Catherine

I will ask (already sent out a query). Basically you both confirmed my original impression that the college's "word" on this is not worth spit; I need more details.

Huh? A college in Massachusetts is foreign source how? (Admittedly to me they sometimes seem like they are from somewhere near the orbit of Neptune...)

New clients; he has a fellowship from a local university. All they have is a pay stub, claiming the total is NOT taxable. He inquired about getting a W-2 or 1099 and was told they do not issue those forms for fellowships. I don't know if he does any teaching or research - or even if he is a degree candidate or doing a post-doc. What questions do I ask of this couple? How much can I rely on the word of this (world-renowned [in general but NOT in my book] ) institution? Thanks.

I think that before you can make that determination you need more information on the source of these losses. Even assuming the divorce decree says nothing (and be careful there; there might be wording somewhere about "assets purchased by mr X with non-joint funds will be retained by mr X" which could well affect this assumption) -- what if that loss was (at least in part) the $67K? Your client, mrs X, will be made whole, so she does NOT have a carry-forward loss in that case; only mr X does (but he doesn't get to double-dip and claim the repayment is an additional loss but that is not your concern). If the remaining 47K was all jointly purchased and held assets, then yes, half the carryforward loss is hers. This really should be covered in the divorce decree. That's what those horrific financial statements are supposed to be FOR; complete disclosure of all interests and facets, so things can be divided appropriately.

The other alternative is to purchase a new and fully registerable Adobe Acrobat that is a couple of revisions out of date, off of ebay. I've done that, too, and gotten completely functional software for less than 20% of original retail price. I do NOT care if the version is old, because I use only a small portion of the program as it is, and those bits don't change from version to version.

I haven't used the ATX payroll or accounting programs -- but have you taken a look at the Medlin programs? Their payroll system is slicker than slick and SO easy to use - and only $60/year. I have no reason to doubt similar for their (standalone AND work together) AP, AR, and GL accounting modules. What's more you can download versions to try and all you can't do (if memory serves) is print.

I found the ATX pdf printer to make relatively large files. I have used pdf995 with great success in the past (once installed, you choose it as the printer). Smaller files, other nice features too.

You can make a perfectly functional firearm, *today*, in the comfort of your own home, from plumbing parts available at your local hardware store. Any machinist can make specialty parts. One of the great advances in general manufacturing - swap-out pieces that fit any of the same model of item - is relatively recent. In the past, individual custom-made items were the rule, and owners of *any* machinery (whether firearm or seed drill) had to craft and fit their own repair parts. So this CNC machine fedex won't ship is basically no different than a machine that makes automotive parts, except for the open source software code.

If the cops took MY legally owned firearms and destroyed them, I'd look more than a little crazy too. Those are EXPENSIVE pieces of machinery, and to have them stolen and destroyed by the government (at gunpoint, by the way; the government does *everything* by gunpoint) would make me so furious you would *not* want to be around me.

Rita -- I am so glad that YOU are safe. And BTW -- the photo is beautiful. Scary to think of living with/through, but taken as art it's just wonderful. Once we get to May, you might think of having it printed and framed.

Lion, we all do the same thing. Hopefully with clients in rotation, rather than the same one year after year!

Yes, there can be timing issues with some types of options that lead to "phantom income" on the 6251 with a corresponding offset another year.

It's supposed to get to -10F here tonight - it's +6F now. Like a mild spring evening in Nunavut.... http://www.wunderground.com/weather-forecast/zmw:00000.1.71925

Banks can be stupid like that. We can't be bothered to do the paperwork, so we won't get our (depositors') money back.

Watch out for your renters in case they had roof replacements/repairs, boiler or furnaces replaced, windows... those are the items that will be subject to analysis and possible correction - and do the de minimis election. Unless the just-announced changes eliminate those concerns. My first renters just brought their doc's in so I had not yet looked into those announcements.

Dear Client, I sat with you last week and showed you where to sign federal and state e-file authorizations. Had you sign your section in both, and highlighted where your husband needs to sign. Today's mail brought me the state form only. Did you already forget? Did you think I didn't mean it, about needing the form? Do you not want that hefty refund you were so happy about? Do you think I need the aggravation of emailing you to remind you about the federal form? Can I dope-slap you now? I don't need this kind of foolish crap this of all years.

I had one leave a couple years ago, who called afterwards, apologized, and asked if she would be allowed to come back. I took her back with no price increase; she had learned her lesson and is one of my most steadfast clients. Most others who leave I never hear from again. As far as I'm concerned, that is just fine. No hard feelings - just too busy to worry about them. I expect to hear back from one guy this year, who paid only half my bill, claiming it was too high, after he finds what the "cheap" places will charge him. He is NOT welcome back.

That is *exactly* it. They're either in a tearing rush for their hundred bucks -- or they chafe at having their taxes go to "mommy and daddy's accountant" and want to prove (to themselves) that they are all grown up and can handle their own returns. And then muck everything up.

My clients warn their kids -- and it must go in one ear and out the other, because the kids go online and file their own returns - incorrectly - anyway. It's not like they lose their puny $127 refund for not claiming themselves, so I don't know why they insist on mucking everything up.

I find it's more the complexity of the return than the size of the practice. I do fewer than 200 returns per year. Many of them, though, go to 75-100 pages with all the supporting schedules and worksheets. I also deal with folks with offshore accounts - and in some cases foreign businesses. It gets real hairy, real fast - and even when we think we've covered all bases in a drop-off interview that lasts two hours of going through minutiae, I end up stumbling across stuff we did not cover - and then the client has to go dig for more details while I pore over tax treaty nonsense. My new assistant, though, is doing really well at handling everything I throw at him. Next week he's getting the additional chore of doing Excel spreadsheets for me for charitable donations. I have clients who bring hand-written lists marked "incomplete" along with printouts of emailed receipts plus paper end of year receipts, and it all has to be cross-checked to make sure nothing is duplicated but everything is included. He gets the job!

It is indeed a valid rollover but keeping the papers ready to mail in if/when the IRS sends a letter of non-comprehension of their *own* $#@ rules is a wise pre-emptive strike. I know the details now and have them to hand; 15 months from now I'll be scratching my head over where I filed the information and what exactly happened.

I have a similar case. We are amending the son's federal return, submitting an original state return (he forgot that one) and I will have the parents file on paper because they will get their refund before the 6-week (or longer) time frame to have the son's amendment be processed.

Thank you, Jack.

Smart idea -- I will highlight those dates in the electronic copies I have.

Thanks, Margaret!