ILLMAS

I had to pull out my beer goggles to read it.

I think they should make a realty show on tax preparers and all the crap they have to go through. Called TP and I get this from him, Oh no, I have never claimed my children, this is the first time and I don't know why this is happening, Me: I want for you to tell me the truth, have you ever had any issues with the IRS? TP: I have never had any issues before because I have never claimed my kids, but I did have a problem when I tried claiming my brothers kids and I had to pay money back

Boyfriend/Girlfriend are my clients, live together and have kids but they are not married, our state does not recognize common law unions. In the past the mother will claim the kids but in 2013, she quit work to earn a degree, so the boyfriend will be claiming the kids in 2013. I told the client there was a chance they might reject his return because this was the first year he was claiming them and the IRS has no previous record on you claiming the kids. Today I see his return was rejected and the error message is that I need to file form 8862, I have never filed the form before so I wanted to see if I include the form this will resolve the issue. But my question was the EIC was never disallowed before, the return simply hasn't been accepted for efile. Can someone assist me on this matter. Thanks MAS

Thanks, so the IRS will combine the two 1096s automatically. The reason why I am being a little cautious with this, I had an issue with SSA, client submitted the first W-3 via mail, a year later received a notice that they never received it, I gave the client a new copy and was mailed out, a couple of months later another notice came in saying no W-3/W-2 info was received. Client send another copy, two years later they get a notice from the IRS, SSA eventually received both W3/W2 packets and took the liberty of combining them duplicating employee wages.

For example if they submitted 25K in the first 1096, I would add another 5K to bring it to 30K and mark the previously filed returns as corrected even dough the amounts don't change?

How do you amend 1099's when they forgot to 1099 for 4 people? How are the additional 4 reported? Thanks Marco

Every other year I encounter a tax return that was setup in a way to qualify for EIC via Sch C losses, TP respect that I tell them their tax return was done incorrect but they don't respect me when I tell them they need to correct and most likely return the money, this year I had person pick up their information because is was asking too many question about how they qualified for EIC with someone else's kids.

Thanks Tom for your words, just to share with all, I already went through a an uninsured losses with the IRS, I know what to get and what they will be looking for. MAS

Probably not but I will ask

TP received a check from the sale of stock of a relative, I have an understanding that cost basis starts the date the person died, but happens when they simply cash out and don't hold on to it?

Just wondering it your client ever asked why he received additional money?

I know it sound fishy, I've been holding on this tax return for over a month because things don't make sense to me, I even called another TP that works at a gas station to ask her about stolen lottery tickets how, and honestly it doesn't make sense to me. TP is aware, he is responsible for his numbers and what he is reporting on his tax return, unfortunately I am relieing on his documents and he can sue himself if he wants.

Part I TP had a smash and grab break in damaging thousands of dollars in spices and other merchandise that was trampled or damaged in the robbery, he submitted the following claim to his insurance company: Computer $300, TV $200, Security Cameras $300, Printer $50 and $21,000 in assorted spices and merchandise, the insurance covered all the electronics and only covered $17,150 of the merchandise, TP received an insurance check for $13,000 after $5,000 deductible, in other words he was paid $18,000. So he is out $3,000 that he had to replace out of his pocket. Part II As part of the robbery, $7,000 was taken from the register, insurance claim paid zero, so he is out $7K Part III Thiefs took $10,200 in state lottery scratch off tickets, insurance claim paid zero, state made him responsible for repaying money back. After various attempts to try to get a answer as to why he had to pay the money if the state can disable those tickets and make them invalid, he was told not ever call back again, he hired an attorney and was told it was better to pay the state. He currently has a payment with the state. Part IV TP got upset and closed his state lottery account and was assessed a $3,500 fine, that fine was added to his payment plan. Part V After the business was up an running, someone managed to withdraw $5,450 from his business bank account, bank was not able to trace or recuperate the money because it was an authorized transaction according to the bank. Out of all these what can be taken as a loss and how is it reported? Thanks MAS

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TP borrowed money from his corporation, then he loaned it to his BFF, BFF is not going to repay it and is okay receiving a 1099, would he be safe to classify it as other income since it's not related to compensation? Thanks MAS

In accounting terms, that is what you call billable time.

Can you post pictures of your setup? I recently bought a setup for two monitors from dell and a dell XPS 8700

I once felt insulted when an employee of one of former client said, "oh accounting is easy, quickbooks does it all for you" but If were to ask her how a credit and debit works she would have no idea.

I'll break down the 45 minutes for you: Print out tax return Compare totals on tax return to W2, brokerage statements etc... making sure nothing is left out Sign/date required pages including client lettets Prepare invoice Scan everything Staple package with a heavy duty stapler Put copy in fllder Leave up front for client pickup I probably missed some other steps but that is what 45 minutes look like

This going to be a tough one, 6 out of 7 are going to be non-resident returns which require extra work. I would only charge for 6 states, first state is included with the federal, but charging somewhere between $25 to $40 would be good. Per state. MAS

It took me almost 45 minutes to assemble and scan a tax return, imagine if I had a client waiting

For those who do face to face tax preparation, in 10,000 words or less how do you manage to get work done?

I like the salvation army thrift value http://satruck.org/donation-value-guide

Thanks I had not seen your response and thank you Lion too.

I will rephrase my original question, in ATX if I enter a sale of personal residence (independently of a 1099S) which is below the $500K joint exclusion, let's say there was a 100k profit from the sale, should the $100k appear on Sch D just to show the sale or should it appear on another form. In my case, the Sch D is blank and I want verify that should be the case, I appreciate everyone input so far.