Catherine
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Posts posted by Catherine
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Thank You, mcchampine.
Grateful Booger
Watch out though --
Massachusetts extensions with no payments are getting caught in a limbo of "Validated by EFC". They have some internal coding problems with these forms. Federal are going through fine, and I have no other-state extensions. But at this point, all MA extensions that I have are going out on paper.
Catherine
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So far I have taken 1150 mg of acetaminophen (among other stuff) with 3 cans of pepsi.
Why the H am I sleepy?
Watch out for OD'ing on acetaminophen!!! You can damage your liver badly!!
OD'ing on motrin just makes your ears ring.... but don't mix the two, either.
Catherine
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2 Excedrin Migraine, 1 Diet Dr. Pepper w/ Caffeine, and 1 Snicker Bar.
My preferred recipe is 2 motrin, one cup of strong tea or coffee, some valerian extract in water (the three preceding being a roll-your-own Fiorinal), then a good dose of Tiger Balm (menthol and camphor) ointment rubbed into the forehead. Works like a charm. And the Tiger Balm is fragrant enough to keep others at a safe distance (safe for them, that is).
Catherine
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If you have a CCH 2008 Master Tax Guide, it's at para 2170 under Active Participant Defined. It's found in code sec 219(g).
Basically, whether it's a MPP or prof sharing plan, an employer contribution or a forfeiture allocated to the employee's account causes that employee to be actively participating. The employee's W-2 should be marked as such.
Your question should be not whether she can contribution (because she can), but how much is deductible if she does. Just follow the rules for your client's age and AGI limits for an individual participating in an employer plan to determine the deductible portion of any amount contributed to the IRA.
Thank you; it confirms what I told her last week. But the TIAA-CREF rep told her yesterday that I was wrong, wrong, wrong -- so I needed to check myself. And being a sole practitioner, this is where I can check.
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Question came up today:
Client has a 401a plan at work; she does not contribute. Employer contributes for her.
Can she deduct an IRA contribution? I can't find definite reference that she can OR that she can't.
Thanks.
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Hang in there; the 15th is coming. We're all close to the same spot right now. And this is a safe place to vent. Steam boilers come with a pressure relief valve; people should, too.
Catherine
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I have a Vanguard, 1099-DIV with nine different funds listed with dividends for each.
Of those nine funds/dividends listed, there are 8 different "Payer's" FEIN.
All entries have the same "Recipient Account number."
Thinking about IRS requirements to list "each transaction" - do I need to list each FEIN on return, or can I get away with one total?
Thanks,
I always put them in individually because of the different FEIN's.
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My Toshiba laptop was shutting itself down while I was working. I searched the 'net and found that Toshibas will do this if they overheat, which is a real problem with them. I sat the laptop on 2 (1 didn't work) of those baskets you use for paper plates. Hasn't shut down since. No bad days now.
My old laptop used to get real toasty. On hot days when the AC wasn't on, I'd set the thing on top of one of those herbal cold packs (I have a couple that live in the freezer). That kept it cool for a while.
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incase they monitor this board, just gotta say, any "junk" non-client mail this time of year goes in the garbage, iknow they will send follow ups anyway.. Stupid to send this sort of stuff this week, just as stupid as merrill lynch to call to invite me to seminars, etc. - i am not even polite as i hang up on them. And salesmen, etc that who's first words are I/we understand the small accountant "oh yeah? then why are you calling me now?!?"
There, i feel better now
Had a couple of email solicitations for "outside accounting services for your clients". After the second or third, I wrote back (politely) that if they know so little about this field that they send solicitations NOW, then they are obviously too ignorant for me to refer clients to them; please remove from your list. They did (I think; at least no more emails from them!), and it felt good to send off.
Catherine
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When the client has an amount due, I have learned to hold off on hitting that efile button until the fat lady sings. This time it paid off. Client is partnership with 2 partners and their corresponding personal returns. So 3 returns in all. They showed a significant profit on the 1065 this year. And lo and behold, they found that they had forgotten to give me some 20K of expense.
So these are not amended returns, because I never sent the efile. But.... this is quite a pile of papers being generated here! For the 2nd time.
What do you charge?
I generally add a 50% re-do charge for a "substantial" rework (as this obviously was). If it's a matter of one 1099-DIV or something that got forgotten, I'll generally let it go. Although any discount they may have earned either gets lessened or discarded in that event.
Catherine
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Friday was our tenth wedding anniversary. Took Mrs. Booger out to a expensive restaurant in Columbus
for a lavish meal (including champaign (sp?)). As we sat there, I said "Sweetie, I know that I have
faults, though they may be few, and I know that you have faults." I proceeded to list in detail all her
faults, (which took about ten minutes). After that, I presented her with a gift--an 8 x 10 color glossy
of me, which I personally signed "To my pal". Needless to say, she was speechless.
