FDNY

I agree. BTW Elrod, you've got the job for special effects and graphics for our epic tale.

Not exactly sure of the other method, but try stopping each service, then starting each service instead of just restart. Sometimes restart doesn't work for me but stop and start does. Good luck.

Yes, I get this often and after re starting services it works fine. You can go to Control Panel > Administrative Tools > Services > then restart the service for ATX. I usually do 2013-2015. There is another method but this is what I have been doing since 2013.

Starring Ben Affleck, coming soon to a theater near you. He plays a financial consultant to an organized crime syndicate, not sure what era. I've always been fascinated by those organizations, as they didn't keep detailed books (less evidence), only who owes who what. Maybe a few composition or record books from my understanding. Very profitable when you don't have much overhead like taxes, insurance, advertising, and benefits. And I was hoping Affleck would be sporting a black and red cape with a big A with two underscored lines on his chest. I'm sure many of you are considered super heroes by some of your clients....we probably have some good material for a sequel. Casting and auditions begin after tax season 2017, get your portfolios ready.

Great news. I've been getting a lot of these lately where they come in a series of two calls. One a man another a woman sounding a little robo like. I love their closing, "have a nice day". I hope they do too, making license plates and eating instant potatoes.

Funny, I think I get most of my culture from movies. May not be saying much for me, but it does work well at parties.

SFA, I kept waking up last night checking the Weather channel because Matthew had a bullseye on Stuart FL where I have friends. It turned out that the worst of the storm stayed offshore and in speaking with my friend this morning there was only a torn screen. He is 1 mile from the beach. It appears that New Smyrna and Daytona Beach will have more damage but not devastating. If your son's bungalow needs replacing, that's what insurance is for, the main thing is, he is safe. When it is rebuilt it will be better than ever. This may be nature's way of keeping our economy going, except that it doesn't take into account the personal loss, that's why there is family like you.

Sule Lamido and his sons were put on trail in 2015 for embezzling state funds by the Economic and Financial Crime Commission (I assume of Nigeria). I wonder what their business investment proposal is, do they need latex salespeople? They would have better luck contacting George Costanza.

Fifteen years is a long time, but 9/11 is remembered vividly by all of us as the most profound and defining day in America's history. We lost nearly three thousand heroes that day, civilians and first responders alike. As a former firefighter in NYC, I know why 343 firefighters and 60 police officers were killed. There is a segment of a bible proverb in every firehouse, "Greater Love Hath No Man" (than this, that a man lay down his life for his friends). Those first responders ascending the towers' staircases knew what their fate might be. But they still tried to get as many people out as possible. That's the job, that's what we do. September 11th is called Patriot Day, a day of Service and Remembrance. A fitting dedication to honor all those lost on that awful day. First responders around the world do their job with unwavering dedication, continuing the legacies of those lost. We will be doing the same as we remember and serve those in need. Please say a prayer for all those who have become sick from 9/11 related diseases. 120 NYC firefighters have died since, and many others are battling for their lives.

Good to know we're in good company, all a little weird, which makes us all normal.

One of the Greats. Remember his line as Leo Bloom in The Producers...."They always blame the accountant." And, "I'm just a small man, I count other people's money because I'm smarter than them...I want, I want."

Looking forward to a chat, hopefully it will be a good thing and maybe even accomplish something.

I received 2 calls in rapid recession on Wednesday (they must be working MA this week). It was from a Seattle area code. Like Catherine I will be advising my clients in my tax letter. These calls have been all over the news but so many seniors are taken aback by the tone and immediacy of the calls that they still get rattled. Looks like it's up to us to be on the front line to battle this, like Batman and Robin, Wonder Woman, and the Green Lantern to protect the public.

Also, I told him I wanted to see balance sheets, they have to be somewhere.

Thank you B. I have my client calling people, running ragged in 2 states, and looking everywhere for anything related to his basis. This is going to be a monumental task on his part (and probably mine) as he knows the consequences of my so far incomplete analysis, that I only yesterday explained to him. He's not happy. This is a client who I send 2 copies of his tax return every year because he always needs it for something, and he still calls me because he can't find it. He needs a hug.

