pcmcpa

I've been using lasermonks.com and haven't had a bad cartridge yet.

You might want to try CCH's course for Form 1065 (I'm currently doing this course), NATP may have an online course, This one I think is the one I used (its been updated a lot since then!) when I needed to do my first return for an LLC http://www.accountantsed.com/orstore/showi...;productID=PT12

If a Rabbi residing in NY receives a $50k gift on the birth of his son, it is not income to him (i.e. it is a gift, not income). The donor would need to file a gift tax return. What happens however if the donor is a citizen of a foreign government (residing in the foreign country)? Does US Gift tax law have no juridiction over him? Does he instead go by the gift tax laws, if any in his country? Thank you in advance for your answers.

Irish Bank Robber................ An armed and hooded robber bursts into the Bank of Ireland and forces the tellers to load a sack full of cash. On his way out the door with the loot, one brave Irish customer grabs the hood and pulls it off revealing the robber's face. The robber shoots the guy in the head without hesitation! He then looks around the bank to see if anyone else has seen him. One of the tellers is looking straight at him and the robber walks over and calmly shoots him in the head also. Everyone by now is very scared and looking down at the floor. Did anyone else see my face?' calls the robber. There is a few moments silence then one elderly Irish gent, looking down, tentatively raises his hand and says: 'I think me wife may have caught a glimpse ....'

CCH has a good boook by Sidney Kess and Barbara Weltman called "1040 Preparation and Planning Guide". You can get CPE for it as well however, that is extra.

Just wondering if anyone has a better way to handle this. A few years back I took on a good client's mom and dad. The mom handled the finances and the dad made it abundantly clear that he wanted nothing to do with handling the money. Mom was in her early 80s, but sharp as a knife. Two tax seasons ago, mom gave me half the records I needed and didn't pay any of the estimated taxes she was supposed to. The situation was rectified when I called the daughter with questions on the daughter's return (at this point I'm thinking how can I bring this up without violating any ethical standards) and at some point she said, "and how's my parents return". So I responded "oh, mom's missing some dividend information (better than $15k.......mom was as I said very sharp) and because she didn't pay her estimated taxes we're going to have a penalty now". At this point I gave her an itemized list of what we needed to complete her parent's return. So now daughter and her sister took over the paperwork for their parents and its working out fine. This situation reared its ugly head again yesterday as an elderly client called to ascertain that she needed only to send out two returns. I assured her that the federal return with addressed envelope attached and the the state return with addressed envelope attached were the only returns to be mailed. The other return (Which she was looking for an envelope for), which is bound in a green presentation folder and says "Client Copy" across the first page, was her copy for her to keep. So last night I related the conversation with the client's daughter and said "maybe it's time for one of her children to step up and handle the paperwork for her." Was just wondering if anyone handles this in a more professional/better manner or if its just a universal bad situation that comes up from time time and you just do the best you can. The second client is a family member, and I still felt as if I was doing something wrong ethically by discussing her situation, however, to not bring it to light (in both instances) would be far worse. Any thoughts?

http://www.fairmark.com/execcomp/index.htm and http://www.taxprophet.com/

A young lady (20 years old) just called me (referred by another client) to tell me that her grandmother had left a trust for her and her brother (mom & uncle were trustees). Recently she found a letter saying the year 2000 taxes were filed, but not paid. The return apparently was filed with her Social Security number, not the trusts. IRS taxpayer advocate confirmed this. IRS is looking for their money. The Uncle apparently feels he did his part and doesn't want to speak to her about it. She was silent on what the Mom had to say about the situation. Apparently there is land (part of the trust) in Angelica County (Beaumont, TX) that has a $53,000 tax lien on it. This is probably a walk in the park for someone who: a) is knowledgeable in trusts does IRS rep. work c) is located near that location. She spoke with an Attorney who indicated he didn't think the trust had too much money left. Alternatively, if you're not interested in her as a client, what should she do and why? I would have thought the trustees would be responsible for this, but it doesn't seem that way. Thanks! Phil P.S. If interested, send me an e-mail at [email protected].

If you have your 2007 tax returns completed, theres a nifty little calculator that will estimate the Economic Stimulus tax rebate (it's about five inches down from the top of the page): http://www.taxrebatecalculator.com/