Margaret CPA in OH

Beautiful creature! I can see it now, though. We'll all post our own fun things (I started to say addictions, then desire, then pleasures but thought better of it). Wait 'til you see me in my scuba gear!

It makes you wonder sometimes, doesn't it? Maybe my protocol of sending engagement letters and organizers out annually (at least to those I want to return!), has its merits! It otherwise would never occur to me that a client was waiting for me to ask for their tax information. Wonder just how long he would have waited...April 13, 14, 15?

Congratulations on the august achievement! I do wonder about the Happy Birthdays and other inane comments from many of us but we should get recognition just for being here and taking the time to support each other. It's not as if the "award" is worth big bucks - just the prestige it conveys. I yearn for prestige. Now that I've joined the brithday greetings group, someday I, too, will arrive...

Thanks so much! I learn at least 3 or 4 really neat things about this program every year; this is #2 for this year. I hope I know it all by the time they either discontinue it or I retire!

Client has home office deduction and depreciation on 8829. Several improvements that affect the basis (new furnace and a/c) apply to home office. How is that added? Just increase the depreciable basis on the 8829? I don't immediately see how it would flow in Asset Entry as Home Office or 8829 is not one of the options for the asset to be applied. Thanks!

Oh, geez, did you HAVE to do that? As someone once commented on Janitor Bob's avatar, that's scary!

We all have them from time to time, stupid questions, that is. And I even have more than my share of stupid answers. Oh, it must be getting close to 4.15...

Thanks for another cool site! I promptly added to My Favorites but dithered about which subfolder...Misc Support, that's it!

Love it! I guess I missed the cartoon or I would have known what to do.

Suddenly today all the boxes on the left column are checked (as in Mark All) if the completed boxes are checked. I didn't choose this and find it mildly annoying. Anyone else experiencing this? Sure, I can Unmark All, but I shouldn't have to and didn't use to have to.

Congratulations!

So glad to actually help someone. I'm usually the one asking but this is one I've worked on for several years. If the income is too high, check to see about carry back first. I don't know the credit you have but maybe they are all similar. I did for the client I mentioned and got back many thousands, but she still had carryover that, alas, can now never be used as she no longer has any income from the activity.

I had to badger them in February, called and emailed repeatedly, synch'ed multiple times, finally got them all. Get on their case.

Did you add the 3800 to the shareholder's 1040? There are tabs at the bottom to follow. Look at the credit summary. It looks as if the ninth item down is the Work opportunity credit. You will have to read the instructions to determine whether you must add the 5884 OR the 3800 to the individual returns. For the investment research credit, I had to switch after a couple of years. But it works very well. The data entered from the K-1(1120S) should flow through as a credit. The shareholder might be limited in taking the credit by having income that is too high. Check that. One client ended up losing nearly $50,000 because she retired before she could use the carryforward. On page 2 of 1040, bunny hop back from line 54 to see where it takes you.

:bday: and many more!

Thanks, Tom, for the quick response. I guess when it's put in the same light as you mention, it makes sense. It isn't a lot of money but I would bet he would think it a waste of taxpayer's money!

Client died Jan. 25, 2008. Sad case, great young man with lymphoma...Anyway, for his final return, he seems to qualify for EIC! I can't believe it would be true but have read everything I can find, including Pub. 596, and don't see where death would be a factor limiting earned income thus qualifying for the credit. Yes, he/his estate received the rebate, too!

A quick note: don't rely on your caller id. I called from my fax number which doesn't ring. My real number ends with 4633, just in case! Thanks again so very much and have a great evening.

A client couple moved to assisted living in MA from OH last year. Browsing around the MA tax site, I was, um, surprised to see that grantor trusts must file, too. So I downloaded the MA trust forms MA 2, MA 2G, yadda, yadda. I don't understand why they have to file these things when it says that the lines correspond to Fed Form 1041 which, of course, is blank because it's a grantor trust with everything flowing through on a letter to the grantor. I am obviously missing a bunch here! I tried to plow my way through the instructions but am having trouble understanding why, when all the income flows through on the federal and subsequently the MA return anyway, another MA return must be filed. I mean, it says to attach the federal applicable schedules, forms and enclosures so why another return? Do they have to pay twice? I may very well refer these great folks to you!

Guess I'm not the only one who has these humdingers. Small comfort...

That's cruel! I do recall vividly the day I stopped at BK for a coffee and didn't know why it was so cheap. The little twit behind the counter looked at me and my gray/white hair and said, "Senior citizens discount, of course!" Gawd, I felt old so went out and ran 10 miles...

:bday: and many more!

:bday: and many more!

As I sit here almost drooling, I am really hoping that you will share the recipe as soon as possible! My son is getting married in May and we're having a Sunday brunch for out of town guests. I'll bet these rolls would be a big hit. Hmmm, we may have to start a section on recipes.

For my part, it was not the second opinion issue. I don't mind that at all because I don't know everything and would certainly be willing to learn from others. That's one reason to be a part of this board. The issue in this situation is that I specifically provided the information to the client of the proper treatment. The client then said, because the tax department of the consulting firm said they considered proper handling of the issue too much trouble, to ignore what I knew and to file inaccurate returns. I would not do that. On more than one occasion I have actually paid another CPA for consultation (a second opinion) about an issue. Twice I have paid a tax attorney to review trust returns (a second opinion). It isn't the second opinion that bothers me. As I wrote, it's a second opinion when I have done the research to support the position and, in the pertinent case, then been told to ignore the law. My pride was unhurt (how could you know whether it was or not?) as were my ethics. Or were you addressing the OP? I do hope you enjoyed your cinnamon roll.