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taxguy057

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Posts posted by taxguy057

  1. PLLC.... Help!!!!

    in General Chat

    Posted

    I have a client who just last year started out on her own business and registered it as an Pllc in the state of NC. I've never filed taxes on such before. From what I have gathered from reading on the IRS site, it basically telling me to treat it as a "disregarded enity not separate from its single owner for income tax purposes. So do i just file on a Sch C and be done with it. She has no employees so no employment or excise tax is revelant at this time. Well from what I've read so far...

    Any and all help would be greatly appreciated for you tax gurus out there! :spaz:

    Thanks alot in advance...

    TG

  5. Form 8863???

    in General Chat

    Posted

    IRS has delayed accepting returns that include 8863 until mid-February or early March. This is why ATX has blocked e-filing of returns that contain the 8863.

    Any particular reasoning behind it....Although with the IRS nothing has reason!! :huh:

  6. Form 8863???

    in General Chat

    Posted

    What's the deal with IRS not accepting Form 8863 for MeF? This error is keeping me from creating an efile for my client. Anyway around this yet or anybody heard what the deal is and when it will be fixed?

    TG

  7. Let The Season Begin!

    in General Chat

    Posted

    Last year I sent out returns during the first rush and those exact same ten got stuck in the system somewhere. All the subsequent returns sent out went through with no problem. Took almost 2 months for the EFC to finally get them pushed through so safe to say I'll be waiting a couple days this year! :spaz:

  9. NT RTRP... Is it Bull???

    in General Chat

    Posted

    I think the RTRP will squeeze out many individuals wo do tax returns, because it is easy money for them without any consequences. Last year i amended the return of a taxpayer whose snow plow guy's GF did a return for 50 bucks. It was all wrong and we figured out that this girl could not even add correctly.

    Now I feel special!! Lol!

    • Like 1

  10. NT RTRP... Is it Bull???

    in General Chat

    Posted

    Oh I'm def on point with all that has been said. That's why I started this thread to get a feel for every ones take on it. I agree it makes us better as a preparer but it still doesn't make me personally feel like a exclusive preparer after all that has to be done. I feel more like mouse in the maze bumping into walls just to get to the other end and Big Brother standing over top watching! Lol!

  11. NT RTRP... Is it Bull???

    in General Chat

    Posted

    I just wanted to vent for a few about all the crap I've been seeing on TV as far as tax preparation this year.... Now here the IRS has toughened up on all the things we have to do in order to even file tax returns for a profit. All the CE classes and registration with them and paying a fee to keep PTIN numbers plus the up coming RTRP Exams which some have taken and the rest of us a must by end of year. Yet and still I sat there and watched a commercial from Turbo Tax where you can take a snapshot of your W2 info etc.. and send via text to them and they file your return over the phone.... REALLY!!??? So here I'm thinking all this new regs we are being held responsible to follow which is suppose to make us the leading tax pros and take us into the 2015 100% e-file mandate IRS is wanting and now people can just "text-a return!!" Is it just me or is all this new IRS "Malarky" (sp) really worth anything when taxpayers have so many other options, some free and of course less expensive than us to file their returns. I just feel we the small business will and are now slowly being pushed out!! :angry: Just wanted you guys take on all that has transpired over past couple years with IRS and tax prep services like ours!!

    Thanks for taking time to read my bull today!!! lol! Happy Filing this season!!! :spaz:

    TG

    • Like 1

  13. Child Dependent Care Credit

    in General Chat

    Posted

    I have a client who is divorced and has joint custody of her daughter with ex husband. They both split the expense for their daughter's daycare. Through the divorce decree each will claim her (the daughter) every other tax season. Is there a way that the year the child is not the dependent on the parent's tax return they can still file and claim the half of the daycare expense paid that year? Reason I'm asking is because I filed the return for my client who does not get to claim the dependency this year but paid half the daycare and it was rejected so just seeing if there is a loophole to allow the credit...her half was over 4000.00 so she's kinda pissed!! lol!

    Thx for your help!!

    TG

  14. E-filed Returns not showing up in Federal Where's my refund

    in General Chat

    Posted

    Crazy thing about all of this is that I have clients I put in on the first week of acceptance of efile and they still have not received refunds and client i put in last week are getting theirs no problem. Its still hit and miss on ones that get through but its just nerve racking bc clients first outbursts are usually to me but I have no control over IRS but they seem to think so... SMH!!! :wall:

    • Like 1

  16. Coverdell ESA

    in General Chat

    Posted

    Got a client who received a Form 1099 Q for a gross distribution of 400.00 from her son's account. Where do I show on 1040? There is noe entry form in list for it so I know that means its hidden somewhere on 1040 and so busy now don't feel like searching for it now. ( I know I'm wrong! ) :(

    Any and all help will be greatly appreciated!! :wub:

    Thx!!

    TG

  19. Liberty Tax Service

    in General Chat

    Posted

    "As for as the test goes I am in the same boat as you I am 74 and it will force me to retire, unless I can talk my clients to accept the return as self prepared and I will e-file it."

    Wouldn't you still have to take the test to qualify for your EFIN in order to e-file even if you don't sign the return and the taxpayer does the signing? :scratch_head:

  22. Social Security Benefits Taxed

    in General Chat

    Posted

    It comes from the SS rules on income. After you reach a certain age (I think it is 70), you can earn as much money as you want without having your SS benefits reduced. Over time this explanation has morphed into the belief that you don't have to pay taxes on your SS after you reach that age.

    Tom

    Lodi, CA

    OHHHHHHH!!!! DING!! Now I got it.... :P

  23. Social Security Benefits Taxed

    in General Chat

    Posted

    Same arguement every year with someone. I had to tell a client this morning that it doesn't matter if you are 90, if you have too much income, your SS will be taxed proportionately.

    I always wonder where people come up with this thing of when you retire and turn age 65+ you can make as much money as you want and SS will not be touch... :wall:

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