kcjenkins

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Gift-Tax http://www.irs.gov/uac/Publication-544,-Sales-and-Other-Dispositions-of-Assets--1

Nah, no tax professional, unless they are brand new to the business, would be amazed. We've seen it way too often. We routinely ask questions to bring out the 'missing' info.

Ain't that the truth !!!! Even in larger businesses, if they use QB I always find errors, because QB just makes it so easy.

Must be something about your system, I've viewed many dozen and NEVER had any problem, Jack.

Jack, she often irritates me too, but you need to leave out the personal attacks please.

The Internal Revenue Service said Friday that it is delaying the planned retirement of its Disclosure Authorization and Electronic Account Resolution online applications for three weeks. In an email to tax professionals Friday, the IRS indicated that the closure of the applications has been delayed, but only temporarily. “The planned retirement of Disclosure Authorization and Electronic Account Resolution on Aug. 11 has been delayed until Sept. 2 while IRS completes the transition to a new web portal,” said the IRS. “DA and EAR users have an additional three weeks to use both electronic products. Once the portal transition work is complete, DA and EAR will then be retired as previously planned and will be unavailable for use.”

This will make you think. [Tom. I promise it's a safe link] http://www.wimp.com/powerwords/

If they are covered by a tax treaty, they are entered just like U.S. Social Security, on Line 1 of the worksheet. Whether you consider that an 'override' is up to you.

interesting, thanks for the link

LOL. Sure yoou did!

Jainen sounds a little harsh on this, but he's still right, Terry. They get more rule-bound every year, which can be frustrating, but that's just how it is with any large organization. We just have to work with it.

I like your new avatar, Jainen.

