fredazcpa

"It must be an epidemic."

It almost seems like a return of the "churning" days. Brokers are hurting and not making any commissions. I have had 10 clients this year, where the broker recommended selling ABC fund and buying XYZ Fund. Unfortunately, the broker used the magic "exchange" word and I get to brake them the news. Though, in eight cases, the clients did call their "tax advisor" who clued them in AND I made a couple chocolate chip cookies in return for "my vast knowledge of investing." The other two fired their broker and filed complaints against him.

The very reason I have the licenses, should have called the tax man to find out the real story

Arizona does not accept any efile for Corp or Partnership returns

Yes I would, or in about 12 to 18 months client might get a letter form the IRS, IMHO, letters from IRS to clients are not a good thing and I try to avoid them if I can, because they always come at the worst time, like now

do not know if this is correct, but have done in the past, before the split option, one C done with all the detail, the one last entry to 50 % of income as an expnese, then new C with just that amount as income, with an explantion that it is done just to split the net between the filers for SE purposes. Like I said not sure if correct, but did not have any come back. But be carefull, getting the divorice attonerys to understand what was happing, took the judge to make them understand what was going on.

some think I do this for fun, look hurt when they see the bill, even with the big 50% family discount, then on top of that it takes about 3 or 4 months to get a check, then it bounces, now its cash only if they come back,

What is the Form that an individual who is being paid as an independent contractor (who really should be paid as an employee)

files with the IRS putting them on alert about this issue?

I remember reading some posts on this board regarding the Form, but cannot remember the Form number.

Thank You.....Thank You Very Much

Elvis Booger

form 8919

this is from a person that was on the old ATX community, I think his name is Richard Ogg, at least that what his profile said

" Tax software is No Substitue for Tax Knowledge" I have this on a small card on my desk, when they, the clients, start about how easy, computer does it, etc. I just make a small jester towards the little card, they pause read it and then let me get on with my job.

AAADD ---KNOW THE SYMPTOMS.....PLEASE READ!

Thank goodness there ' s a name for this disorder. Somehow I feel better, even though I have it!!

Recently, I was diagnosed with A.A.A.D.D.

Age Activated Attention Deficit Disorder.

This is how it manifests :

I decide to water my garden.

As I turn on the hose in the driveway, I look over at my car

and decide it needs washing.

As I start toward the garage,

I notice mail on the porch table that

I brought up from the mail box earlier.

I decide to go through the mail before I wash the car.

I lay my car keys on the table,

Put the junk mail in the garbage can under the table,

And notice that the can is full.

So, I decide to put the bills back

On the table and take out the garbage first.

But then I think, Since I'm going to be near the

mailbox when I take out the garbage anyway, I may as well pay

the bills first.

I take my check book off the table,

And see that there is only one check left.

My extra checks are in my desk in the study, so I go inside

the house to my desk where I find the cup of cocoa

I'd been drinking.

I'm going to look for my checks, but first I need to

push the cocoa aside

So that I don't accidentally knock it over.

The cocoa is getting cold,

And I decide to make another cup.

As I head toward the kitchen with the cold cocoa, A vase of

flowers on the counter catches my eye--they need water..

I put the Cocoa on the counter and

Discover my reading glasses that I've been searching for

all morning.

I decide I better put them back on my desk, But first

I'm going to water the flowers.

I set the glasses back down on the counter, Fill a

container with water and suddenly spot the TV remote.

Someone left it on the kitchen table.

I realize that tonight when we go to watch TV, I'll be

looking for the remote, But I won't remember that

it's on the kitchen table, So I decide to put it back in

the den where it belongs, But first I'll water the

flowers.

I pour some water in the flowers,

But quite a bit of it spills on the floor.

So, I set the remote back on the table, Get some towels and

wipe up the spill.

Then, I head down the hall trying to

Remember what I was planning to do.

At the end of the day :

The car isn't washed

The bills aren't paid

There is a cold cup of cocoa sitting on the counter

The flowers don't have enough water,

There is still only 1 check in my check book,

I can't find the remote,

I can't find my glasses,

And I don't remember what I did with the car keys.

Then, when I try to figure out why nothing got done today,

I'm really baffled because I know I was busy all day,

And I'm really tired.

I realize this is a serious problem,

And I'll try to get some help for it,

But first I'll check my e-mail....

