MsTabbyKats

Bond fund would have monthly re-investment....how many year x 12 months.....guesstimate. It would be impossible to get an accurate cost basis. Probably close to a wash.

Reasons like this is why we have all these new rules.

I think the name and SS# have to match anyway....so in theory, a deposit should be rejected by the bank.

No....they don't need the federal return...but they do want Schedules C, D and E

To the best of my knowledge, the IRS will not deposit a refund in a foreign account. Or, am I wrong...and they will?

The best one:

This was one of my "foreign guys" (resident alien for tax purposes). Married...with a kid....grad student with a small teaching stipend...wife also had a very small income. I forget the exact figures, but let's say he had $1000 withheld. His "refund" was about $5000 (child tax, eitc etc).

He could not grasp the concept of how a refund could be more than what he paid in.

I has to explain..."Welcome to America!"...and congratulated him on being the first person to notice the discrepancy.

Selling Mary Kay for 3+ years without a profit....why does she do it? Sounds more like a social thing...flag waving thing. If she were my client I would tell her "no".

"But, I'm only getting $XX back? Why are you charging me so much?"

The answer we should all give:

"So, if someone owes money, should I pay that person if I do the return?"

Learn how to haggle. Your second price should be higher than the first.

That would be anti-haggle.

I'm middle eastern...I know how to do the dance.

(But I can only dance so much..........)

I've requested a refund dozens of times dating back to last June. In the past month or so I emailed Doug and someone else (whose name I got from this forum but I can't remember at the moment). So far I haven't even received an acknowledgment much less a check. I'm happy for those of you who did, but I have this sick feeling I never will.

Did you complain to the TN BBB?

There are a variety of reasons for why I disengage.

1. When someone's income is too high ($500,000+) they may have questions that I can't answer and don't want to spend time researching....so I tell them that because of their tax situation they would be better off dealing with (referral to CPA)

2. Situation too risky for me....issues dealing with real estate when they cannot take the loss but think they can; high Schedule C income...even higher expenses. I tell them that I cannot do the return and vaguely refer them to a CPA (knowing that my referral will probably reject them too)

3. "Regular people" who I know will be unhappy with the results and will end up "walking anyway".....I politely tell them I will understand if they want their papers back, but I have to follow the rules and the rules will not result with their expectations. (Example...private duty nurse with 1099-Misc and sees the commercials for big refunds...and things she's getting one too!)

4.PITA people....this is the tricky one....when people have easy returns...but make it complex because of their personality (too many questions...challenging every entry etc). I generally say they would be better serviced by HRB...or some place where you can sit and watch the preparer input the data and ask questions as the person prepares the return. (I work out of my home....no one sits and watches me....I banned that this year.)

This year I have done more rejecting than ever before....and this year I have had the least stress ever.

If the stock proceeds are $3000...it's all gain until they hear otherwise. You need to do a D.

I'm staying with Tax Act. I never should have left them. I love the way the program walks you thru things...especially states, because I do lots of states.

The only problem is that it doesn't include the 1040-NR, so I just "service past customers" manually and don't accept new ones unless they are completely tax exempt.

Next year should really be easy for me since I won't have to re-enter all "the vital data".

They give you 30 days to evaluate the program, so I'll probably buy it mid-January. And if it's "a TRX type" nightmare, maybe I'll retire sit on the beach instead.

Are you absolutely sure you have the final version of the return. The preparer may have "checked the box" after he did the federal return for a state related issue...and then forgot to uncheck it when printing.

It's not even 9 AM...and I fired two "wanna be" clients.

1. Family lives in my building. Wife brought me the papers about 3-4 years ago. Not happy. Takes papers back.

Fast forward-2013: Husband brings me papers. Needs to give me more info, but I tell him they will be owing "something".

Get an e-mail this morning....this cannot be. They get refunds!

My response....pay me in advance if you want me to continue or take your papers back

PS...just got an e-mail....he wants them back!

