Catherine

<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!

<snip> There ain't no capital gains, and there ain't no first time homebuyers.

Wrong on both counts -- I've had one new homebuyer, and several people with capital gains. Small gains -- but gains nevertheless.

They are out there. But there sure aren't very _many_ of them.

Catherine

<snip>

Political correctness has developed to an extreme in its own way just as much as the extremes of racial prejudice used to be.

Thank you, taxxcpa. I fail to understand how a mere statement of fact can possibly be either "inappropriate" or "offensive" to anyone.

There is a world of difference between calling someone a supposedly offensive name (like "guinea" or "wop", applied chronically to me in childhood), and calling me "Italian" (my ethnic background).

"Political correctness" taken to such an extreme is well along the slippery step _past_ control of expression (First Amendment, anyone?) heading towards control of _thought_. And THAT I find terrifying.

Catherine

<snip>

...Of course...I have done something wrong to cause the delay!

Well, you _did_. You believed the chart. Silly Janitor Bob! No biscuit!

You could tell folks "it could come no earlier than" with those dates. Then they'd think you did something _wonderful_ to get the earliest date! Silly tricks we have to play to keep from getting blamed for stuff outside our control....

Catherine

I'm not doing a 1040X. I'm just checking the calculations in the old software. There have been a few minor discrepancies between the 2008's 1045 and the 2006's 1040 (after NOL). The NOL is used up in 2006 so I don't need to carry forward again.

The reason I mentioned the other years is that we now have a choice of carrying back the NOL 3. 4, or 5 years (as of last Tuesday). I will check the other years to see which one helps her the most. I'm not sure how long it will take the software to get updated with these options.

I had thought I was done with a NOL (and I also go back and re-check calculations against the prior-year software results), but now with the new law I guess I have to wait, too, and see if an earlier year helps these folks more. Sigh.

Catherine

Wow, that cannot be a good sign.

Gee, I thought it was standard practice with ATX. Every form you might ever need -- eventually. But don't hold your breath.

Catherine

In addition to what version of form, make sure that your client keep copies of everything sent. And don't expect fast responses.

I ran into a situation a couple of years ago where the W-7 processing munged up and/or lost W-7's for several clients. One set we had to send THREE times and the last time went straight to the taxpayer advocate I was working with after rounds 1 & 2, and he hand-carried the lot to the W-7 processors. THAT set finally went through.

Catherine

I think as a community of Tax Professionals we should track the HRBlock returns we correct.

I call my former-H&RB folks my "refugees".

Catherine

Does anyone know if the tax planner has been updated to reflect the AMT patch for 2009? Based on the Planners I've prepared, it looks like the patch is not reflected yet?

Not as of last night when I had to override the AMT amount in a planner I did.

Catherine

I loved it and plan on sending it to a few folks who are not lucky enough to belong to this forum.

Catherine

I will take KC's suggestion and submit print manager work as my end-of-year recommendation.

I also liked the idea to print from inside the return; if I set my default printer to my pdf writer, then I can do that _and_ hold off printing until I'm ready to print the whole thing.

Thanks, all.

Catherine

I am a CPA and I know Jack! However, I learn something new every day just like the professionals that are not afraid to ask questions on a forum like this one. To imply that someone here does not know much about taxes because they ask questions is a wrong attitude. Questions are sometimes ask to confirm an opinion or to simply get other opinions on a gray area of the tax laws. We don't need posts that imply that we are not professionals on this a professional forum.

Hear, Hear!!

Catherine

Hey all --

Is there any way to establish new defaults for client letters in the print manager?

I _always_ print the letter and return cover sheet. I _never_ print the privacy notice (I have a separate one), options or mailing slip (why options at all?) (why mailing slip when everything (almost) gets e-filed or sent in a non-window envelope). So for every return I have to un-check and re-check those stupid little boxes and then the order of everything jumps around half the time and I get to fix _that_ -- it's getting seriously annoying.