IF THAT AIN'T LOVE. I don't know what is.
Romeo Booger
Our anniversary is April 1st -- my husband wanted a date that he couldn't forget. Or, if he did forget, could then later claim it was all part of a plan.... He drags me off every year for a nice dinner, with the admonishment, "No tax talk!".
Catherine
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Do you use the ATX organizers? I find them less than user friendly. Too many pages.
I work on other systems at different times and find other organizers easier (Ultra tax) and their predacesser.
What about store bought ones? Of course, the ATX ones print last years info for prior users.
What do you do?
Bob
Hi Bob --
Years ago, I developed not an organizer, but a "document checklist", detailing the kinds of documents I need to get from each client. The top starts with basic info (including DOB, the $3 to campaign funds, stuff like that), then a section for income and one for deductions and credits. It runs to 3 pages (2 sheets of paper with duplex printing).
I used to send out organizers -- and they either came back unopened, or briefly annotated quickly devolving into "see attached". Waste of paper, time, and postage for me.
Be happy to send along my document checklist for all and sundry to take a look at and use whatever parts they see fit to scavenge. While it would be nice to see last year's info -- that's why I have a big monitor and have last year's return open while working on this year's. Works for me anyway, and saves postage and frustration. As it is, I commonly come across my document checklist in my unopened client letter in the packages.... and have to dig out the signature page from the engagment letter for them to sign!
Catherine
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I have the same problem. Early in the season no problem, lately, no letters. Just another inconvience, along with the mini-organizer.
The problem I've been having with letters is limited to Massachusetts. Whenever I do a multi-state return, the MA letter goes flaky; it sets itself to "no balance due, no refund" - despite the actuality of a refund or balance due. The other oddball glitch (again MA-only) is that the return _cover sheet_ leaves off the state name completely. So I've had to train myself to manually edit the cover sheet and letter anytime there's more than one state involved (and one of them is MA).
Catherine
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Would love to have a more detailed review _after_ tax season. While I love the ATX program, there have been e-filing problems for several of my returns this year. And it's always good to keep money-saving options in mind, especially for a small practice like mine.
Would love to hear, for example, how it handles multi-state, non-resident, and part-year returns.
Catherine
I had been using ATX since 1998 until this year. After the problems last year and the fear of CCH discontinuing MAX at some point, I decided to look at other programs. I found a gem of a program that works perfectly for my business and only at $299. It's called TRX Pro and it's has some tie in with Orrtax.The only worry I had about changing was the dreaded conversion, but much to my surprise it went rather smoothly. I've had to re-enter some depreciation and it created multiple copies of 6252, but has not been anywhere near the issues I thought could happen. I saved over $800 compared to MAX and the only thing I don't have is the payroll or special local forms contained on the ZillionForms. I've found it to be comparable to MAX and for $299 I'll be renewing again. E-file ws a breeze and did not any rejections due to the program from the get-go. Most of my federal acks have come back in as little as 4 hours some days which is remarkable. If you do a lot of business or fiduciary returns, then I can't speak to how the good the program works because I only do 1 partnership and it comes this week.
I loved ATX for many years, but being proactive really has paid off and my profilt line is showing.
Scott P
www.powellstaxservice.com
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I gotta say --
I am disturbed by the viciousness being hurled at this ATX person in this thread.
REGARDLESS of one's opinion of the management at CCH, can't we take the high road here? Let's assume that this person is here in good faith, and wants to help if possible. And then we judge by his actions.
I sure wouldn't want to be judged by some of the "actions" I've seen posted here.
If you're one who's really steamed, think of it as "enough rope to hang himself" - and wait to see if he does.
We've all been blamed - and reamed out - by clients who are _furious_ about a tax bill they've been presented with. Not fair, is it? It's not our fault the tax laws are the way they are, or that the client did something patently stupid. So let's not blame this guy when we know of _nothing_ he has done to harm any one of us in any way.
Catherine
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Hello Everyone,
New ATX user with a problem.
Client files Schedule C and Schedule F. Opened a 4562 for his C and all was well. Tried to open a 4562 for his F, and couldn't do it. Message said "Cannot duplicate Form 4562." Tried Asset Entry, thinking it might automatically go to 4562 - wrong.
Know it's possible to have multiple 4562s. What did I do wrong? How can I fix it?
Thanks for the help. Glad to have found you.
In the Asset Entry screen, top left will show a box "Show Assets For:" with a drop-down list. You can assign assets to the C or to the F, and look at the list for either C or F, or both, or Sch A -- or wherever they go.
Catherine
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I too, having been the recipient of several thank you cards, 'tips', boxes of candy and the sorts, agree, it feels great.
