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Everything posted by MsTabbyKats

  1. Gail....I just sent you a message. Please let me know...either way. Thanks Bonnie
  2. I called this morning and the rep I spoke said they were having some glitches with their system. Anyway, she suggested he resubmit everything again. Thanks to all!
  3. Yes...but as I said, I am not a paid preparer (used taxact) and there was no place to check giving me authority.
  4. VA acknowledged the receipt of the $126. But it also says he owes $126. It would take me about 3 seconds to clear this up with a phone call..... Worst case scenario, I'll write a letter for my son with the original return, the amended return...and the dates of payment attached.
  5. Thanks! Retirement is wonderful....I don't pay attention to what's happening in the world of taxes. As for my issue....I have a feeling that the original and the amended crossed. I told my son I'm perfect, I don't make mistakes!!!! Happy July 4th everyone..............
  6. Hi All- Remember me? I was active here until I retired about 6 years ago. I have a question about VA tax. My son lives there, so being "a good mom" I still do his tax return. Since I'm not a paid preparer, I was not able to enter that I had authorized discussion ability. Anyway, VA sent a letter saying the return was "poorly or incorrectly formatted". The issues....this was the first year he had a Schedule C. In addition, after it was filed, the 1099-C increased so I had to amend. Payment was sent for the original return of $126. A check was mailed in for the amended return for $40. When I check his on-line VA acct. it says he owes $126...so my gut feeling is they are questioning the original return. I would appreciate if someone could take a look at it and let me know the error of my ways. Was there something special to fill out for a Schedule C in VA? I checked while I was doing the return and didn't see anything. Thanks.......any advice is greatly appreciated.
  7. 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. Now...supermarket, tv...etc The best thing about retirement is that I don't have to keep up with tax changes!
  8. Thanks....yeah, I think I'll just make him the beneficiary. Yes...5 years. Sold the business Oct 2015.
  9. 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.
  10. 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!
  11. 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 letting me complete what I have to say. Even though he made these mistakes but I was still polite to him understanding that people make mistakes. Anyways, you will be surprised to learn what he told me. He said why do you want to update your return? Do you want to pay more taxes? You can just leave it like that and not be be worried as IRS has not contacted me yet for any of these returns. I was shocked as to how a professional can given me such an advice. The conclusion is he has agreed to file my amended return but I am not sure if he is going to pay any interest and penalty (if applicable). I asked him that and he was not clear if he is going to take care of it or not. I just need your advice about the interest and penalty. Since, I did not have to pay any penalty for several years and filed all my returns on time, do you think IRS might waive the penalties for these returns? If not how I can make David pay for it? For 2017 return, I think there will be no penalty anyways if I file the updated return before the due date (April 17th) but there might be for 2015 and 2016. Finally, I have decided I am not going to do my taxes with him any more as I am disappointed and shocked of his behaviour and rude attitude. His behaviour was completely unprofessional. I am so sorry that I had to write to explain all this to you. You did such a good job in the all the years you did my return. I missed you all these tax seasons so much. Thank you again,
  12. 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. The only reason I respond to the former clients is that I feel so bad about the mess he made. It took me 20 years to get to where I was. It took him 20 weeks to completely destroy it. I used to think he had alzheimer's or some sort of dementia. I now think he never did a personal return and decided "oh, they must easy"....and never put any effort into learning what to do.
  13. 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" on her return, so it was deducted although her income was too high for the deduction. The IRS did not catch this; her friend did. I told her he should amend...Form 8606 needs to be generated....etc. She called him and he was verbally very abusive to her (not the first time I got this feedback). I told her finding someone new would be costly (I mean, he should do this for free). She is very stressed out. And, continues to e-mail me, although, I told her that I don't want to be involved as I am retired, I never handled anything like this so I don't know the penalties etc, and that it's his responsibility. If anyone would be interested in handling his, please pm me. I've told her that nobody anywhere would be available before 4/17. Since I am retired I don't really care about "the rules"...so please, no advice. Unless I can give her a referral I'm ignoring her e-mails. Thanks to anyone who wants "an introduction"!
  14. Happy New Year to all......and good luck with your upcoming season!
  15. Thanks....perfect (Actually I read that link when I did his return. But I had a senior moment yesterday and got to overthinking this.)
  16. 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 about this fund other than the cash received. Or, am I missing something?
  17. 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 (this will be over a couple of years).
  18. 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?
  19. 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.
  20. 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. For the record, I would have e-filed "as is"......and then amended. There wouldn't have been the additional fee and the amendment would have reduced the tax liability. i'm not sure if any extension would have done anything (in terms of the late filing fee) if she didn't pay the tax due by the 18th.
  21. Being tech stupid....I have windows 7. Do I just click the green tab that says "download now" (next to File Stats for Never 10)? And do I need to do anything after that? Thanks.
  22. Non residents don't pay city tax so you don't need a 360.1 Part year and full year residents do. The client only pays tax for the part of the year he lived in the city.
  23. I had a client get such a letter a few years ago. At the time I thought that it was because he always owed a lot.
  24. Joan- iI didn't think that. My post was to show that no matter how much you vet, you never really know. In addition, should the seller really need to do the vetting? It's the buyer's job to check what he's getting into and if it's a good investment. Personally, I know I'm a very honest and upfront person, but, now that I'm back to good health and clear mind....I think he took a crazy risk with a person he just met on Craigslist. This may also be a sign of dementia.
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