KEYWEST_RICKS

i believe that the big advantage to filing is to start the stat of limit rolling.... if no gift tax return ever filed then the valuation can be challenged later at time estate. file the gift tax return now and three years to audit the numbers. jeff

got a text from the client today stating that letter was received from IRS... says could be may 15th before she gets her refund. any one else see one of these?? jeff

has anyone seen a refund yet from someone who was paying back the 1/15th of the first time homebuyers credit? client called this am to say she saw on the news that irs is saying those people who filed will have to file an amended return to get their refund?? i have seen nothing on the news irs web site etc about this. has anyone seen a refund yet? or seen anything about having to amend the return?? thanks jeff

This is a huge pain!! have a very understanding client but... she is due a monster refund that she is used to getting the first week of feb. So what does anyone have a plan of action if this goes two more weeks?? i know the whole "hey there is nothing i can do about it i just send it in and the irs is processing" but this person is really in bad shape because of this and i cant just tell her she will get it when she gets it jeff

I told the client that the refund would PROBABLY be in her account on friday 2/25... she calls me on fri and says its not there. we look on the irs web site and it says will be deposited on 3/1. today still no refund in her account. If i call the 800 number for wheres my refund it still says will be refunded 3/1/11.... however the web site now says no information is avail on the refund and to wait one week to check back. of course client is used to getting refund in late jan..... had to wait until 2/14 to file this year....now this. they are being very understanding about it but also very anxious. anyone else had a situation like this ???

ok, i know that police or fire can designate a part of the retirement for insurance and it is not taxable. however, i have someone who brought me a 1099 r from his company that he retired from. also has a break down of the benefits and part is listed as supplemntal.... he says that is to reimburse him for the medicare supplement he has to purchase and that it is not taxable to him. I have not ever heard this but i learn something new every day. anyone else agree with him on this???

Is it correct that if someone starts paying back the 1/15th of the credit that they took in 2008 that they cannot e file? i know you have to do paper for claiming the credit..... but this is a simple repayment? thanks jeff

THE UNEMPLOYED STUDENT IS HER DAUGHTER.

20 YEAR OLD FULL TIME STUDENT WHO LIVED WITH THE TAXPAYER... HAS UNEMPLOYMENT BENEFITS OF $4,000. ACCORDING TO SCHEDULE THE TAXPAYER PROVIDED OVER ONE HALF OF SUPPORT. IT DOESNT SEEM RIGHT BUT WOULDNT THE TAXPAYER BE ABLE TO CLAIM THE CHILD AS A DEPENDENT AND QUALIFYING CHILD FOR EIC??

$25?? I don't think I can remember when turbo tax was that cheap? For someone who is just now filing 2004 I would pay the $100 and pass along the fee.

off topic a bit but am i the only one that cringes whenever i hear something like this? The state medicaid program is there to make sure her medical bills are paid if she is unable to pay them... not ensure that her son gets something from her when she passes. seems like total welfare fraud to me. If we changed this and said mom put her paycheck in her sons name so that she could qualify for food stamps... we would all be upset and think this unethical! but it seems that many attnys do this all the time.

Getting ready to upgrade to new computer. does anyone have any comments one way or the other concerning 32 or 64 bit?

i agree. i use peachtree and am not overjoyed but am ok

March 16, 2010....4:40 pm.... Jainen actually maybe almost.... well... i am sure he didnt. Actually maybe say he was wrong?!?!? it couldnt be could it?? Jainen for sure my hero on this board though

I HAVE HAD THE SAME PROBLEM WITH A COUPLE OF RETURNS... ONE OF THEM CALLED ME THIS AFTERNOON THOUGH AND SAID THE INFO WAS NOW SHOWING ON IRS SITE REFUND FOR FRIDAY.

Have an employee who filed a complaint. no merit to the claim. they were just disgruntled employee. now i understand how these things can go really bad even if the facts are in your favor. however, my question is that we received a form asking us if we wanted to go through mediation on this. Have any of you out there been through this process? everything i read says to not just dismiss mediation out of hand. anyone with any comments on this? thanks

Indiana went to a requirement to e file a couple of years ago but they do have a way that the taxpayer can elect out. I havent had to worry about it but i would hope that the feds would also have something like this

Can you tell me if laplink worked moving from an xp machine to a vista machine?? or does it really matter?? thanks jeff

is anyone getting transmissions through?

to go to the next step though. is the FRV of the parsonage considered taxable for SE tax if not taxable for income tax? jeff

i believe if you click on the supporting schedule for self employed health insurance on the front page of the 1040 there is a spot there to inter LTC premiums. deduct on front of form 1040 unless it exceeds the max amounts. jeff

Had a DOL agent tell me a few years ago it is the job of the employer to supervise the employee. this includes regulating the amount of hours worked. if the card says 50 then its 50. even though the employer only wanted him to work 42. it is up to the supervisor to make sure that if its 42 you want its 42 you get. not paying what is on the time card, i believe, is a good way to get into trouble with DOL. under an examination you are going to try to prove that you included all hours worked in the pay of the employee.. well his records say 50 hours ..... what records do you have to say he only worked 42?? jeff

Someone had expenses for utilities, rent, supplies etc to open a schedule c business before the doors actually opened. problem with license and zoning and the business never opened. not a corp or llc but a sole prop. What are those costs?? Pre Open would have been cap. and then amortized or deducted. do you say on sch c still or as a capital loss subject to 3000 limit on sch d? thanks jeff

for everyone who thinks this is undoubtably a bad idea for the taxpayer to take the credit, please send me $7,500 and i will pay you back interest free over the next 15 yrs. please put me in this terrible situation! i had a banker advise one of my clients that this was a bad credit to take. i told them to go back and ask the banker if they would loan them $7,500 interest free for 15 yrs??? for many people this will simply mean that there refund will go from $2000 to $1500. why not use that money to reduce the amount of the mortgage on the house? @ 5.25% you would be saving $390 per year in interest expense. almost enough to offset the payback amount. if i can take an interest free loan to pay down someone who is charging me interest... i do that any day. jeff

just wanting to double check with someone else on this. Got a new client from a friend. this is a c corp. has large income this year after having little or no income in the past. had a large nol that last year was the 15th year for carryforward. I believe that large nol has expired and they are unable to use it against income for 2008. agreed? thanks jeff