michaelmars

do you all remember back in the 80's there was a check box on the 1040 to make a voluntary donation to reduce the national debt. it was either next to or replaced by, the check box to make a campaign contributions.

I don't believe you can but in the past I have sent a client a letter that says I am going to notify the IRS to have me removed. I also state that I don't know IRS procedures but the return might now be open to greater examination risk blah blah blah. This usually gets me a check!. I have done this 2x in the past 10 years or so.

Just got an email that effective 11/23 the IRS is shutting down efiling of 1040's for system maintenance.

yes since you are using it in 2010, an open year.

I TOO am looking for a practice grossing $100k-$500 on Long Island, NY

as a cpa i was allowed to rep a client before NYC tax court, i guess i just assumed i could in federal court too [not that i ever would]. first time i ever heard of something being easier in ny taxes than federal. Thanks for all the info.

I am on board with $20

does anyone know just what a registered tax preparerer vs. cpa, vs ea can do from the irs point of view. Can a preperer, get poa from a client, handle an audit, etc? I already know that only cpa's can go to tax court. but need to know the other limitations.

DID you check GOOGLE?

ummmm $11.00? just kidding, i would definately ignore.

could have been an input error on the prior accountants part since the amount is exactly double.

i just can't believe that on the final due date of the year, this site is so quiet. Is everyone working like crazy or out partying?

LOL It was personal use, no depr etc. just a rich lady who bought a piano for her home and kids to avoid piano lessons on.

i wanted to assume -0- cost because that would be the worst case situation and at the time i didn't have the cost and thought it might have been a gift. Now i know the donor purchased it for $75k. also, This isn't such an unusual arrangement and ATX even has the input for entering bargan sales on the non-cash input worksheet. You can google "bargin sales to charity" and see that this is fairly common. The appraisor is the same used by sotherby's and christies so there is no doubt as to their valuation, appraisal even included temperature and humidity that they found the room in when they checked out the piano. Its a steinway and i think the temple jumped at the chance to get it at this price considering they are on the Gold Coast of Long Island.

You are correct as to it being a capital asset and the deduction is FMV. appraisal is rock solid and the donor had this in their house and was moving so sold it to a charity for their use. Turns out the cost was $75k so if i read it right 1/3 of cost [since 1/3 of fmv] was sold. thus a non-deductible personal loss of $5k and a donation of $40k

I GOT IT, i assume it was a gift so -0- basis so yes the D is 20k and the contribution is 40k-fmv of donated goods. If there is a cost it gets pro-rated to D based on value donated vs value sold percentages.

client has a piano appraised for $60,000 and sells it to a charity for $20,000. Assuming -0- cost, how is the sale reported? i believe the $40,000 difference will qualify as a charitable contribution.

DIVIDENDS AND INTEREST ARE NOT taxed to a non resident

all Ny returns but includes business, gift, etc; not just individuals

IF YOU ARE LESS than 5 then just go ahead and efile, but remember all returns that you file count, no matter the type

I email then the what i get from the bank showing the bounce along with the associated charge. I then leave it up to them to see their character. Just a game of mine but i unually only get a bounce every 2-3 years so i can afford to be like this. If it were more fequent then i would charge the same fees a credit card would charge me $35. As Jainen says you need this in your agreement. Mine has it as does my invoices which also state a late fee of $25 after Net30 and interest @18% per annum. Its amazing how that is a motivator and whenever i send a late fee and interest notice i immediately get a check for the original amount dated 5-6 days before the Net30 date, That plus supplying return envelopes [no postage] lowered my average receivable to 15 days.

So sorry for your loss -michael

I am 20 minutes of the the throgs neck bridge is any of your practice is mail in.

But a RE Professional shouldn't have suspended loses if they qualified each year. all loses are fully deductible which might result in an NOL but not suspended loses.

i believe its pre formated on the election sheet of atx