Margaret CPA in OH

I just checked my list of hotline numbers and have 800.829.4933 as specialty tax. I have had to call about CRUT and/or other trust returns so that number may be the one for those non-individual, non-business, non-payroll, etc. returns. Thanks for sharing!

:bday: and many more!

:bday: and many more!

In my engagement letter is verbiage to the effect that I won't audit or otherwise verify the information the client provides, that the client has the final responsibility for the returns and should review carefully before signing. It also states that, in the event of audit, the client may be requested to produce records, documents, etc. While that is probably sufficient I, like you, have on occasion had cause to 'suspect' some information provided. On the new organizer from ATX this year, I really appreciate the statement called 'Attestation and Signature:" To the best of my knowledge the enclosed information is correct and includes all income, deductions, and other information necessary for the preparation of this year's income tax returns for which I have adequate records. Sign_____Date___ That may be from ProSystem, I don't know. But I do ask all clients to sign that even if they don't fill in the organizer because it says 'enclosed information.' This is in addition to the engagement letter. If you still feel uneasy, I suggest you bite the bullet and decline the engagement. I don't think you should compromise your integrity. Last year I fired a very good client when, after I pointed out the necessity of declaring local income and filing, he said to not bother as others didn't. This was after he acknowledged, in writing, the legitimacy of the tax owed upon reading the link I provided. Good luck!

THAT was funny to me. I have a great caricature from an artist friend showing Jesus peeking around the stone at the tomb and looking quizzically at a fancy Easter basket with bunny, candy, etc. I imagine the thought going through his mind about what has become of this celebration. The quote with the picture is "Take, eat, this is my bunny." I know that Jesus has a sense of humor or he never would have gone through this week.

That is strange, isn't it? Out of curiousity, I clicked on a K-1 entry for 1041 and it says it transfer to, as you probably know, Sch. E, Ln 42 & Sch. SE, Opt Wkst. So I checked the instructions for Sch. E, Ln. 42 and it just says something about not being charged a penalty for underpayment of estimated tax if... Do you think is should go to a Sch F? It does seem strange if it is information only that Sch SE might be involved and the filer wouldn't be charged an underpayment penalty. Hmmmmm....

KC, where are you finding these great Shoe cartoons? My local paper no longer carries the strip and I didn't realize how much I missed them!

Really good one, indeed!

Thanks, Robin. That seems to have done the trick. There is a place on the 2555 for the foreign address but the 4868 wasn't working. Now I have only the 10 digit daytome phone number to deal with. I suppose I could/should put mine but get 2848 signed first. Thanks for the hint.

It is helpful to be aware of current events, however. When my husband and I married 31 years ago, it was a Sunday afternoon with the reception in our home. As the time drew near, several people were asking if we had a television and would it be on. After scratching our heads for a few days, we realized it was Super Bowl Sunday, Jan. 21, 1979. We were not football fans so it wasn't on our radar screens but clearly on the minds a some. We are grateful that they chose to attend and we did have a television on.

A client moved to Switzerland and wants to extend with a payment. I'm struggling with the foreign address because it doesn't fit State and zip code conventions. I want to efile with a direct debit payment but can't seem to get past the address and the 10 digit phone daytime phone number. Any suggestions?

Thank you Don. I knew someone would would elaborate and/or correct me. And my folks this year fit the criteria to file so I confess I didn't commit to memory the entire instruction. To answer the poster I just quickly went to irs.gov and pulled up the instructions for 8606 but didn't read the entire thing. Back to my corner...

Yes, the instructions state, on page 7, to complete Part III to figure the taxable part, IF ANY (my emphasis), of your 2009 Roth IRA distributions. There is more but you have to put in the basis to prevent taxation on the distribution. I had 2 this year that would have brought up the 5329 except for the input of the basis on the 8606. Someone else may elaborate and/or correct me, but it works.

Per Quickfinders, If paid by self-employed person, the premiums (subject to the age limits) are eligible for the self-employed health insurance deduction. up to 40-$320, 41-50-$600; 51-60-$1190; 61-70-$3180; 71+-$3980.

Ahh, reasonable, how refreshing! Would that all tax law and regulations were reasonable, eh?

This is an interesting situation. If the credit is split, would that also require that the purchase price be split according to some formula? If so, wouldn't the applicable credit possibly be limited by the accompanying cost? Maybe the cost is high enough to accommodate without an issue but how would the cost be allocated? By contributions towards downpayment, relative income, other? Just curious... And I hope I never see another one of these. Bad experience from the first one...

I switched to TRX with ATX and have experienced no problems whatsoever with support, such as it has become since CCH takeover. My account number and MyATX access stayed the same. Except for the mailing I received to renew, I have had zero contact with TRX. Chances are pretty good I will return to ATX but we'll see the cost for MAX.

I can't explain why that happened but you can highlight each column (see the downward pointing arrow) and drag it to wherever you want it to go.

I have a handful of W-2 folks with side businesses. Often they are reimbursed some expenses, say a plane fare to give a lecture. When the reimbursement is included in the 1099, it is absolutely proper to list the expense which generated. I wish the 1099 issuers would distinguish between reimbursed expenses and fees for service but it is the responsibility of the recipient to claim the expense. Feel good about this!

Since I went with TRX this year, I wonder if ATX will offer me anything. I wouldn't expect an early renewal offer since I would technically not be renewing, at least from this year, but a nice offer to come back home, Little Sheba, would be appropriate, I think! We shall see...

I got a call last week but couldn't talk then. Yesterday a flyer arrived. I'm thinking about it more seriously after reading these comments. I will also ask for a demo before committing. I hate to lose $299 if I can't work well with it but I also hate to spend $1000 unnecessarily. Change is not my favorite thing.

Thanks, KC, for your usual clarification. I don't always write all that goes through my mind. I was actually thinking of Line 21, but I think your suggestion to link to Line 7 is the better option. Still learning... Edward, I am sorry that I didn't specify Line 21 which is what I was thinking. In this case, you are stating that this individual did not engage in this as a trade or business and I think KC's clarification was on target.

I think - always dangerous - that it is correct in Box 7. There are some people who actually make a modest income by being guinea pigs, if you will, for scientific and medical research, not unlike those who give blood for money on a regular basis. You definition states 'prizes and awards...' not compensation. I think this is compensation not a prize or award.

I'm there - just tell me when and where. This has been one of the worst!

Jainen, I just noticed that you are now a Guru! We've known it all along but I just noticed. Congratulations even though it must have happened a day or so ago.