mcb39

I have AVG also, but running Malwarebytes every few days or so takes care of the stuff that slips through. Also, CC Cleaner, another free program, once a month or as needed.

I also use Malwarebytes as well as CC Cleaner.

Several years ago my husband's auto business had a state audit because the state is stringently involved with auto dealers. The gal who came in for the audit and I spent half a day going through every sale and deposit for the entire year. In truth, she was looking for large deposits of cash and where the cash came from. We are required by law to fill out paperwork for cash payments in excess of $10,000 and preferably $5000 at the time of sale. Then, on the other hand, the CU does their scrutiny when we deposit it. Since we are a small dealer, we rarely, if ever, have those kinds of sales or receipts. We did have to pass the CU scrutiny once when we combined two smaller receipts into one deposit that went over the line of allowable cash deposits. In the case of the "audit" we clearly passed and all of our records were in order. Just a good example of keeping good records and they have never come back. It would be unlikely that anyone in our business would have deposits that large of cash, even in combined payments. As I said before, I stash away my few hundred dollars in cash payments for spending money, but only after it has been duly recorded as income in my records.

This is the closest to being correct. I just had a Wells Fargo refund of interest overcharged of approximately $13000. If the interest was used in prior years to itemize deductions, some of it is going to be taxable; otherwise none.

I heard that they have an extension to Feb 28 to get them out. Just what we all needed. How many returns will have to be amended because they forgot to tell us that they had a rollover?

That is what I thought too....at first. Funny thing, I actually had a client who did get married in September and asked me for an Organizer as she was coming to me and her new husband was going to his old accountant. It took about five e-mails to explain about MFJ and that they were no longer single. They were each going to file S this year and together next year. Whoa!!!!! The options are MFJ and MFS and if you don't want to lose the Education Credits for your daughter in college, you had better file together. Got a note today thanking me and informing me that they are both going to his accountant and filing MFJ. She has been with me since 1996; but these things happen all the time and I am actually relieved. She has mega-investments and understands nothing about them.

In 2011, before I updated to a new computer, the returns I was having the most problems with were the 1065s. The XP machine just didn't have quite enough power to do the calculations. Often had to shut down, reboot, etc. I knew then that I needed a new machine for 2012. No problems last year or this with Partnerships.

But mine DID select the 2106 in the dropdown box. I have had that return open throughout this thread. The selection is still there even after the return has been filed.

A few years ago, our CU would take sole proprietors but not Partnerships. Now it is open to all business. So, things do change. We get no fees, we get interest (minimal) on our checking accts. We get excellent service and when you walk in, they usually know who you are.

On the third section of the Home Office Allocation Worksheet, did you select the 2106 in the drop-down box for business activity.

Have you checked either the filer or spouse at the top of the 2106 and entered the activity name?

I think you already have the 2106. See my notes under the other thread regarding the OIH for the 2106.

On the bottom of the page is an Expense Allocation Worksheet. But, like I said, I spent an entire afternoon figuring this thing out; especially making the percentages correct between the A and the OIH.; for Mtg Int and Property Tax. Crazy. I see in the forms update today that form has been updated. Maybe it has been made easier. Mine did go to the 2106 in the end and the return was filed and ACKd, finally.

Lots of people use the freezer for the fire factor.

We moved my husband's business two years ago to the Credit Union where I have mine. Fees, fees, fees for everything. In his car business, we have known for years about money laundering. Anytime we receive a cash payment of $5000 or more for a vehicle, we have to fill out paperwork. Same goes when we deposit between $5000 and $10000 at the CU. Is as huge a thing as Identity Theft and there is also the issue of forgery which is becoming more and more common. And we are actually rural and bucolic. What is it like in the big cities? As for cash, in the few instances when anyone pays me cash, I record it as income but don't deposit it. That is my spending money for the year, if it lasts that long. In the safe, though, not under the mattress.

The one I had last year was reported on the 8283 Noncash Charitable Contributions at $50 per month in accordance to the directions they received in a letter from AMS. They also had enough other Noncash Charitable to force the 8283.

All I can say is that this is one of the most difficult worksheets that I have ever seen. I had to attach one to a 2106 yesterday and took most of the afternoon to figure out. Attaching it was no problem, filling it out and making it calculate properly was. Are they trying to force us to use the square footage because I have not seen one person yet that would come out better that way? I am ready to scream............and if one more person calls and asks if their taxes are done yet, the phone is being disconnected. Add to that, my assistant who did so well last year, is in outer space somewhere and I am on an island all alone. Bless the beings who control the tax program. I am having zero problems in that area. (Oh, today she put a label on a return to go out that said Donald instead of Ronald)!!!!

It Is?

I had one last year where expenses were deducted under charitable contributions. I don't recall, however, that they every received a 1099 or any income for housing the foreign student. Wish I had time to look up those rules for you.

I am having a massive mess with one that got compromised through both IRS and WI. WI sent them a bill for $5,856 because the return that we filed did not agree with the one that was filed previously. On the phone most of the morning with both the IRS and WI. They were perfectly willing to talk to me about the situation and how to handle it. I already had the 14039 filled out for the client and wanted to be sure that we attached everything they wanted; which is basically EVERYTHING. So much time wasted over someone's greed. On the other side of the page. I just received an ACK for a client who was compromised last year. The IRS provided him with a PIN which marked his return as a possible target, so if someone filed it without that PIN, it shouldn't have gone through. Huge relief over this one.

I am not so sure that there is not a gain as cut timber almost always has a 100% gain. Generally there is no basis in the timber, only in the land. Lion is correct to refer you to timberTax.org.

It shouldn't, because the living trust automatically steps up the basis at time of death; as well as ownership; without having to go through probate. I'm sure that if I am wrong, someone is going to step in and correct my answer.

All of the above are correct and the loss is indeed deductible as a Capital Loss. I have had several of these. One client sold the house she inherited from her father for over a $200,000 loss. She will be carrying this $3000 limit forward for a good long time. And, in WI, the loss allowed per year is $500. (Inherited homes have their own set of rules)

Agree with Mr Pencil.............

John, I love the sign on your porch post.