mcb39

If the amended return is accepted, the penalties and interest will be refunded as well as the tax and interest will be paid. I had one of these a few years ago where the preparer had put the sale of an asset on the D as short term instead of long term which resulted in a large tax liability. After amending the return the following year, the client received approximately $6,000 in refunds. And, nobody needed it more than she did. Just caution your client that it will take some time (several months to process).

Terry, the §179 deduction is passed out separately on the K-1. Are you looking for it on Page 1 of the 1065? It won't be there. Also, there cannot be a loss in the partnership in order to take the §179 deduction. Maybe that could be the problem . . .

Maribeth

Maribeth is correct. The 179 cannot be taken on the 1065. It is distributed equally to the partners and shows up on the Sch E page 2 as a subtraction from Partnership Income. (After it flows correctly from the K-1).

We all have those blind moments. It is 7:30 AM here. I worked at my part-time job til 8:30 last night and had a fool client just show up with some paperwork he was supposed to drop off on Monday. I am afraid that I was not very polite.

Thanks...new payroll client came in late yesterday. It actually works....

I'm betwixt and between on whether I should renew with ATX or not.

And for the payroll solutions -what would be the best option there? I don't do a ton of these filings. I do about 10 W2/W3 reports a year, and have 2 clients I regularily complete 941's for during the year as well as the corresponding state report.

Curious what you all think is best? Do you think ATX will be around in a few more years? Will support dwindle?

Thanks

Carolyn

Perplexed in Texas!

If your biggest concern is payroll and payroll forms, take a look at Medlin for $45. You can try it free by downloading from www.medlin.com. I use it in addition to Max to prepare payroll and reports for small businesses. And, even though I have renewed Max, I will also renew Medlin Payroll.

I love all who do participate, and I sincerely hope that some day I will be able to offer help to someone the same way that help has been offerred to me!

Thanks and keep up the Great Work!

Deb!

>>both will be a party to any advice you give the other<<

That's really the only way, and not just ethically. Remember that these two lovers are in litigation. The lawyers are looking for anything with a hint of trouble and a dollar sign -- and Exhibit #1 is the tax return you prepare. Do you really want Exhibits 1 & 2?

Since I prepared their joint return last year when they had only been married a few months, I will have Exhibit 1. The reason she called is because she moved out and she wants a copy of that return for her attorney. It is just as much hers as it is his, but if he refuses to give it to her, I feel that I should, for a copy and fax fee. I am pretty sure she will go her own way afterward as she never was a client of mine before they married. I don't intend to give advice to either of them. Their income is pretty clear-cut. She is employed; he is self-employed. There is no Real Estate nor are there children involved. Of course, it IS all about money. Thanks for the input. As he is the son of a friend and client, there is no question as to which one I will keep.

What are the moral and ethical ramifications of preparing tax returns and giving tax advice to both halves of a divorced couple who, as a married couple, have been long-term clients? If there are any, how do you decide which one you owe your loyalty to? I want to think that the privacy issues to which we are committed should be adequate; but can foresee some discomfort arising from this type of situation. Comments?

Mercy me! Just got a call from another one. Together for five years; married for 8 months and getting divorced. She didn't think he should have told me they were getting divorced; but now she needs info for her attorney. I assured her that all is confidential and I won't discuss him with her or her with him. :mellow:

Have been keeping an eye on the member signins. We just topped 300 and this certainly speaks well for Eric and the members of this forum. IMO, this board has been more orderly, polite and informative than the old one was. We have a really good thing going here so let's be sure to try and keep it that way. Tax season is just around the corner (unfortunately). I still have two extensions to get out. In the meantime, this has been a great place to visit and learn.

The reason why I'm leaning towards the stop payment route is that I would think IRS could care less who pays the estimated taxand just deposit it in the wrong account. A check can be from anyone for a payment and does not specifically have to be from the estimated tax taxpayer. Any thoughts on this? I'll need to make a decision one way or the other by Monday morning.

taxbilly

That is correct. I have already sent in payments for one or the other of my sons under certain circumstances (had them reimburse me). IRS never questioned the fact that the check was not from the person whose name was on the voucher. I think you did the right thing.

So how does that make it fair, Eli? Most of us upgraded to Max somewhere along the way. In my case, it was because the programs that I was using (Tax Pro and WI Tax Pro) kept getting more expensive to the point where it was less expensive to just go with Max. I never got a several hundred $$$ discount for upgrading. A price is a price, is a price....

