Booger

I have another issue with the entire "third party designee" line. Have any of you EVER had the IRS talk

to you directly about a client's return WITHOUT a POA? I never had, even after explaining that the "third

party designee" line was properly filled out with my info.

Booger

Booger,

Whatever you did "wrong", I did also. However, ALL of the information does appear correctly on NEW returns.....only the name appears on returns rolled over (after changes made to master form).

Cathy

Thanks for your reply, Cathy. Wonder why just the name shows up on rolled over returns??

Booger

OK, tried to "Customize" the 1040 so that the program will input the third party designee automatically

on all new returns. When I finished, I rolled over a 2008 return to 2009. The "name" field was filled in,

but the phone number and the 5 digit PIN wasn't. I DID fill in those spaces when I customized the 1040.

Anybody know what I could have possibly done wrong?

Perplexed Booger

Gee, the returns that I already e-filed went through smoothly with "PREPARER" as the 3rd party

designee. If the IRS wants an actual name, phone number, and PIN on the line, why weren't they rejected?

Will start filling in the lines with the requested info.

Booger

On another forum, they talked about the third party designee "preparer" not valid. We have to put in our name and PIN, etc. I checked my returns,and "preparer" is still being printed. Has anyone else heard this? And is there a place in the software to get my name put in the designee place?

Marie, you're still allowed to put "Preparer" on the third party designee line. You DO NOT have to put

your name and PIN. The software is doing it correctly.

Booger

Still waiting for California acks to come in. According to ATX site, they will begin posting today.

I was concerned about a couple of mine as they are still just showing transmitted to EFC. These were the first two I sent and all my others show transmitted to agency.

I posted on the other community and someone gave me another way to check so I will post the link for any who want to know about a return e-file to California.

https://webapp.ftb.ca.gov/getack/ack.aspx

I couldn't get the link on the other community to take me there, but I cut and pasted the address and got right in. You will need SS# and e-file DCN.

Hope this helps to relieve someone elses stress! So far so good for me!

Deb!

Just curious, Deb. Is California delaying taxpayer refunds this year like they did last year?

Booger

I just noticed that my reply was not correctly posted. I guess I don't know how to do the quote thing and have my reply posted beneath it. Somehow, it got imbedded in the original post. Sorry! I hope SunTaxMan gets to read it.

Margaret, thanks for re-responding. Been looking for an affordable FA program that calculates more than 3

depreciation methods (Fed, AMT and State).

Booger

You know, we bought the Fixed Asset Manager this year. Not because of what CCH did with ATX, but because of other needs here in the office. We have been using it with our year end work and we really like it. It is a good product and it links with ATX extremely well.

Maribeth

Maribeth, does the FA Manager program calculate ACE Depreciation for AMT purposes?

Booger

Have noticed that the ERO signature on the 8879 is not filling in as it has done in the past couple of years. I am not too lazy to sign it, but just wondered if I didn't check something that I was supposed to. I see that the program is a lot fussier in several areas and is making us check boxes for Direct Deposit, etc; which we haven't had to do before. This is good IMO because it makes us stop and think about asking the client whether the money still goes to the same account. Just curious.

mcb39, you are not alone. I noticed that the ERO's signature line on the 8879 is not being automatically

filled in as well.

Booger

Thanks for your responses. For some reason, I thought that there were more than 3 codes.

Booger

Does anyone know where I can find a list of the various debt codes that show up under the E File Manager?

Thanks in advance.

Booger

So using the examples for the RAL fees vs refund amount, it looks like it would break down like this:

Flat Per Cent of Refund paid in fees:

1) $ 500 refund - 19.6%

2) $ 1,000 refund - 15.6%

3) $ 2,000 refund - 9.4%

4) $ 4,000 refund - 4.7%

Being very generous with the time frames, if we assume that the RAL facilitates the taxpayer getting their money one month earlier that by using normal filing, that means they are paying the above percentage times 12 when expresing it as an APR. So the amount actually being paid expressed as an APR is:

1) $ 500 refund - 235% APR

2) $ 1,000 refund - 187% APR

3) $ 2,000 refund - 113% APR

4) $ 4,000 refund - 56% APR

So while it's a horrible effective APR, I can see how some taxpayers might opt for the RAL since the actual raw dollar amount is relatively small in relation to the refund (at least once the refund gets over $1,000 or so). Maybe they don't have a checking account and would have to pay this much or more at a check cashing service once the IRS check arrives. Or maybe they worry about the IRS check being stolen from their mail box and facing 6-12 months to get a replacement. Or maybe they need to pay something(rent, car payment, tuition, etc)by next week or face an eviction, foreclosure, repossession, etc.