My wife and I were watching Who Wants To Be A Millionaire while we were in bed. I turned to her and said, 'Do you want to have Sex?' 'No,' she answered. I then said, 'Is that your final answer?' ... She didn't even look at me this time, simply saying, 'Yes..' So I said, "Then I'd like to phone a friend." And that's when the fight started... ________________________________ I took my wife to a restaurant. The waiter, for some reason, took my order first. "I'll have the rump steak, rare, please." He said, "Aren't you worried about the mad cow?" "Nah, she can order for herself." And that's when the fight started..... _____________________________ My wife and I were sitting at a table at her high school reunion, and she kept staring at a drunken man swigging his drink as he sat alone at a nearby table. I asked her, "Do you know him?" "Yes", she sighed, "He's my old boyfriend. I understand he took to drinking right after we split up those many years ago, and I hear he hasn't been sober since." "My God!" I said, "Who would think a person could go on celebrating that long?" And then the fight started... ________________________________ When our lawn mower broke and wouldn't run, my wife kept hinting to me that I should get it fixed. But, somehow I always had something else to take care of first, the shed, the boat, making beer.. Always something more important to me. Finally she thought of a clever way to make her point. When I arrived home one day, I found her seated in the tall grass, busily snipping away with a tiny pair of sewing scissors. I watched silently for a short time and then went into the house. I was gone only a minute, and when I came out again I handed her a toothbrush. I said, "When you finish cutting the grass, you might as well sweep the driveway." The doctors say I will walk again, but I will always have a limp. _____________________________ My wife sat down next to me as I was flipping channels. She asked, "What's on TV?" I said, "Dust." And then the fight started... ________________________________ Saturday morning I got up early, quietly dressed, made my lunch, and slipped quietly into the garage. I hooked up the boat up to the van and proceeded to back out into a torrential downpour. The wind was blowing 50 mph, so I pulled back into the garage, turned on the radio, and discovered that the weather would be bad all day. I went back into the house, quietly undressed, and slipped back into bed. I cuddled up to my wife's back; now with a different anticipation, and whispered, "The weather out there is terrible." My loving wife of 5 years replied, "And, can you believe my stupid husband is out fishing in that?" And that's how the fight started... _______________________________ My wife was hinting about what she wanted for our upcoming anniversary. She said, "I want something shiny that goes from 0 to 150 in about 3 seconds." I bought her a bathroom scale. And then the fight started...... ______________________________ After retiring, I went to the Social Security office to apply for Social Security. The woman behind the counter asked me for my driver's License to verify my age. I looked in my pockets and realized I had left my wallet at home. I told the woman that I was very sorry, but I would have to go home and come back later. The woman said, 'Unbutton your shirt'. So I opened my shirt revealing my curly silver hair. She said, 'That silver hair on your chest is proof enough for me' and she processed my Social Security application. When I got home, I excitedly told my wife about my experience at the Social Security office. She said, 'You should have dropped your pants. You might have gotten disability too.' And then the fight started... ________________________________ My wife was standing nude, looking in the bedroom mirror. She was not happy with what she saw and said to me, "I feel horrible; I look old, fat and ugly. I really need you to pay me a compliment.' I replied, "Your eyesight's damn near perfect." And then the fight started........ ________________________________ I rear-ended a car this morning...the start of a REALLY bad day! The driver got out of the other car, and he was a DWARF!! He looked up at me and said 'I am NOT Happy!' So I said, 'Well, which one ARE you then?' That's how the fight started. ________________________________ One year, I decided to buy my mother-in-law a cemetery plot as a Christmas gift... The next year, I didn't buy her a gift. When she asked me why, I replied, "Well, you still haven't used the gift I bought you last year!" And that's how the fight started. My wife and I were watching Who Wants To Be A Millionaire while we were in bed. I turned to her and said, 'Do you want to have Sex?' 'No,' she answered. I then said, 'Is that your final answer?' ... She didn't even look at me this time, simply saying, 'Yes..' So I said, "Then I'd like to phone a friend." And that's when the fight started... ________________________________ I took my wife to a restaurant. The waiter, for some reason, took my order first. "I'll have the rump steak, rare, please." He said, "Aren't you worried about the mad cow?" "Nah, she can order for herself." And that's when the fight started..... _____________________________ My wife and I were sitting at a table at her high school reunion, and she kept staring at a drunken man swigging his drink as he sat alone at a nearby table. I asked her, "Do you know him?" "Yes", she sighed, "He's my old boyfriend. I understand he took to drinking right after we split up those many years ago, and I hear he hasn't been sober since." "My God!" I said, "Who would think a person could go on celebrating that long?" And then the fight started... ________________________________ When our lawn mower broke and wouldn't run, my wife kept hinting to me that I should get it fixed. But, somehow I always had something else to take care of first, the shed, the boat, making beer.. Always something more important to me. Finally she thought of a clever way to make her point. When I arrived home one day, I found her seated in the tall grass, busily snipping away with a tiny pair of sewing scissors. I watched silently for a short time and then went into the house. I was gone only a minute, and when I came out again I handed her a toothbrush. I said, "When you finish cutting the grass, you might as well sweep the driveway." The doctors say I will walk again, but I will always have a limp. _____________________________ My wife sat down next to me as I was flipping channels. She asked, "What's on TV?" I said, "Dust." And then the fight started... ________________________________ Saturday morning I got up early, quietly dressed, made my lunch, and slipped quietly into the garage. I hooked up the boat up to the van and proceeded to back out into a torrential downpour. The wind was blowing 50 mph, so I pulled back into the garage, turned on the radio, and discovered that the weather would be bad all day. I went back into the house, quietly undressed, and slipped back into bed. I cuddled up to my wife's back; now with a different anticipation, and whispered, "The weather out there is terrible." My loving wife of 5 years replied, "And, can you believe my stupid husband is out fishing in that?" And that's how the fight started... _______________________________ My wife was hinting about what she wanted for our upcoming anniversary. She said, "I want something shiny that goes from 0 to 150 in about 3 seconds." I bought her a bathroom scale. And then the fight started...... ______________________________ After retiring, I went to the Social Security office to apply for Social Security. The woman behind the counter asked me for my driver's License to verify my age. I looked in my pockets and realized I had left my wallet at home. I told the woman that I was very sorry, but I would have to go home and come back later. The woman said, 'Unbutton your shirt'. So I opened my shirt revealing my curly silver hair. She said, 'That silver hair on your chest is proof enough for me' and she processed my Social Security application. When I got home, I excitedly told my wife about my experience at the Social Security office. She said, 'You should have dropped your pants. You might have gotten disability too.' And then the fight started... ________________________________ I rear-ended a car this morning...the start of a REALLY bad day! The driver got out of the other car, and he was a DWARF!! He looked up at me and said 'I am NOT Happy!' So I said, 'Well, which one ARE you then?' That's how the fight started. ________________________________ One year, I decided to buy my mother-in-law a cemetery plot as a Christmas gift... The next year, I didn't buy her a gift. When she asked me why, I replied, "Well, you still haven't used the gift I bought you last year!" And that's how the fight started. ________________________________ My wife was standing nude, looking in the bedroom mirror. She was not happy with what she saw and said to me, "I feel horrible; I look old, fat and ugly. I really need you to pay me a compliment.' I replied, "Your eyesight's damn near perfect." And then the fight started........

That is all you can do. Good luck.

And often family does not push it because they don't want to be seen as greedy, or as eager for their more elderly family member to "go ahead and die". It's not a comfortable subject for family, which was one reason I often brought it up with clients whenever they had some major change in their life. Not just elderly, I'd discuss the need for a will with the birth of a baby, for example. Since I was not going to be a bene, it was easy for me to bring it up.

Right on! When dealing with the IRS, you must be paranoid, not because they hate you, but simply because the next time you call them the odds are very high that you will NOT be able to talk to the same person. And so unless you have something IN WRITING you have no way to PROVE what you may have been told. Plus, they know, just like we know, that what WE are TOLD, and what the docs show, is often different. And even if it is only A LITTLE different, that difference could be critical.

Even more likely, he assumed that being still in his 50's, he had lots of time to do some tax planning. At least that is how most people think. Plus few people realize, unless they have been doing some tax planning, just how high the estate tax is. Having paid taxes on it as they earned it, they don't even dream that the government is going to take more than half of what they saved.

