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About MsTabbyKats

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  1. Thanks for the well wishes and advice. As far as "the account"...with 95% accuracy, my son would never take money from this account (he lives well within his salary....one might call him frugal)....it would definitely be best to just name him beneficiary. Hopefully it will end up a "large account" because an annuity distribution will be contributed monthly "forever". (Annuity has low tax cost basis and high current value....tax nightmare...so I'm spreading it over as many years as possible.) Until 2020 retirement was great...lots of cruises, shows, restaurants....the good life. N
  2. Thanks....yeah, I think I'll just make him the beneficiary. Yes...5 years. Sold the business Oct 2015.
  3. I want to have a joint acct with him....so if/when I die, it will be in his name. Meanwhile I want my SS# on it so I pay the tax. That's it; nothing complicated. My question is "are the funds that I put in part of the allowable gift to him?" We already give me $30K/yr. If this money adds to "the gift" I can just as easily make it a joint account with my husband and son becomes the beneficiary.
  4. Hi- I used to be active here until I retired....5 years ago. I have a question....hopefully a simple question. If I open a brokerage account for me (my SS#) and my son...a joint account....would my contributions counts towards his "annual gift allowance" of $15,000? If so...would it be 50% of the contribution, since it would be 50/50 ownership? Thanks!
  5. Just a sample of how this guy communicates: (honestly....can anyone believe he is in business?) Hi Bonnie, Thank you so much for getting back to me even though you didn't have to. You are such a nice person with so much integrity. After trying to contact David from past two days, he finally called me today (about an hour ago) and instead of being apologetic of his mistakes he was verbally abusive to me. He used the words such as "pain in the ass" and mimicking my voice as to what I was saying. He also called me bitch in the past. He hung up on me few times without even lett
  6. I don't think she needs "face to face". She's a computer person. You know, the guy has an MBA, a Masters in Taxation and is a CPA. He's about 60. I checked his credentials at the time....and yesterday. He is still a current CPA in NY. I gave him about 300 clients. I think he did 180 the first year....and I got about 150 unsolicited complaints about his lack of communications and his mistakes. After that year I got more complaints. I think maybe he has 5 of my former clients left (well, now 4). He continues to call me to ask for advice and I tell him he has to do the research. Th
  7. Hi...I was on this board for a few years and retired 2 years ago. I hope all of you are doing well and that this has been a productive tax season. Some may recall, I when I retired I sold my business to a CPA who is, well, let's just say really not very good. I continue receiving e-mails from former clients about the IRS catching "his mistakes" etc.....and I usually give very general advice. But, I wont get involved beyond that. One of "the formers" e-mailed me a few days. It seems that for 3 years she had a pension plan at work, took an IRA, but he forgot to "check the box"
  8. Happy New Year to all......and good luck with your upcoming season!
  9. Thanks....perfect (Actually I read that link when I did his return. But I had a senior moment yesterday and got to overthinking this.)
  10. So, you are saying that the cash received are the proceeds that go on a D, and I just need to put in the basis to calculate the loss. This makes sense, but, let's say the cash came from the sale of ABC stock. They don't give you the cost of that security when you buy the fund so it's really impossible to do (unless I'm misunderstanding), Probably the best way to do it is as a ratio of total cost vs value of the fund at the time of distribution This was actually from my son's 2015 return, and I just checked the supplemental info that came with the1099-Div....it doesn't say anything
  11. I own a mutual fund (thru Fidelity) that was doing really bad and now they are liquidating the assets with cash distributions. The owners can't sell the shares or I would have done that. Anyway....aside from being annoyed, I was thinking that I won't be able to take this as a Schedule D loss. They are going to report these distributions on a 1099 as "liquidation distributions", which I think would just make them "non-taxable" (as opposed to dividends). Does anyone see a way to report this as a Schedule D event....or would that possibly happen after everything is liquidated (thi
  12. Terry- This client obviously doesn't care about filing timely tax returns or 2014 would have been timely. You made a mistake; it could have been handled differently. We all have made mistakes; don't beat yourself up over it. If this client is so unhappy, he won't be back anyway. But, when he calms down and you calm down, he may give you his business again and you may want it. So...do nothing. Did you ever think he may have dialed a wrong number?
  13. OK, I understand now. But, really, don't confuse things. How/when/what she pays the IRS is her business. I'd still send her a check with the memo, and that's your proof that you did the right thing. If she owes $9000 for both years, $194 is inconsequential.
  14. If you pay the IRS directly they will probably not credit that money to the late filing penalty. Write her a check with a memo on the check saying this is for reimbursement of late filing fee. You may have your reasons for paying to the IRS directly but whether or not she pays her taxes/penalties isn't your problem. i am a bit confused. You said she dropped off her papers on 4/18 and went into a whole thing about the nerve of her coming on a Sunday. The 18th was Monday. in any case, no matter how you look at it, you made the error. I don't see any reason to drop her. F
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