joans

I have my neice scheduled to watch my daughter on April 17th. Going out for a steak dinner and liquid dessert. We are staying in a motel so no driving and my daughter and neice can go swimming. CANNOT WAIT:) It has been an amazingly long 4 months.

Sara

We lost a clients this last year that passed away. Many spouses and parents. Sad.

Sara

Sorry - Couldn't resist - Not really sorry - just couldn't resist:) I just had a good one. Client faxed me odd pages of CP2000 and then preceeded to shred the original:) Can you say - IDIOT!!

Sara

Marilyn,

Did you turn the printer on?

Sara:)

Just kidding - have a good one.

Thanks David - Printed off Pub to do calculations. This is a messy situation.

Sara

Congrats - Always there when we need him!!

I think I forgot to put Wis info. I added that and resubmitted. Here's hoping:)

Sara

That's what I was thinking after I did the e-file:( I will check on the line 33. Thanks:)

Sara

I do have the purchase prices of the equipment and total depreciation. They do have outstanding loans on the equipment which is also on the 1099-A. But I need the TP to find out from the finance company what is going on with the equipment, correct? I will be filing an extension for this one. The TP is very upset with FC because they basically had some of the equipment sold even before they picked it up from their business. Very questionable ethics on their part. Came in one day and picked everything up - no warning supposedly. I will investigate more, but appreciate all words of wisdom.

Sara

I have a TP that owns a Sched C business. Not doing well. Finance company took back some of the equipment. Just gave 1099-A, no 1099-C. Here is my question - I record the loss of equipment as a disposition on the Assets with a selling price of 0? I have the FMV and Balance due on each item, but no money was exchanged. The finance company keeps calling and telling the TP that they owe less & less. My thinking is when the Finance company sells the equipment, they should be applying that money towards the TP bill. Is there any capital gain that needs to be recorded? - I say no. I am thinking that no gain is recorded until the TP receives a 1099-C for cancellation of Debt. That is when the income is recorded and then they get hit with the taxes. Am I clear on this or making no sense whatsoever. Any help would be appreciated or if more information is needed I will try to clarify. Very confusing. Thanks

Sara

It is a regular WI 1, I did the Sch OS and the rejection error says it will only accept multiple state e-file for Wi with Sch OS. No kidding - I have the OS on there and the stupid thing keeps rejecting. I guess I will have to paperfile, because I can't find any logical reason why it won't e-file. Very frustrating - add to list:) Oh well, I will call to let him know.

Sara

Yes, WI did have a $3000/student limit:) Thanks

Sara

If you add up line 3 & 7 = should equal total wages. They just split the tip wages for ss purposes. She paid the correct amount of ss:)

Sara

I am not looking forward to preparing taxes next year because of the new stimulus plan. There are going to be a lot of people screaming next year because of the Fed WH "plan". People are going to be getting lower refunds or end up owing that normally don't. It is going to be a lot more stressful next year:( Enjoy the summer while we can.

E-filed TP with PA & WI state returns. PA went Piggyback, WI alone. PA went through fine. WI keeps rejecting stating that I need to attach Sch OS - which is on the return. Am I missing something on the OS? or do I need to paper file WI. HELP!!!

Sara

Yea - I like it when it is just informational:) Life is sweeter when less work in needed:) Thanks everyone.

Sara

Me again:) The link really helped & the information should go on a 709, but since it is less than the maximum amount, I don't need to file a 709. So I don't need to report this information on the tax return. Am I reading this correctly. Each daughter received $3000. Thanks again.

Sara

Thanks all!! I knew I came to the right place)

Sara

I have a TP that made 2 - 529 Contributions for their daughters. No clue whatsoever what it is. Anyone with any ideas? Please help:) Thanks

Sara

Sorry to say - but yes they will need new fed ID #. I actually had a client that went to an LLC and nothing else changed and the IRS assigned her a new federal ID # automatically and messed a bunch of reports for us:( Good luck with everything.

Sra

Snow here too:) Plus, we are suppose to get more this weekend. I so excited:) YUK

Sara

Question: Don't you pay the tax to AZ, but then get a credit for the tax paid to AZ on your OR return. We fill out a form WI OS for taxes paid to other state. WI claims all income also, but gets a credit from tax paid to other state - hence the OS form. Hope that helps.

Sara

I have had a lot of that this year - working on AZ return - but it is a part year resident so different. Good luck with yours.

Stress (drink, drink), what is stress (drink, drink)? Just keep saying "I love my job, I love my job, I love my job ... !! Sometimes I don't things could get any more stressful, then the sun comes up and I have to go into work!! Gotta love it:) LIFE IS GREAT

Sara

Happy B-Day!!

Happy B-Day!!