kcjenkins

http://online.wsj.com/article_email/SB1253...OTMxMTk0Wj.html This article needs to be read in the context of what Congress is really doing. While Congressional leadership talks about "relief" for these "strict liability" penalties, the fact is they included several new ones in the revenue provisions of the health care reform proposals (including in the economic substantce proposals).

Dear TRX Alliance Members, We just wanted to touch base with you and remind you that our October 2nd training class is just around the corner. It will be taking place at the Double Tree Hotel here in Murfreesboro Tennessee from 8am until 5pm. We will be providing a hands on demonstration of the new software solution TRX-Pro 1040, answering any questions you may have, as well as discussing the multitude of benefits offered as a TRX Alliance member. A breakdown of the day’s schedule is below. 8:00-8:30 Registration Breakfast 8:30-9:30 Republic Bank 9:30-10:15 SBBT 10:15-10:30 Break 10:30 -11:00 Chase 11:00-11:45 Paperless Office 11:45-1:00 Lunch 1:00-3:00 TRX-PRO 1040 New Customer Training 3:00-3:15 Break 3:15-5:00 Workshop Returns September 15th is the deadline for early registration, so those of you wishing to sign up at the initial registration price will need to contact us by phone at 866-829-9777. Reservations for the Double Tree can be made by phone at 615-895-5555, simply let them know that you will be attending the “Tax Refund Express Seminar”. We are hoping to see many of you there and look forward to meeting you in person. Thank you and we hope to see you soon! DO NOT RESPOND!!!!!!!!!!!!!!!!!!

That is correct. http://www.irs.gov/pub/irs-prior/i1045--1993.pdf

it's up to 96 now. :)

Ain't it the truth! But think how much worse it would be if you weren't paperless. Thing is, that word "paperless" has two meanings. Commonly used to mean "no paper" when in fact it really means "less paper".

"Ever since World War II taxpayers have been able to use the standard deduction, a shortcut that gives them some value for deductions that would otherwise have to be itemized. Two-thirds of filers avail themselves of the convenience, which this year is $5,700 for a single and $11,400 for a couple filing jointly. All too simple. Now they are going to work a little harder for their writeoff. For 2009 returns certain filers will have to fill out a separate form ..." http://www.forbes.com/forbes/2009/0921/out...dard_print.html "Think you've seen it all regarding ways that tax complexity can hit the average guy? That's pretty much what Claudia A. Hill, a Cupertino, Calif., tax pro, who edits CCH's Journal of Tax Practice and Procedure thought until she reviewed the Internal Revenue Service's draft forms for tax year 2009. These are the forms taxpayers will be wrestling with next April." http://www.forbes.com/2009/08/28/tax-forms...bill_print.html

The number of downloads is shown automatically, so we all know how many.

:bday:

File it as final in 2008. Just don't deduct it in both years.

The carryover should still be claimable for 2007.

I guess we should remind folks every year in Jan, so that all the newbies learn of it.

http://copanion.web5.hubspot.com/extreme-m...m_source=webcpa Extreme Tax Makeover: Everything your firm needs to transition to a paperless tax workflow This fall, we're giving five lucky tax professionals an extreme paperless tax makeover! Enter to win top-of-the-line tools that will allow you to easily transition to a paperless tax workflow. One winner per month through January 2010! AND EVERYONE who enters will be given access to white papers, case studies, and tutorials that will teach you everything you need to know about transitioning to a paperless tax workflow—and improving your firm's efficiency as a result.

Referrals are far and away the best way to build your business. Pricing yourself cheap will only attract cheap clients, who have little respect for you because they know you are the cheapest place in town. So stress your qualifications, [that EA] and don't be humble. Tell them you are not the cheapest, but you are much better than someone who just took a 10 week course at H&R. Then after you make sure you do a good job, ASK for referrals. Maybe even send "Thank You" cards to those who do send you a referral. Don't waste much money on advertising you buy, except for yellow page ad. That is not how people pick a preparer. A sign on your office, if you have one. If you work from home, don't worry about signs, spend the ad money on your yellow page ad, or on memberships to groups like Rotary, Sertoma, Lions, etc, where you can meet people who may become clients or send you clients.

