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Christian

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About Christian

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    Advanced Member

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  • State
    VA
  • Gender
    Male

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  1. Christian

    PTIN RENEWAL

    I renewed on or about October 5th which I do every year since it falls in line with my birth month. I have read that the Service will have to refund all those fees collected earlier since they could not legally charge for the PTIN. Imagine that! I am just itching to get my money back.
  2. Christian

    Printing New Form 1040

    That was my thought as well Abby. Perhaps the form will still fit the 81/2 x 11 page even though it has fewer lines. I can only imagine the effect that a page with a huge white gap followed by another with a big gap would have on clients.
  3. Christian

    Printing New Form 1040

    As the proposed new 1040 is reportedly smaller than the usual photocopy sheet I am wondering if it will not look a bit odd to our clients. Any thoughts on this?
  4. Christian

    Good Grief

    I have reviewed the material and find it answers my concerns. Many thanks to Judy for her kind assistance to an aged taxman.
  5. Christian

    Good Grief

    A client informed me that some of her stocks had been claimed by the State of Virginia due to a foul up on her part in the securities registration. I told her to immediately contact the relevant state agency and have it resolved asap. It never occurred to me she and her daughter would dilly dally over something like this. Two months ago I was told the matter was resolved after the mother was able to demonstrate ownership of the stocks. Unfortunately so much time had elapsed Virginia had sold the stock and instead of returning the stock sent the mother a check in the amount of $115,000 ! This is something I have never encountered. I am just wondering what kind of reporting form Virginia will send them. My suggestion to them was to ask for the brokerage statement from the state in order to determine capital gain just as if the mother had sold the stock herself. On the other hand Virginia may just send them a Form 1099-Misc which is not a great outcome. The daughter opined that since Virginia had sold the stock no tax was due. I have a sinking feeling that ain't going to cut it. Any comment will be appreciated. Since they received the funds this year this will be reported on their 2018 return.
  6. Christian

    Power of Attorney

    I thank all of you who responded. I determined not to deduct the $15,000 agreeing with most of what was said. I am certain he is not reporting it and of course no 1099-Misc will ever see the light of day. As it turned out the parent's huge deductible medical expenses eliminated any tax due and they are being refunded all taxes withheld.
  7. Christian

    Power of Attorney

    He basically pays all bills and oversees his parent's properties as well as having the power to sell assets. I doubt he is reporting any of it as he is unemployed. It could be looked on as a parental gift and like Roberts I see it as nondeductible legal fees.
  8. Christian

    Power of Attorney

    A son who is serving as his parents power of attorney has taken $15,000 as a fee for his services in 2017. In having his parent's return prepared he advised he would like to know if he can deduct this expense on his parents' return. My opinion is he cannot , however, as a caution I am submitting this forum entry as I cannot find anything which would allow it but someone here possibly can justify his request.
  9. Christian

    Everything You Need to Know About the New Tax Form

    What a pathetic farce. My expectation for 2019 season was a gradual decrease in my workload. Good luck on that .
  10. Christian

    Over 35 years in this industry.....

    ILLmas I laughed so hard I started worrying about male incontinence !
  11. Christian

    1040 PostCard

    I am an aging "dotard" . Does the IMPROVED 1040 look like an increase in forms rather than the reverse or is there something I have missed?
  12. Christian

    Over 35 years in this industry.....

    I simply could not help adding to everyone's amazement. A married couple for whom I have worked some 35 years or so received a letter from the Service informing them that their return would be delayed due to some problem or other with the dependent listed on their return. They are both in their eighties and living in an assisted living home ! In the years I have filed for them they have NEVER had a dependent. Another couple for whom I work came in after a little filing hiatus of some FIVE years even though both are and were gainfully employed the entire time. They simply began filing again the year they came in and has never heard a peep from the IRS !!
  13. Christian

    1040 PostCard

    I just looked at the proposed new 1040 as well. I shutter to think of the confusion in 2019 with this. I am easing out the door so I have not to many years to wrestle with all these good things .
  14. Christian

    Deceased Client

    I am preparing the final return Form 1040 and a fiduciary return Form 1041 for a deceased client. I've got to indicate on Schedule B Form 1040 a division of dividends received prior to and those received after death. It's been ages since I have prepared one of these but if memory serves me I can indicate the payer and then in parenthesis indicate the total reported dividends subtracting out those reported on the Form 1041 indicating the estate EIN as the recipient of post death dividends. All dividends are reported under the client's social for 2017. I would assume this will work ok. Your input is appreciated. Also, dividends received on the date of death I am reporting as received after death. I hope I am not assuming too much.
  15. Christian

    Form 1041 K-1

    Thanks for the input. I prepare a very few of these and had forgot you count the month of death in the fiscal year. Thanks.
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