Abby Normal
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Posts posted by Abby Normal
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39 Years Nonresidential real estate. Is that what you needed?
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And so far I'm loving it. Carbonite would not let me backup the the ATX data folder because it's hidden, but CrashPlanPro is happily backing up C:ProgramDataCCH Small Firm Services as we speak... er, type.
It solves some of my long-term complaints with Carbonite as well and it's a much more professional looking application.
$10/mo per computer, so it's costing me a little more but it's well worth it.
I've already tested it by deleting a file from my hard drive then restoring it from the backup. Worked like a charm!
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My returns have gotten thinner every year as I print fewer and fewer pages. I rarely print more than 10 pages unless they need estimated vouchers.
Rarely do I get a complaint as most clients never look at the return. I give them a CD that has all the returns and records I have for them. I get the CDs from Tenenz for about a buck preprinted. They look nice. They have several styles:
http://www.tenenz.com/index.php?view=search_results&search=39&search_method=CAT
The CDs save me toner, paper and printer wear and tear, but the clients love them for printing copies of their returns or taking to the bank. I've had bankers compliment me on them and say they wished all the tax preparers did this.
Edit: I have a good number of clients that are happy with just the CD. I knock off $10 if they forgo the paper copy and folder.
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Yardley,
Low cost and a nice folder....Check it out at
Egad. That looks like it hasn't changed since the 50s!
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A schedule E should file a 1099-INT to the recipient of the interest income.
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Congrats! Being a grandfather is one of my favorite parts of my life.
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How about, "I guarantee your refund will be right."*
*If you're entitled to a refund.
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Ctrl-F4 Ctrl-O Don't even let off the Ctrl key.
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If I'm working on an hour plus return (as many of us are this time of year), I like to close it every 30 minutes (or less) to create a backup. That way, if something goes wrong or I do something stupid, I haven't lost hours of work and can go back to an earlier point. You can even flag the records so you know where you were at the time that backup was made.
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Go online and see if you can get him a new EIN (work with me here) for his Sch C business and let the rest of the EINs die.
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One question that is an ongoing debate is whether you can net or deduct the legal fees. I think the court cases have been split on this.
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This is a pretty good overview:
http://www.meehanboyle.com/taxation-of-judgments-and-settlements/
I would exclude some of it under the physical sickness provision. It's a shame that some was for emotional distress because Congress doesn't view that as a "real" injury. Bastards.
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I think a negative orig fee just offsets other nondeductible closing costs. Ignore.
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The ATX 2013 Server service did not start automatically when I started my computer, yesterday. I tried to start it manually and got an error message. Called tech support and they deleted this folder:
C:WindowsSystem32configsystemprofileAppDataLocalCCH_Small_Firm_Services
and it started right up. They didn't rename it or make a copy of it, just pressed delete.
The only thing in that folder, down a couple more subfolders, is a small user.config file that, obviously, gets automatically recreated if it doesn't exist.
I always wonder, when things like this happen, why programmers don't just auto-create these types of files every time to avoid such problems.
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MD has two plans that they run and if you choose one of these plans, you get a subtraction (codes xa or xb) of up to 2500 per year per child.
Read Administrative Release 32.
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To me the great thing about efiling during the last week (and especially the last day) is emailing the client the signature forms, having them sign and fax them back, then pick up their returns after the 15th. I encourage them to ask me to email them a copy of their return so they can review it before it's efiled, but less than 1% actually do.
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I never change the date. I enter the date when I'm done and I create the efile. Even if they sign it 3 months later, I never change the date/recreate the efile.
I've been efiling since the late 90s.
If they ever want to talk to me, I'll explain the realities of being a tax preparer.
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I have found that a number of caculations need to have the return closed and reopened inorder to get the correct information to flow.
When all else fails - -reboot!!!!!!
Sometimes, saving the return calculates the return.
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I've found that the 8829 only shows the original home basis, not any improvements, but the total depreciation is right. Maybe the IRS wants it this way?
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I use less than 2 toner cartridges a year because of working as paperlessly as possible and only printing the main tax forms for clients (1040,A,B,C,D,E). I skip the 8949, 1116, 8863, 8582 and any other form the client has no hope of understanding.
We give them all of the forms, etc. on a CD but often only print 4-12 pages for the folder. I give $10 off if they accept just the CD.
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Last year I had one, and I did efile the 5329 with the return. Hope it doesn't come back to haunt me. I haven't heard anything yet. I put the RMD on line 50, the amount distributed on line 51, bunny hop on Line 52 and request the amount of shortfall that the waiver is requested on. Write the explanation in the space provided. The penalty disappeared and efile went through with no problem. Filed the return this year with the amount in income (because it was taken in 2014) and no trouble yet there, either.
Knock on wood.
I didn't think you were supposed to report the income until the year you actually received it.
Here are the relevant 5329 instructions:
1. Complete lines 50 and 51 as instructed.
2. Enter “RC” and the amount you
want waived in parentheses on the
dotted line next to line 52. Subtract this
amount from the total shortfall you
figured without regard to the waiver, and
enter the result on line 52.
3. Complete line 53 as instructed.
You must pay any tax due that is
reported on line 53.
Line 53 is just the 50% tax, not the income tax on the missed RMD.
What does 'RC' stand for?
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Agree about the letters. I spend more time fixing them on almost every return. And we need direct access to the master letters without having to be in a return. And a default font, including size, that you choose for the letter text under preferences should be added. Often when I'm editing a letter it defaults to 10pt Arial or Georgia, neither of which I use.
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The 1099R did not have the estate's EIN on it, so either way, the IRS is going to have to find the withholdings and move them to the right account. 1041 may be correct but 1040 with surviving spouse works and it's faster. I know. I've done it.
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And the 5 year rule is only for Roth conversions, but older people have been being advised to do these conversions to save their heirs taxes.
Penalty Abatement for RMD
in General Chat
Posted
I have two little old ladies who had a problem with this because of a spouse dying late in the year. As a test, I decided to do nothing to see if the IRS even catches it. If they do, I will file the 5329 with explanation.
The 5329 is a signature form and can be filed separately. To answer your question, yes you're supposed to send it in now and, from what I've heard, they almost always forgive the penalty.
I'm advising my over 70 clients to start taking their RMDs in July so that if a spouse dies, there's ample time to deal with the deceased spouse's RMD for that year. In one case, Bank of America's IRA department told the widow she didn't have to take out the RMD for her deceased spouse until next year, which is wrong.