Karen Lee

Received the 1040 Express Answers today!

Thank you. Gives me enough information to be a problem for my 'geek squad'. Karen

My office is a small retail space in town (population 1200). For the past several years I have had an assistant to greet clients and do misc 'stuff'. This year no more assistant (too costly and just can't do the training and taxes at the same time). Our min wage in Washington State is 8.55/hr and with payroll taxes I expect my assistant to be productive and have billable time to support the position. Can't find anyone who can remember from Friday to Monday much less month to month or quarter to quarter without having to re-train. So much for that rant!! The plan for this tax season is to not get involved in anything mentally heavy during office hours and complete jobs at home in the evening and on weekends. (too many walk-ins and phone calls) I have a laptop at home and have purchased another printer for home. Instead of using import/export function I want to access office computer for work at home. I need some opinions on the software available and how it has performed from your experience. TIA Karen

Had to reset top margin to .20 from .25 Karen

I had the flu starting the last week of Oct when I was trying to finish up quarterly payroll and other state returns and of course waiting for my last minute people. I was able to work mornings but then went home to bed when the fever got to be more than I could deal with. I didn't have a headache but did have lower back pain from hip to hip that was very intense. I guess I don't need a flu shot now and I don't know what kind of flu is was. Last week was the first week I could work a full day. I am glad it is over and so sorry you have to go through it. On day 5 I felt good enough to leave home and go all day shopping but then I slept for almost 2 days. Don't get too carried away when you start to feel better just take it easy for at least 2 weeks. Don't forget plenty of fluids and rest. Karen

I think Old Jack has a very valid point and I miss some of our conversations on tax issues. There are two things I would like to know: 1. How does taxbilly find the sites so fast and 2. Who told KC she gives too much advice? That is just wrong! Karen

Client receives a notice from IRS stating it has on file two 1099-MISC from the same organization, with the same $ amount except one is for box 3 and one is in box 5. Client reported box 3 which is correct but the box 5 (fishing proceeds???)is so totally unrelated to anything the client does and is just wrong. Now to make it really interesting...I prepared the 1099-MISC for the organization and I have no idea how this happened from this end and no idea how to fix it because there is nothing to fix. I have no 1099-MISC or 1096 with fishing proceeds, there is a duplication somewhere and I can't find it. How do I fix this for both the client and the organization. Thanks Karen

Unfortunately, no insurance. She is doing great though. Still concerned about infection from the bits and pieces not removed from surgery.

Grandma is fine. I have Prozac and Ativan. We left for the 10 hr drive knowing "Michelle, accident, air lifted" about 3 hrs into the drive we heard "internal injuries and surgery" then we heard "stick and neck". Coming from the land of logging "stick" is pretty inconsequential. When we saw the "stick" it went to "branch" quickly, as big around as a silver dollar. The branch missed everything vital. Infection is the problem and will be for quite awhile. They are in New York now and totally blown away about 4 hamburgers being $195.00. Marilyn, thanks for asking.

Do an internet search for "michelle childers tree" She is my granddaughter. We had a very long Labor Day weekend but all is well at this point. She will be on the Today show Friday at 7am

Couldn't find them at the irs.gov site but googled "draft tax forms" and got an irs site that has the draft forms. Karen

Thank you. michaelmars, I will take you up on your offer. Will PM later today with details. Lion, TP did move into NYC mid-year however no income until in NYC. Prepared a PY return with no difference. It was really simple. Med school grad with residency in NYC in beginning July 08. Really appreciate your help. Karen

Seemed too simple. It was a very simple fed return and all seemed to flow to IT-150 and IT-2. There was nothing in the instructions to that led me to believe that it is incomplete. Thanks Karen

If the amount of the American Opportunity Tax Credit for which you're eligible is more than your tax liability, the amount of the credit that is more than your tax liability is refundable to you, up to a maximum refund of 40 percent of the amount of the credit for which you’re eligible.

