Tax Prep by Deb

MAMalody, What happens when you attempt? I have tried several times and the system says that it doesn't recognize my account and to call customer support. Problem is the number for customer support is on the old site that I can't access. Do you think this is just a coincidence? Deb!

I learned the hard way. It was the first and only time that I did this, and fortunately everything was still filed timely and refunds should be forth coming, but I agree in the future one per envelope. Thanks for your imput Deb!

FINALLY!!!!!! I'm done. Boy what a year, especially for late filers. I had two that I didn't think was going to make it, but they did! I'm taking a couple of days off to recoup before getting ready for next season! Hope you all can do the same! Deb

I think I'm done. Just sent one off to client who decided to take a vacation without telling me, so I had to fax return to him and he's taking it from there, have one more coming in this morning to sign (a huge return that I am sooooooo glad to be done with) two more that I am waiting on info for but I'm reasonably sure they will not get it to me in time, so basically I think I'm done! Of course eveybody keeps reminding me that they will see me in a couple of months! No rest for the wicked!!!! But I thought I've been good all year! Deb!

KC, You are not the only one who thinks it's ridiculous. I personally feel the whole certified mail thing is a way for the post office to make more money. If they did their job the right way no one would need to send anything certified. As to IRS receiving and losing what has been sent, this too is common, especially it seams if you send more than one item in a single envelope. I had a client send in three years worth of ammended returns that actually wiped out a debt owed to IRS and somehow IRS only received one of the years in question, the smallest one of course! Just my two cents worth! Deb!

K.C. I actually have statements that were issued to my client, and when I compare starting value, ending value, and what he took out it appears correct. I would love to have him contact the issuer, unfortunately my client is now deceased and his son his handleing his affairs. When ask even simple questions, he has no clue. May be I'm just not seeing things right. Let me show you exactly what he ending statement for 12/31/06 states. It shows contract value on 12/31/2005 as 0.00 Total Payments as $250,000.00 Total withdrawls of $21,060.00 Surrender value on 12/31/06 as $230,735.99 Death benefit on 12/31/06 as $246,834.94 Contract Value on 12/31/06 as $246,834.94 I don't know where I originally thought this annuity was for $400,000.00 because the paperwork is definitely showing $250.000.00. He probably used the other money from the life insurance proceeds for other things and only invested $250,000.00 in this annutiy. Again thanks for your help, and I sure hope all is well with your husband. I've been on vacation for the past 10 days so I haven't been reading many posts. But you both have been in my thoughts! Deb!

So then, when you do the work on the tax return, how do you show the distribution as a return of capital? It is reported on the 1099 as a normal distribution. Box 1 is listed as the gross distribution of $21,060.00 and box 2a (taxable amount as $17,070.86. The difference os $3,989.14 is listed in box 5 as an Employee contributions/Designated Roth contributions or insurance premiums. The distribution code is 7. If I imput this infor into the software exactly as I would any other 1099 it is taxing him on the $17,070.86. Is there another form used to show that this is a return of his capital? Thanks, Deb!

I hope that maybe someone can help me out here, especially in understanding why someone would do this? I have a client whose daughter passed away and left him a sizeable life insurance policy, around $400,000.00. From everything I researched it doesn't appear to be taxable and was never reported as such for example a 1099 being issued to my client. My client then turns around and invested it into an annuity. He did take some money out and was issued a 1099 for the amount withdrawn. Am I correct that this withdrawl is now taxable? Am I missing something? If the withdrawl from this annuity is taxable, why would anyone invest money that was tax free into something that is going to be taxed? I have only had one other client who invested money in an annuity, so this is definitely not be area of expertise, but I would like to understand the workings of this better. Can anyone offer some info? Thanks in advance, Deb!

