowances? Allowances are no longer used for the redesigned Form W-4 to increase transparency, simplicity, and accuracy. In the past, the value of a withholding allowance was tied to the amount of the personal exemption. Due to changes in law, currently you cannot claim personal exemptions or dependency exemptions. 3. Are all employees required to submit a new Form W-4? No. Employees who have submitted Form W-4 in any year before 2020 are not required to submit a new form merely because of the redesign. Employers will continue to compute withholding based on the information from the employee’s most recently submitted Form W-4.
  7. I got to agree with Jack. You co-signed the loan your stuck. Same as any other loan that you would co-sign. From your post "The lender has indicated that because the amount of the forgiven debt is over $10,000, they report it to the IRS as income under all social security numbers involved in the loan." I also agree with the ex having to pay half regardless of what method you use to make that happen.
  8. Wouldn't these items fall under the percentage of the space used as an indirect expense? I think the 39 years is a stretch. I have never seen an HVAC unit last that long. Not sure about the life of a whole house generator. I say 10 years is best for the HVAC.
  9. Tom, I completely understand your frustration. I hope you or your client mailed the offer via certified mail with a return receipt. Underfunded and understaffed is no excuse for incompetence. It goes beyond comprehension as to how and why the IRS and some States loose documents or claim they never got them. I recently resolved and issue with NC where they claim a form was not included in the return. Totally impossible and I guess it fell off of some examiners desk. But.... they are never wrong and it is always what we or the taxpayer failed to do. Hang in there!
  10. Client's spouse works in health care. She works temporarily in California. She does share an apartment with another nurse and pays rent while she is in California. Her residence has been and still is in NC. She does come home to be with her husband frequently. I am waiting for her to tell me the number of days she spends in CA as well as if this is will continue to be a temporary assignment or permanent one. She does not qualify for any of the 2106 expenses due to the TCJA. but I don't know how important it maybe to establish a tax home. I just need to know why type of CA return to file. Her employer withholds CA income taxes so my first instinct is to file a CA non-resident return to be able to take the credit for taxes paid to another on the NC return. She does file jointly with her spouse who is the main taxpayer. Any help or guidance here is appreciated.
  11. My question as well, if this was, is or is being considered a Ponzi scheme. If so, there is a way to recover the loss.
  12. Yes, I've noticed that at times, the simplified method is best.
  13. No offense taken. Yes, our police officers deserve more than they currently receive. I have a lot of friends who are police officers and quite frankly, at least three in my client base. One is on bicycle patrol and checks on my office frequently. That is irreplaceable. On another note, and as with any profession, folks who are not in the trenches normally can't appreciate what all is involved in doing a particular job. Just like us, some folks don't have any idea what it takes to be a professional tax preparer. The last nonsense I heard was that only took you half an hour to prepare and you charge what????
  14. Anyone have any insight regarding the renewal of the PMI insurance deduction. My efforts have returned still expired.
  15. Thanks, I did take the expenses except the hair cuts and the gym. I'm still on the fence with the gym Physical fitness is a requirement of the job. I'm looking for a reference or something to support this. I did expense the mower as well and did as Abby said, divided it three ways. BTW- I am a teacher and yes, I do take the 250 deduction. Also, I spend quite a bit more than 250.00 per year providing for my students in one form or other. Some kids take field trips with me that have no funds to buy breakfast, lunch; etc. I fund those all of the time. I purchase technology items to use in the classroom. I teach automotive technology and have purchased many parts to help a kid out. Yes, I keep receipts. Yes, my heart goes out to law enforcement. They are seriously under paid for what they do. Teachers do not have cushy jobs. Most say we whine and get paid all summer to stay home. That is as far from the truth as it gets. I am a 10 month employee and am unemployed for two months each year. No, I cannot collect unemployment for those two months. While the summer is supposed to be leisure time, I spend a good amount of that time at training seminars and taking my kids to contests after school all without pay. Oh year those holidays, the majority of the time is spent working. Eight hour days??? Not hardly. Trust me, the $250.00 is an insult. I am considered a veteran teacher here in NC. With that status, I have not gotten any significant raise since 2007 when we had to give some of our salary back to the State. Younger teachers and teachers with less than 6 years experience have received the highest percentage of the increases given by the State. Veteran teachers have not receive any more than 1% and in some cases nothing at all. This is why most, if not all, teachers work two jobs. I have worked two jobs my entire career plus this tax business for the last 22 years. I am happily retiring from teaching in two years. My response is to not take anything away from law enforcement. They put their life on the line every day and I can't imagine going to work and wondering if I will be coming home at the end of the day. Yes, they have crappy hours too and deserve so much more.
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