Don't laugh -- if this isn't you yet, your day is

coming!!

>>do you have a source for the information you talked about?<<

I do. Will you except the actual wording of the tax code? Section 36(g) now reads, "In the case of a purchase of a principal residence after December 31, 2008, and before December 1, 2009, a taxpayer may elect to treat such purchase as made on December 31, 2008, for purposes of this section (other than subsections (c ) and (f)(4)(D) ). "

Subsection (f)(4)(D) is the "Waiver of recapture for purchases in 2009." In other words, you can treat it as purchased on 12/31/08 except for the waiver of recapture, which continues to apply because the property was actually purchased in 2009. (It looks like I was wrong about July 1--you can put ANY purchase January through November 2009 on the 2008 return, taking a credit for the full $8000 as provided in current law and waiving recapture accordingly.)

Jainen;

I always like code and reg, it seems you always have that information at your finger tips, thanks for the infomattion, now just need to see how fast the IRS can get the form 5405 changed to agree with the law

Janien:

do you have a souce for the information you talked about?

thanks

Corpus = principal or the assets of the trust

line 29 on 1040

I want to hear input from another firm that does nearly 3,000 returns each year, like the firm I work for. If you do more than 200-250 returns, there are MANY reasons to complain than have not even been considered for change. ATX uses an Access 97, that's right, 97 to store the information. Every time you open a return, it has to sort through the entire database before allowing you to open it.

Using 11 year old technology as the base for a 2007 or 2008 tax program in nothing to blow your horn about. Also, try networking the program with 12 workstations.

I really would love to hear from someone else that uses ATX with more than 500 clients.

Are you out there??

I am not the computer savay, but no wonder it slows down during the season, Jan through Oct, and I kept thinking it was the PC, and I am sure that is part of it, with a three year old machine, it may be time to upgrade, but not wanting to learn a new opeing system, the wifes laptop drives me up the wall when I use it

Yes you need to show the amount of the "other income" (taxable SS I am asumming) this part of the part year is used for a percetage caclution for the Personal expetion

But Arizona does not tax tax SS benfits (line D33)

also if the retirment is from a government agency, school pension, public service pension, the is a $2500 for each tax payer when they have this income (line D35)

An yes you get the full standard deduction on a part year return or your itemized paid in AZ which ever is greater

hope this helps

No he has not exceeded the IRA limit

the Roth 401 K has the same limits as a regular 401 K

your are right as to the student dependent, but look at qualifing relative, not sure about the education items would need to look that up, but since the son is not a dependent under the full time student rules, the education items would only work for the son

I just did one on Sunday. While in the return that you want to amend, go to File and select Amend Return. It automatically creates the return with the X and the State X. Is your program up to date?

Yes, I just had to Duplicate the return and now it works find, file must have been corrupted so how, I also tried out by test return and it works fine

thanks for the ideas and the help

funny what a clear head will do for you in the AM

>>what consenting adults do behind closed doors<<

Y'all being duped again, my friends. What went on behind closed doors was not consensual sex. And Tom, this certainly isn't about political affiliation.

The investigation was started by some banks who noticed suspicious financial activity at the highest level of state government. Was it bribery, illegal campaign finance, money laundering? Then the White House steps in, and all of a sudden it's gone -- just hookers, nothing to see here, move along everyone. The governor's really sorry, look, here's his faithful wife.

And if you believe nothing is going on, I have some beach front property in AZ I will sell you for top dollar

the ameded return featuer is not working for me as it has for the last 7 years

Is anyone else having trouble?

I amend the return, but no x is added to the file and when I had x, the caculations do not flow trough,

Did they change something?

I stand corrected

but I tought the Life estate had to be a written document IE will

>>they insist that they just need the nips<<

I know the feeling. I always keep a bottle of red in my desk for times like that.

Single malt is good too

Would be the same as a gift. Parent basis

Opps now all the appreciation is taxed to the daughter

take a look at TR 1.163 see if this applies, maybe the parents have a benfical interest, there are a number of court cases for this one were the courts have ruled that a benifical interest can take the deduction

if the irs has the assement on the books, the irs will take the refund, if you efiled, you would now right away with the debt code, also if efiled, the cients payment is posted faster, there less interest

look at pub 525, you take out the sales tax (you could have deducted) from the refund and report the differance as per example in pub 525 page 20 and 21 and 1040 instructions for line 10