We switched from Proseries to MAX in 2002 and the transition was mostly seamless. Being 56 yr old I am not embarrassed to tell you that I can't remember any specific problems...maybe depreciation...I do remember that I missed the main worksheet that asked the questions that were specific to that year. However the ever escalating costs and changing system requirements made it necessary for me to change software and I am happy I did. This board has been invaluable and the old support was very good and responsive. I believe kcjenkins would be called a "power user" and knows the program and is very willing to help anyone who posts. Good Luck Karen

question 1: Yes question 2: No

Got it!! Thanks

In 2007 TP donated a motorhome to qualified charity. Appraisal done and everything. Value of MH on appraisal $26,000.00 TP unable to take full contribution deduction in 2007, in fact very little. Today I received a phone call from the charity wanting to know information on how much deduction was taken because they now have a buyer for $6000.00 and want to take it but don't want to mess with having to reimburse TP for claiming more of a deduction than the $6000.00. Of course I told him I couldn't give him any information regarding TP. Charity person is telling me that the carryover period has been reduced to 2 years?!?!? I haven't heard of this change and 2007 and 2008 carryover period for individual TP is 5 years. Question: $26,000. donation can be reduced by selling price in forward year? Question: carryover period not 5 years any longer...changed? Thanks for your help Karen

jainen: You make my blood pressure rise and my heart beat erractically. I just can't describe the feelings and there are no words allowed on this board that can truly explain my thoughts. Until we meet again... Karen

Your Input Needed on Tax Treatment of Care Payments Care payments, payments made by an individual, state, private company, or agent acting for the state or private company, to an individual for the care of an elderly or disabled individual are a significant compliance issue for the taxpayers receiving and making these payments. Caregiver services are often referred to as "chore services." The typical caregiver payment arrangement involves a caregiver who is often not in a trade or business for giving care to elderly or disabled individuals. Often, these payments are made to a spouse, parent, or child for the care of an elderly or disabled loved one. In certain instances these payments have been deemed non-taxable income to the caregiver. In other instances, the payments have been deemed taxable income and subject to self-employment tax. These determinations have been made on a case by case basis based on the facts and circumstances of each case. In order to get a broad view of the many different fact patterns that may exist, the IRS is seeking help from the practitioner community. The IRS would like the practitioner community to provide any examples of recent cases in which chore payments were an issue. Please provide the facts and circumstance as well as the outcome of these cases. The goal of the IRS is to try to develop outreach and educational products that may help taxpayers determine the taxability of chore payments. Any feedback should be submitted by August 31, 2009, to Martha Tobias at [email protected]. Looks like you may have a good argument for no SE tax since the IRS is asking us for help in making the determination. This came from NATP Tax Pro Weekly. Karen A

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Thanks for the 2x4 over the head. You are right about the prissy credit and I get it now. Mother did forgive balance. Thank you Thank you. Just couldn't put gift and corp together. I couldn't get gift to come into the situation. Thanks again Karen

Maribeth, that is what I keep coming up with and I keep thinking there is a taxable event hapening as well. RoyDaleOne, all of this is within an S corp so I am confused as how to handle a gift. I need to book the transaction and also do the tax return so I need to get rid of my confusion. I'll check my old accounting textbooks to book it. Thanks, maybe I can get some more opinions. Karen

I handed this off to a CPA for 2007 when he sold 75% of his Sub S but HE's BACK!!!! This client is accrual, Sub S. Closed his store front 12/31/08 and sold inventory (he still has A/R and commercial rental). I have no trouble with the selling of inventory and fixtures but I can't get past the discounted note. Here is the story: Many years ago he bought his mother's stock and has been paying all along. Last year he gave her a lump sum to end the contract. The ending balance of course is zero however there is still over 16,000. in NP. I know to debit the balance and credit ???. Does this make a taxable situation? That's all for now. I'm sure I'll sun into another brick wall. Thanks for the help. Karen

I have an audit with Labor and Industries (workers comp) in 40 minutes. I've turned off the A/C and will have water available. The auditor was a no show on the original appt time so let's see how it goes. Karen