So, is there any way to set a new default for client letter printing? So I can get my letter and return cover sheet and _nothing_ else unless I specifically ask for it?

Thanks.

Catherine

Thanks to all!

Catherine

Client is a homeowner's association. They had their driveways seal-coated for several thousand dollars. It should last several (but undetermined) years. Anyone have an idea on how long a life this should have? My Magic-8 ball said, "answer hazy, ask again later".

Catherine

One of the local radio folks has taken to referring to it as the "Screw-you-lous" bill.

You got that right! Hey, and anniversay is Feb 28... I should be drowning in candy then, too, huh? Yay me!

Candy? I'd hold out for high-end chocolate, myself...

Actually, my older girl got some Edible Arrangements chocolate-dipped strawberries for her birthday last year. They were _amazing_. Each huge berry was red all the way through and full of flavor, and the chocolate was a good quarter-inch deep. ONE was an entire dessert, and she got a dozen. We feasted for a couple of days.

Catherine

See Pub 527.

Sec. 280A. Personal use by a child is treated as personal use by the taxpayer when rent is less than fair market value. Thus, all expenses are deducted on Schedule A. Income, however, appears on Schedule E.

You did not say what the family relationship is.

How close to FMV does the rent need to be before this kicks in? I have a couple who rent the other half of their two-family house to family members. Rent is _almost_ FMV -- basically, it _was_ when they first rented, and the landlords just haven't raised their rate very much because they are good tenants (aren't noisy, don't trash the place, keep an eye on the other side when the owners are away, etc). Seems there is a grey area between what most landlords do to keep desirable tenants and giving family a break. Any guidelines from anyone on where that line is?

Catherine

I have a home office also. Yep, gotta love em anyway.

I also have a home office. We went out for lunch rather than dinner; less crowding, and just as much choice.

Catherine

I agree that my individual client acks are really quick. I'm still wondering, though, about the 5 1099's from January 22-27 stuck at transmitted to EFC.

I had some of those. There were a couple (when I went to MyATX) that showed as accepted; they had to "re-hang" the acceptances and then they went through to my computer. Another one _they_ had transmission problems and had to re-submit that return (that one still showed as "transmitted to EFC" at MyATX). They told me if I didn't get an acceptance by early next week to call back.

Catherine

Happy Valentine's Day to all, and may you all get something special from those you love.

Catherine

You're right - I don't use the stapler unreasonably. I reserve hassling the authorities for only those situations in which it's clearly called for.

I seem to recall the post about the pencil eraser as well, but unfortunately it wasn't me. However, some of the red beads on my abacus broke off due to overuse, so if you run across any of those I'd be most grateful if you'd send them along. (I can't even find any of those suckers on ebay right now)

They still sell abacuses in Chinese stores (at least, here in the Boston area). We have a couple and I taught my girls how to use them (though I don't know if they remember). I still use a slide rule (it lives in my car) for figuring gas mileage.

And for Marilyn -- art supply places have good erasers.

Catherine

Are those Honey Buns stuck to the side of her head? And did we really dress like that in the 70's? Check out some of those "daisy dukes" on both the guys and the girls.

ROFLMAO.

Tom

Lodi, CA

http://www.plaidstallions.com/fashion.html

It was even _worse_ than we remember....

So THAT is what Star Wars was about! I always wondered.

There are two other spoofs -- ThumbWars (StarWars done on thumb characters) and Lucas In Love. Very funny.

Catherine

When I had this a few years ago I used the 5329. 1099 R showed earnings on the money as taxable amount. The taxable amount is subject to the 10% penalty. If no earnings, taxable amount should be zero. ATX handled all this from the 1099R input and my conclusion was that this was correct.

Julie

I had been wondering if I needed to attach a statement saying the coding was not correct _in addition_ to the 5329. But it sounds like other folks' experience is that this is not needed so long as the tax treatment is correct after filling out the 5329.

Thanks, all.

Catherine