Gail in Virginia

In general, Virginia passes a law every January conforming to the federal taxation laws as of December prior year, with the exception of the bonus depreciation. There are some other areas of difference relating to farmers, and a few other things, but the option to elect out of capital gains should not be a problem in VA.

I agree that we need to complain to our representatives, because they are the ones that have initiated this round of preparer penalties. In fact, these tougher standards are designed by congress to generate revenue. So I am not sure that our representatives are going to be very open to changing this, but that is the only way it can be done. IRS has to follow the law.

And although I hesitate to disagree with Jainen, I really think that it is best to have any permission to discuss a client's information in any way, shape or form with anyone in writing. I like KC suggestion to approach this early with elderly clients, before it becomes necessary. Many of my older customers prefer that I call a child, or other designated party, simply because they have a hard time hearing on the telephone. The only time that I had a client that truly needed someone to take over her affairs, it was obvious to other people as well and they handled talking to the family so that I did not have to.

CONGRATULATIONS! :)

He can't write off value on an intangible, only unrecovered costs. If he never deducted any of the franchise fees previous to this, he can deduct them now. But if he previously deducted them, he has nothing left to write off. He will, of course, have deductions for any expenses that arise from this such as buying new signs, new letterhead, etc. But you cannot deduct something you have no basis in. Besides, if the franchise had that much value, why did he abandon it instead of paying the new fee?

Is there any kind of telephone number with the statement? You should be able to contact personnel/human resources and find out what your options are. This sounds like some kind of pension/profit sharing/401(k) account that you had with ATX that was rolled over into CCH's plan. You should not have to pay any one to help you get this money, if you are fully vested in whatever kind of account this is. If you take the money out, however, you might have to pay a 10 % tax penalty, in addition to regular taxes, if you are under age 59 and 1/2. There are other exceptions, but without knowing more details, it is hard to know exactly what advice to give you. I am sure we will all be glad to help if you can give us more information.

Do you know if the credits would be available to EA's?

Got my first one the other day - was totally shocked! I would have expected if they didn't have the extension, they would just notify you your return was late and tell you what the penalty was, leaving it up to the taxpayer to prove they sent a 7004. At least that is the way I remember it working in the past. This was a new one on me.

I would rather the IRS didn't force people to efile, but several states are already doing that. Virginia requires you to either e-file or use software with a 3-d barcode that is up to their standards if you prepare 50 returns or more each year. And I have to agree that efiling eliminates some error notices.

I think this is a great idea - I just wish they would change the original due date for those returns to March 15 like the corporations to help individual taxpayers who always seem to forget they bought into a partnership or are expecting a statement from a trust.

I am going to the forum in Orlando and would love to hear from anyone else who is going to be there.

If I am not mistaken, housing allowance is only available to ordained clergy, and it doesn't sound like he is ordained.

Maybe with 1000 posts, she is still an ATXaholic - she just isn't anonymous anymore!

I have a client who is a Canadian citizen, and works and lives in the US (minister!). When he came in to get his TDF90-22.1 completed this year, he asked me what I knew about social security/ RSP offsets. Well, nothing. I have looked at the social security web site at the summary of the agreement between the US and Canada and I don't see anything about offsets. Is someone out there aware of any thing like this? Is there any offset that would benefit him?

Congrats, JB! "May you live as long as you love, and love as long as you live!"

Me neither.

Actually, if the price on Quill for this particular cartridge is about average, you could afford to buy the machines and throw them away if this is the cartridge you use - they price a replacement cartridge at $76. So even if you can afford the printer, you might mot be able to afford the ink.

I always heard that anyone who represented himself had a fool for a client. :read:

But isn't that pretty much standard licensing language for all software? Most of them basically say that you don't own anything, they just let you use it.

I don't think JB posted over the summer last year either - but I don't want to wait until tax season to find out if she said YES or not. The suspense is killing me - this is way more interesting than American Idol!

When my son was little, he used to go with both me and his father to vote, and then usually he would go with both my parents when they voted. I always told everyone I was raising him to be a good Democrat - vote early, and vote often! :lol:

I have a long way to go - but I am working on it. Maybe by this time next year...

I love the new things I learn on this board. This looks like a great way to quit wasting paper on those ridiculous faxes that come in every night and are waiting for me in the morning, offering to buy the business and send all the employees to Hawaii for 1.99 or some such. I will have to look into this.

Me Too!! :spaz:

If I use that strategy, I can save a lot of time, because most of my clients would never call again. I wonder why I didn't think of that before? I can really work efficiently now!