Catherine

They're all nuts!!

Not quite; some of them are legumes.

:lol:

C:

What time should I be over for dinner? :~)

taxbilly

We already ate... but there are leftovers if you care to drop by (before _they_ get eaten up)!

Yes, you select 1099's prepare as your forms and you can e file these returns as well. You will need to print ones to be mailed to the subcontractors but once you are in the file you can figure all that out. It's pretty easy.

You can even print on plain paper.

I, for one, would like to discuss things like this in person with you one day, KC....I get the feeling I could learn a thing or two.

I think KC should sell tickets to let us all just hear her talk and ask her questions. She _always_ has fabulous information and I have learned _so_ much from her posts here and elsewhere. I want to _be_ KC when I grow up one of these decades.

Yay, KC! Rah, rah sys-boom-bah! ^_^

that I was as useful as a 3-legged donkey

You can still _laugh_ at a three legged donkey. And they don't run away.... at least, not very fast.

I have had to make some furniture changes, because sitting for long hours in a chair that doesn't really fit me was starting to _hurt_. The newer one is better but still not great; I have some shopping to do post-season.

I am currently banging my head against a nasty S-corporation return where the balance sheet won't balance and I'm having trouble tracing transactions for loans the shareholder made to the company and payments to the loan to her funding source and back to herself. And I spent an hour today going over info needed for Sch C with someone (returning client) who I thought was bringing papers over but instead wanted a tutorial. Same tutorial I gave her two years ago. Sigh.

The good news is I caught up on about 2/3 of the backlog over the weekend and am hoping to catch up some more before yet another slew of returns pours in the door.

Another big plus is the local shop had wild salmon today, so we're having wild salmon, fresh bread, and sauteed kale/red cabbage/onions for dinner. Yes, I get to make it --- but it will still be yummy.

Thanks for asking!

Catherine

its only a warning and you can ignore it, in fact above the balance sheet is a check box to turn off the 4562 verification

Argh! Now you tell me! That warning drove me nuts last year (for the same reason; assets fully depreciated before I ever got the client).

I'll remember for the next time; thanks.

Make sure you're putting in the tax paid in US dollars.

Got that, it's getting it to the form that's giving me trouble. I've done these plenty before, but never with sale of a business asset. And it sure seems like they've made some big input changes since last year.

Catherine

I have a client who sold a rental property in Canada. He paid a number of thousands of dollars to Canada on the gain. I have the gain itself on Form 4797, but have not been able to get the taxes paid to come up on Form 1116. I've tried a slew of different ways, and I can't the the info from the input and detail pages onto the form itself without over-riding everything in sight. This guy does not itemize here.

Any help appreciated.

Catherine

Well, you're switching a clockwise foot to a counterclockwise 6. So, when you switch sides, make sure you're still a clockwise foot... My husband the organist, who's fairly quadridexterous (if that's a word) thought he could do it but had to really, really concentrate. I saw his foot switch direction temporarily. Isn't it amazing what tax preparers can get distracted by in March!

A friend has ADD (so do her kids and her husband; it's quite a madhouse -- in the nicest way). In her kitchen, there's a sign: "They say I have ADD, but they just don't understand -- oh, look, a chicken!"

We're _all_ there right about now! :lol:

So, does this somehow prove that we have a brain? Actually I found it pretty interesting because I am left-handed. I am happy to report that it "worked" for me.......Right foot, Right Hand!

Ooh -- I tried it left hand/left foot after your note and I could do it without reversing!! And when I concentrated REAL hard, I did it right side as well -- but only once out of a half-dozen or more tries. And I mean _concentrate_ -- eyes crossed and like my life depended on it. It's so much less difficult on the non-dominant side; wonder what the neurological connections/reasons are?

Catherine

It's still snowing here. Not as deep as predicted -- yet -- but blowing around. I too get power outages on blustery days and lose my internet and telephone, also. The perils of a home office out in the boonies. And, my husband the school teacher is home and constantly walking into my office while talking about whatever he just read on-line. He's thinking a delay on Tuesday. Oh goody!

It's still snowing lightly here. We had 15" and spent a couple hours shoveling out. My daughter had the day off school and my husband took off a half-day so he could help with the snow removal.

This spring, I'm pulling out a big round yew that is horribly in the way of where we really _need_ to be able to pile snow from the driveway. It's not a particularly nice shrub, and it sure is in the wrong place.

Catherine

You're right that they will have to pay tax on the money if they convert from traditional to Roth IRA. Take a look at pub. 590 for all the details, as there are income limits to be able to do this. They might want to consider that if they will be in a lower tax bracket when they retire and take the money out, it might not make sense to pay tax on it now, when in the future they wouldn't have to pay tax on it anyway, even if it was still in a traditional IRA.

