MsTabbyKats

Thanks Rita.

I just want to be in compliance.

This is one bank out five. After penalties/tax/lawyer's fees.....the money left will be just a fraction of the total amount I originally posted. A very small fraction......assuming we never hear from the other banks.

DH learned a very costly lesson. I think he wants to give whatever is left over to family members.

I had previously written about a personal tax issue that I an having with foreign banks.

To all those who were able to empathize....my sincere thanks.

To the few who were "holier than thou"......I guess you think throwing your husband to the dogs is OK.

Anyway, one of the banks made contact with our attorney and will ultimately cooperate. DH had to produce his passport from 1977. Good thing he never throws anything out...including the little piece of paper I wrote my phone number on in 1984.

So...I don't have to worry about how to avoid Part III in Schedule B....or even do MFS.

I don't care about ever seeing a penny. I just want it to be over and done with.

Sounds like your client didn't read the fine print.

I prefer one board....with descriptive titles for each thread.

I don't use ATX....so if it's an ATX issue.... I skip it.

I don't do business returns....so again, I'll skip those threads.

If it's a personal thing that interests me.... I 'll read.

Tax questions... I'll read.

Complaints about clients.....well, misery does love company!

It's just easier for everything to be together....and then you pick and choose.

If I wanted new customers I would.

What's the difference between a customer referred thru Intuit....and anyone else?

Sometimes I want to pass....but feel obliged because of the source of the referral.

An Intuit referral would eliminate this.

It's possible to attach pdf files on this forum, but you might want to reconsider offering it here since it's most likely meant for distribution to only those that have paid to attend the seminar.

Seminar is free!

I think the govt would like to "spread the word".

OP-

As a tax preparer you are supposed to be objective.  Ask his parents the questions if you can't speak to the client.

I bet if you had access to the life story of every client....there would be some that did far worse than this man.

Nobody likes what he did...but if he's entitled to an EITC, then he's entitled to an EITC.  It's the govts decision...not yours.

I wouldn't do this one and omit my information...because if he gets questioned, for sure he will say that you prepared the return.  And that's gonna look a whole lot worse for you than if he gets questioned and your name isn't on it.

If he's single the chances of him being questioned approaches zero.  If he's HOH...which a couple of kids and a Schedule C...high risk.

Your job is to prepare taxes....not to judge people.

Can I attach a power point file to this?  Please let me know if it's possible.

I'm going to a NYS tax seminar tomorrow...and they sent me something equivalent to "Tax Updates For Dummies" (Fed & NY)...which outlines and explains everything.

If you...anyone can PM me...and I'll e-mail you the attachment.

Thanks. I will look into preparing at no charge.

Why no charge?

They may expect a freebie every year.

If anything, I'd charge extra....the "prior year" fee!

You can tell the parents that you don't have the software for those years (new computer etc).  Otherwise, just do without being judgmental.  Lots of people do things...this guy got caught.

I agree with Papa Joe and Sara, this son never had any incidents of ownership.  He should report it as a zero profit/loss sale, and give the money to Dad, leave Aunt out of his side, that's between Dad and her.  

Basically...this is what I told my client.

I bet Dad's fuming.......I can hear it now...

"What....that lady don't know anything.  My EITC...my EITC!"

No...I filed 3 2013 returns since 9/21...without problem.

Thanks!

Thanks!

Stupid question....but how does he report sale as nominee to father?  On Schedule D...with father's SS#?

Transaction to sell was completely in son's name...son got (or is getting) all the proceeds.  If it is reported on 1099-S it will be to the son.

When I said "second home"....I really meant reporting it with the same consequences as a 2nd home....not exempt for gain.

If father reported the income....I have no idea what he did....and I actually tend to doubt father reported the income.

It's my opinion that the father put the condo in son's name to "avoid something".

As far as son legally having "no income"....can father legally rent out something he doesn't own???  Without depreciating...most likely there would have been taxable income.

As far as son/aunt....client just wanted to know if he should pay the aunt back directly...or give money to father to pay back his sister.  That was his initial and only concern.  This is a family issue...not a tax issue.

