schirallicpa

ok..... I found Sec 166 and read up on what I could. Leads me to the next question- Is her stock in the corp (29K) a 4797 loss or a Sch D loss. I had originally put that on Sch D as worthless stock. I am also now thinking of another client that had invested in his son's company that went belly up. That I had called worthless on Sch D limited to $3K loss. Maybe that should have been 4797.

I have a client who was a shareholder in a corp that just dissolved. The corp owed her $98K. Does this go as a worthless investment on Sch D? Or can she take elsewhere? Little too warm for the brain this afternoon....

Good point - thank you for your insight.

Taxpayer has small sole proprietor business, files sch C. He also works as well as his wife. His pay is garnished for the Chpt 13 pymts. Most of the debt that put them in bankruptcy is NYS sales tax, and payroll tax withholdings. I have prepared the return and anticipate a refund. Since they are in compliance with the Trustee, will the refund get pulled by the IRS, or NYS? Should I file an innocent spouse form for the wife to get her portion of the refund? I've not dealt with any bankruptcy situations before. But I know NYS is dirty and am wary that they may take the refund. Any thoughts would be appreciated. Thanks~

I have never had a QBX file before. I have trained my clients to give me backups. But this is a new client. They have saved an acct's copy on flash as QBX. I have looked online and it says to go to the file menu, open util, and then convert. But my utility option is greyed out. I can't go that route. Any suggestions. Thanks. I hate quickbooks.....grumble....mumble......

there goes the rest of the tonor........

I had an elderly person this year for whom we file a return only to get a credit back on NYS. Turns out her SS# had already been used this year. We paper filed the return with explanation, and the lady's daughter contacted social security admin. Nothing resolved at this point, but NYS accepted the efile, so she got her credit!

income items such as dividends and interest may be distributed. But capital losses stay with the trust until the final year. The income distribution calculation on line 18 will "jump" you to the schedules you need to sort out distributable income. The program works nicely.

Before everything became computerized, my former employer had a client that claimed his dog for years. And one year I remember inputing a huge medical bill for the "dependent". I remember the day he learned that "Charles" was a pet not a child. I thought the roof was going to blow. Hey - that's my dog Vinny in my picture. I need to get him a soc number.

I was a little nervous about this - after all, don't like to get too technical with the computer stuff. But I had my client's broker send me an excel file of the data. Just save as a CSV, import from the sch D import tab, and presto. It worked great. Just kinda proud of myself.....

She also has earnings and can take the IRA - sorry.

I cannot seem to efile a 990 that is a 501c3. I have that box marked. But the error message is to fill in the box next to it, which is for a 501c (other) org. Please advise.

Capital loss stays with the 1041 til the very last year. I agree - this has been a heck of a year, and I haven't really pinpointed the reason why.

I have a client that is self-employed and wants to put money into retirement rather than pay IRS. He says - take a much as we can in IRA. If I run the SEP calc I can take roughly $10,000. Then I can take $10000 regular IRA too, I think. I haven't run in to a situation before that someone actually has enough money set aside to take advantage of this much! Just hoping someone could chime in and confirm that I can. thanks.

LOL....I haven't gotten into 2011 yet!

My former boss gave me this: If there is a fix because of acctg method, use "Adjustment pursuant to Rev Proc 2002-9". Input this on the Sch E on the misc lines. This entry is the accumulated fix. This is a bit of a catch-all for fixing mistakes for something like depr. It saves you from having to go back and amend, and carry forward, and amend, etc. Here's a link to info regarding: http://www.unclefed.com/Tax-Bulls/2002/rp02-09.pdf

Thanks you. Glad to have this forum just to double check thoughts sometimes.

(I swear I can't pick up a single return this year that is cut and dry. Every one has something funky going on this year........) This guy gets a 1099 from an exploration company for $20,000. It's listed as Other income. He says it's for mineral rights. I'm thinking NO on the depletion since it's just their purchase of the rights to minerals. Not from the production of minerals. Looking for another opinion. Thanks.

My right eye has a huge red spot in the middle of it. My girls told me I had a "blow-out".

OOOOOOHHHHHH......YOU ARE AWESOME!!!!!!!! thank you so much. I never knew that little tid-bit.

Awesome idea! thanks

Actually - I deleted it this pm

Is there a secret hiding place these go to that they can be retrieved? I thought I was being efficient and cleaning up duplicate files. Unfortunately, it was a planning file that I had done in early Jan, and hadn't printed out my critical stuff. How 'bout it.

Hey - lets have tax prep covered by Medicare, or another gov't subsidized program - that guarantees our payment, no matter how ridiculous our charge! And we can then charge for all those silly 6251's that pop up that we don't need, and we'll charge for the voucher, and the bill, and the letter, and the phone call to set up the appt. We could double bill, and see if they notice. And, we could mess up returns, purposely, to have to amend them later....and charge. Oops - I'm ranting....

Painted roof with fiber alum. roof coating for $800. Here's what I know about fiber alum. roof coating: What do you guys think? "Use on barns, garages, homes and mobile homes. Reduces surface temperatures and prolongs the life of roofs. Insulates in winter and reduces interior temperature in summer. Seals hairline cracks and pinholes to help increase the water resistance of the roof. Covers approximately 75-100 square feet per gallon. This Roofers Choice Fibered Aluminum Roof Coating is one of many top quality items in our Aluminum Coatings department." (from a website selling it.)