ILLMAS

Receiving payments in cash is not a problem, but using cash to pay for stuff is a bigger problem, there might be a lack of controls, where as a using a checking account. But having receipts for your cash purchases helps One might think that a business that only accepts cash might be under reporting sales, but a lot do that to avoid having to pay credit card processing fees, which is a fee that is not tack on to the customer.

Here is how to set it up in QB http://support.quickbooks.intuit.com/support/pages/inproducthelp/Core/QB2K12/ContentPackage/Core/Payments/task_payment_discount.html You first have to setup the discount http://support.quickbooks.intuit.com/support/pages/inproducthelp/Core/QB2K12/ContentPackage//Core/Items/task_items_disc.html Hope this helps

True, I just feel uneasy the way the account was handled, hardly any checks were written from the account and everything was paid with cash.

I have TP that recieved a letter from the IRS letting him know they accepted his "S" status however that he needs to draw a salary. 2011 went by and he never drawed a salary but withdrew money as if he was self-employed. Now my question is would it be safe to file a zero and final return for the 1120S and report all the income and expenses on Sch C, using the name of the corp and FEIN assigned to the 1120S? Thanks MAS

Parents moved back to Mexico.

I have a very usual tax situation this year, tax payers returned to their country and the kids decided to stay 17, 15 & 13 in ages. The 17 daughter worked most of the year and supported her brother/sister. Since the parents had no income and were not in the country for most of 2011, can the daughter claimed as HOH? Techincally she provided support for the parents too, so can they also be claimed as dependents this year? MAS

One way to sort this out is by checking off complete box, if you have e-filed 140 so far and you sort by complete, your remaining 10 should appear together. Hope this helps. MAS

Anyone?? TP has not lived in the house for last 5 years, but continued to own it up to the day of the short sale. Currently there is a gain, however I just want to make sure I have filled out form 982 correctly. "On Form 982 I have checked off 1d, box 2 145K and box 3 Yes. Is this the ony things that get filled out?" Ownership and Use Tests <a class="indexterm" name="d0e2111">[url=""%5D%5B/url%5D To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have: <p class="itemizedlist"> Owned the home for at least 2 years (the ownership test), and YES Lived in the home as your main home for at least 2 years (the use test). OUT OF THE LAST 5 YEARS OF OWNERSHIP, NO TP HAD A SECOND HOME

Not in recent years, the last year they lived there was in 2005, the short-sale happened in Jan. 2011. MAS

They did receive a 1099-C. Thanks MAS

Can someone guide me on this form, doing one for the first time this year, but in this case there was no bankruptcy. I already recorded the sale on Form 4797 and there is gain. Cost 165K A/C Depr. -55K Basis 110K From 1099-C 145K Less Basis -110K Gain 35K On Form 982 I have checked off 1d, box 2 145K and box 3 Yes. Is this the ony things that get filled out? Thanks MAS

I don't know anything about Paperless Plus, but I sure can tell you I am very happy using a Fujitsu Scansnap S1500. Check out this two videos: Scanner http://syndicate.sel...=536&Height=525 Additional software (you can buy this software separetly or buy it bundled with the scanner) http://www.fujitsu.c...ents/index.html

If MFJ couple phases out because of MAGI, can they still put money in the IRA even though they cannot deduct it?

Check this out: http://www.irs.gov/newsroom/article/0,,id=206292,00.html MAS

I only had a couple so it was not a problem.

I believe if recreate/transmit them again they should go through, worked for me.

Ok here are two fictiional scenarios, TP sold two properties via short sale (no bankruptcy): House 1 Cost + Improvements $85,000 Less Accum Depr -25,000 Adjusted Basis 60,000 As the property was increasing in value, TP refiananced and took out equity to the tune of $280,000 over the years. TP goes through hardship and cannot pay, so the bank allows him to do a short sale, house sells for $90,000. The bank issues 1099-A for $240,000 which was the outstanding loan. Would it be safe to say $240K was the sales price and his cost was $60K therefore have captipal gains of $180K and is now on the hook for taxes? House 2 Cost + Improvements $380,000 Less Accum Depr -70,000 Adjusted Basis 310,000 The house is sold in a short sale for 175,000 and bank issues a 1099-A for $300,000. Would it be safe to say there will be a loss $300K - $310K = -10K Thanks

There is a glitch when it comes to this form, I had the same problem but I resolved it by just downloading the form from the IRS website and fill it in.

Does anybody know why the IRS is delaying on some refunds? I efiled a tax return early this month and the refund is programed to arrive on Feb. 28, thats a whole month.

Hello Cathy, can you please share what were the errors, $4000 is a lot to miss. MAS

Just another senseless fee to stick it to you, but yet again people go to them :)

If they were not having a problem paying $1500, charge them the same or just a little less $1450 or $1400. Clients love having to pay less. Early this year a person came with a 1040 with 9 properties and asked me how much do you charge because HR charged him a lot the prior year, I told him my fees start at $1000, he said HR charged him $800 and his previous preparer would charge him $200, I said great return to the person that charged you $200, but he died.

Because of this thread, I decided to check if HP had updated the drivers for my printer and yes they did, this morning I reinstalled the driver and now my printer is back to how it use be FAST. MAS

Best thing is to let it go, but if you would like to get this off your chest I would call the wife and complain to her about the husband behavior and drama and blame her for the miscommunication and now you are out of $$$ dollars. And don't accept them back obisously they don't respect you or your work. MAS

I started having problem printing after I upgraded to windows 7, now I cannot print a large tax return at once, I need to print it in sections. Same happens when I print large PDF files. I will be buying a new modern printer soon. My printer gives me a low memory error. MAS