mcb39

So far, twice this year I have had last year's clients call to ask me to help get them out of a jam with Turbo Tax. Just yesterday, one called and said he needed the number on line 45. The number I had on line 45 was not the one he was looking for. He wanted AGI (whatever that is) I asked him where his copy of the return from last year was and he didn't know. I gave him the last years' AGI and hope he never calls again. If he does, I won't be answering.

It'll get even "funner" as time moves on. When you have Office in Home, time or day is no object. If I go to bed early, I take the phone with me because some idiot will think that I am never supposed to sleep, eat or use the restroom.

I second that!!!!!!!!

I just filed one yesterday and today in the mail I received another 1099-Misc for $1000. Since it is just sitting in there, wish I could grab it back. I didn't need this today. (or yesterday or tomorrow)! Good thing, will only have to amend Fed as WI is still being held in the repository where all created e-files live.

I am having no excessive problems. The acks are taking a little longer; then all of a sudden you get a pile of them. After all, the acks were coming in unusually fast prior to this setback. If everyone holds their cool, we will get through this. I do believe it could have been a lot worse.

I get this question a lot and generally it is the financial institution that will notify them when and how much. However, as KC states, everyone doesn't read or understand their mail. Generally there is a toll free number that they can call just for peace of mind. I guess that I am really surprised how many people are aware of the requirement for minimum withdrawal and want to make sure that they don't miss it; or want to draw more than the minimum. I do a lot of tax planning in this area for clients who want to draw out enough to avoid taxation, if possible. Work up some "dummy" returns every year just to see where we are in the ballpark. Ah, yes. As we age, so do they.

E-file Volume Announcement The IRS has advised us that a formal announcement is scheduled to be released Tuesday mid-morning. You may have already noticed a short delay in the time your e-file is received at the EFC and the time it is sent to the IRS. The IRS Electronic Tax Administration (ETA) has reached out to the software developer community asking for us to help monitor the flow of e-File submissions to all processing centers in anticipation of the high volume of returns containing one or more of the Extender forms waiting to be filed. ETA has established a maximum daily volume for each software transmitter for e-files transmitted via MeF and legacy. The purpose of setting maximum volume controls is to ensure the taxpayer’s e-file is processed as quickly as possible without causing significant processing delays by the IRS Submission Processing Centers. SFS will be distributing the volume controls evenly over all five Service Centers. -------------------------------------------------------------------------------- Kim Manuel VP - Customer Relations

Smooth as peaches and cream. Every one that I had maked to send is gone. Also, have been e-filing the other kind all day, no waiting for server, nothing unusual. Just remember to update the program before you try to create e-files.

Isn't there something about 14 days or less. You are correct to nail him down as to details. I think he should document and sign.

But, in my experience, it is next to impossible to get anyone to change a 1099. Worth a try, but good luck.

I have a client who inherited a house and farm along with eight siblings in 2005. Two of the brothers wanted to keep the place but didn't have the money to buy out the others all at once. My client finally got her payout this year along with a 1099S. I suspect they took my client to the cleaners (sort of). I am going to add her attorney fees to her basis for a capital loss. I am also having her do a document search to find out if she actually received the amount indicated on the 1099 as they paid her off over the course of two or three years. If she actually received less, I will adjust her loss accordingly. This was supposed to have been an equal 9 way split. IMO, the brothers who wanted to keep the property should have mortgaged it immediately and paid off the daughters. In the meantime, another brother who has 1/9 share dies and leaves his share to (guess who) the other two brothers. I told my client that she needs to take emotion out of the equation and just deal with the facts. If they messed with her, she has every right to claim her loss and let them deal with the results if there are any. In your case, I would allow the siblings who did the traveling to do the cleanup and cleanout to take those expenses against their original basis on their individual tax returns. Inherited property equals LT and costs are deductible. The new 2010 rules don't affect your client since the inheritance actually took place in prior year.

I agree with michaelmars. The key word here is inherited, the second key is no personal use. It is inherited property which is long term and fix-up expenses plus basis results in a capital loss.

8:40 Central Time.....I just transmitted e-files and received acks; then updated the program. Maybe it is the update.

Deb had the correct interpretation. The apartment has been rented for as many years as I have had him as a client. He advertised heavily this year, but no takers. Thanks to all for your input.

My understand is that the AOC is an enhanced extension of the Hope Credit which no longer exists. In other words, if student took the Hope Credit for 2 years, he/she can then take the AOC for two years if they happen to fall in 2009 and 2010. From theron it is the Lifetime Learning Credit or the Tuition and Fees deduction. I had to do an amendment last year because of this confusion. Client had three students in college, but one did not qualify for the AOC because of it being her fifth year. They withheld her entire portion of the refund until we did a correction.

I am pretty sure that my client can take a rental loss even though he was unable to rent the unit for any part of the year. However, cannot find the answer in black and white. It has been a rental unit for several years. He advertised it for rent. He maintained the property but did not use it for any personal purposes. He did not raise the rental rate that he had always charged, but has been unable to find a renter and the property is vacant. Can he deduct the loss against his earned income? Thanks to anyone who can clear my muddy mind.

That's the way it has been looking to me.

Because serious professionals want to get it right. And that is also why we turn to this board. I have to cringe when I see the ads for Turbo Tax, Tax Act, etc. They are telling people that they can do it themselves, no problem! Those ads are certainly not in the interest of small business; but, then, the corporates will always try to kill us.

I am running 2010 on my laptop in Windows 7 64 bit. Not a network, but everything seems to be working well. I just did an update. Also have 2008 and 2009 on that computer. Am not running in XP mode, but have no problem moving files between that Win 7 and this Win XP computer.

AMEN!!!!!!

No kidding! In fact, my Granddaughter bought me a new sigh for my office this year. It simply states: "Gone Batty"! Add that to my license plate and you can draw your own conclusions.

I am waiting myself to see how this is going to wash out. I have clients who adopted three special needs children in one year. This is their fifth (and last) carryover year. I am at a loss as to how this is going to calculate and they are not going to be happy to find out that they have to paper file. Even the instructor at Tax Insight Educational classes did NOT know the answer. In fact, he was surprised when I showed him the doc regarding the carryforward credit. Will have fun working this one out.

Are you sure you have checked "Always hold and release". Just a thought

I have always loved that Obit. My daughter-in-law works for General Mills. Have to send that to her.