Even if it turns out to make sense, it will have to be done in two steps. Either convert where it is to a Roth and then rollover, or rollover and then convert. But you can't take a traditional IRA and, IN THE ROLLOVER process, convert it to a Roth IRA.

BTW, the income limits on conversions go away next year (for one year). I know a couple of folks who've been waiting for years now to convert some tiny little account with a couple hundred dollars in it...

Catherine

I think that's the NY governor's new anthem!

Massachusetts' governor, too!!

The ninny is trying to get NH stores to turn over sales records of any MA buyers, so he can dun them for use tax. Not only does he have NO jurisdiction or legal standing, but he is forgetting four key items -- we have borders with four other states, all with use tax laws, and higher sales tax rates than we have! And they'll turn around and demand our records. If his nefarious scheme succeeds, it will send MORE money out of the state than it brings in! _Fabulous_ strategic planning, ain't it?

4 -10 inches tonight:) Should be a fun drive home:) Gotta love Wisconsin weather!!

Drive carefully! And make a snow angel when you get home.

JB - I just had my youth pastor pick up his return. It was completely different than last year - he got ordained and had a baby. (Well, his wife had the baby, but I digress.) Last year the return was $60, this year $150. He said, "Hey that's a bargain, I know it was a lot of work." This is the attitude that makes us go out of our way to do a good job for people.

It does not seem to me that you are unreasonable in your fees. If your guy does not appreciate you, I suspect you're better off without him.

I agree that you should give him the opportunity to summarize his records himself, and give him whatever instruction he needs (this time) to do the bookkeeping himself. There are people out there who think we have to have all the receipts; he might be happy to do it himself.

The only things I'll add are that, over the years, the ONLY people who have cheated me by not paying -- have been the ones with the sob story to whom I gave a price break. And some of them had been long-time clients (note use of the past tense). These days, I tell folks that my fees are negotiable -- but only UPwards. And that, when there are tons of line items (W-2's, stock sales) over what you would "normally" expect, I charge $1 per additional item. That would add $10 (roughly) for the extra W-2's. But three additional _states_?!?! That's some money to make it worth while. Not totalling expenses? Hourly, and estimate generously. That way if it comes in $20 less than the estimate provided, they've gotten a bargain. But $20 more invokes other emotions.

Catherine

It made me nervous, too.....Turned out to be just gas pains.....In hindsight, the Mexican lunch was not such a great idea

In general, pain that can be relieved by movement or change in position is _not_ the heart.

But please be careful; my dad eventually died of complications from a heart attack that was much more severe in consequences than it might have been -- he thought it was indigestion and so did not go to the ER for over 6 hours.

Catherine

<snip>

I don't understand why someone that is wanting other peoples opinions would ask a question that contains slang or abbreviation such as "NNS1231LPY" that would not be easily recognized by everyone.

Perhaps because if you don't understand the abbreviation, you don't have enough experience with the subject to express an opinion? I certainly didn't know what CRP payments were. But here in eastern Massachusetts the few farms that exist are far between, and not my bailiwick. I have never seen a farm return in "real life"; just some examples when I was studying for my EA lo these many years ago. I remember being startled (not surprised; on consideration it made perfect sense) by the disparate treatment of beef and dairy cows. I still use that as an example for people to distinguish between expense and depreciable asset. They all get it; it always makes them chuckle, too. Although I've never tried that example with a vegan; I suspect their reactions may be a bit different...

Catherine

One guy, when I asked if anything had changed, told me yes, he changed jobs. Hold the phones, people!

Still better than the folks who forget to tell you about marriages, divorces, and new babies. Plus -- perhaps there is excess social security withholding, so there really was a point to it. a Teeny-tiny need-a-magnifying-glass-to-see-it point -- but a point.

Catherine

Well, the PS gave me a good laugh, anyway.

Ah, yes, telling us it's not too late to renew. And what galaxy was _that_ little tidbit thought up in??

"Earth to marketing, come in please!"

(Nope, no answer; they're out of range.)

Too bad you can't 'fire' a niece. ;~)

And if she's big enough to get a refund, you probably can't spank her, either.

I guess having to wait for that refund to get bounced and a check sent will have to be consequences enough.

I have a couple of these folks, too. You either love them and get a chuckle out of them -- or you want to scream. No middle ground. (And sometimes it depends on the day they call/come in, too.)

Catherine

The Mason Dixon line is the division of North & South. Any TRUE Southerner would know this!!

(From a guy born in Tennessee and lived in Ohio for the last 35 years.)

Robin Williams referred to that, on stage, as the "Manson-Nixon" line. Ouch! :o

Very cute; thanks for sharing!

<snip>

I guess NAPT had good timing when they offered an NOL refresher with their 1040 update class last year.

An NOL refresher sounds like a good idea. However, by the time any of us get any free time for one, we'll have become experts through our latest real-time course at Hard Knock University!