I agree with Sara and rfassett that when a return is out of your league and you know your limitations it is time to pass it on. I remember my first (easy) SCorp. Before I tackled it I took a short SCorp course just to be sure I had the basics down pat. But what happens with many clients they grow and get more complicated, now it becomes tricky, do you stay on (because they want you) or move on for the client's benefit. You really need to know those limitations, do what is best for the client. Like Rita, I will research and Google and learn as much as I can about a subject I don't know, then make the decision to say, this is not for me, which I have done at times. This is better for your own peace of mind. We don't need more stress, we already have ACA for that. And Lion, you're not old, I think mature and wise. How else would you know that your baby granddaughter is more important than all of this. You just made me remember there are things more important than work, life is short, let's make the best of it.

Thank you everyone for your thoughtful and supportive comments and advice. I will be sticking to my professional responsibilities on this matter and using your suggestions to be as fair and accurate as possible. I still have until October to try and help him as I feel the need to give extra efforts, not so much that he is a friend, I would do this for anyone. What is at stake is a 6 figure amount with a 3 in front, so this is serious, as is any other tax return. I read this thread before bed last night and must report to you that because of all you said I slept well, no tax nightmares. You should all have RTST after your names, Registered Tax Sleep Therapist. Thank you. Grateful in MA, Bill

I have a situation that I need to present to you as I think I'm losing some sleep over it. I have a client and long time friend who is a shareholder (non passive) of an S Corp that has been very profitable since 1984. Only in the last few years due to over zealous expansion with tremendous debt, then a crashing commodity market they have been reporting large losses. I was able to use 2013 and 14 losses due to the basis provided to me since 2008 by the company's accountant when I started doing his returns. Looks like they have only been tracking basis from 97 on and cannot attest to accuracy of basis before that date, as if they started from zero. I asked for a copy of the 97 Corp return but it is not available, oddly nothing before 2007. Problem is this year basis went negative and the shareholder/friend adamantly disputes it. I tried to reconstruct his basis but no one seems to have any records before 1997. SH states (and I tend to believe this to be true), that every year since 84 all income (less 40% for tax payment distributions to each SH) remained in the company as they needed cash to secure financing for base product purchases. So as I said, I would like to believe him but have no documentation other than his statement that he claims is an extremely conservative estimate of the lost years. I tried talking to another shareholder but the only other original is uncooperative, they don't talk anymore. Others came in much later. Former personal accountant didn't have any basis when I took over, guess he saw no need as corp was always profitable. No one has any past tax returns except me, since 2008. So what do I do? Tell him SOL and it is what it is, it's all I have . Or, accept his statement, not sure that would fly in an audit situation. So, I'm thinking the first one, but in my heart I feel he's right and is getting shafted for non existent retention of records. He does know this was his responsibility. Any suggestions (or sleep advice) would be greatly appreciated. Thanks. Sleepless in MA, Bill

These situations are always tough, because when a client really needs the money and they don't realize they could lose nearly half of the withdrawal due to Fed & St taxes and penalty it is really depressing to them when we tell them the reality. The sales people should tell them what could happen, and to be sure they have plenty of money in reserve, especially in the early years of the contract when mostly interest is paid out. But I am sure it may only be mentioned briefly or not at all, why jeopardize a sale and a larger commission. Those are the people who need Rita's special hug.

This is true but the first monies to come out may only be the interest as LIFO basis is required. All of it could be taxable and subject to the 10% penalty. 2 years of interest even at 2% is way over his withdrawal amount.

Sorry, I meant non qualified annuity. I had wine for dinner, I mean with dinner, I forget.

To me it looks like he went out and bought a new non qualified annuity, he doesn't have a non qualified deferred compensation plan for the highly compensated (not us). IRS is strict on this, yes it's your own funds, but since you have the benefit of deferring earnings they place the early withdrawal penalty on these. I wish there was a free lunch in this.

I agree, my experience in NYC is the retro check is reported and taxed in year received, that happened every few years, never had a contract on time. Unless there is some requirement to do this your CA locality needs someone to talk to them.

You are correct. I've been down this road a few times and exception 1 applies to 401Ks, and other qualified plans as Abby Normal indicated and in my practice qualified plans for public safety officers at age 50. Non qualified plans don't have this advantage. I admire your efforts to research and help your client.

Edit to above post, the common penalty free withdrawal feature is annually, sometimes subject to a maximum # of years or % of original investment.