ILLMAS

For peace of mind, you can pay for a service called Share File, and how it works, you basically create a folder for each client (links to their email), upload whatever to their folder, once you are done, the client receives a secured email that allows them to download the information safely, this also works in reserves, the client uploads to their folder and sends it to you. MAS

Please add one more client to the "packing" list.

Hello, hopefully someone can guide on this one, TP mother forgot to withdrawl RMD for 2010 and 2011, is there a way to correct this and avoid the 50%? FYI TP mother has had some health issues in the past years, can this help out? Thanks MAS

Hopefully the next level is not called Grand Master :)

+1 on manual update every morning before opening a client, I do a manual update, has worked well since 2008.

Hello, does anybody know what the tax prep. fees for H&R or other large tax prep. companies? Thanks

Something is definetly wrong today, same here, even my 2010 program is taking a while to update.

What do you recommend people focus on studying?

Just because he gets paid for a full time job but only works a certain amount of hours, doesn't mean he works full time, I would not agree with the auditor position and might to take the case to appeals. Through the freedom of information act you can request the auditors work paper and see if they are doing things correct. MAS

"The taxpayer had a Real Estate license, and devoted over 750 hours to the profession. Taxpayer also had a full time job. However, that full time job required approximately 1-2 days per week in the office, which is what allowed the taxpayer to devote more than half of the time worked in the full time job to this real estate business." We are not here to audit our clients tax information/support, if he cannot prove he devoted 750 hours the IRS, thats on him, not on you. And I bet he was deducting losses like if there was no tomorrow. I agree, don't stress yourself, you did the return based on the information your client provided, if he didn't qualify as a R/E professional in the first place, he would of paid the taxes anyway.

Just wondering anyone has recently take the RTRP exam and don't mind sharing what it entails? Thanks MAS

TP: Last year you gave me a discount, are going to give to me this year? Me: No, it will be the same fee as last year just without the discount. TP: Ok then I will look for someone else then. Me: Good and thank you for calling. I would of gladly said yes if this was a any other TP, but he takes so much of my time, calls to tell me I did something wrong because his coworker deducted something and I didn't, why can't he deduct improvements to his principle residence etc..... Honestly I feel relieved, and I really hoping he doesn't return back ;)

To make things worst now you have to file a his and hers POA (Form 2848) :(

I know for fact, the state of IL, if you are selling resale, wholesale or a tax exempt entity you must have them fill out a certificate of resale and just for assurance request of a copy of their IL business registration certificate. What happens if you fail to get a certificate of resale? The state converts all those sales into taxable and you the owner of the business has to pay the sales tax plus penalties and interest. What happens if a business does not want to provide a certificate of resale? You would have to collect sales tax and report it to the state.

Has anybody suggested for the worker to visit the social security office nearest them? Simple as that.

Well today I had let go of a student that I hired to help me organize my office, and I feel bad I had to do it via a text message . But the funny thing about it, everytime I called to see if she was coming in, she would never answered but she did have time to be texting her friends while she was helping me, maybe this time she'll get my text.

There is something definitely wrong here, it doesn't take that long for them to enter a return into their system, it usually takes 6 to 8 weeks for them to process it. I do see this happening for a state return, I know for a fact the state of IL took 3 months to amend a tax return and another two to issue the refund. I would call them myself and find out whats going on, maybe the client just mailed it a couple weeks ago?

Don't waste your time, if the preparer has a habit of doing this for his/her clients the IRS will pay them a visit . I would be more concern the TP repays any amount they are not entitle to. MAS

I would say there is no need to issue out 1099's because the grant purpose was fulfilled and verified, the only way I would see a home owner getting a 1099 was if they lied about getting the repairs done, made up bogus expenses and just kept the money.

Take a look at this program http://www.fujitsu.com/downloads/COMP/fcpa/scanners/videos/rack2-filer-L/contents/index.html

An IRS agent recommend we use a program called BNA for a client that has thousands of assets in different states, currently they are keeping it on excel and it has worked well for over 15yrs. For my accounting clients I use this software called FAM (Fixed Asset Manager) from Proseries, I still use FAM2000 (back from year 2000) to this day. I don't remember from what year they changed so that you need to buy the next year FAM to transfer to the next year, did I mention FAM is owned by Intuit (see current QB Pro-advisor topic).

This version will be perfect for a business that does not have payroll, staples sometimes offers QB for free, but if you need a payroll subscription it will probably cost twice then what the software costs.

When you say "We renew the Payroll service every year" is that only for your company or it includes your payroll clients too? Thanks MAS

Really $549 + tax??? I just looked at my credit card statement and I was charged $795.81, called my associate and he was charged $716??? I will be giving them a call tomorrow morning and find out whats going on here.

TP employer was sent an IRS wage garnishment for 2006 in 2009, in 2010 he filed his 2007, 2008 and 2009 returns which had a refund due to him. Surprisingly he received 3 refund checks which he returned back to the IRS to apply to his 2006 balance. Fast forward to 2011, IRS claims they never received the returned refund checks and that the checks were never cleared either, just wondering why the IRS didn't apply 2007-2009 refund to his 2006 in the first place? I'm I missing something here? Is the wage garnishment similar to a installment agreement once the TP employer starts sending payments therefore it's independent from other years? Thanks MAS