So...it looks like my Plan A.  Have son report sale...but have son keep the portion that he will have to pay for tax.  Then, give father what's left after tax...and father can pay back his sister.

This is what happens when people try to do financial favors for relatives.

Just trying to keep son's record clean.

LOL....the legal ownership is clear.  My client owns 95%....his cousin owns 5%.

The dad had some motive for not having it in his own name....don't know/don't care.

I just want things done so it doesn't come back to bite him some time in the future.

That's why I think he should report the whole thing as a sale (as if it were 2nd home)....and deduct 'the tax due" from the proceeds.

I'm gonna do some cut/pastes....so you can hear the problem in the clients own words.   Then I'll write what I think is best to do....but I'd like some other ideas.   Keep in mind...the son (30 year old doctor...not born here) is my client.  I don't know the immigration status of anyone else in the family, and I have no idea of why what was done was done.

I think 2014 will be relatively easy since insurance companies don't have to issue anything. So, if someone says they have insurance...once again...I am NOT the IRS police. It's the next year where exemptions and formulas kick in.

But...I am with OP. If it's too much headache....I'll drop.

I am giving an across the board increase this year...which I will explain as "increase of paperwork with decrease of support".

I just called CA...and asked if I am a NY preparer do I have to "do that stuff"...and she said "No...just do what your state requires".

A bit off topic...but:

I think I just retired!

DH sold his business last April...and I was planning on dropping lots of clients so I could keep him company (PITAs, EITC, PITAs, high income. PITAs, over 5 state multi states, PITAs)...and I think this just is the final straw.

And Maryland!

http://www.dllr.state.md.us/license/taxprep/taxpreplic.shtml

Where have I been?????   I just read the CA requirements...!!!!

https://www.ftb.ca.gov/professionals/registered_tax_preparers.shtml

Can someone give me a link to a discussion here?

It looks like I will be adding CA to my never ending list of returns I won't do (and I do many).  I have to count from last year.....

I got a different version:

The New York State Department of Taxation and Finance (DTF) promulgated new regulations (http://www.tax.ny.gov/tp/reg/regulations.htm) this year that require commercial tax return preparers who will prepare New York State personal income tax returns to complete continuing education requirements. You have been identified as a person who is paid to prepare these returns. The amount of required continuing education is based upon your experience.

- If the number of income tax returns you were paid to prepare is LESS THAN TEN during any of the last three years, you must complete 16 HOURS of continuing education coursework by December 31, 2015 and FOUR HOURS of coursework in 2016 and each year after that.

- If the number of income tax returns you were paid to prepare was TEN OR MORE during each of the last three years, you must complete FOUR HOURS of continuing education coursework by December 31, 2015 and each year after that.

According to our records to date, you must complete FOUR HOURS of continuing education coursework by December 31, 2015. If you don't complete the mandatory continuing education by December 31, 2015:

- You will not be authorized to prepare New York State personal income tax returns; and
- Your 2016 Tax Preparer Registration Certificate will NOT indicate that you prepare New York State personal income tax returns.

FREE COURSEWORK

We will begin offering free training courses through live presentations by DTF personnel in locations across New York State THIS MONTH.

- The OCTOBER and NOVEMBER sessions will cover the FOUR HOURS of required coursework

- Additional live and online versions of the coursework will be available throughout late 2014 and 2015
REGISTER NOW

Visit our Web site to learn more and follow the URL below to register for the free coursework.
http://www.tax.ny.gov/tp/reg/live-sessions-4-hours.htm (for the list of FOUR HOUR coursework)

QUESTIONS

If you have any questions about your Continuing Education requirements or the required coursework you may call (518) 457-1929.

The Tax Department will never send you an email asking you to validate personal information such as your username, password, or account numbers.

PLEASE DO NOT REPLY to this email. Replies are routed to an unmonitored mailbox, so we don't read them or respond.

I have no idea how they will police non-NYers!

Seriously?

Seriously.....too much or too little?

I signed up.

I used to be able to get refunds of penalties for people when they were up to date and it was the first offense. The last time I tried ....it didn't work. I don't mention it anymore.