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Margaret CPA in OH

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About Margaret CPA in OH

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    ATX Supreme Guru

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    CPA with 28 years experience and MBA specializing in taxation including individual, corporate, and fiduciary; Master Scuba Diver Trainer; Emergency First Response Instructor Trainer; marathoner; singer

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  1. I think IRS supports only 2019 amended individual returns beginning Aug. 17 but not business returns. https://www.irs.gov/e-file-providers/modernized-e-file-mef-status
  2. grandmabee, can you tell whether a different 8879 is needed? Are the returns being held until Aug. 17 (per IRS opening day)?
  3. Perhaps he signed and mailed his client copies instead of the original red forms. One can hope. It has happened. Let us know the outcome of the employee's check. One would think that there would be something from IRS if there was reported wages and nothing to match with since they match pretty much everything.
  4. I'm waiting until after August 17 to even try. Lynn Jacobs kindly pointed out the date: https://www.irs.gov/e-file-providers/modernized-e-file-mef-status What is not clear is whether ATX can manage this and whether a different Form 8879 is required or if there are other issues to be addressed.
  5. It will be interesting to see the results of the employee's check. Is it possible that the client printed out all copies to provide needed copies to employees and maybe state and local agencies but actually filed through BSA or other online service to SSA? Was this client yours for 2015? If so, did you assist with 941's and year end reconciliations?
  6. I'm not sure of the timing here the way it is stated. But you might want to look at IRC Sec. 121. Short summary per QF "The individual must have owned and used the home as a principal residence for at least two out of the five years prior to the sale (the two years do not have to be consecutive)." Your phrase 'three years and two years ago and converted it..' are a bit confusing to me for the timing. And there would be recapture of depreciation taken.
  7. Well, I question odd amounts or expenses 'for clarification.' I do very few businesses now, just a handful of Sch. C's but when I did others, if the client survived my first tax prep year, I felt reasonably confident in subsequent years. I lost a few clients along the way and did not regret it. After all, I had to sign the return, too. When folks tried to claim deductions for 'bags' of used clothing, I refused to provide the value. I also would point out that the work valuing the donation could be a further contribution and ask about the true reason for the donation - charity or tax deduction? Typically the deduction would end up not being worth their valuable time to value it.
  8. Thanks for quick replies! I will stick with 1040X and ask the clients if they want to wait to e-file. It may take about the same amount of time waiting for ATX or for the mail to be processed. The refund is in excess of $6000. TT, for some reason, did not apply the Alt Min c/o but did let the client know this week that it wasn't applied and recommended amending the return. Good call! And I may have a new client now. Or not. She is a now retired doctor and had done a great job on her own for many years with a pretty complicated return.
  9. A client self-filed a 1040-SR with a few errors. I am preparing the amended return. I don't see that e-filing amended returns are ready for prime time as yet. The notice I read says this summer but no date. So is it live? If so, does ATX do it? Also, they filed a 1040-SR. For an amended return is it better/wiser to file amended SR or does a regular amended 1040 work fine? I've never used an SR and don't really see the difference. Thanks!
  10. Look at the Schedule EIC Questions, Step 5 #1. That should be Yes. You may have to jump to the last worksheet on the schedule or just scroll over to it past worksheet A, worksheet B, Investment inc. then Earned Income. #1 should be $30, 424 and #4 should be $30,424. When I tested this (my clergy client does not qualify so I input your numbers with 2 children), on the 1040, page 2, line 18a had a credit and 'Clergy' in small type next to it. No finagling required. Hope this helps!
  11. I charge by the hour as some forms take a very long time, some, not so much. Over 20+ years I have explained to clients that the better organized their data and documents, the less time it takes. I provide organizers to those who request them and to returning folks with rentals or Schedule C, the organizer pages showing the prior year figures. This helps prompt them to find that insurance figure or remember to list the new equipment that wasn't there last year. And if I have to email more than 2-3 times with questions or clarifications, I add on some time for that. Because every time I have to stop to get some reply and go back to the return often a day or more later, it takes a tad bit at least to reorient and is unproductive. Over the years returning clients either get better organized to reduce the bill, acknowledge and understand that 'I'm billing time,' or move along which is just fine with me. I want clients to be satisfied with my work and understand that I really care to do the best work I can taking the time necessary. I'm at about 50-60 long time clients, maybe one or two new ones annually, and we understand each other. I harbor no hard feelings for those who leave and have even pointed out to some that they have reached a point that going to the free help for elderly would be in their best interest. Others have told me that I am not allowed to retire. Well, I'll be 75 next year. My license is good for 2 more years. We shall see....
  12. I'm glad you shared this and more glad that you are safe. I suppose it is illegal and/or dangerous to ride in a towed vehicle but this could have been so much worse! Yes, I think this is unconscionable and giving me pause, too, as a 36 year member. There must be an alternative to leaving a person stranded on a road. I think a sternly worded communication is called for and putting on social media to warn others.
  13. Thanks! I guess it pays to really search through the software. I recall seeing the word Versicom and service and sales some time ago and immediately thought $$$. I end up sending the Form 9325 and other acknowledgements anyway and now it's easy through Verifyle. I guess there is always a way to get something done, just depends on how much one wants to pay.
  14. Your family here is so sorry for your loss. We hold you in our hearts and are here for you.
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