ILLMAS

Another questions, does any of these insurance company offer legal advice as part of the package? I remember someone posting a problem they were having with a client and they called their insurance co. for legal advice, is it CNA insurance that offer legal advice?

TP recieved part (aprox. 70K) of an inheritance in 2009, she is pending to recieve more once her aunt's house is sold. She brought in all the legal documents and I see that an estate has been created by the attorney, according to her she has not recieved any documents regarding the estate return and she wants to declare in her 2009 return anything that is taxable on her inheritance. I haven't had a case like this before, can someone guide me or give me reference to a pub. to look at. Thanks MAS

Tip: don't only search your area on craigslist, I found mine in CA and I live in IL.

Gleim study material is good, I bought the whole package (books & cd's) used off craigslist, just look around and you'll find them. I stopped studying for now, but I will get back to it once the tax season is over.

I want to purchase E/O insurance, can someone recommend an insurance company or broker. I tried reaching CNA, however I was they don't give out broker info, that I would have to search it myself. Thanks I know the tax season is almost over :(

You are on their turf, they will make you wait all day without a care in the world. Our city mayor said himself, city/government employees are not customer service oriented, when it time for them to go, they go.

Today I regret letting my nephew (10 yes old) open a facebook account, according to him I was the only person in the world that didn't have an account. Well last night just before closing shop I checked it, this morning I get a message that I have virus and to download a program called antivirus soft, this damm virus doesn't allow you to do much + it blocks your antivirus software, finally after 3 hours of down time I am up an running. So please update your antivirus periodically and avoid using facebook on you tax computer. From now on i will check my facebook via the iPhone or mac computer.

I looked at the instruction regarding the FTHBC, however I don't see any related to taxpayers that use ITIN #, the only thing I see is that you cannot be nonresident alien. Can someone that has found something on ITINS & FTHBC share what you found. Thanks MAS

Two things that are suspious first the fact he didn't use the tow truck or at leased it for a profit, second the fmv of the tow truck is around 11k and he sold it for less. There is also a tool box I did not mention but he sold it for very little, I am not auditing him, but he is going be doing some explaing to the IRS if he gets audit.

TP had a towing business from 2005 to 2007, in 2008 he stopped operations completely, and in 2009 he sold the tow truck. No depreciation was calculated for 2008 and 2009 up to the sale. He paid 27K for the tow truck and he took about 11K in depreciation so his basis is 27K - 11K = 16K, he sold the tow truck for 5K, so his loss on the sale is 11K, but something doesn't seem right. Is there another way to reconginze the sale to reduce his loss, Should depreciation be calculated now for the years he was not in service to reduce his basis or should his basis be the depreciation he took for the years in service of 11K - 5K = 6K loss, 6K vs 11K is lower, don't want to cause any red flag. Thanks MAS

How does one print out the client list from ATX?

I've been noticing I am taking too much time to start and finsih tax returns and I don't even have that many clients compared to others. I know what my problems are: I get too many calls from client Clients don't bring all the paper work Too many unannouced walk-ins And taxes are not my only line of work (accounting and payroll) How does every else do it to be productive? What your secret? :-)

Custom Build Computers If you do buy a custom build computer make sure they install a legal copy of Windows and Office, how do you know if they are legal copies, request the CD's and authenticity stickers that comes with the CD's. There is alot of pirated software out there, and you don't know you it have until you take your pc for service. This happened to someone I know. MAS

My associates client was supposed to pay out dividends to the onwers at the end of 2009, yesterday he found out that the checks were written but never cashed. They did however pay the withholdings, now there is not enough money for them to cash the checks. Right it looks like the owners recieved close to 500K, paid 15% of tax, but never got the difference. How can the 1099-DIV correct to zero and have the IRS return the federal withholdings? The dividends will now be paid at the end of this year. Thanks MAS

What brands do you all like and use or would purchase tomorrow if you had the time and money? 100% Mac for me, I bought a mac mini for home back in January and it's still in the truck of my car. I run all my windows application on my iMac and Macbook Pro, using bootcamp that is what I use in my office on a daily basis.

I would be a bit worrie about an eMachine, they have a bad reputation of breaking down and the craftsmanship is very poorly and not to mention poor customer service. MAS

You are right, I should done that, it sure worked for Pres. Bill Clinton "Define *@#$ sex to me" LOL

Blame it on the accountant, I think I have heard that before.

I am laughing as I write this post, but yesterday I went to do some small grocery shopping, I went to the deli and order some nachos, and the lady asked me if I wanted the nachos with cheese??? Of course I told her, she started ringing my order up and I notice she was adding all these amounts and then my total was close to $3. I asked her, why are these nachos so expensive, then she told me I have to charge for the cheese and hot peppers, then I told, yes but I didn't want extra cheese, so why are you charging me for the extra cheese, she is like no, I didn't give you extra cheese, I have to charge you for the cheese period. I said wait a minute, you are telling me you charge for the cheese on nachos, aren't nachos supposed to come with cheese?? Then she said don't complain to me, go complain to the front desk, she said she was tired of people complaining about the cheese. Afterwards I asked her are you going to charge me for a container and napkins because I want them to go!!

WOW a 12K computer, this was the cost of pc back in the early 80, not that I was around that time. We know it's $1,200 LOL

Now a days, computers have gotten better and cost less, as far as the specs, in my opinion any brand-new computer will be faster then a computer bought a couple years ago, and a new one will be useful for the next 3 to 5 years. A quod core is over kill, unless you are running video or editing them. For office use, I like to recommend workstations from Dell (good warranty) or IBM, they do what they are supposed to, plus they don't come with those unecessary programs that take up HD space (games), for a home computer you can buy one at Best Buy or other retail chains. If speed is an issue, don't forgot about looking into a printer that has a high ppm output :-) MAS

Yes, but on the condition that the actual work be done by the trustworthy employee and not my client, my client will be doing other construction work now that he has a contractor license.

A potential new client came to see about having an employee for a maintenance contract he signed with an individual that owns 70+ units. It seems the owner of the units got hit for treating it's employees as subcontractors and got into a mess with the IRS. The owner wanted to keep just one employee that was trustworthy, and somehow made an agreement with this potential new client of mine for him to get a contractor license and the trustworthy employee to become his employee and handle all the building maintenance. This is client already had the agreement and came to me for payroll services, once I started telling him how payroll taxes work and payment process works, he was pretty much okay until I told him, have you looked into how much is it going to cost you to have workmen's comp, he said no, I didn't know I need it, I told him yes in the state of IL, it's mandatory. A week later he came back after calling his insurance agent was not to happy with the quote, so he decided now to have the employee as a subcontractor and also for him to get any necessary licenses. I don't want to spend too much time researching if he should be treated as an employee or not because, it seems the client obviously doesn't want him as an employee (+ plus he might not come back) because of the cost of having an employee, your thoughts employee or okay to treat as subcontractor. The owner of the units will be communicating directly the trustworthy guy. Thanks

Don't charge him for the return and mark it was self-prepared, you wash your hands and fire the client.

Just wondering if there is a form in ATX that gives you what portion of the refund is for the filer and spouse? I entered everything by TP, the MFJ vs MFS doesn't give me the breakdown of the refund, and I don't have time to do it by hand for what I am charging this elderly couple. Ah I can just see the argument tomorrow, why me.... :-(