Catherine

Merry Christmas to everyone (and Happy Hanukah, and Happy New Year) on this board. It is always a pleasure and an honor to meet my dear ATX Community Forum friends here throughout the year. I am grateful for all of you and hope we all have a very excellent tax season in 2012. Catherine :wub:

Beautifully done and -amazing- to watch. https://www.youtube.com/watch?v=QdoTdG_VNV4&feature=player_embedded

MF Global collapsed a few weeks ago, sending the commodities brokerage world into a tizzy and outing John Corzine as a crook to make Bernie Madoff look like a rank beginner. “So what? I don't invest in cattle futures,” You may say. However, there is potential for a big problem facing us. I’ve been following the repercussions of the MF Global fiasco. One of the blogs I read is by the founder of a small, independent commodities brokerage. A week or so after the MF Global implosion, this writer announced on her blog that she had closed her firm, as she could no longer guarantee to her clients that their monies and positions were safe in the futures and options markets, due to the large-corporation use of supposedly-segregated customer funds in serially re-hypothecated “investments” in European sovereign debt. I took this with a small boulder of salt; this blogger is very knowledgeable, educational, and entertaining - but she also tends to be dramatic. However, late last week I came across serious analytical articles from other sources (including Thomson Reuters; hardly a “scandal rag” – ref’s below). The gist of it is that this multiple re-hypothecation greatly increases the exposure of US BANKS to a liquidity crisis precipitated by Eurozone sovereign defaults. The extent is _potentially_ catastrophic. Yesterday (Dec 13), at the annual UMass Tax Update Seminar, I took the opportunity to speak on this issue with a senior VP at Salem Bank. I asked if the banking industry was worried about a liquidity crisis catalyzed by the MF Global fiasco. The response? No, they’re not “worried about it” – they expect it. There’s no way around it, it’s just a matter of timing. They also expect that the FDIC will turn on the printing presses to “make whole” the customers whose money disappears, and this VP stated that money-printing in the required quantities would lead directly to strong inflation. I asked specifically about the safety of customer funds in smaller banks and was told that community banks, mutual banks, and credit unions are NOT allowed to make these kinds of investments. People whose funds are in these types of banks will see much less impact on their operating cash accounts than those whose funds are in big banks. Bottom line: some kind of serious banking trouble is coming; heaven only knows when (immediately, soon, mid-2012, other?). Likely interruption in bank service of unknown extent or duration. Inflation. Potential implosion/collapse of large commercial banks. What to do: that is completely up to you. Read the articles linked below and decide (plus new ones that just came out this week; the ones I've linked are from last week). Prudence would recommend that at least get some of your money into a small community or mutual bank, or credit union. Also, prudence would dictate that you have a stash of cash in case we see a disruption in ATM & credit clearing house service of a couple of days. Some people may want to add silver or gold to their holdings as a hedge against inflation; one could stock up on non-perishable foods/required medicines in case there are disruptions in shipping and trucking; or take other precautionary measures that make sense for you and your family. Whether or not to inform/warn your clients is also up to you. This is NOT a time for panic or fear (which would work against you in any event). With great good fortune, we can look back a year from now and laugh about our concerns and how silly we were. If the problem manifests but turns out to be small, you can then put your cash stash back in the bank (it's not like you would have earned any interest worth counting in the meantime) and know that you were prepared. http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/ http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe http://market-ticker.org/akcs-www?post=198790 My best to you all, Catherine Ezekiel 33:6 “But if the watchman sees the enemy coming and does not sound the alarm to warn the people, he is responsible for their captivity. They will die in their sins, but I will hold the watchman responsible for their deaths.” (NLT)

CPA Site Solutions had no setup fee. ATX/CCH did but if I recall properly it wasn't too much - and that may have changed in the intervening years.

It's actually really hard to do an NOL _without_ your eyes glazing over!

Got my Master Tax Guide today in the mail.

Emochila -- I looked at them, too, and their prices are competitive and they have template selection, etc. In some ways very similar to CPA Site Solutions. However, they require a credit card (which they charge) to start work, whereas the CSS will configure the site entirely and not charge a dime 'til you approve and are ready to post to the web. There are other vendors, too, that I recall looking at some years ago (before I decided on the CCH/ATX special) -- Accountant's World had one, and I don't recall the others.

I like the Tax Book and get the Deluxe every year and the all-states every couple of years. For more in-depth research I use TaxTools online research; reasonable price and pretty good search features. Plus this forum and a couple others! Either book should do fine for you -- they are terrific for quick-reference on mild-to-moderate issues (and TTB at least frequently cites the code section if you need to go there for nitty gritty details).

