Catherine

MA has gotten very fussy with no-payment extensions and back-invalidates them and charges late payment and no-extension penalties. They WILL cave on that if you push but for the most part it's not worth the time/effort to a client to pay me $100 to fight a $20 penalty. I think it's just the state's way of extorting more $$ out of people.

Older couple, retired. She put $6,500 into a Roth IRA for 2015. He earned $4K, roughly, before retiring. Taxable *income* is $84K-ish (IRA distributions) but earned income is his $4K. She has to take $2,500 out of that Roth IRA pronto, yes? Reading the pubs they talk about taxable compensation, earnings, blah blah but somewhere in F5329 instructions it says " Taxable compensation is your compensation that is included in gross income reduced by any deductions on Form 1040 or Form 1040NR, lines 27 and 28, but not by any loss from self-employment. " and that is WAY different from earned income. So when did this change from earned income to taxable compensation -- or did it?

They are getting a bit testier about back-denying extensions for those who owe substantial amounts. However, I stand by my earlier comments that if I have ZERO information, a zero-dollar extension is what I send in.

And last year's withholdings? I'd rather send in $0, as I have NO idea if clients changed withheld tax or even have the same job. Seems to me if I have NO information, anything I put down is wrong.

And then what do you do about a client who has given you NO paperwork by 4/15?

I do this, as well - in case the client never sends the payment.

They are different types of taxable income in MA> Carryover losses from prior years' rental will show up on Line 23 of MA Sch E-1, then carry to Line 21 of MA Sch E. Offset is to 5.15% tax income on Form 1 NOT to capital gain income. Gain on sale of property shows up on MA Sch D and is long term gain so 12% tax. Two classes of income; tax calculated separately.

I have a couple of these, too. have been training but one is super-stubborn. So this year I asked him about something unrelated and when he turned to look for whatever it was I asked about, I grabbed the whole stack away from him. It felt like victory. Went through one-by-one in record time; "Your w-2, the retirement statement, interest, dividends, your usual charities, re tax, excise -- yup; got it all. Great." He didn't know what to do. Hoorah!

Had one this year that contained a check for the 2013 tax year refund....

No, it means it's too scary to dare open!

Reprint fee. $30 or more, depending on how much of a PITA they are. At least, that's what I do.

X-rates and Forex both provide historical lookups by date, going back years and years. I use it all the time. You are supposed to use the rate as of the transaction date, not an average. yes, we use averages for when we don't *have* dates. When I get specific dates, I do the exchange per date and charge for the time it takes me.

Of COURSE it's illegal. The IRS just says it doesn't care about illegal if funds are coming IN under those fake ssn's, and don't see that they lose with all the fraudulent refunds that go back OUT under those fake ssn's. (Next snarky comment redacted as it was crossing the line into politics. You can extrapolate for yourself.)

FAR better than "Welcome to my back yard"...! We love you, @RitaB. Just sayin'...

I am not exactly sure what happened to my client -- but I know it involved a new doctor, change in medications, blood clots, collapse, and several weeks in ICU starting last October-ish. He is left with memory issues, balance issues, attention span issues, and more. And he has been a high-level major project manager/coordinator... multi-tasking, long days, high pressure, complex issues -- kinda like a tax accountant, only for LOTS more money. I have no doubt it will be impossible for him to go back at the same level, and really don't know how well he could do at any level, with his employer. I do know he's very lucky still to be with us.

Another one I love -- from clients who have sent absolutely NO documentation so far -- "Am I going to owe this year?" Magic 8-Ball says "answer hazy; ask again later." Like, maybe after you send me some information on which to base a guess.

Thank you -- will pass the info along.

Hi folks -- A client contacted me asking if I knew anyone who helps people navigate the SSDI application process. At one point in the deep and distant past I think I did -- but I have no clue who it was or if they still might be in business. Anyone here have suggestions for Massachusetts? TIA, Catherine

That happened to my husband a number of years ago. They basically tack-weld the retina in place with cryo-surgery (at least that's what they did for him). He had to use icky eye drops for a week and he has to have a super-duper eye exam every couple of years. He may well NOT be able to drive himself; the post-surgery eye may be covered for some time and most folks have a heck of a time trying to drive with no depth perception.

.22 caliber double National Gallery Match course (600 point match) weekly. "Donut league" since after the match we have donuts while the scoring is done. I also usually add up the scores 'cuz I can do it faster by hand than the rest of the folks with calculators.

Just looked up mine; 4/12 - so it didn't take me too long, either. THANK YOU Eric for setting up this board; it has been a professional lifesaver and pressure-relief valve all in one for all these years.

Silly Tom! Just *knowing* about the two of us totally stops any need for pasturage acres.

Might I recommend a good 24# sledge hammer instead of a firearm for the recalcitrant printer? You can hit it repeatedly, can do it within city limits, don't need to wear ear protection (eye protection would be a good idea, though), don't need a permit, and swinging a sledge that heavy will really work out the rage. You can borrow mine, if need be. (My grandfather was a mason, and sometimes you need to take *down* the brick wall. I have a complete assortment of sledge hammers from a little 2#-er up the the big one. I still remember how proud I was the first time I was strong enough to get it 1/4" above the floor... musta been about six years old.)

Something has gone right this year; standings for our weekly pistol competition league are in for the year. I had the third-highest average in the league for the year (of people who met the other criteria for awards; two with higher averages only shot in a couple of matches so were not qualified)! GBPL Standings 2015-2016

Well Sunday morning at 10AM I was on my way to church so you would not have found me here.