Chowdahead

Unfortunately, I still have clients who do not have bank accounts and prefer to receive a check in my office. The number drops every year, but it's still high enough that I would loose too much business if I used FeeCollect and offered only direct deposit. I did confirm with STPG that their fee remains $29.95.

Thanks for the tips. I ordered from Tenenz in 2009, but I forgot the name of the place and didn't have a second to look up the invoice. I ordered from Nelco last year. I did place an an order from Tenenz on Jan. 3 Still haven't received it. I received an order confirmation but no shipment confirmation, which I found odd. I've e-mailed them to see what's up.

Happy 2012 everyone. I am looking to order some envelopes for my client's returns. I ordered from Nelco last year but prices seem a bit steep this year. Can anyone recommend an online tax preparer supplies store that I can compare prices with? Even better if they are compatible with ATX software, which Nelco seems to lack this year as well.

Has anyone received infomation on the 2012 fees for ATX and SBTPG bank product fees? When I enrolled with SBTPG through the myATX portal, I notticed we are able to change the transmitter fee to either $0, $5, or $10. However, I have not seen the 2012 SFS Technology fee, which ATX charges. Last year it was $21.00. I also cannot locate SBTPG's 2012 fee for their Refund Transfer bank product. Last year it was $29.95. Has anyone found these? I already have an e-mail into SPTPG. Still waiting for an answer.

I doubt it's all on one line as you show, since the SSN card isn't that wide. Usually the SSN prints the First and Middle on Line 1. Then the Last names are printed on Line 2. IRS only cares about the FIRST 4-5 characters of the FIRST last name. Try John R. King The kid now has a girl's middle name because his parents didn't know how to fill out a SSN application properly. Besides, it's ludicrous that the SSA has not updates the SSN card to include labeled fields such as "First Name", "Middle Name", and "Last Name". This would be so easy for them to do.

Maybe it's not a 1099. I can't remember the form number off-hand. But I have seen a form issued by the attorney whenever a large amount of proceeds are paid to a seller. On the form it says "This information is being furnished to the IRS". Otherwise, how would the IRS be made aware of such a substantial payout?

He has no other income right now, since he is out of work. But he had some savings and used them to invest in this property. However his wife works a regular job. He didn't do the work himself. He hired contractors to do the work. I was always under the assumption it was a short term capital gain. He's not a speculator or anything. So he doesn't even have plans to do this again it's not really his line of work. So this sounds like a Schedule C? Wouldn't that be more costly due to the self-employment tax? I have both HUD closing sheets, from the original purchase and the sale 7 months later. I was under the impression that the closing attorney usually gave the seller a 1099 whenever there is a substantial gain. But nothing was issued.

On the Sch D, are the expenses simply added into the Cost/Basis along with the purchase price of the property?

Have a client who purchased an investment property at auction in June 20009 for $30,000. Invested about $31,000 fixing it up. Sold it for $115,000 in January 2010. Before expenses, there would appear to be a gain of $85000. After expenses it's a net gain of $64,000. I am assuming this is a typical short-term Schedule D capital gains item of $64,000, correct? Any other considerations that need to be looked at?

Client also has accumulated depreciation of $50,929. Where do I insert this for the recapture? I have looked all over the 4797 and the Asset Tab and the Schedule E. And I can't find it. Any ideas?

Thanks for the input. I finally got to this. Basis was $405,000. Which means client actually had a $125,000 loss on the form 4797.

Thanks for the input. I finally got to this. Basis was $405,000. Which means client actually had a $125,000 loss on the form 4797

I have a Single client who has an AGI of $109,000. He contributed $4800 to his Roth IRA in 2010. However, the program is showing an excess contribution of $1,260 on form 5329. I know that the phaseout is between $105,000-120,000. First, does this phaseout amount sound right? Secondly, if he did contribute excess, if he withdraws it by April 17, 2011, can he avoid the penalty?

