ed_accountant

Nice Job Joel

After your client gets the social security #, mail in the tax return to avoid efile problems..

First you should read IRS publication 523, Selling your Home: http://www.irs.gov/pub/irs-pdf/p523.pdf You will need to determine the parent's cost basis of the home, purchase price plus improvements. The parent's cost basis will transfer to the children since this is a gift. Therefore, 32% of cost basis can be allocated to one child. The children may have a taxable gain if they did not live in the home 2 out of the 5 years prior to the sale. You should read the IRS publication to determine and become familiar with the rules for gain exclusion for a sale of a home. Having the publication handy will also give a resource to refer to your client...

Where do you all find the time..

Buy California Wine :)

Schwab sent out a letter saying they would issue their 1099s on 2/17.

This board is a great tool. The best way to learn to prepare corporate income tax returns is to work with someone who prepares them. I suggest that you find someone who would be willing to review your returns and assist you on corporate income tax issues. There are probably many Tax preparers in your area. However, the middle of tax season is probably the wrong time to approach a tax preparer for training or assistance.. Preparing returns and not knowing what you are doing is scary business. You definitely will need insurance. The ATX software is good for individuals but in my opinion very weak with business returns. Maybe someone on this board will offer to assist you. Good luck

It sounds like the Estate reported the sale on form 1041 of the house probably since the house was still in the deceased name. Your client can not deduct this loss on his 1040 until he receives a final 1041 K-1 from the estate. The Estate filing the 1041 has reported the sale, loss and claimed 3,000 in loss. The Estate 1041 can ONLY pass the unused loss to the beneficiary in a final 1041 and final k-1 issued to the beneficiary. The Final K-1 to the beneficiary would be the balance of the Loss of $2276. However, if the Estate files a second year 1041 return, the Estate would claim the unused loss on Schedule D and nothing would pass through on the K-1. Many other variables here such as other income etc.. You should review the 1041 and question whether it is first and final return. Often 1041 filed in the first year does not file any k-1 in Estates. Also look for the 1041 K-1 if a final return was filed. Good luck

Ask for payment of your fee in advance! Try collecting from a bankrupt corporation.

It time to raise your Fee!

If your client did not give the bikes to the cycling team, your client would not issue a 1099 for the bike value. Your client would issue 1099s for the cash paid. The manufacturer of the Bikes would have the responsibility to issue any 1099s for the donated bikes if the manufacturer donated the bikes directly to the team members....

I am guessing no. I believe the intention of forgiveness of debt was for "Home owners" not investors .

Yes Margaret, You need to Port your existing number to the a company like "Myfax or Efax". Porting your existing number is just transfering your number. I have done this and I use Myfax.com. I pay $10 per month to Myfax.com for my fax number that I transfered from AT&T. You need to call the E fax company you choose and ask them if it is possible to port your # to their company. Thanks

Bad planning is not one of the exceptions. I would suggest that you tell your client that if they make the election now it would be timely filed and effective for year 2009. Good luck

Regarding marketing, you definitely should setup a website. It is well worth the cost. Many people have turned to the web to search for services instead of pulling out the yellow pages. I have had a website for over 5 yrs and also list myself with bookkeepinghelp.com.

The purchased version of adobe acrobat lets you save the pdf file with a password. I also use the last 4 digits of the social security #. I password encrypt all returns I email to clients.

I am not surprised..

There was a similiar post on this subject and here is my duplicate comment! You can mail in your form 8109-B It is too late now, but you can always mail in your substitute deposit coupon 8109 to: "If you prefer, you may mail your coupon and payment to: Make your check or money order payable to “Financial Agent.” Financial Agent Federal Tax Deposit Processing P.O. Box 970030 St. Louis, MO 63197" From IRS instructions, http://www.irs.gov/publications/p15/ar02.html#d0e2271 See the IRS Instructions under Tax Deposit. The above is copied from the IRS instructions..

It is too late now, but you can always mail in your substitute deposit coupon 8109 to: "If you prefer, you may mail your coupon and payment to: Make your check or money order payable to “Financial Agent.” Financial Agent Federal Tax Deposit Processing P.O. Box 970030 St. Louis, MO 63197" From IRS instructions, http://www.irs.gov/publications/p15/ar02.html#d0e2271 Over the years, I have had many clients do this when they can not find their coupons..

Get two docking stations for your laptop, one for home and one for your office. The docking stations connect your existing monitors, keyboards, printers, and mice. Carry the laptop back and forth and dock it in at each workstation. Backup your laptop daily with your external hard-drive.. This works well for me. Good luck

Send a fax stating that you have called, left messages, and asking the IRS to return your call to schedule an appointment. Save the Fax confirmation as proof of meeting the deadline.. Thanks

Big story on the news last night, CA will not issue cash refunds.. CA will issue voucher or IOUs... "SACRAMENTO (KABC) -- California has been operating for 61 days without a new budget. State officials say California's financial situation is so serious that taxpayers may receive IOUs instead of refund checks on state taxes. " http://abclocal.go.com/kabc/story?section=...article-6587084

Hi, I bought a new dell laptop which came with vista and paid extra to downgrade it to XP. I then purchased the online Laplink PCmover to copy all my old programs and files from the old laptop to the new one. Everything worked perfectly. All versions of quickbooks and all versions of tax software worked without issues.. More importantly, the tranfer only took a few hours and I was able to work on the new machine very quickly.. I am planning to stick with XP until I am forced to upgrade which I would do with a new computer...

Unfortunately, the holiday is past now and great time was had.. Busy season has started, I am working this weekend to make up the time off.

I think California has budget / cashflow problems and of course is desperate for cash. California needs cash. California is also requiring high income taxpayers with Ca tax liabilities of 80K or more to pay estimates by electronic payments.