mcb39

4 hours ago, kathyc2 said:

I have some low income clients with a lot more class than high income clients. 

Per form has always worked well for me.  A lot of circumstances I'll give a discount off the set fee, and a handful get surcharge above the per form charge. 

Many of my low income clients are extremely classy, kind and appreciative individuals.

I know that I am on the lower end of the spectrum.  I agree mostly with Yardley CPA.  I charges according to the circumstances.  I know I am probably charging way too little, but you have to consider what the market will bear.  In Central semi-rural Wisconsin, I don't have many high-class clients.  I try to adjust fees yearly; some up and some down.  I continue to tell my clients that this business is not all about money.  They are first and foremost the most important presence in my office at any given time.  I would never think of charging per form, per page or any other set method of pricing.  I generally pull a number out of my head based on time and complexity; but I also consider the situation of the client.  This might be wrong, but my clients are happy, I am happy and I sleep very well at night.

Many, many taxpayers under 25 and over 65 did benefit last year and it was a sweet credit for the hard working low income clients.  This year, no soap and I have seen it over and over and over.  It was never a lot of money, but it was a little extra and I think it's a shame that they did away with it.

I had a small business go from S Corp to Qualified Joint Venture.  I just had to write a letter to the State informing them what had transpired.  Actually just a copy of the IRS letter dissolving the S Corp.  They kept the same name.

We have so little guidance on Wi tax law.  Seems like you either "know" it or you "don't".  Call the people at My Tax Account.  They are very knowledgeable and helpful.

And I knew about the exceptions as well.  Sorry!

You cannot take the PTC on a MFS return.

I always file them separately.  First Fed and then State.  WI requires a copy of Fed to accompany State return.

4 hours ago, Lion EA said:

My very old HP all-in-one will tell me (message on the screen) if I've inserted genuine HP ink or not when I replace a cartridge. However, it works the same either way. None of my HPs are newer models, so can't speak about what the new models do.

All of mine are older models.  That is 5.  I am well stocked with toner cartridges, but probably won't order more until I need them.  What a shame.

9 hours ago, cbslee said:

Slippery Pencil's warning is timely since HP announced recently that you will have to use their OEM toner and ink with their new printers.

Thanks for the update.  So,, HP is joining the Intuit, Microsoft bandwagon......

I purchased a refurbished HP P2035 from Tiger Direct to replace the one I had been using for years.  Because the original had started to streak, I brought the new one out of storage.  Very happy and no problems to date.  I do not use OEM laser cartridges.

This happened once before.  I don't believe it would be taxable because it was paid for with after tax dollars.  However, I don't know and I don't care.  Give it to a worthy Charity and call it the "Great Tax Preparers' Donation Act".

Personally, I think Bob's basis is zero and Ann should be claiming a $2000 gain. 

My construction clients never empty out their vans and covered trucks.  They have other vehicles for personal use.

16 hours ago, cbslee said:

There are so many different annuity variations and riders that it can be difficult to figure out how to handle each one.

You have to refer to the issuer, the original contract and any subsequent modifications.

They have broken down the part that is taxable and the part that is not.  My question is why should my client under age 59 1/2 have to pay the early withdrawal penalty on an inherited life insurance annuity.

Client under 59 1/2 received a 1099R from a Life Insurance Annuity  Payout coded 1D; no known exceptions to penalty.  Federal and State taxes are properly withheld.  

Am I not correct that I fill out the 5329 for relief from the penalty?  Should I use Code 04 or Code 16?  Thanks to anyone who can help me.  If I am correct; last years return will also have to be amended as she payed a very large penalty last year for an early withdrawal from a Death benefit that was not coded 4.

Time to part ways.  Life is too short.  There are plenty of decent clients out there clamoring for help.  IMO

My husband "sold the farm" to start a Partnership with his brother in 1973.  Many years later the brother sold his half to our son.  Family owned Partnership.  That sale was one of the most difficult returns I ever did.  My research and the paperwork involved, rests in a hard-shell briefcase.  I have always treated our contribution as Recourse.  The brother contributed nothing but his talent.  In nearly 50 years, my 1065 returns have never been questioned.  Used Vehicle Sales and Service continues to exist and grow.  However, there are slightly different rules for family-owned and this is not a huge business; averaging under $250,000 Gross.  Also, it has been solvent for a long time.

Make sure that your Preparer options are all filled out correctly.

There is a Capital Loss Carryover Loss Worksheet.  See Schedule D

Because I am a "Paper Person", I keep a copy of the depreciation detail schedule in the client's file.

Other Income not subject to SE tax; under $400.

27 minutes ago, Abby Normal said:

Selecting Amend while in the original return, automatically creates a copy. If you make a copy then choose amend in the copy, I suspect you'll end up with 3 returns.

Nope!  Only ended up with 2.

A few of these this year so far.  I create a copy of the accepted return.  Select Amend return.  Create the amendment and e-file the amended return.  I have had no rejection of these so far.

I would file for a minimal fee just because you never know if the IRS will recognize two plus two minus the loss.