The security weaknesses in Internet Explorer are notoriorious. Chrome is by far the most secure browser. As witnessed in the recent Pwn2Own contest in which not a single hacker worldwide accepted Google's challenge of hacking Chrome for $25,000 prize money. Internet Explorer and Apple Safari fell in 5 seconds. http://arstechnica.com/security/news/2011/03/pwn2own-day-one-safari-ie8-fall-chrome-unchallenged.ars Recently, a severe security hole in Adobe Flash was discovered. Adobe is still working on a patch. Google decided it was taking too long for it's taste and patched Chrome itself. It is now the only browser with Flash running securely. http://www.slashgear.com/chrome-gets-flash-player-exploit-fix-ahead-of-rivals-21141290/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+slashgear+(SlashGear) So yeah, Google Chrome is my browser of choice. I also tried to get one of those Google CR-48 laptops running Chrome OS.. but alas.. Google didn't choose me. :wall:

I personally use Chrome, but I keep IE installed for various programs that require it. Astonishingly, most financial and insurance sites requires IE, which is ironic. I didn't even think IE could be uninstalled, as it is part of the OS.

This was the info that I found on NYS website, and I believe he qualifies under these criteria, since his wife and kid live in NJ. They must have spent part of one day in New York at some point within the last year. However, my question is, how do I get ATX to recognize the exemption? If he doesn't claim the exemtion he is basically going to pay $700 this year in NYS taxes since th military did not withhold any NYS income tax from his pay. On other states, such as Maryland, I have found specific checkboxes that would force the calculation. I don't see anything like that in ATX on the NYS forms. I was hoping a New York preparer here could point it out to me.

I am doing my cousin's taxes. He is stationed abroad but has his legal residency in New York State. He has some rental property in NJ. He sent me a copy of his 2009 return, which was prepared by HR Block in NJ. I noticed he paid over $800 in NYS income tax. He mentioned that he thought he was exempt. I did some research online and I did find that military members may be exempt. He hasn't lived in NY since he joined the military. I scoured the NY return in ATX but I cannot find a reference to any military status. Does anyone here know if there is an exemption. If so, where should I find it in ATX?

I have never sent the 1040 in when filing an amendment. I only send the 1040X, and any changed Schedules. I don't even send a copy of the original return, with the logic that all this data is already in the IRS system, and sending additional paperwork simply increases the chances for something going wrong. I simply provide a detailed explanation on the 1040X. I have never had a problem with an amendement filed this way.

I am on the line now with ATX. Apparently there is a particular schedule that my state wants included in every return, yet ATX has not been transmitting in the e-file. So I have clients whose state refunds are being delayed until they receive this schedule. Customer Care has the audacity to ask me if I have performed a "manual upate" to my software. I said I have it set to automatically install updates at starup. So it updates everyday automatically, sometimes twice or three times a day if I retart the program more than once. Oh now. They say that I should perform a manual update each day in addition to an "automatic update". Are these people on drugs? I specifically set it to update automatically because with as busy as I am during tax season the last thing I want to do is worry about remembering to update my tax software! I remembmer a rep telling me this last year as well. They seem to blame any isseue on the lack of manual updates by the preparer. I told the rep that I am not even going to discuss the issue. When I set it to AUTOMATIC, it should be AUTOMATIC. There is no warning or dialig box that says a manual update should also be done. Am I being unreasonable in expecting this?

As far as I know it was $1500 total over 2009-2010.

I already filed client's return a few weeks ago. Yesterday the client brings me a 1099-A sent to her from the bank. Box 2 "Balance of principal outstanding" indicates an amount of $280,000.00. Box 4 "Fair market value of property" indicates a value of $115,000.00 Box 5 "Was borrower personally liable for repayment of the debt?" is checked NO. The property was a non-owner occupied 3 unit rental property, which was foreclosed on. Does this mean that this client needs to report $165,000.00 in income on an amended return? :blink:

Besides... $35? No biggie! Try my problem last week when Intuit Merchant Solutions double-billed my client who I processed a credit card for, and then caused her to have two overdraft fees. If it were any client... than that would be fine. But it was one of my most difficult clients to begin with. :angry:

I can't complain about forms this year. Everything I needed was good to go pretty much about when I needed it.

My thought is that since he agreed verbally to deposit the check on 2/15, but instead deposited it on 2/14.

Well if she doesn't owe you a balance. Then just pay her the $35 to shut her up. It was "technically" partially your mistake. She'll probably be back next year though....