chadlonetree

Are you talking about taking refunds for tax, or just in general. I think you mean ceasing refunds and the trustee distributing portions to the creditors. I don't know much about the BK details, but I thought they only kept refunds for 2 years on a CH 13. I didn't think they did for a CH 7.

Central CA $4.19 for the cheap stuff.

Yes. Like I have time to renew right now and have some telephone rep teach me how to grow my business... cough cough...

I heard Michael Scott has to leave Dunder Mifflin. Maybe it is because he had a deal to supply the IRS with all the new 1099 forms?

Pretty sure I remember that He can file HOH if she is a non resident Alien living outside the country the entire tax year but can not qualify for EIC. When I get a minute I am going to look it up.

I agree. I did this about 7 years ago, and it was the last time!!! It got so screwed up in processing it took over a year to get fixed.

I find when I am doing this, the losses are heavy. I use the FMV from 1099-A as the selling price. Most of the times the amount loaned becomes the basis (because I can't get enough info to completely figure the basis). Then I do a program override and change their loss to $0 (column f) so it does not trigger a Sch D $3k loss. Thanks for posting this. Looking forward to everyone's thoughts.

Yes I always put in the origination fee of a refi on line 12 of SCH A. The "Magic Bunny" brings up the entry that calculates and amortizes it quite nicely. It rolls over every year and will give you a warning when you do an error check just in case you forgot to take the amount from a prior year.

Yes I do that for all of my clients. I like the other Clergy "specialist" on here MAMalody do mostly Clergy returns. You would be amazed how many churches have "fill in the blank" housing worksheets that specify the year. They do not always remember to do them every year.

MAMalody is correct. However, I find that many members of Clergy do not have all of their ducks in a row which allows the exemption. Here's an example. The TP may have designated his housing allowance in 2008 for $10k. If the amount didn't change and they never completed proper paperwork to renew this for following years, the bookkeeper could be still paying a housing allowance when according to Pub 517 it is not allowed. In this case you would recapture as income. So I would check and see if they have their "ducks in a row."

Here in CA we have our $800 minimum for S corp. So adding that to extra preparation costs, it starts to add up. I had one client that just got his Real Estate License (which is very easy to do) and managed the rental himself. Auditor allowed non-passive income. Was much cheaper than forming a Partnership (which would also allow non-passive rental losses).

I have a client wanting to do a self directed IRA so he can use it to buy investment properties. Outside of advising him on the Prohibited Transactions, I don't know much about them. I know most of the Big Boys (Fidelity, Schwab, etc...) do not handle them. Anyone have any advice or know of any good potential custodians or trustees?

I disagree. We know you can file "Single" if you are legally separated. So I guess it depends on which State you live in. I'm no attorney but I do recall some state's having "implied legal separation" statutes in which you can be viewed legally separated without having any court decree or documentation. I know you want to do your part as the preparer to file correctly. But I can't imagine an auditor fighting you on this issue. Or if they do, not winning on appeal.

There are a lot of organizations and denominations that may commission or license during the term of a missionaries work and they have not gone through an actual formal ordination process. Another possibility is the organization or denomination may have exempted itself (Form 8274) on all employees, even those not licensed or ordained ministers. In this case all employees are subject to the full amount of SECA on their own. The other possibility (and most likely) is the organization ran payroll and prepared the W-2's incorrectly.

I know we have all made fun of...errr...I mean "discussed" the Lade Liberty and Uncle Sam mascots that Liberty Tax uses as sign dancers on the street corners. Well today on my way to the office I came to a stop light. There was a Liberty mascot on all four corners. All of them dancing with their signs. Yes I said all four corners!!! It actually made me laugh and turned my morning around!!!

Just called IRS again regarding this. They said that anyone who filed with the above recommendations should not experience a delay. All others, no matter when they were filed, should expect a 30 day delay from TODAY!!! Angry client calls are coming...

I am in Clovis. Born here, went to school in Bay Area (CSU Hayward, now Eastbay) and moved back. Been thinking of bringing it up the last couple years when I see your logo on the forum! Go Dogs!!! CHAD

Just got this email from IRS: Subject: IMF – 1040 e-file (Legacy) – Form 5405 ________________________________________ Attn: Software Developers, Return Transmitters and Authorized IRS e-file Providers/EROs When e-filing a repayment of the First-Time Homebuyer’s Credit, we recommend the following actions to expedite processing: When Married Filing Jointly for TY 2010 and only one spouse received the homebuyer credit for TY 2008, we recommend filing one Form 5405 showing the taxpayer SSN who received the credit and is making a repayment. When filing Married Filing Jointly for TY 2010 and the homebuyer credit was received from a Married Filing Joint return for TY 2008, we recommend filing two Forms 5405; one for each taxpayer SSN and making a repayment for each form based on ½ of the total credit received by the spouses. For repayment purposes, the credit received for TY 2008 is considered split equally between the two spouses when taxpayers received the credit on a joint return so filing two distinct forms when repaying the credit should help expedite processing.

You say we could bore people, I say we can talk them all into trying diving after things slow down!!! I teach here in CA when my schedule allows it for a local shop. We finish all our training in Catalina. Due to the fact I have a 2 1/2 year old and a 9 month old, I am sticking to the Western Hemisphere (6-7 days is the max time we will leave the kids). This year repeating places I like: Bonaire in May, Belize in Aug and looking to books something for December... Good to hear it. I teach PADI as well and am also a SDI/TDI instructor because I like teaching TDI's tech classes more than Padi's DSAT programs. Lets get these returns done and go diving!!!

The MFJ vs MFS feature should be helpful to you.

I go to every Bulldog game, I am gonna stop by and try your tri tip and the next tail gate!!!! I am A SCUBA instructor and try and spend the off season spending as little time as possible maintaining my clients and traveling the world diving.

I always buy my computers from Costco. Just got a new one a couple weeks ago (the dual 25' monitors is nice too). Windows Home 64bit has worked fine for me. The only issue is problems printing in ATX years 2006 and older. If you really need to print these old returns, a little bit of time on the phone with support will let you accomplish it, but those years were not designed to function on 64bit operating systems. All 2007 and newer run great, as well as Quickbooks (I have 08, 09, 10).

No I have not. I was told for 3 efiles (I called the IRS) that I filed on 02/15 that I can expect the refunds on 03/25. Who knows...

That is accurate. I am a Clovis boy here (Go Dogs) and have about 20 OR efiles a year. Never been a prob.

I wish I could write off my wife's ridiculously expensive blow dryer and straightener thing!!!