ILLMAS

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.

Let's say a TP donates to about 50 different organizations, do you enter each one or in a lump sum? Thanks MAS

If the preparer had an employee or assistant yes why not, the worst thing that can happen is that they don't know where the documents are.

I set up the scenario first, today we woke up to 3-4 inches of snow and it's still snowing out there and traffic is a nightmare!!! Dear Clients, I am glad you were able to take the day off work today due to the weather and thank you all for thinking of me and calling me today to let me know you have free time to stop by the office today. Well good for you, my phone also took day off.

TP is waiting on some documents that may or may not affect his 2014 financials, however two shareholder need their K-1's ASAP and was wondering if anything special has to be done to let the IRS know the return might be amended or that it's not the final numbers? Thanks MAS

I am surprised they didn't have an Indian accent.

Great, thank you. MAS