Kea

This is what I try to my procrastinators. Working on their return when I'm stressed is not good for me & not good for them.

If there are any TRX folks left, they've been very quiet. I know there were a few TRX people that switched to One Desk, others to Drake, Taxwise & ATX. There were already areas for the others, so I guess that's why the One Desk people kept using TRX.

All but 2 are transmitted / extended / completed. One needs signature & the other needs bank's direct debit info. Not much work for me, but I don't know when I'll get them. Now, off to a good dinner. Maybe I'll have some e-mail when I get home.

One Desk is not the same as TRX. I've seen people posting that they like One Desk. Another option might be for this to be a "catchall" for all the other software that are not as popular as Drake or ATX?

Tired? Yes! Of numbers? Never!

Cool, but why did you leave out 4/10/14 - 4/12/14? Not their fault you don't like 10 day weeks!

My extension hasn't ACKed yet. I think it's been 12 hours?

I agree. As a sole proprietor, I would NEVER make it through tax season without this group. Thanks for all then answers - even when my questions are just due to stupid brain flatulence!

Yes, JJStephens, you situation (not the flies) sounds like what I've dealt with. I would see around 40% of my clients after 4/15. Too much stress. So at the start of last season I implemented a 50% increase for all info I receive between 4/1 - 4/15 unless it goes on extension and also 10/1 - 10/15. I'm still getting some info in April, but nowhere near as bad as it was. This year my big crunch time was the middle 2 weeks in March. But, that still worked better for me. If I'm going to run 2 weeks behind, I'd rather do it when there is still a month remaining than when there is only 2 days remaining. Like you, I didn't do it for the increased revenue, but to try to train my clients. It also means that for the ones I'm getting in April, I can generally get them done before the 15th. But the extension keeps from having that extra pressure to complete by a random magic date. Go for it!

Fabulous. I never thought about for anything but a W2. I haven't even used for that in at least 10 years.

That was what I was thinking, but I didn't know where to find the specific rule. I had just never heard of a distribution without a 1099R. So, now what? Do I file with a "dummy" 1099R? Not sure if my client can get the company to generate a 1099R at this point. Or, just keep all documentation and deal with the nastygram if / when IRS sends it?

Ditto. Happy B-day to this community, KC & SCL. I can't believe it's already been 7 years. My how time flies.

Thanks. I won't worry about the trustee to trustee move. How about the distribution? Not taxable because he meets the age and 5 year criteria. Should a 1099R be required for that transaction? Just trying to avoid the nastygrams.

But they didn't send either 1099R to IRS, either (or so they told my client). I would be happy to put in a "dummy" 1099R but not sure what effect that would have if they didn't send it to IRS. I do have a 1099R from them from 2012 when a rollover was done. It was not trustee to trustee so they issued it. Client learned advantage of trustee to trustee and did it that was for 2013.

Client gave me confirmation receipts of Roth distribution and rollover (trustee to trustee). Neither are taxable (age 60, acct opened 10 years). No 1099R. He called and they said they were not issued to him or IRS since they were not taxable events. Is the rule of issuing 1099R different for Roth? I know it doesn't affect his tax return, but should he have the 1099s? Should I hold the efile to see if he can talk someone else into issuing the 1099s?

Yesterday I gave the client back all her documents - originals plus my copies. I walked her out and when I returned to my desk, my copies were nowhere to be found! I have been known to give the client the (only) 8879 rather than their copy. But this was the first time I ever gave them everything.

I don't know exactly (without opening every return), but I'd estimate it's in the 20% - 30% range. I do ask, but don't push it one way or the other.

Thanks. I'll let him know.

Thanks. We do have a local office. But it is (of course) swamped this time of year. Should he wait until 4/16 to go talk to them?

Client set up installment request on return that is now accepted. Something just came up with one of his kids and now can't make the $5K payment he said he would by the 15th. What can be done now? I know if he had just waited for IRS to contact him, there would be no issue. But if he has already requested an installment plan and can't make the first payment, what happens? Thanks

I don't create the e-file until the 8879 is signed.

The basis adjustment means that if you have to pay the ATM in the year exercised, the basis becomes $144,531, and capital gain / loss is calculated from there. If no AMT, basis is $781.

I haven't had that case, but I would probably still use the date they signed it and just make notes in my file as to date received. Not sure if that's correct. This year I've had 2 with future dates. One used 2015. I entered it as 2014 (figuring this one was kind of obvious) and told client. They sent me a revised 8879 so it ended up being a non-issue. I also got one dated one day in the future. I just waited until after midnight to e-file.

Where did you find the part about no AMT taxable income if stocks not sold in the same year? I don't see that in QuickFinders. In my tax class (never had a real world ISO cause AMT to be owed), they told us of all the cases of tech employees exercising ISOs and paying huge amounts of AMT. Then the tech bubble burst and stock price plummeted. Yes, they got the basis increase, but now they had capital losses of tens of thousands of dollars and they could only use $3000 / year. A few years ago, the rules changed where you could claim some (all?) of that. I don't remember the details because it never applied to my clients. Perhaps this law is what changed the AMT reporting?

I was looking at the old 1040s on IRS.gov. Several decades ago, the form actually did state "Wife's Name" for the 2nd line. I didn't go through year-by-year to see when they changed it. I also have several clients where the wife is listed first. Sometimes for the reasons Joan mentioned and sometimes because the they just wanted it that way (even one case where the wife was stay-at-home mom with no income). No, it doesn't matter.