Sure makes those of us who paid in excess of $1000 to renew Max look like fools..........

Update.....still using old monitor; new one still in the box. System performance is excellent and consistent. Therefore, thanks a ton to Old Jack and Mike. My hardware consultant says that it is too much of a coincidence for the VGA card not to have been causing the problem. It must have been loose, but next time he and I both have time, he will open CPU and check VGA connections. At that time, we will try out new monitor. I so appreciate all of the responses from so many of you. :)

You are on my top priority prayer list, KC. Had a close friend who spent most of this summer in ICU and this evening she was sitting on my porch visiting. God can and does heal.......

I answered Tax Prep, in business 18 years, 1 employee (me), 1 location and was allowed to finish the survey. Not that I learned anything other than to be careful how I answered. Seemed to me they were fishing for more RAL users and I was adament that I was not interested. Did not see anything about a $1000 prize. No more surveys for me.

I did the survey just because.........had to think HARD about some of the answers....

Hi Eli........

I paid $1018.50 with the discount....

Just as Old Jack states; sometimes it is the only way. I have had this scenario often enough to know that the IRS doesn't really care as long as the proper taxes are paid.

I DO E File; probably 90% of returns, but I do not charge to straighten out an IRS error either on paper or otherwise. I agree with John and Old Jack that these charges should be factored in. They aren't my fault, but they aren't the clients' fault either. They come to me because they trust me to get it done correctly. And, they trust me to fix it if the IRS messes up. They come in traumatized with their letter and I explain that, often, it takes one phone call to straighten it out. I am not in this business to draw blood. I will also never be rich, but I sleep very well...

Interesting....my Granddaughter bought a home in May with PMI....first time home buyer; Wheda loan., low interest rate. She also got a $5000 Grant from WI to use as a down payment. Each year she lives in the home, she reduces the grant by $1000 and if she stays for five years, she doesn't have to pay it back. She loves the house and plans on living there for a long time and has already done a fantastic job of face lifting. It was an older rental house which had some important remodeling already done. I never would have believed she would get the mortgage all by herself, but she did. I will have to check into how she gets to deduct the PMI. This was a wonderful incentive for a young girl to purchase RE and not have to rent. She has since gotten engaged; so will have help with the payments when her fiance graduates from college in Dec.

Quickfinder Page 16-1 under Notes. "The running of the statute of l for refund claims is suspended for any period during which a medical impairment prevents the taxpayer from managing his or her financial affairs. The impairment must be expected to result in death or must have lasted or be expected to last for a continuous 12-month period. To claim the refund or credit after.........etc. A written medical opinion must support the claim. I think your case is worth looking into....

Mine is working fine, but this was added today so they may have been updating the site when you tried to access it:

Weblog - The Latest ATX News

Test Drive our new Site Builder program

8/23/2007

Site Builder and CompleteTax - Get them both for just $495! To test drive and purchase please click here.

Print This Article

Dang! This happens whenever I try to edit a post. My additonal question is "What are these programs and why are they so pricey?

Mine is working fine, but this was added today so they may have been updating the site when you tried to access it:

Weblog - The Latest ATX News

Test Drive our new Site Builder program

8/23/2007

Site Builder and CompleteTax - Get them both for just $495! To test drive and purchase please click here.

Print This Article

Deb....that is good to hear. Obviously, we cannot tar all employees of ATX with the same brush. Just because the "company" has made some disappointing and unpopular decisions, does not mean that nobody in the organization cares about us. Thanks for sharing.

Is it possible to have a dual monitor setup when you work off a laptop? I have been told by some it is okay and others no. I would like to have a dual monitor setup this year, the laptop and a stand alone.

Mike

Since my new laptop has an external VGA port, I have to assume it is all right. When I have more time, I will get the book out.

>>you MEANT to say "giggle<<

Yeah sure JohnH... I'll bet everyone else thought I meant "jiggle", when the truth is I meant "wiggle" so others in the office could see. LOL

I did try to wiggle and jiggle the monitor connection on back of CPU. Have had no problems since. However, I did get a fantastic buy on a 19" LCD monitor (still in box); Will get it set up one of these days, but in the meantime, the old one is behaving perfectly...WEIRD!