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About kcjenkins

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    ATX Grand Poo-Bah

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  1. "This form transfers the burden of responsibility from the taxpayer to the paid preparer.'' That's the real problem. While the IRS should certainly go after those preparers who make a business out of preparing bogus returns, there have always been laws to do that. Shifting the responsibility, on every return, from the taxpayer to the preparer, is IMHO not only morally wrong but also totally counter-productive. Preparers are not and should not be unpaid IRS employees. Yes, you have to be alert to the occasional bogus TP, but this "solution" is just plain wrong.
  2. IT'S JUST SO EASY TO STAPLE YOUR TAPE TO A PILE OF RECEIPTS, AND IN AN AUDIT, THERE IT IS, IF YOU HAND THE AUDITOR A BOX WITH 15 PILES WITH THE TAPE ATTACHED, ALMOST ALWAYS THEY CHECK THREE PILES AND IF THEY ALL MATCH, THEY ACCEPT THEM ALL. That said, I gave up mine around 05. Went to Judy's 10 Key and never regretted it. http://www.judysapps.com/TenKey.htm Easy to print out the tapes, if you wish, or save as pdf in the client's file.
  3. And the recipient needs to understand that, as a gift, the tax basis is the basis from the giver. Best that this information is in writing, and signed by both. This is for the recipient's protection, not the giver's. And remind your client that, while there is no tax effect on the business, there might, if the value of the building is significant, be a gift tax issue.
  4. Absolutely drum in to client that they MUST insist that the Form 8594 be part of the deal. And strongly suggest that for any significant equipment they get a reputable appraisal in writing. But help them understand that the 8594 is how they establish that the price they agree on is the result of an arms-length transaction between buyer and seller, and thus, a "fair market price".
  5. The absolute WORST way to get any sort of financial planning advice is by watching a TV show !!! And that's not to blame the show, really, because they almost all do warn people at the end to talk to their tax advisor before following this advice. But the tax code is so complex that even if 5 clients have exactly the same amount of income, from the same sources, the odds are high that at least 3 of them [and probably all 5] are going to end up with different tax outcomes.
  6. Mildred, the church gossip, and self-appointed monitor of the church's morals, kept sticking her nose into other people's business.Several members did not approve of her extra curricular activities, but feared her enough to maintain their silence.She made a mistake, however, when she accused George, a new member, of being an alcoholic after she saw his old pickup parked in front of the town's only bar one afternoon.She emphatically told George (and several others) that everyone seeing it there would know what he was doing. George, a man of few words, stared at her for a moment and just turne
  7. The client creates the situation, we can not ignore the facts because she does not like the result.
  8. B&N has a free sample of this book available.
  9. \I love my Nook. It's so great to be able to carry a 1000+ books in my purse! And since no one has mentioned it, I will bring up a wonderful site, https://www.bookbub.com/home/ Many totally free books, plus many discounted eBooks, for all platforms. You can pick the categories you want to see,
  10. Why we shouldn't lieWe were dressed and ready to go out for a dinner and theater evening. We turned on a 'night light', turned on the answering machine, covered our pet parrot, and put the cat in the backyard.We phoned the local taxi company and requested a cab. The taxi arrived, and we opened the front door to leave the house.As we walked out the door, the cat we had put out in the yard scooted back into the house. We didn't want the cat shut in the house because she always tries to get at the parrot. My wife walked on out to the taxi, while I went back inside to get the cat. The cat ran
  11. Suggest you click on it and chose "Pin to Start Menu" for both it and the Snipping tool. Then it's always there with one click. Or pin to your task bar, if you use it all the time. Might want to check out all those 'accessories' as they are things that many asked for over the years, so MS added as 'value-added' extras.
  12. And you just know a few people will try to hire them !!!!
  13. Probably will blow over, as BHoffman wisely stated, but never hurts to talk to your E&O anyway, just to get their take on what, if anything, you should say and/or do, as to contacts with the former clients. And as to your responsibility related to record retention.
  14. I'd take it. IRS rules do not require that you use the cheapest mover, cheapest motel, etc. Same thing here.
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