3% now, but keep in mind that many of us may be getting ready for a vacation, or are on vacation, busy preparing ourselves physically and mentally for what is just around the corner. I actually do have a couple of questions to post myself, but becaue I am getting ready to leave on vacation, I decided to wait until I get back to ask! I still love this community, even if it seems slow now. Wait until January and then we will see how busy it gets! And just because most are not replying right now, believe me we are reading and appreciating everything you all who have more experience are saying. I know this doesn't take the place of personal research, but I am in awe at the wealth of knowledge you all have not just about taxes, but about computers, bookkeeping, software ect....! I love all who do participate, and I sincerely hope that some day I will be able to offer help to someone the same way that help has been offerred to me! Thanks and keep up the Great Work! Deb!

Tom, Your assumptions were correct, and your point well taken. That's why I posted the question here instead of on QB site. I find everyone here so much more informed even on Quickbooks than most poster on Quickbooks site. You guys and gals are definitely quicker to respond. Last year I had a simple question that I posted on Quickbooks site and it took me over a week to get any response at all and then when I did they needed more info. By that time I had already figured it out, (what I asked for couldn't be done) and moved on. It's always amazing how a question such as this can get everybody in the loop. A person can learn a lot of info by reading these posts. This past tax season one of my computer's (my dad's, who also works with me) was barely moving. It had slowed down so much that he could'nt use it to do taxes with. I showed him how to research posts on the old forum and he found a suggestion that he tried and it worked so well that he too was extremely disappointed at hearning that the old forum was unplugged. He hasn't had a need as of yet to research or post anything on this board but I know he will find it just as helpful as I have. Again thanks all! :P

I have no clue whats going on but when I filled out my survey I also indicated 1 person, 1 location and I was allowed to finish. Maybe they have already got the info they need. Maybe they realize that quite a few users of their software are small companies. Hopefully that doesn't mean they are going to ax our program! Deb :o

I received the same e-mail and did take the time to do the survey. I felt it was an opportunity for me to voice my concerns about increased costs, ect.... The ironic thing about the e-mail is that I actually had a client by that same name. The subject line said something like concerning tax services (it's been a few hrs. since I got it). At any rate the persons name was exactly the same as one of my former clients that I really didn't want to work for any more (I never appreciated being called a liar)! So my first instinct was to trash it, but curiosity got the better of me and I decided to open it and found it was from this group hired by ATX. I gave a sigh of relief, did the survey and went back to more important things

Thanks to both of you! Yes it is a corp and unfortunately the client has used it for mixed purposes. Unfortunately this is one of those clients who does not think I know anything and when I try to explain it she comes back with hunny I've had corporations for years! Which I find out goes way back and nothing in the lat 20 - 25 years. I have yet to understand why she formed a corporation anyways, for the past several years it was a partnership. I will definitely try and explain to her again, the need to keep things separate. I agree that any business expenses should be written as a reimbursement and then she pay the credit card with her personal account, but it is just soooooo much easier writing one check. Again thanks for the quick reply!

How would you handle this? I'm doing bookkeeping for a business who has taken out a credit advance on their credit card and loaned it to their business. I am trying to imput it in such a way so that it tracks through the credit card account, (this way I can reconcile the statement each month) but I originally set it up as a long term liability. When I post the payment it will credit the credit card account but does nothing in reducing the long term liability. Am I missing something or am I hoping for the impossible? Has anyone had experience in handling advances on credit cards in this way? Thanks for any imput! : :rolleyes:

Thanks to all that replied. The information provided is helpful and now I have something to tell my client. I also found the information quoted on IRS's web site by just doing a simple search. It's in their publication dealing with appeals. In fact it was pretty specific as to what needs to be on the Dr.'s Letter. Hopefully my client fits into this category. Again, as always thanks soooooo much for the help!

Does any body know if there is any way around the three year statue of limitations for requesting a refund? I'll provide some additional details. I have a client who before she could file her 2003 taxes in 2004 was diagnosed with brain cancer and spent much of 04 in the hospital and for quite sometime afterwards was undergoing chemo therapy. She made a recovery partial recovery and then relapsed again. She received some notices early in 06 regarding her 03 taxes but was still undergoing chemo at the time and not well enough to do anything about them. She called me in April to file an extenstion for 06 which I did. She came into the office early July and since then we have been trying to gather records needed to file 2000 and 2003. (2000 was totally an oversite, however there is a balance owed after everything is said and done) She is hoping, even though I've tried to explain to her that it probably won't happen, that they will apply what was to be refunded for 03 to the 2000 amount owed. I know that basically we lost the right for the refund April 15th 2007. I was just hoping that perhaps someone might know a way around this. Dr. would be willing to make a letter stating her medical condition at the time and for the past three years. Any thoughts! Is this hopeless? Deb!