Me either, but I'm sure we all have clients that need reminding.

A trend starting? New York Governor Andrew M. Cuomo announced a new initiative Monday to encourage individuals who owe significant back taxes to the state to pay their bills by suspending their New York State driver licenses when their past-due tax liability exceeds $10,000. The new initiative is estimated to increase collections in the Empire State by $26 million this fiscal year and as much as $6 million annually thereafter. http://www.accountingtoday.com/news/New-York-Suspend-Driver-Licenses-Tax-Delinquents-67650-1.html?ET=webcpa:e7532:61496a:&st=email In Rhode Island, they hold back on issuing ALL types of licenses (drivers, professionals etc), not just drivers.

Jainen is right, this series of questions do not have single answers. LLC for example, depends on state involved, as well as how the LLC Articals of Organization is written, etc.

In "The Sopranos," the IRS didn't stand a chance against Mafia boss Tony Soprano. But thanks to poor planning, the IRS will be the biggest beneficiary of actor James Gandolfini's estate. Gandolfini died with an estate worth an estimated $70 million. But in what estate lawyer William Zabel referred to as a "catastrophe" in an interview with the New York Daily News, Gandolfini's will left about 80 percent of his estate unprotected against estate taxes, with rates that will add up to about 55 percent when you consider both the federal and state portions. What's worse, some well-established estate planning techniques could easily have avoided much of that bill while still achieving most of what Gandolfini was trying to accomplish. What the Will Said You can read Gandolfini's will for yourself, but on the whole, it has fairly simple provisions. After giving $1.6 million to various friends and relatives and making provisions for his personal property and his house and land in Italy, Gandolfini split the remainder of his estate among four people -- 30 percent each to his two sisters, 20 percent to his wife, and 20 percent to his daughter. His son received the proceeds of a life insurance policy that isn't subject to estate tax. As ordinary as those provisions might sound, Gandolfini's will represents a missed opportunity in estate planning terms. By leaving only 20 percent of his estate to his wife, Gandolfini missed out on what could have been an unlimited deduction for estate tax purposes for gifts made to a surviving spouse. How to Handle Complex Family Situations Of course, one complication is that Gandolfini's surviving spouse, Deborah Lin, isn't the mother of his son, Michael. Often in situations involving stepparents and children of previous marriages, parents are reluctant to leave all their money to a surviving spouse, as they want to ensure that their children won't have to rely on their stepparent to provide for them. However, even in cases involving children of previous marriages, the use of marital trusts can usually take advantage of the marital deduction while still ensuring that children will eventually receive the bulk of the estate. A typical marital trust will provide for income from trust property to be paid to the spouse, and for the assets that remain after the surviving spouse dies to go to the children or other desired heirs. You have to be careful in drafting the marital trust so that it qualifies for the marital deduction while still providing protection for your kids, but proper planning can reach a beneficial result that could have cut tens of millions of dollars off Gandolfini's estate-tax bill. Don't Make a Celebrity Mistake Gandolfini's estate-planning errors are far from the only tax mistake among celebrities. Some are basic missteps, like Wesley Snipes having failed to file income tax returns and Nicolas Cage having an unpaid seven-figure tax bill outstanding. Lauryn Hill failed to pay taxes for years, and on Monday began serving a three-month sentence for tax evasion. Moreover, Gandolfini at least had a will. Many celebs who died unexpectedly, including Jimi Hendrix, Amy Winehouse, and Barry White, didn't have valid wills at all, an issue which can raise a host of other complications and unintended results. So in reviewing your own estate-planning situation, be sure you've taken care of the following issues: Make sure you have a will. Doing so is the best way not only to make sure the right people get your property after your death but also to name someone to take care of minor children in your absence. Without a will, long court battles can ensue, and that will not only create emotional stress but also sap financial strength at a most difficult time. There are a number of other vital documents to have. A living will lets you make your wishes known about life-preserving treatment, while a health-care power-of-attorney will let a loved one act more broadly on your behalf when you're unable to make your own decisions about medical treatment. Similarly, a durable power of attorney will let someone take financial action on your behalf if you're incapacitated, saving a huge amount of complications. Finally, financial planning can be as simple or as complex as you choose to make it. With the federal estate tax exemption currently at $5.25 million, few people have to worry about tax considerations, although some states have estate taxes that kick in at levels as low as $675,000. Make sure to coordinate your will's provisions with your investments, life insurance, and other financial planning to ensure a smooth transition if something happens to you. No one likes to contemplate their own death. But the expensive lesson that the IRS is about to teach the Gandolfini family is one that you don't have to learn the hard way, as long as you take some easy steps now to avoid a big IRS bill later. http://www.dailyfinance.com/2013/07/08/james-gandolfini-will-estate-tax/?ncid=txtlnkusaolp00000420

LOL

No problem, in my opinion, on such a posting.

I agree. As long as your school does not put any value on their acknowledgment letter. It is totally irrelavant TO THE SCHOOL what his tax effect [if any] is.

Have fun Joan. You know you earned those trips.