zeke

A gal just picked up her tax return; brought a case of Kraft Macaroni and cheese.; cookies and two cans of coffee. (Of course, it is Sunday). Prior to today, I have gotten gift cards and money so far this year. I never get bottles of anything, but did get a 12 pack of beer once. Add flowers, sticky notes, post-it notes, plants, beet soup (yuk) and all sorts of bakery, candles, pens and odds and ends. I have some pretty creative clients.; and generally do pretty well in the tip department. OH, also have a priest who calls me his angel and prays for me constantly. Who could ask for more than that?

and just what value did you place on the beet soup for income reporting purposes

zeke

I could construct a scenario wherein daughter is (and has been) a professional model thereby qualifying the tuition as a continuing education expense....

z

thanx all!!!! it was a great day!!!!!

z

[Waiting on the devilled eggs to get finished so we can go to the In-laws for Dinner...

.... and as a wannabe contrarian, I am waiting for the angel food cake.

This entire thread should be posted as required reading.

z

I've been promoted? :~)

taxbilly

U are now ATX SUPREME MASTER!!!!!!

z

Z

Simple - have the co-worker prepare the return!!!

z

BOO WHO?

Z

>> I will keep a percent and she will get the remainder. She will get a larger percent of any clients she secures than those I send her. Ideas on what I should watch out for?<<

So, everything is cool and 2009 filing goes perfectly and you are both happy in June, 2010. She now has names & addresses & fees from your database & she can undercut in 2010 and leave you in the cold??

Z

Just for fun, I agree that the tax liability follows the money and that hubby therefore does have the tax liability - eventualy. but not on his return. The income is properly reported only on her return. I question the fact that hubby is REQUIRED to file a return for her. The IRS can and may prepare a return for the decedent and assess the liability to him, but, over the years I have observed several occasions that ignored letters to decedents result in no action by IRS.....

z

you are all right! he wants to. he is trying to. he said so with great eloquence. i hope he does! but, i doubt it & wouldn't bet on it.

so, i hereby declare this entire thread at least premature, if not moot. take two aspirin and call me in a few years - when our hindsight will be 20/20.

z

Catherine - I just meant that you might want to check your E&O ins. for coverage.

z

Who else has POA? - avoid family fights if at all possible.

Attorney, will, living will.

Liability insurance!

I commend you Catherine! and, (dare I say it) - your Christian spirit. You may or may not be adequately compensated for your time. The energy and thought you invest in this endeavor can only be balanced by the knowledge that you have afforded your friends with the peace of mind of knowing their affairs are in the good hands of someone who cares.

Good Luck!

Zeke

so send them a paper check by snail mail!

z

thanks Jainen!!!!!

zeke

So, my client is the estate of decedent (lifelong resident of Illinois) with DOD of 06/06/08. Single, no children, all qualifications for EITC EXCEPT:

Code & Pub 596 require t/p to be U.S. citizen all year and resident for more than half the year.

Does he qualify: YES - Citizen & resident for all of ( short fiscal) year?,

or NO - the term says year and means calendar year?

z

Jainen - Just be glad that yor Halo was tax free!!!!

z

Yes, Joel got out. But, our lovely language allows us to consider him to be still "a lawyer from Chicago"!!!

z

I thought of six different lines, then decided that Joel is quite competent to make his own responses.

z

Just as long as you aren't surprised when you don't know that you don't know what you don't know...

z

Hi all. Something new for me. Clients husband died in April 2009. State (WI) is looking for paperwork to set up estate return. Never have done an initial estate return so how do I begin to proceed on this? Any help would be very much appreciated. Do I start with a 1041?

Sara

Verify with estate attorney that formal estate proceedings will be required, & if so, will he/she obtain EIN or will you. Attorney/taxpayer/you should notify all banks & brokers & etc of decedent's death and EIN of estate. 1041 is correct return, you may also need 706 and/or 709. Good luck!

Zeke

>>the difference does not have an impact on her tax return. <<

The easiest way for this to be true is if taxpayer originaly reported the correct income, in which case no amendment is required. I leave it to Jainen to examine other cases....

zeke

Now - That's the Jainen I've been missing!!!

z

Braeden - I just want to thank you and the TRX team for taking so much time and effort to communicate with us on this open forum. While you meeting with us in our "home" is of great benefit to us, it has to be difficult for you to be sniped at from so many different directions. I feel confident that when I decide re: ATX/TRX, I will have the best information available. I sincerely hope that TRX generates mucho sales from your efforts. Again, Thanks!

Sincerely,

Zeke

They already have, Bill. What more are you wanting?

K.C. - The word "release" has a specific legal definition. that definition does not include "acknowledgment". Calling the former by the latter does not make it so.

I ask again - To whom is the "release" directed, and from what. If for their own internal purposes TRX should put their name in the top blank. If just an acknowledgment - reword the form. If it is not required at all, just say so.

IMHO

z