Rich, you will have to set your own rates based on your experience, your costs, and your competition. My advice would be to set your rates around H&Rs rates, but don't be too concerned with price shoppers, who want you to bargain, because those folks will not be loyal anyway. Set your price, and stick to it, because if you bargain, it means to the client that you were overcharging them with your stated price. But if you are using ATX, by all means use the coupons that are in the forms, and tell every client that if they use them they can get back part of their fees that way. Type in "customer referral" to find it, add it to every return, and hand them out generously. That's the best advertising you can get.

NO. The tractor is 3 yr property, the trlr is 5 yr. Codes are V1 & V4.

A couple more fun sites http://www.sunbelt-software.com/stu/funny_dogs.htm http://www.deadoraliveinfo.com/dead.nsf This one is useful for winning bets. And just for a laugh http://www.engrish.com/ http://www.mixingbowl.com/group/usergroup/...castle?g=722793

http://madtbone.tripod.com/tax_excuses.htm

And if it had applied, it would be 15/16th excluded, given your example. But, as Bill pointed out, this one is not retroactive, it only comes into play on newly purchased property, bought after Jan 1, 2009. They are just trying to block people who have been taking advantage of the special treatment of home sales. For example, I had a client who used to have 4 rent houses, who back when the exclusion first started, sold his personal home, excluding the entire gain, and moved into one of the rentals. Three years later, he sold that one, excluding quite a bit more gain, and moved into another rental. He's been in it 4 years now, and has it on the market, and plans to move into another of his rentals! Of course, being smart, each time he planned it for some time, and fixed each one up while still a rental, getting as much deduction as possible while still rented. He's paid some tax on each of these sales, but not nearly as much as he would have had this new rule been in place all along. Heck, the one he's in now has been rented for 35+ years.

Copanion Unveils New GruntWorx App ANDOVER, MASS. (SEPTEMBER 10, 2009) BY WEBCPA STAFF Tax document automation provider Copanion, parent to the GruntWorx Organize and Pro solutions, has released GruntWorx Trades, a new offering that automatically transforms trade details on scanned 1099 brokerage statements into a standard Microsoft Excel spreadsheet. Copanion’s new application allows users to calculate short-term and long-term capital gains and losses, identify missing trades, import trade details and eliminate manual entry. GruntWorx Trades works in conjunction with Copanion’s GruntWorx Organize and GruntWorx Pro solutions. For more information, go to www.copanion.com.

Weird. I did not see that. Glad to know what the deal was.

Like a lot of the new rules, we will have to wait for the IRS to issue more details. So whatever you advise the client, be sure to qualify it that "the final rules have not yet been issued by the IRS". Then check back on it from time to time.

I don't understand what you mean Deb? It's in the chat forum, and has been all along.

Here's wishing you a wonderful :bday:

Tax Breaks Available for Taxpayers Who Purchase Qualified Plug-In Electric Vehicles IR-2009-45, April 24, 2009 WASHINGTON — Plug-in electric vehicles using certain types of batteries may qualify for a new tax credit if purchased this year, the Internal Revenue Service said today. The Emergency Economic Stabilization Act of 2008 (EESA) and the American Recovery and Reinvestment Act of 2009 (ARRA) created two new tax credits for various types of electric vehicles, which may include what are commonly referred to as neighborhood electric vehicles. ARRA creates a tax credit for low-speed or two- or three-wheel electric vehicles, such as motor scooters, purchased after Feb. 17, 2009, and before Jan. 1, 2012. The amount of the credit is 10 percent of the cost of the vehicle, up to a maximum credit of $2,500. To qualify, a vehicle must be either a low-speed vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 4 kilowatt hours or be a two- or three-wheeled vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 2.5 kilowatt hours. EESA created a tax credit for vehicles that have at least four wheels and draw propulsion using a rechargeable traction battery with at least four kilowatt hours of capacity. For 2009, the minimum credit is $2,500 and the credit tops out at $7,500 to $15,000, depending on the weight of the vehicle and the capacity of the battery. During 2009, low-speed, four-wheeled vehicles manufactured primarily for use on public streets, roads and highways (neighborhood electric vehicles) may qualify both for the EESA credit and, if purchased after February 17, 2009, for the ARRA credit for low-speed electric vehicles. A taxpayer may not claim both credits for the same vehicle. Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify for either credit. The Internal Revenue Service is working on guidance regarding certification procedures for both of these credits. DOES NOT SEEM TO BE A LIMIT ON NUMBER.

That form is on the NOL worksheet, Bart. It's the third and fouth tab at the bottom. Have you tried reading those and reading the instructions related to those tabs?