ILLMAS

In my opinion, Peachtree and Quickbooks stink for retail sales, they are perfect for wholesale. I would recommend going with a POS system that can be intergrated with Peachtree. Some POS system lack some features like check writing, bank reconciliation, journal entry and most important payroll (can't prepare 941's, W-2's and sometimes no tax table). One of my client also sells clothing at retail and wholesale, the POS system is used only for retail sales and Quickbooks for wholesale and for all the accounting, the only down fall about this combination is when clothing is bought for retail sale, it has to be entered into the POS system and wholesale in QB. Now if they buy clothing for the wholesale side of the business and they want to sell some of the clothing for retail, they have to prepare an invoice from QB to retail (A/R) and in the POS it's entered as inventory (A/P) to wholesale. In short two invoices are created but they cancel each other out. QB sells a POS system, but I cannot comment on it because I haven't used it.

I guess this is a good thing for the IRS to verify if TP really qualifies, now I know one of my client is going to be calling me regarding the same notice. I requested a copy of the closing statement, my client closed on 12/23/08, the only thing my client might not have on hand is a tax transfer, but I will inform them to be ready. Thanks

Thanks, I forgot the IRS mis-applies payments and it takes months for them to correct them.

Sorry, it is 1090-Misc line 7 nonemployee compensation. I double checked the return and there is a change to SE tax by a very little amount.

TP submitted an installment agreement in early April to start paying in mid May, since she hadn't recieved an acceptance letter I asked her to call the IRS and find out what's going on. Well they barely approved it and she needs to start paying in mid June, TP is prepared to send a payment for May, if I ask her to send the payment anyway for this month, she won't null or void the agreement if the IRS agree for her payment plan to start in June? I don't see it is a problem of her sending the payment with the IRS earlier (reduces penalties and interest), but I just don't my TP to have any problems of sending a payment earlier.

I have a TP that got a corrected 1099, the difference is only $430, they reported $430 less on her 1099 originally, the difference does not have an impact on her tax return. It's it worth to amend the tax return to show an additional $430 or let the IRS make the correction?

You mean the nonsense of a professional casually discussing an easily-identified client's audit with an outsider? Ouch, you are right, my bad. Good point Well, I don't see why the IRS shouldn't audit a high income taxpayer. Probably a small 2106 deduction is unusual at that wage level, and they may wonder what it means. Apparently the taxpayer himself has some issue with the deductibility of unreimbursed expenses, the tax preparer thinks it's a matter of special note, and even you find the setup surprising. Did your confidential source say how they would respond? I believe they are going to comply with the request.

Today I was speaking to with my former employer during lunch, and she has a TP who is a portfolio manager for a top stock broker and his salary is something I will never earn in my whole life time, even if I lived a couple of times :-). He has about 15K in unreimbursed employer expenses and only takes advantage of about $2,500, well apparently he recieved a letter from the IRS requesting proof of his expenses. He pays over 1.3 million in federal taxes and the IRS wants to see proof of his expesnes, you got be kidding me. Has anyone ever seen this nonsense before?

Hi, you would have to setup a new preparer, you will need a PTIN or SS# for that person.

One of my clients called me today a little concerned about a discussion she had with one of her customers who happens to be an accountant, the accountant told her, "you know, your accountant can make you or break you'. So she asked me, so what do you think about this? I told her that is true, an accountant can make you or break you if you give them full control of your accounting, and when I mean full control, you allow them to write checks on your behalf and sign them or they ask you to pre-sign blank checks and they care of everything. I told her, so don't worry, you are pretty much responsible of all your business activity, you pay the bills, so your accountant (me) cannot break you. :-) Geesh, how come I never receive a call like, how much do I owe you, let me send you a check LOL.

I called Medlin and they confirm the software does not keep track of vacation and sick time I am looking for a software that will do that, anyone?

Thanks, I just downloaded the trail version, however I don't see any vacation or sick time tracking on the demo nor do I see any refference to the program keeping track of it. Can someone that uses Medlin, inform me if the software keeps track of vacationa and sick time? Thanks

I have a client that uses Fund-EZ, this program does not have the capability to do payroll, so they use QB just for the payroll. QB yearly payroll service fee is getting expensive every year, so I am wondering what program is out there to do payroll? I am looking for a program that is not expensive, prints out pay stubs, allows to prepare quarterly returns, and year end filings (W-2's, 1099's etc....) Thanks

Client was notified that she cannot take a loss from a partnership because her AGI is over 150K by the IRS Auditor, we were surprised to hear this, can someone confirm this? Background: Client owns a rental property that is a partnership, her part of the loss was 46K, I am surprised that ATX didn't catch this for this correct??

What do you mean by wrong account number? Usually banks don't re-issue same account number to someone else, what I am thinking that happened, and this is very common, client closed account because he/she lost their check book, but didn't inform you, or they just simply changed bank. In this case, the would attempt submiting the refund twice, if the ACH is returned, then the IRS will mail them a check. I had a client who didn't inform me about the close account, it them 3 months to get the check by mail.

I have a client that does the opposite, they hire software engineers from Mexico and pays them in US dollars, however when they cash there checks the currency changes from dollars to pesos. Since there is no tax treaty between the US and Mexico, my client does not issue out a 1099 or any other tax document, it is the reponsiblity of the individual to report the money earn. I would see it the same in your family member case, the company will pay in euro's (I think), but he would get dollars in the US, he/she will be reponsible on reporting income earned in the US.

This client is in the money transmitting and currency exchange business, similiar to a western union type of business.

That is how we are looking at it, however the walls that are put in place are fixed, they are not movable once the client ends it's lease, they knock down the wall and they only take the doors and bullet proof glass and counter with them, they can reuse it, they would just have to make a wall to accomdate it at a new location.

When are the cases when a leasehold improvement can be depreciated for a different class life then 39yrs? I have a client that has currency exchange and is very frugal when it comes to leases, he looks for spaces that would need the minimal improvements to open a currency exchange, plus he does not sign a long term lease. The leasehold improvements he makes does not change the structure of the building, the most common improvement is a wall to sepearate between the costumer and teller, they have many bullet proof glass and counters they resuse, so they spend very little on improving th space. In most cases, they leave the space back to it's original sate. When I mean they spend the minimal, they don't spend more the 10K a location. So I am just wondering if something different then 39yrs can be used for tax purposes? Thanks

Did anyone like me, didn't have time to prepare their own tax return? I prepared everyone else tax return, except mine :-(

Lucky you, 99% of my clients are in IL.

I guess for me is the other way around "Most repeated phrase from client to me": I forgot my checkbook, do you accept CC? How come they don't say do you accept CASH!!!!

I would prepare 1040X plus give priority to other clients first, client did not bring you all the necessary documents, so have him wait plus charge him for the extra work. MAS

TP son got a DUI, so they had to pay an attorney to clear his name, can these fee be itemize? I only found info in regards to discrimation. Thanks

Thanks everyone, the money on this return is not worth the headache!! Sending this client to curb!!!