ILLMAS

No no no, you don't hate Quickbooks you hate your client for not knowing how to use it. If QB is PROPERLY setup and your client knows what he is doing, you wouldn't have these problems. But I think just made you more money, because now you are going to charge your client for fixing his/her mess + the tax return preparation fees. Nothing is free in this world, hey I charge extra if I have add clients receipts. MAS

For the first time, I am not going to fill out Sch L (balance sheet) on a 1120, client only brought in income and expenses plus they are under 250K in assets. I always make sure the BS ties to my accounting record, but for once the hell with it.

TP recieved a notice: "Please provide a corrected Form W-2, Wage and Tax Statement to support the changes you are making to your income and withholding. You should request this corrected form showing your corrected ITIN from your employer." Is the IRS saying it's okay to use an ITIN for work? I amended TP tax return to reflect wages he earned under a different name and SS# that does not belong to him. TP is afraid his employer will not amend the W-2 to reflect the requested change. Any idea on how to resolve this issue? Thanks MAS

Ah they live on fantasy island, you should of said that since the beginning j/k. I see it this way, but it's only my opinion, don't quote me on this. I would exclude the FEMA money on thier tax return, however lets say the cost of rebuilding the bridge is going to cost them $100K and FEMA gave them $60K, I would just capitalize $40K and not the $100K, since FEMA gave them the $60K. Now for the old bridge, don't know if you were depreciating it in the past or if it's fully depreciated, but you are going to have the task of disposing of it on the books and tax return. MAS

Is it a loan? Is going to be repaid back?

To elect to have a NFP status you will need to re-apply for a new FEIN#, there you can elect the closing date of the fiscal year (06/30/10) and notify the IRS of a previously assigned FEIN#. But I think there is other things you need to look at first, you may need to contact the state and attorney general office in your state to see what is required. Having NFP status doesn't mean you are 100% Tax Exempt, for example the NFP will have to pay for sales tax. I am just wondering why not keep the current status if it's a homeonwers association? They are also tax exempt to a certain degree. MAS

In the past he did have an office (management office) in one of the buildings, but since 2008 he moved his office to his home.

TP has about 18 properties and out of the 18, 14 are within a 1 mile radius. His home is about 10 miles away from the properties, also if he is around the area he is always looking to buy more properties. What would be a good way to allocate the vehicle use amongst the 14 properties? I should I just create 1 fixed asset on 1 property and then allocate to the rest using a % on rent collected? FYI there is no mileage log. Thanks

The actual extension should be sufficient, if you e-filed the the extension I would write the day it was accepted by the IRS on top of the form. Or if it was mailed, just write down the day it was mailed. MAS

I did check it, and this morning I tried re-registering however it give me an error message saying I have already registered under that email address I used. Later on today I will register using another email I have. Thanks

Almost 24hrs later and I still haven't received my temp password via email????

I only got as far was registering for a user name, I haven't recieved my temporary password yet.

Never mind, I found it. http://www.irs.gov/taxpros/article/0,,id=210909,00.html

Please post link for others. Thanks

Maybe he can call and request a transcript for the year, I would think the IRS would have something on file regarding the K-1. MAS

I've been buying the proadvisor package for past few years, actually today QB 2011 came in. I buy it more for the enhanced payroll service, I am able to do all payroll quarterly/year-end forms, no need to use another software. My accounting file is still in the 2007 version. Another great benefit is tech support, this come in handy for clients that have unstable PC.

I dislike quicken (for business use, ok for personal use) because it doesn't give you a balance sheet or trial balance, makes what is supposed to be a very simple tax return into a complex one!!!

I was approach by an ADP sales person and everything seems fine with the service, but she was not able to answer my question. Are quarterly filings included in the price? So if anyone knows, please let me know. Thanks

Client wants to include his child earned income on his tax return so that the IRS can just deduct whatever is owed from his refund, I did some research and it seems the child is responsible for his/her return and any penalties and interest. I need to get back to the client and I just wanted to confirm it's not possible, only if there were some investments, then those could be included on the parents tax return. From Pub 929 Responsibility for Child’s Child’s earnings. For federal income tax purposes, the Return income a child receives for his or her personal services (labor) is the child’s, even if, under state law, the parent is Generally, the child is responsible for filing his or her own entitled to and receives that income. tax return and for paying any tax, penalties, or interest on If the child does not pay the tax due on this income, the that return. If a child cannot file his or her own return for any parent may be liable for the tax. reason, such as age, the child’s parent or guardian is responsible for filing a return on his or her behalf.

Today on Yahoo News http://www.nydailynews.com/ny_local/2010/08/24/2010-08-24_thought_you_had_irs_problems_failed_daytrader_nailed_with_172m_bill.html#ixzz0xcaSNfyW

1+ on going with XP Pro, I think it will be a while before manufacturers update any driver for printer and other gadgets. I just did a clean install of windows 7 on my father laptop and I was very surprised how much hard drive space it took, so keep in mind to get a large enough hard drive and ram on new pc. Now a days you can find refurbished Dell workstations for under $300 with warranty and xp pro installed.

+1

Hello to everyone, I have a TP that because of his credit he could not buy a home under his name, so his parents put the mortgage under their name. TP has been making payments and takes the deduction on Sch A., now he recieved a letter disallowing the deduction because those amounts on Form 1098 were never reported to the IRS under his name. I was thinking of writing a letter explaining the reason and who was making the payments and providing copies of check showing it is coming out of the TP account to pay for the mortgage, is this sufiecient evidence or should I include something else, FYI parents do not take the deduction. Thanks

Yes there is quickbooks for Mac , I believe she can convert her quicken file to QB.

Can the IRS use the US Postal to track where a TP recieves mail? A client of mine is asking, but I don't know. Thanks