MsTabbyKats

Priority Line-1-866-860-4259

Only preparers can use it.

The one you have is for everyone.

Client is retired.  There won't be any withholding.  But, client has a lot of investment income....including a lot of muni bond income (but not state tax free).

Client always lived in NYC...but bought a 2nd home in FL.   Client will be splitting time....let's just say 6 months in each although nothing is set in stone

Obviously....since FL doesn't have a state tax...and NYC is 11%....client wants to be a FL resident.

So...doing a return with the FL address is correct, right?

I just got thru to a human in 20 minutes this morning.

It was about my client not getting his refund....and I followed the prompts for "tax questions...rules & regulations".  When I followed the prompts for refund questions I got "the machine".

This was the tax preparer's priority line.

Oy....

Was this a large refund? (I know it's relative but $$75 is not $7500) There really isn't anything you can do....client has to deal with the bank.

It used to be name & ss# had to match.

I hope you have the 8879...(or e-mail consent)....so client can't claim she never saw the return. 

I would also like the IRS to pay me because "I'm the tax police".

Looking forward to June 2.  Gonna take that check and have "a day at the casino" with it.

Well...anyway....thanks for the link.  I didn't know about this.

I recently posted about a client who sold a rental property.  My knowledge is very limited...and I'm looking to refer him to someone for a consultation and doing his future returns.  http://www.atxcommunity.com/topic/17263-sale-of-rental-property/

He lives in NYC...and has  properties in MA.  He just sold one...and has "a situation" with the other.

If interested, please e-mail me with your e-mail address and phone number.

Thanks.....

I've done my research and can't find a thing about this.

Client had a rental property for several years.....just sold it...with a very nice gain.

"Someone" told him that if he buys a new property within 6 months....he can avoid paying tax.

Any truth to this?

TIA

The client gave me an excellent link:

https://tax.thomsonreuters.com/wp-content/pdf/nra-tax/Tax_Treaty_Benefits_WP.pdf

Oy...this is where I really miss the "special situations dept" at IRS

Client was here 2010-2012 on a J visa...and income was exempted

Client went to Paris.

Client came back here with new J visa.  Can she claim the treaty exemption again?

A few years ago...I was orally told, by the IRS rep..that claiming the exemption is a "once in a lifetime" thing (but we were discussing a different country).

But, I can't find anything in writing!

I didn't mean to insult anyone, and I am sure there are many very competent HR Block employees.

However I still think they OVERcharge.  In my area they charge more than the most expensive CPA firms do, and in all likelihood the person preparing the return has a fraction of the tax knowledge that the best CPA in the area does.   Point $90 to $135 for 1040EZ no children and EIC.  What does that come to? about $270 an hour charge to someone with such little income they qualify for the EIC

Kudos to the advertising agency that handles H&R.

Question....I never heard of refunds being put on debit cards (not with the IRS anyway).

Am I missing something?

I'm doing this 20+ years....and although I never worked for HRB....my initial training was there.  And it was very good training.

Most Block employees are "recent grads"....and recent grads don't know everything....don't know many things.  In my first years...I knew just about nothing.

Yes...they make mistakes.  But, I'd like to point out that they've been in business forever...and are making money.

So...although they may be doing some things wrong....they must be doing a lot of things right.

Can anyone here say that they've never made a stupid mistake...especially during "the early years"?

This is what it comes down to with hand processed returns....it depends on the quality of the hands that do the processing 

One time a client got a NYS refund that was over the 3 year limit.  I told him....have fun with the money...but don't be surprised if they ask for it back.  That was a decade ago...and they still didn't ask.

But...I'd bet the clerk who processed the return made an error....rather than NY was being nice.

One of mine got the same thing...........

NJ can be a pain

Wooops....forgot that the return was filed without the child!

Do as Catherine said............

I'd use form 8948 (explanation for not filing electronically)...where you can explain.... and I'd attach a copy of the adoption certificate.

I would back it out...but not with "fraudulently filed....."

I'd say "Taxpayer claims she did not work for or receive funds from this company in 2014"

Two sides to every story....you don't know the husband's side.

Wow....I guess I'll stay with my international crowd...where if you can go to jail if you even bounce a check 

I always do......

Most of my work is on-line...and I e-file before getting paid.

If someone asks for more time....I ask them "when"....and I don't bug them until that date.

In doing this 20 years....I only had one who didn't pay (and he was a long time client...but he didn't get a refund that year,,,so I guess he got angry)

I do have one this year that I'm anticipating won't pay.

ETA....most of my clients aren't American.  Other countries take "not paying" more serious than we do here. (It's considered a crime.)  So...that may be the reason I don't have issues.  The one "non-pay" and the potential "non-pay" are both American.

10 am appt for a facial....then off to the casino....and not worry about coming home to a pile of e-mails/voicemails and just regular mail.

My program...TaxAct...has a comparison to last year worksheet.  Whenever I get this question...or when I anticipate this question...I send it to them...pointing things out.

Just this morning I sent one showing an increase of $18,000 in income...with a $50 increase in withholding.

You know what they say about a picture and 1000 words.

to answer your other question, if he did try to rent it and had suspended loses, those loses are ordinary losses upon sale and not a reduction of capital gain.  they are worth more due to the differences in tax rates. 

Michael

I sent you a pm

No...he didn't rent...or try to rent.  He was busy upgrading.

So...are you saying....I should do nothing for 2014...and just leave it for 2015?  And, if it's a gain...it's just a regular short term gain on an investment?

I have no experience with this....

Client bought a property he was planning to rent in 2014.

He didn't rent it...and he spent a lot to upgrade.

His income is too high to take a loss for 2014.

I was planning on just doing the E...since he "planned" on renting it out.

Now he decides he wants to sell it (I assume for more than he paid...including the upgrades)

What happens?

Should I bother with the E?   Will it be a short term gain?  Will the disallowed loss (if I do an E) from 2014 be deducted from the gain?

TIA