On the converse, one of my new clients sat in my office this year, and told me, when asked of his occupation, that he, "... kills people for a living, and that he could kill me in one of four ways before I ever left my chair" !! Turns out that he is an employee for BLACKWATER Security, stationed in Iraq, a former Navy SEAL and as he defines his job occupation"...a paid assassisn"!! His Schedule C write offs included Sniper School, medical attention from a brown recluse spider bite, weapons and ammunition....
This is one client I hope to never upset
Howard
Well, this is also one client who would probably _never_ kill in anger. To do that job they are trained to be absolutely cold and calm; angry or upset people make mistakes -- and that leaves the job uncompleted and the worker dead.
But there sure are some jobs I'm very glad not to have. Assassin is definitely on the list.
Catherine
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In 20 years of tax prep, I have received only one other bouquet of flowers, 2 thank you cards, 1 Christmas card, and 2 meals. Oh - and a gift cert to the greasy spoon next door from my mother-in-law who felt guilty one year.
How nice to feel appreciated!
How nice!
Couple of years ago, I got a really bad cold during tax season. A couple who are clients of mine sent me a gift box from (if I recall) "Grandma's Chicken Soup". It had a huge (like, about four days for my whole family's worth) vat of really tasty chicken soup, a box of quick biscuit mix, a card, and a very silly pen shaped like a carrot that my younger girl still (about three years later) has on her desk. It was really good, and greatly appreciated.
And several clients over the years have sent me thank-you cards, too. It really does feel good to be appreciated.
Catherine
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Hold on - there's now more:
He tells me today that the income is not Mass sourced, it is Italy sourced! And the address of Mass is only because that is where his partner resides. Hmmmm....
Extend the return and figure it out later. Don't you just _love_ these late complications! And how the income turns out to be Italy-sourced only _after_ you tell him he has to file in Mass....
Catherine
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I hope one of you Maine preparers can help me. I have to paper file a Maine resident return because the taxpayer receives a foreign pension that I can't figure out how to e-file. Does Maine want a copy of the Federal return attached? Do they want the Federal Schedules A, B, or D? I can't find anything in the instructions to guide me. Thanks!
"Maine residents: If form is filed with the federal return, attach Forms 4562, 6251, and 8801. Attach Schedules K-1 to support income and deductions. Enclose W-2 and any 1099ME forms showing ME tax withheld. Do not staple or tape."
That's the instructions from the Tax Book on assembling paper-filed returns. It _looks_ like they want substantiation from the Federal of anything "unusual" (i.e., non-ME wages, standard interest, etc). Under the heading of "it doesn't hurt if it substantiates positions taken", I guess I'd say to include it.
Address for refund: PO Box 9111 Augusta 04332
Address for payment or "no balance": PO Box 1067, Augusta 04332
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Massachusetts requires non-residents to pay Mass tax on income earned from Mass sources. This very specifically DOES include partnership income.
It may tick off your client, and Mass might then look back, but it's what is required.
Catherine
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That's it. Linda gets an A and gets to go home early. The rest of you have to stay and clean the blackboards !!!
It was over before I saw it -- but who gets to EAT this monster trout??!! 64 pounds could feed quite a few of us, and trout are yummy!
Catherine
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This is what I found regarding the price for next year.
ATX Total Tax Office Package - $1,695.00 1
<snip>
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Total: $1,624.50
MAX renewal price is $1,179, or $1,068 after discount for early renewal - which also includes the free early renewal training.
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Just went through a many-days long hoo-rah on this issue: submitted extension on 3/25 - still stuck in "Validated by EFC" status; update at MyATX says "no Federal return created". Have called tech support 3 times (so far) on this.
ATX is having technical problems with e-filed extensions, and what follows is what's been recommended to me.
An update of form 4868 to V26 (or higher) should be forthcoming within next day or so; check updates manually. At that point, try to get acks; the problem may go away by magic then. If it still stays in "Validated by EFC", try synching (and then, of course, having to re-mark all your completed e-files, grrr). If that doesn't work, it gets harder because you can't re-create an e-file from the return. Nor can you delete the faulty e-file. You have to _duplicate_ the return (copy of Joe Smith), create a new e-file from the copy, and submit that.
I hope that will fix it. I've been waiting a week at this point (plus three long calls to tech support, where everyone has been very polite but, frankly, useless until [possibly] today [we'll know if this info works later]) for one stupid extension.
If this doesn't get fixed, I shudder to think what will happen next week when I start submitting extensions for everyone who isn't finished. Paper, anyone? - Except my state _mandates_ extensions to be e-filed.
Also posted this info at the ATX Communities - thought it was too important to leave other colleagues in the lurch for lack of info.
Catherine
E-file 7004
in E-File
Posted
Federal's don't need signatures if there is no payment being made. Just submitted one myself after talking to the client by phone.
Catherine