THANK YOU! THANK YOU! THANK YOU! You guys and gals are the best! I deleted the cookies, tried to get on and I finally did it! I know thats what was suggested earlier, but when it comes to computers I am very dense! As for you Idiot, I don't believe you user name in anyway implies that you are an Idiot, especially from the posts that I have read of yours dealing with computers. Thanks again to Pacun and Wayne, and you too Eli!

Hello Wayne and Pacun, I've tried your suggestions. Checked to see how my cookies are set up and by default it is showing to allow. I have never changed this so I'm assuming the is the default setting. I did disable pop up blockers and tried to access the site, but again with the same message. I just don't get it! I have done nothing different with any of the computers I use. I will be the first to admit that I know nothing about a computer, that's why I don't mess with the settings, however something has changed. Thanks for the input and keep the ideas coming, I will pretty much try anything! Deb!

Thanks Wayne and Pacun for your acknowledgements. As to installing explorer 7, the only program that concerned me was Quickbooks, but I've updated to the most recent version which support 7, so that's not a problem. As to the computers that can't access it, I am the only one that touches them and I have not made in changes to my system. I do have security set not to accept cookies, so I will certainly try and see what happens. I'll let you all know what happens. I guess it could be worse. One of my clients called this morning and she can't even get her computer to turn on. Was working fine the other day but can't even get it to open today! Thanks again, Deb!

If you follow my instructions, you will be forced to install activeX from Microsoft if missing. That's a requirement before you can do any windows update. Pacun, I did as you suggested and now am updated to Internet Explorer 7.0. This and one other item was all that the update came up with and both downloaded without asking for the control X. I've tried again after the download and still nothing! I still get the same error message! Any other thoughts? Deb :(

Just an update to my previous post. I have checked my Internet Explorer Version and three of the computers have the same version. Two will not connect and one will. The internet explorer version I'm using is 6.0.2900.2180. If it is the active control x that I'm missing any idea on how to get it back? I know there have been several sites that I trust that have required me to install it to use their site and I have, but I can't even get to that point with ATX. Again, Thanks to all who is trying to help me! Everything is greatly appreciated! Deb!

Thanks Pacun, I am assumming that you mean critical window updates? If so I have my computer to automatically download and to inform me when there is an update. My laptop recently did that and I installed the update. My main computer had a download ready to install last night which I did and then tried again but failed. I actually checked another computer I have as well. Two out of four connect whereas the other two will not. Any other ideas?

Thanks for the quick response, however when I try it all I get is a blank page. The following is the message I get when I try to access it directly: Server Error in '/' Application. -------------------------------------------------------------------------------- The resource cannot be found. Description: HTTP 404. The resource you are looking for (or one of its dependencies) could have been removed, had its name changed, or is temporarily unavailable. Please review the following URL and make sure that it is spelled correctly. Requested Url: /timeout.aspx I have three computers and two of the three get this same message, the third one I was able to get through. Anybody out there have any clue as to what my problem might be? It worked fine the other day, but for some reason I can not access the site from my main computer nor my laptop. I can only access the site from my dad's computer. We are all networked using the same Internet Service Provider! In case you need to know I'm using Windows XP Professional

Can someone give me a link or at least the address you all are trying? I just tried again with no success. I'm using the same address as always, I've even tried the link from within Atxinc. site and still nothing! Do you think somehow they are blocking me out?

I've been trying all day to access the old ATX site and the only one I'm able to access is the sell page. All of the old including the knowledgebase as well as my subscription info isn't loading. Is the site temporarily down, or (I'm afraid to even ask)has it to been killed? Any thoughts?