Fortunately this isn't my situation as I sit here today, but there have been times in my (younger) life when I'd have gladly forked over $188 to get my hands on $3K or $4K that somebody owed me, rather than have to wait 4-5 weeks for it even though I knew it was on the way. So I'm not going to say that someone getting a RAL is stupid or foolish, even though I'd recommend against it as a matter of prudent financial management.

Thanks for providing those numbers for comparison. If I've missed something in the math I'd appreciate someone correcting me. At least we have a little better perspective on the actual impact of the RAL in actual dollars and in terms of relative APR.

JohnH, this is what I meant by my flippant "loan shark" answer. The APR's are staggering.

Booger

Elfling, it is a refundable credit, so I believe he can still take the credit even if income = zero.

Booger

Just out of my personal curiosity and without intending to make any value judgment, what would the RAL cost on average in each of the following situations?:

1) $ 500 refund

2) $1,000 refund

3) $2,000 refund

4) $4,000 refund

I'm thinking of additional cost over and above a regular return preparation & filing, unless there are some RAL-related charges embedded in the basic fee.

JohnH, can't answer your question directly since I do not offer RAL's. However, my understanding is that

people who go the RAL route would be better off getting a loan from their friendly neighborhood loan shark.

Booger

Which reminds me.... Booger, darling, it's been far too long and I've missed you so. How are you doing?

I'm doing fine, sweetie (XXOO). After reading these posts, I feel like I'm the only one who is still in the

line of work that I went to school for!!

Booger

Welcome back, JB. How's crazy Mary (who takes a bath in the courthouse fountain) doing?

If you are a reader of Consumer Reports, they usually state that extended warranties are a waste of money.

The reasoning is that manufacturer's warranties today are pretty good. Personally, I never purchase extended

warranties.

Booger

Oh, It is so great to be in tax season and have almost everybody back on board! Booger needs to walk on down the street and find out what's going on with Janitor Bob.

Maribeth

I suspect JB will be back in a couple of weeks.

1. Ironically, I did not receive the letter last year. It kind of makes you feel like someone is looking over your shoulder and I have honestly NEVER filed a return without Information forms in hand.

2. I did take slight offense at this statement: exempting attorneys, certified public accountants and enrolled agents). How does one measure one of the above who, perhaps, has rarely, if ever, prepared an income tax return........against 30 plus years of dedicated work and experience?

I must take exception to the negative comments regarding CPA's on our blog here. If some of you don't know, I'll

ENLIGHTEN you. One of the fields of expertise of CPA'S is taxation. So before some of you slam people who have

taken the time to get a 4 year college degree, and THEN take an exhausting 3 to 4 day exam (where the %age of

people passing all parts the first time is LOWER than bar exam candidates),I would suggest some of you try it.

Booger, CPA (And proud of it)

Afternoon, everybody. I've had quite a few clients requesting assistance in filling out

various financial assistance forms for their college-aged children. Has anyone out there

done this as a matter of course, and do you do it pro bono or charge for your time?

Thanks for your replies.

Booger

Received my 1040 Express Answers on Saturday. I was very surprised. I also want to say how pleased I am with the Master Tax Guide which was also included with Max this year. Some really nice research material. My pile is growing which makes me think that I need to get my house in order and get serious about Tax Season. Having eye surgery today; which is the first step toward making things easier. A Happy and Blessed New Year To All!

GOOD LUCK on your eye surgery, mcb39.

Booger

There are a couple of good jewelry designers in the Columbus area, so I'll probably

go that route. I know what the missus likes, but I would like to get her something

unique.

Thank you for all your responses. Have a great New Years Holiday!!

Booger

This question is specifically for the ladies on this forum.

My 10th wedding anniversary is coming up in early 2010, and

Mrs. Booger would like a ring to commemorate her putting

up with me for that long.

I would like to get her a diamond ring, but how many carats

should it be? I'm thinking 1 1/2 to 2.

Any thoughts?

Booger

Thanks, Taxbilly -- I had just checked it on the IRS site. Should have done that in the first place, but I've been doing 17 things at once when I -know- my limit is 9. Ah, the holidays -- such a -restful- time of year!

Don't allow the holidays to be so stressful, Catherine. They are for enjoying.

Booger

JohnH, that's my plan for next (2010) tax season. Being the cheapskate that I am, I want

to postpone purchasing another monitor until late 2010.

Booger