Denne

I just called a client regarding picking up his December paperwork for accounting purposes. I was informed that he was now going to be using QuickBooks and that was starting immediately. I have worked doing accounting for this client for 20 years. The subject of QB never came up. He also added that he wanted his November paperwork TODAY. Like I was going to try to hold it from him or something. I had no intendtion of doing that. I am owed for the month of November and did several things beyond the November accounitng in December. He had messed up someting and needed my assistance to straighten it out. I totally dreak going to his office....in front of the other employees that know me too....and of course they all know I am dismissed. Would you to there or just call him back and tell him to come to my office at my convenience. I tried to set up an appointment with him on Wednesday, but he said it was not convenient....he was too busy. I guess I am really hurt by this.....need some assistance! Thanks............

Thank you for your comment here. I do think my client's Realtor was not looking at it correctly. I am going to advise him to stay clear of claiming the credit. Wish it was spelled out more clearly about purchasing from a Trust, but the fact that the house was his grandmothers first really seems like a family transfer to me too.

You feel like I do. I have been trying to find something that specifically tells how the purchase from a Trust would be handled. So far no luck however.

Thank you both for the tip on the three years. That is what I thought, but then saved even more than that for some reason....who knows! Thanks for the other idea of scanning them to disks too.

I have several years of the 8879 Forms. How long are you saving these forms? I am ready to begin getting rid of lots of paperwork that is older..... Also, how many years back are you saving the hard copies of the tax returns and working papers? Can you tell I am really out of space here??? Thanks for your ideas on elimination and retention.....

I was just looking for a reply.... anyone have some answers on this subject? Thank you ;~)

He is not a beneficiary of the trust. His mother and uncle are however. That is why I was viewing it as a purchase from a family member. It sounds like it may make a differnce if he is not a direct beneficiary, perhaps?? Thanks for your reply. I await your view after this additional information.

I have a client that purchased a home from a trust. It was his Grandmother's Trust..... I don't feel he is entitled to the $8000 credit. His Realtor claimes he is based on the fact he didn't purchase directly from a family member. Any idea where the Realtor is reading that I am not? The TP rented this house from the trust for a year before he was offered a pretty good purchase price. I am getting the idea that the Realtor is using that information in his stand that the $8000 credit is available. Thanks for your posts on this subject.

I was ordering my W-2's....or trying....today. To my surprise I couldn't find the Red W-2 forms..... I am wondering if we can print them on regular paper this year or if the website was faulty. Of course the office was closed by the time I was working on ordering ;~( The publication 1141 that I found on the Internet was for last year not the current year. Anyone know what is happening this year with the Red forms? Thanks.......Denne

Thanks for the additional ideas. Lots to consider, probably why I still have so many files!

Thanks for your ideas..... I have records dating back to the early 90's and not an inch of room left to store anything. I even have documents for businesses that have sold or closed. Just need to get a start and trash as much as possible and shred or have shredded the rest. I think three years is more than enough to save for most people, but I do agree that we need to save....unless the client saves....all of the real estate and investment documents.

I am trying to create enough space to file again! The boxes are getting to be a real pain...in the back ;~) How long do you save your client's income tax return hard copies? How about the supporting documents? How about Accounting records and Payroll records? I am also wondering about Bank Reconcilliations. I am also wondering if you shredd the paperwork or if you have a service come in that shreds by the box? Looking for ideas............. Thanks for any assistance.....Denne

Thanks Tim............!!

I have a client that will be doing training and testing in another state. The training period is expected to be 2 years. The couple plans to keep their present home. She will travel to the other state to stay during this period and he will remain in their current home. There is a possibility that she will remain in the other state perhaps. Then her husband will sell the house and join her, if that is the case. Can the rent and any other expenses be deducted as employee business expenses?? Thanks for your advise!

Thanks for confirming what I thought! Working alone is good at times, but lonely at others.....like when I have a little doubt or a question. Thank you for confirming ;~)

I have an LLC client and all of the members are on the payroll, just like the other employees. They want that because then they are paying their income taxes along the way. I don't see that it makes any difference as far as what they will pay in income taxes. They are paying some additional Unemployment taxes this way, but they said they don't care. Is there a problem with them being on the payroll? Thanks.......

This is something for me. I have one Partner in one LLC that bought out the other. This LLC is basically a Rental house and also a Commercial building. They have owned these properties for more than 15 years. The other LLC....same former partners is a Repair business. Also owned for the same period of time. Am I responsible for providing the partner that sold, his part of the business, with cost of properties and business equipment. I have shown the transaction as a Cash Distribution.....that is how I view it.... however the remaining partner did form another LLC for the Rental properties and formed a Corporation for the Repair business. This seems overly simple....makes me think I am missing something Thanks!

I missed the boat on getting on board with TRX. I was trying to decide and the maximum number of copies of the software was apparently sold. I ended up renewing with ATX....now I feel like to paid so much more for the software than I should have!! Nearly $1700 to be exact ;~( I was ready to be first in line next year for TRX....darn it...I think I totally missed that boat too. I hope TRX will be back next year offering a much better deal for us..........

I efiled a return for both the Federal and State on Monday at about noon. It is not accepted yet. Anyone else having a problem? Any suggestions? Thanks........

H A P P Y B I R T H D A Y K C ! ! ! I sure would miss a chance to pass on the best of wishes to you. You are always so willing to help all of us.... I for one, wouldn't know what to do with our your expertise at times......... I hope you had a wonderful day. I will be thinking about on Wednesday evening when I am having a nice dinner out to celebrate the end of tax season and offer a toast to you too!!

Thank You.....!!! I updated the program and the return took a long time to open, but it opened!!! You sure did help me....thanks again!!!

I forgot....the original letter from the attorney's office was June of 2007. My client wrote to them twice in 2008 with no response.

My client has attempted to comtact the attorneys handling this matter. He has attempted twice that I know of and not finding out anything. He would like to tak eht loss of $5000 if he will not be getting any return on his investment. I am on hold with his tax return and it is getting close so I guess either need to file without it or wait until next year.... He feels there will be nothing returned to him. I have a feeling he is correct on that. Would it be proper to take the total loss this year and then add back any amount returned to him when he gets it?

I sure did and just couple checked to make sure I didn't do something stupid like putting 2009 ;~) I have 2008 in there..... Thanks for the idea to check.

I am doing a Part Year resident return for one of my clients. I haven't done a VA return before and although it would seem that I have the wages calculating the other standard exemption does not carry forward to line 11 of the return. I added the wage schedule to get that to transfer. No luck with anything else calculatins. I must be missing a form or something. Can you help? Thanks!