I started with the CCH Site Builder when they gave a serious discount to ATX users. Price kept going up and I ended up using CPA Site Solutions. For somewhat less money I get ten times as much storage on the secure file share (and my clients prefer the way the new site is organized - at least the ones who have commented at all). I also get access to my email both through my email program _and_ through gmail (easier when away from my office). Take a look either at their samples or at my site -- www.grant-financial.com. Editing the site is easy; they give lots of templates to choose from to personalize your look. They update monthly content, and the customer support has (so far) been excellent. Support from CCH wasn't the best, shall we say?

Received yesterday and was thinking of installing it today if I get my other computer work finished and still have the energy for it.

A belated Happy Thanksgiving to every one on this forum! We had a very quiet day; both girls here in the morning but off for the afternoon. I cooked and Doug cleaned everything up, bless him. Turkey nap-attack hit and I snoozed for a good hour. It's so nice to have a hiatus from the bathroom renovation work, even if it leaves us in mid-construction with plastic-sheeting walls and the smell of drying plaster.

@TaxCPANY -- Not a water heater leak, but a bathroom remodel. We've spent the last 8 years with a marginally functional bathroom where the main source of winter heat was my hair dryer. It will be finished _before_ tax season starts up again. My sympathies on your water heater leak!! Hope that it gets fixed _very_ soon.

Thanks to all, and Happy Thanksgiving!

@Jack -- There is at least one company that has released its draft of 2011 tax prep software, and I recalled a discussion of disc arrivals earlier, so that's why I thought it might have been sent. I freely admit ATX tends to come out late, so thank you. @rfassett -- THANK you for the advice/warning on the FAM. I'll work on that today. Catherine

I thought there was a thread on this but now I can't find it. Has CCH sent out the draft 2011 program CD yet? I got what I thought was the draft software but opened the envelope tonight and it's the Fixed Asset Manager. I also have the archive disc for 2010. So, has the PVC pipe glue gotten to my brain and fricasseed it, or am I missing a disc? Tried "MyATX" but they're down for maintenance at the moment. TIA, Catherine

Margaret -- I will look forward to your visit and will be happy to show off a bathroom that is functional and pretty, too. Lion -- great idea; my Schedule D price just doubled.

OK; that's it. It's official. I am NOW going to go hide under my desk and whimper. And hit myself in the head with a brick while I'm there. AND cry. Do they have any idea what a mess it will be for THEM (the IRS) if they drive all of US (professional tax preparers) out of the field with their convoluted and STUPID rules? How about ONE form and send a copy of the brokerage statement as a pdf attchment to the return or with an 8453? How can we work according to what THEY receive when we don't get the same info? Put everyone with any stock sale on extension until the 1099-B's are added to the account info on e-services late next summer or into next fall? Rant over. Time to check on the plumber. Grrr.

NECPA & bstaxes BOTH -- take care of yourselves and get better!! I haven't even been lurking. We've been in this house close to 8 1/2 years and knew from the beginning that the master bath was going to need to be re-done, as it was barely functional (for the last 8 winters, the "heat" in there has been my hair dryer - with the cord dangling IN the sink). Now with Gwen off to college, it was time to re-do that room. I've spent the fall choosing contractors, agonizing over design minutiae, coordinating, ordering -- and in my copious free time dealing with the late clients and the few representation clients I still have and the inevitable agency letters (you did your taxes WRONG and owe umpty gazillion dollars NOW - that are always wrong but need careful, documented answers - wasn't e-filing supposed to FIX some of this?!?!). Busy enough to want to crawl under my desk and hide.... LOL! Happy Thanksgiving to everyone here. I am grateful and thankful for each and every one of you - your knowledge, your wit, your challenges, your friendship. Catherine

I tried to renew online but since I renewed last year by paper, I have to wait from some sort of letter from the IRS with an "authorization code" before I can use the perfectly good online account that is set up. Grrr.

Mine arrived yesterday. (11/05)

Thanks for letting us know!

Office romance only as running gag -- but it certainly has been funny, I've gotten many a chuckle from the various posts.

LOL!! Just because he's switching to Drake doesn't mean he will abandon us at this forum. Lots of folks here have switched away from ATX but can't leave their friends. Booger's posts are always welcome here -- and I hope he'll keep us updated on Drake, too. They've been my fallback for several years now - I evaluate them every year and keep thinking that if CCH ever pushes me too far, I know where I will jump. Catherine

I e-filed the last one first thing Monday morning after chasing down/being chased down by late clients for the last week and weekend. I am SO glad this season is done; it's going to take every second of the remaining year to clear up and gear up for next year!

@Kea -- I'm very glad that my adventures helped you. Yes, Massachusetts has a real problem with not accepting changed names -- even when the source is their own incorrect information! If they just had a checkbox on the return for "name has changed since last return" it would probably go through. But NO, they can't do something that simple. Instead we get to keep notes on our clients of which name goes with which e-file. Sigh.