kcjenkins

It sounds like you might have a printer issue rather than just a cartridge issue. I'd get that checked first. Also, most printers have a menu where you can tell it you've inserted a new cartridge.

That's hopeful.

Too many different factors to really compare, but hey, think about this Ken, he's not at that preparer's office now. He's at yours, so it seems the client wants what you have to offer. That comes with your price, of course. But just remember, YOU ARE WORTH IT. If you know your price is fair, don't let anyone make you feel embarrassed about it.

All good ideas, and YES that is exactly what you should do. Listing them here does NOT get them to the people who need to hear them. No promises that they will listen, but the more people ask, the better the odds.

I would file the 5329 separately, on paper. And include the documentation to support the request for abatement on paper too. It's not going to be decided during processing the 1040.

Zero

Terry, use the 1045 as a worksheet to consider whether it's better to carry back or use the Election to forgo the carryback. If you can get him that $1100 back it should be the client's call. With such a large loss odds are he'll need anything he can get back now.

Sure it's silly, but the question was not about that, it was about what the preparer had to keep. Judy is, I am sure, as aware as we are that the client is being paranoid.

I would handle it just like Judy. Nothing in the Equity account, just get it out of BD Expense into Theft Loss.

It well may be taxable, but you do need to read the settlement paperwork. Loss-in-value of property • Property settlements for loss in value of property that are less than the adjusted basis of your property are not taxable and generally do not need to be reported on your tax return. However, you must reduce your basis in the property by the amount of the settlement. • If the property settlement exceeds your adjusted basis in the property, the excess is income. For more information, see the Instructions for Schedule D, (Form 1040) Capital Gains and Losses and the Instructions for Form 4797, Sales of Business Property. Interest: Interest on any settlement is generally taxable as “Interest Income” and should be reported on line 8a of Form 1040. Punitive Damages: Punitive damages are taxable and should be reported as “Other Income” on line 21 of Form 1040, even if the punitive damages were received in a settlement for personal physical injuries or physical sickness.

Yes, but I'd put the Real Estate mortgage and other expenses and enter 1 third on Sch E, and 2 thirds on Sch C.

WISHFUL THINKING, MAYBE? Wanting an extra month.

Yes, you can just look at the cards and notate in their file that you verified that names, SSN, and DOB match.

Thanks, Judy, you said it very well. And since everyone who's a regular here knows that you and I are good friends but on totally opposite sides on most political issues, SCL will hopefully accept from you that he's missing it on this one.

Washington, D.C. (April 3, 2014) by Richard Rubin and Michael C. Bender Bloomberg (Bloomberg) The Senate Finance Committee voted to revive almost all of the 55 tax breaks that expired Dec. 31, providing benefits for wind energy, U.S.-based multinational corporations and motor sports track owners. Democrat Ron Wyden of Oregon, the chairman of the Senate Finance Committee, said today he supports the package of U.S. tax breaks totaling more than $86 billion while adding that he wants to avoid future temporary extensions. Instead, he said, Congress should revamp the entire tax code. “This will be the last tax extenders bill the committee takes up as long as I am the chairman,” said Wyden, who took over the panel earlier this year after Max Baucus became U.S. ambassador to China. Senators said they lament the need to routinely extend tax breaks—and they keep doing it. The research and development credit, which benefits companies such as Intel Corp., has been expiring periodically since it became law in 1981. “If something is good tax policy, and it encourages economic growth, then let’s make it permanent,” said Senator John Thune, a South Dakota Republican. “If it doesn’t, then let’s let it expire.” Lawmakers have been unable to find a way out of the temporary revival pattern. They typically reach compromise by agreeing to extend almost all breaks that expired, and that’s what happened today by voice vote. ‘Common Ground’ “The challenge on taxes is to always find the common ground where you can move ahead,” Wyden told reporters after the vote. “What you saw today was the product of a bipartisan negotiation.” Making the breaks permanent would require accounting for 10 years of forgone revenue. It would end the lobbying and fund raising cycle that accompanies the lapsed provisions. Lawmakers back provisions that are particularly important in their home states and trade support for other members’ favored breaks. These include a mass-transit commuting benefit that aids New York and New Jersey residents and the ability to deduct state sales taxes, which is important in states such as Washington and Florida that lack income taxes. Those forces overcome the interest groups arguing against parts of the package. Among them are the U.S. Public Interest Research Group’s opposition to breaks for multinational corporations, the Committee for a Responsible Federal Budget’s call for a deficit- neutral bill and the small-government Heritage Foundation’s support for abolishing renewable-energy breaks. Uncertain Fate The proposal, which faces an uncertain future in the full Senate and the House, would extend the tax breaks through Dec. 31, 2015. Representative Dave Camp, chairman of the House Ways and Means Committee, has said he wants to focus on making some provisions permanent and repealing others. He is holding a hearing April 8 on the issue. Before the Senate Finance Committee began considering amendments, only a few items that expired Dec. 31 were excluded. Wyden offered an updated proposal today with some breaks he had left out when the plan was released earlier this week, including the production credit for wind that benefits companies such as Vestas Wind Systems A/S and a break for film and television production. The TV production break, which allows companies to immediately write off expenses, is being expanded to include stage productions. It is backed by Senator Charles Schumer of New York, home to Broadway’s live theaters. GE and Whirlpool One item that wasn’t included in either version is a tax credit for making energy-efficient appliances, a break that benefits General Electric Co. and Whirlpool Corp. Senator Debbie Stabenow, a Democrat from Michigan, the home state of Whirlpool, said industry officials supported the expiration of the break and prefer to address the issue as part of broader tax-code changes. Wyden expanded a tax credit for hiring workers from disadvantaged groups to provide an incentive for hiring long-term unemployed workers. Committee members adopted several amendments. One expands the research credit to make it more accessible for startup businesses that don’t earn profits, by letting them count the credit against payroll taxes. The panel also voted to allow people who use bike-sharing services to qualify for a $20 a month exclusion from income to cover their costs that is currently available only for bike owners. Democrats also voted to prevent Republicans from considering an amendment to delay the excise tax on medical devices for two years. Wyden, who said he shares Republicans’ concerns about the tax, said it was outside the scope of the measure.

Thanks, had not used it yet, so was not aware of that. You saved me finding it out tomorrow the hard way. What a great bunch you guys are.

Yes, at least treat yourself to a brief treat every few days for the rest of the 'season'. It can keep you sane and focused. An hour for a manicure or massage, or a REAL meal, etc, can work wonders. Even just an hour spent alone, listening to your favorite music, no interruptions, can be restorative.

Can't file a joint return in 13 if the spouse died in 12.

Heck, a lot of them get to college not knowing anything about a bank account! When I taught accounting at ASU, I tried to use back account terms to help the students remember debits and credits the way I did as a new accounting student. For assets, think of your #1 asset, cash in bank. Debits = deposits, so increase the asset. Credits = checks, so decrease the asset. Well, guess what, half the class, on average, had never had a bank account, never written a check, never made a deposit.

I don't get this one? I round all numbers. Can you explain what I'm missing here?

Thanks, Judy, Michael, and Jack. I'm not going to answer him again, it's clearly a waste of time.