ILLMAS

I would just file it and make no promise to the TP, if they get it, perfect and if not, too bad. MAS

Those were the words I used not to get stressed out this tax season, last year a couple of last minute TP twisted my arm to get their return done on time, not this year baby

TP has the option to receive a cash payment or a trip, she always goes for the trip, the trip is based on her sales (TP is self-employed) is this a line 21 or a Sch C transaction? Thanks MAS

During the past week I told about 10 clients to stop by today between 10am and 1pm to pick up their tax return, 9 of them showed up between 9:45-10:30am, first time this has happened, I still have returns from clients that were supposed to stop by three weeks ago.

TP included his son in their policy, TP received PTC, son is not a dependent of the parents, here is my question, do I need to request a copy of the son tax return to reconcile the PTC credit? I am afraid the TP might forgotten that the son had income and was not disclosed when they applied for ACA. MAS

TP idea, since they couldn't remember if it was added to their wages back then. I am okay with the zero basis. Thanks

TP received some stock back in the early 80's, TP doesn't remember if the cost of the stock as added to her wages or not, there is no way to find out at this point, would it be safe to use zero basis or do a wash sale? MAS

Been getting that message all day after I updated ATX, anyone else?

How were last years record presented to you?

Jack, sorry to hear about your loss. Marco

1. You tell the marketplace people I am going to make less this year so I qualify for a subsidy. 2. Some people overstate their income to avoid getting insurance through public aid/Medicaid.

I once assisted a past client with hiring an accountant for their business and I was literally shocked when this girl said, "oh accounting is easy, you just enter the information into the computer software and it does everything for you".

TP received some short-term disability paid 100% by the employer, and looking at the quickfinder it states it's taxable income reported on line 7, well the problem is the form contain no FEIN of the insurance company paying the amounts, would be be safe to use the employer information instead? Thanks MAS

This kitty goes into warp speed if you pay close attention, right after it touches the empty flower pot it vanishes.

I would under stand this happening if you are under 59 1/2 you withdraw early the broker might only withheld the 10%, but how about when you are in your 70's and they only withheld 10%, how does this happen? MAS

Can anyone share their "I am firing you" letter, I need to send one today. Thanks MAS

TP received one 1095-A which include him, his wife and daughter, on page 2 of form 8962 and I need to enter the PTC shared policy allocation, is it safe to divide the totals by 3 and use that? Thanks MAS

18K was added to base salary 30K, the appropriate withholding (Fed, FICA etc...) were made, line 14 has the 18K as tuition.

If the employer paid for the student tuition and included it as part of their wages, can this amount be deducted under the tuition and deduction credit? For some reason I am thinking it would be double dipping, can someone confirm. Thanks MAS

Where were your sons when the town of Cicero, IL built the Chicago Motor Speedway at cost of $70M right between the city boundaries of Chicago and Cicero. At that time I lived about 4-5 miles away from the track and we could hear the noise, the speedway received so many complaints it was closed within 4 years and moved to Joliet IL

On a better note Dear client, thank you for thanking me and mentioning you are going to give me a bonus for getting you a refund. Maybe I should of told them, I do this to all my clients that over paid taxes

New client of mine sent their "client copy" to the IRS and state, the return was supposed to be efile, what should I do? Wait for them to get it returned by the IRS or just efile it? Thanks MAS

Summer Day Camp Expenses May Qualify for a Tax Credit IRS Summertime Tax Tip 2011-01, July 6, 2011 Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year. The cost of day camp may count as an expense towards the child and dependent care credit. What is included in the "MAY" qualify for child and dependent care credit?

I have a new client, TP has been in business since 2003 and it seems the prior preparer was taking depreciation on car placed in service since 2003, is this possible? Thanks MAS

My CPA associate would say, MAS your clients don't respect you. And I agree, it seems clients sometimes don't care.