mcb39

If there is training and education involved in any business (including my own); I create a category under Other Expenses called Education.

Just had to write a letter of explanation to IRS because my 87 year old client received a 1099 from Wells Fargo. This was as a result of class action lawsuit against WF for excessive charges of mortgage interest. They really laid this elderly lady away. Had to straighten out that mess in 2013 and get the money back for her. It was her own money. Now the IRS wants her to pay tax on all of it. We had already claimed the amount she had claimed on Sch A in prior years. Somebody is trying to drive me nuts.

Renewed my PTIN and have my credits for AFSP. In view of all of our health issues this year; that is amazing.

Zero success; especially from investment companies who issue 1099 R.

Just returned from a 3 day tax seminars. Teachers addressed this issue and flatly stated that if it is in box 3, it goes on line 21; if it is in box 7, it goes on C or F.

You can have it on three computers under one license.

I believe that there is some guidance as to whether it is reported in box 3 (other income) or box 7 (non-employee compensation). I have done it both ways depending on the circumstances.

Not to mention our medications, our pets and our inner hungry times!

IMO, State Sales Tax is one of the most confusing and complex issues that we deal with; at least in WI. I, for one, am glad that ATX is charging it up front now because otherwise I have to pay it on my WI State Tax Return.; along with all my ebay and other purchases that do not charge sales tax. One more end of year job that I don't need.

Another "Thank You" to jmdaviscpa. I just shared that info with my tech support and he was happy to get it. He had actually called me because of the issue, just as I was reading that board. I was able to tell him which file to remove and he can use that for all the other clients who do not want Win 10. This board is awesome.

Am waiting for the link to be fixed. I have been researching this very question for over a week. However, in my case, the entire house was sold; so Mom is one of the four who get a share. Yes, it is definitely a gift and basis is whatever Mom's basis was when she acquired the property. There are possibly some obscure calculations to be done. Also, if sold at a loss; no capital loss can be taken.

This is one of the reasons that I have a jump drive on board whenever I am working on a tax return. I export the return to the jump drive any time I make any major changes and, of course, when it is finished. This also allows you to import any return into the program on another computer for whatever reason.

WI has all of those too; plus they squeeze in Road Construction season. Right now, though, we are having beautiful early Fall weather. However, the freeze warnings are right around the corner.

Actually, I never depend on just one resource. And, Catherine, you are correct. The best source of information by far is this board. I also like having separate references for 1040 returns and businesses. This year, WI brought back their WI Tax Book after a year without it. This an amazing source of information.

I hate to be a naysayer here, but I have always used Quickfinder except for two years; once several years ago and last year. I hated it both times. Am returning to Quickfinder this year. Perhaps it is all in what you are used to., but I had great difficulty finding answers in the Taxbook quickly. I ended up hardly using it. On the other hand, Quickfinder is in my hand and on my desk more often than not. I agree with Catherine as to replacing the States book about once every three years.

That's odd, because she has not had to sign or commit to anything. I have no doubt they will put the pressure on when she does well. When she went to class last week, there were several students there that were already or would be working for other accountants. There were also students who wanted the knowledge to keep abreast of things for their own businesses.

Thanks Rita. I am sure she will do just fine. She is somewhat familiar with ATX, but is very confident that she needs to know more about tax prep in general in order to be more help to me. She will also attend the seminars with me. The biggest factor here is her sincere desire to learn. Last year she did all the busy stuff, but she WANTS to know how to prepare tax returns with software and feel sure of herself when she is doing it. We are very much of like minds. In fact, she is my first cousin and in May, she had breast cancer surgery exactly one month to the day before I had mine. How ironic is that?

She told them up front that she was not going to be working for them, but wanted to have more tax preparation knowledge. As I said, she is paying to take the course.

So, my assistant is paying for and taking the HRB tax course on her own in order to increase her tax prep knowledge. Is the fact that she will be using TaxWise, going to mess her up when she is working with me on ATX? (Incidentally, her first class was last week and they sent everyone home because the software was not ready)!

I gave a check to my Grandkids last night because we are making a joint land purchase. He said, "I can deposit this to my account right from my phone!" WHAT??????????? That makes me really nervous.

I have been busy all summer with medical appointments and amending self-prepared returns; which has garnered me several new clients. Most issues have been with the ACA, but not all. The other thing has been helping clients with responses to CP2000s. And then there are all of those refinancers who just cannot find their copies of 2013 and 2014 returns. I, also, still have clients who filed extensions and have not brought their info in yet. What a year!!!!!

However, bottom line, I do believe that most of us actually like what we are doing. That other world isn't all that great either, at times.

Many of us have "been there"! I could go on and on, but it is water over the dam and the child in question is now an adult and understands just what went on. She is much closer to our family than she is to her mother's.

I, also, mis-read the original message.

After reading your update, I would consider it to be child support and non-taxable to your client.