2. Man lives in TX. This is a non-resident alien issue; W-7 issue; which has literally been sitting on my desk since Jan. Despite several reminders...sitting. And then a week ago he said "he was using someone local". Yesterday he decides he wants me because "local people have a lot of letters after their names but don't understand his issue" but wants me to lower my price. Told him...he should "go local".

Oh...it's that time of year

Yeah...I found the link. Maybe I'll go over.

Is this show open to the public? How can I get the info?

Well...I have tons and tons of trades. We sold 5 mutual funds that we had for over a decade and Chase give it "month by month" with just a total at the bottom. The file wasn't in pdf and to scan it would have been a major problem (100 pages or so).

I also didn't want to paper file it.

I called the IRS rep...and he said...just use that "one line" and if they wanted to see the backup I'd "get a letter". So that's what I did. I just called it "Chase Funds" and put in the appropriate figures and dates.

Ari-

I sent you a PM

My client can't sleep tonight so tomorrow right after work she is marching in to my office to fill out 8379 and see if she can get her portion of the refund back. Dare I ask how things are at the homefront???

What disturbs me is the fact that if IRS has already sent the refund to US Dept. of Education, how does IRS refund her portion of the refund? She was looking for assurance from me that the form would get her portion of the refund. I am speechless!

I never had to deal with this situation before, where I was completely in the dark about this BS!!! I think the creditor sends a notice before interception as a last chance to pay up?? How could you ignore that notice and not tell the tax guy??

I have had to file innocent spouse in a couple of situations but those were related to divorce issues.

Because maybe he didn't know it would be taken from his tax refund. Maybe he has other things on his mind. Maybe he has multiple creditors bothering him. Maybe it got lost in the mail.

I know you feel "the guilt"...but I don't think it's our job to ask "any creditors on your doorstep?" Do you ask every client about "foreign income"? Or if they are supporting their widowed mother? You could spend hours going thru thousands of situations with each client.

The wife sounds like a gem...kicking the guy when he's down.

I know Tax Act falls short on business returns, so most of you won't be interested...but, the one thing I love is that it walks you thru the return, so if there's an area where you're having a problem, for the most part it will just guide you.

For example, I was having a problem with an HSA. I went thru it step by step...and voila...no longer a problem.

And it's great for states too. Those hidden credits you wouldn't know about...unless you knew about them! Or, what states have agreements with other states. Things you don't know...unless you know.

I have to correct myself...it was with NYS. They said...when the money was gone...it was gone.

I didn't think they would charge the 'return' penalty given that the tax has already been paid. Agree completely if the tax was still due and owing. You might be right . . . I just hate to see the client out the money twice for 7 or 8 weeks.

They will charge a penalty if the check doesn't clear...they will give you back the penalty if you do the paperwork.

I think it just might be easier to amend.

Or..you can do what I do. Call the IRS Tax Preparer hotline and ask what to do.

Last time I discussed this with the IRS...they said once the money was gone...it was gone.

If there is any way they can stop payment on the check, I would have them do it. This happened to one of my clients one year. Although I called the Feds immediately, and they acknowledged they could see both payments, it took 7 weeks to get the overpayment returned.

The IRS charges a penalty if a check is "returned", and then if you want the penalty abated, it's more paperwork.

It's not too late. You can send in the form separately now. (And, future years with the return.) Or she can make her hubby pay his bills or help him pay his bills.

If the money has been dispersed to another agency that agency won't give it back. It's pointless to send the form now.

Obviously the fact that he stopped paying student loan was NOT disclosed to me at the tax prep interview. They actually deducted a few hundred bucks for student loan interest.

Since she received the IRS letter today I can imagine things must be pretty rough for him at the home front! (Wonder what's for dinner!)

With my new clients at the tax interview I always ask if there are any unpaid tax bills etc. I think i will have to start asking my existing clients as well (sort of ackward to ask when I have prepared their returns).

A few hundred bucks isn't the end of the world. When he got laid off she should have helped him with his bills. Isn't that what marriage is all about (ok...I'm old fashioned).