kcjenkins

QuickBooks?!?!

I think that is one you need to ask tech support, David. They should know how to look at the return from the inside and determine if it is in what they see. At least, that is what I would do.

Ask for an audit reconsideration.

You make a good case for doing that, if his space is the same size as half the bedrooms above.

I'd say the 'donation' was in 2011, since a gift has an element of 'intent', and she did not intend the gift in 2010, but in 2011, when she decided not to argue about the letter.

Well, Gene, your post would make me consider and at least give a trial run to it if I were going to be in the business next year. Of course, that applies mostly to those of us old dogs who started out with paper, pen, and a 10 key, so we are likely to know what the result should be. Many of the younger ones have always relied on their software, rather than actually reading code and therefore really need good, bug-free programs. And that is not a criticism, so much as a recognition of the fact that the code has gotten so crazily complex that even we often find ourselves questioning a result, only to realize that in some of those cases that the program was correct, because we had overlooked some minor factor that affected the outcome.

I'll have to remember that one. LOL

I agree. it just goes on as before.

yes, if you use the pdf of the prior yr, you see it,, but can't accidentally change it.

It's been a problem for years, which was one reason I stopped even trying to use it several years ago. have not missed it, thanks to this one.

Generally, Oregon allows you the same extension you have for your federal return. However, in some cases, you will need to file the Oregon extension form, Form 40-EXT. The following will help you decide when you need to file Oregon Form 40-EXT: • If you filed a federal extension, Form 4868, and you expect to get a refund for Oregon: — Do not file Form 40-EXT. — Check the extension box on your Oregon tax return when you file your return. — Keep a copy of your federal extension in your records. You aren’t required to send us a copy of your federal extension, though we may request one at a later date. • If you did not file a federal extension but need more time to file for Oregon only and you expect an Oregon refund: — File Oregon Form 40-EXT. Enter -0- in the payment amount box on Form 40-EXT, Automatic Extension for Individuals. Mail the Form 40-EXT to: Extension Clerk, Oregon Department of Revenue, PO Box 14950, Salem OR 97309-0980. — Check the extension box on your Oregon tax return when you file your return. — Keep a copy of your extension in your records; we may request one at a later date. • If you need more time to file for Oregon and you need to make a tax payment to Oregon — Complete the tax payment worksheet on Form 40-EXT. Complete and detach the payment voucher. Send the payment voucher and your check or money order by April 17, 2012, to: Extension Clerk, Oregon Department of Revenue, PO Box 14950, Salem OR 97309-0950. If paying by credit card, write “credit card payment” on your voucher and mail the voucher to the address above. For information on credit card payment, see page 12. — Check the extension box on your Oregon tax return when you file your return. — Keep a copy of your extension in your records; we may request a copy at a later date.

It's always the last few that have the most problems, isn't it?

Here is a link to an explanation I've used to give to clients to explain this, it's pretty clear, plus has a link to the related IRS info. http://www.mtgprofes...equity_gift.htm Yes, the selling price for reporting the sale would be 101,000 - $15,150. At that small a gift, there would be no problems with gift, so it's pretty much something you ignore on the parent's return, once you net out the gift. For the kids, their basis is the 101K.

I do not have an authoritative cite on this, but I do tend toward the CYA position, just on general principles, John. I really do not see any significant downside, for either the client or you.

might want to ask the lawyer about the legality of that mineral rights sale, if the property was in foreclosure at the time?

Yes, I know there have been a few cases where special circumstances led to the court accepting the treatment as salary', but the circumstances did not seem to indicate such is the case here. Given the lack of detail, I would not assume the most extreme situation..

http://www.ssa.gov/pgm/disability.htm

There should be no 'salary' to a partner. No W-2, just GP on the K1.

Yes, it's worth a try, at least. Put in basically what you said to us, that the error was " the preparer's error due to a change in software that caused the 1099 to be treated incorrectly". Note that it WAS treated correctly the year before, and the error was caught the next year, and treated correctly, and the one year of the error was amended as soon as you discovered it. That is an important point in your client's favor. Good luck. I'm assuming that you paid that part of the bill, or are about to, so it's your $600 you are trying to save.

good one, Tom

Yeah, but we are not talking about criminals here, Jainen, we are talking about honest taxpayers who are reporting their assets and just asking the IRS to follow the regulations that THEY wrote, and not expect us to pay taxes on the value of an illegal sale. The FAIR in FMV relates to honest sales, not the black market, you know that. I know you are just jerking my chain but you can do better than that.

Let's face it. the IRS appraisal is wrong. No matter how fantastic the art may be, if the law does not allow it to be sold, then its FMV IS ZERO. FMV means just that, the MARKET value, not the ARTISTIC value. That is why some really stupid, even ugly, stuff has a high FMV, just because the market is willing to pay a lot for it. If someone is willing to pay thousands, for example, for a used baseball that cost a couple of bucks, just because it was hit by a certain person in a certain game, that is it's FMV.

Here is the story Cat is refering to: THE ART OF THE IMPOSSIBLE: "It's a stunning work of art and we all just cringed at the idea of saying that this had zero value," said Stephanie Barron, a member of the Internal Revenue Service panel that appraised Robert Rauschenberg's "Canyon" at $65 million. The people who inherited it said it was worth nothing. "The ruling about the eagle is not something the Art Advisory Panel considered." What eagle and what ruling? Why, the dead bald eagle that's part of the artwork, and the law that says it's a felony to sell one. Tax lawyers say the taxable value of an asset is its market value, and the heirs' lawyer argues that since "Canyon" can't legally be sold, its market value is zero. If the heirs can't get the IRS appraisal overturned, they'll have to pay taxes and penalties of $40.9 million -- even if they donate the artwork. (AC/New York Times) ...What if they give the taxman the bird?

In AR, workers who are fired by a corporation must be paid their last paycheck within seven days of being fired, if demanded. In all other cases, payment must be made at the regularly scheduled payday. So for a sole propitiator or partnership or LLC not taxed as a Corp, it's currently the next payday. It's also current law that you can not deduct from a paycheck any amount that would reduce pay below minimum wage, even if the employee had agreed to the deduction.. The idea that bugs me the most, though, is the idea that the amount should be doubled, in cases where there is a dispute that delays a paycheck. I do agree that employers have no rights, under current law, to withhold pay over such disputes, but this still seems like over-reaction to me.

"Arkansas employers who don’t give a former employee his last paycheck by the next payday would face a possible lawsuit and be liable for paying twice the amount of the unpaid wages, under proposed legislation discussed by a legislative committee Thursday." I see this as a stupid idea myself . While I frankly doubt there is any real problem here, we have a very tough Labor Dept here, and they are well known for almost always favoring the employee in disputes. And in my experience, when there is a delay it is almost always due to disputes over unpaid employee advances or loans, or return of uniforms provided, etc. Often the only chance the employer ever has to get repaid, etc is through deducting it from the final paycheck. I'm wondering if others see this the way I do?