Lion EA

Oh, yes, I've done that. For years. But, as I got older with arthritis in my hands, I've gone with fast and easy. One staple, shove, done. No complaints and actually a few compliments on my packaging. And, easy on the telephone when I tell them to grab their navy blue folder for 2014 or the paper folder for the trust/vinyl for joint or whatever. I've had new clients come to me with their prior year folders torn apart when they looked for something or made a copy for a bank or someone else took it apart to take out a depreciation schedule or something, so those business-like folders don't always stay that way. Not to mention those that bring in the wrong years when they all look alike. I spend my money on my software and my education. I used to buy more expensive paper also for client copies. But, as I saw how few ever looked at them after leaving my office (and some don't pay attention while in my office!) I just use the same multi-purpose paper for everything here. I am always in a state of flux to do what matters to my clients.

I use the back-to-school sale two-pocket folders from Staples, a different color for each year, with metallic "year" stickers from M&C. Then I get larger ones in the same color and large vinyl ones in the same (or similar, not as much choice in colors in vinyl) for the larger returns. Most of my clients still want paper and lots of it to overwhelm mortgage companies, colleges, etc. I staple the returns in the corner and insert in the right pocket with client documents in the left. Sometimes the states need to go in the left also &/or the K-1s from PEs. This year I have orange cheap folders (but they look pretty nice with the stickers and my biz card in the slots in the pocket) and wider orange folders that expand to hold more pages and orange vinyl folders that hold lots and lots as the pockets are attached on only two sides so really expand. I even have a few yellow folders for when there are several returns per family, if they want a different color for the kids or biz or trust or.... A few of my clients like a .pdf, whether uploaded to my portal or on some media. Some want both. And, a few do want a smaller, basic paper return. It's just me collating returns, so I try to make it easy on myself and still keep clients happy. The real tax return folders were always a nightmare for me to staple; lots of big returns with pages sliding and ending up skewed and those large staples a pain to remove.

Or, keep two sets of books on that bank account: her business books and books detailing the real estate business. The loan proceeds she deposited were not income to her business. Move the proceeds, and any interest earned and the net of all the RE transactions, out of her biz account now. After the move, your original biz books will match the bank account, and your RE books will match her new RE bank account. And, remind her how co-mingling funds can wipe out the liability protection she thinks she has in a corporation.

His proceeds from the other 150 shares are his cost basis in the 150 he kept, or his giving back 150 shares to the company are his cost basis in the 150 he kept. Ask your client. Or, tell him to ask his employer. What Cred said.

He paid for 150 shares of his stock by buying/selling the other 150 shares, didn't he?

I get phone calls from them often and often during tax season. Sometimes they email during tax season to ask to talk after season, but that's not much better. Several years ago, I did evaluate their product. It wasn't better than my ProSystem fx and it was a lot more expensive. But, I don't think I'd buy from them unless their product was absolutely amazing and free, because I don't like their pushy sales tactics. As Judy said, they don't act as if they're trying to help me.

He may need to amend his incorporation statement with the state if he was too specific to financial planning and didn't allow himself some wiggle room, such as ...and any other lawful business activities...

TimberTax.org

Dark chocolate.

You'll want to read the paperwork. Your description suggests he received half by gift in 2009 at half his mother's basis at that time. Then inherited the other half from his mother in 2010 at stepped up/down DOD value.

That's why this supposedly-within-the-same-biz email probably catches a few that would never open a link nor Reply to an outsider without checking with their boss. This supposedly came from the boss. It was well written, and at a large company probably gathers a lot of W-2s. Even when you hover over the Sender's email address, you get the same email address, but both are formatted wrong for my client. The phisher set up an email address to receive W-2 copies that uses the company's own domain name. Luckily, this is a tightly held S-corp with a specific formatting to their email addresses, a Paychex binder kept in the supposed sender's closet, and he uses an Android, so it stood out to me. I warned his staff, just in case.

Just fill out the support statement with them to determine if daughter paid for more than half her own support and keep it in your records. I'd start with ballpark figures from their memory plus documents they can get quickly. If it's not overwhelmingly in one direction or the other, then get more detailed expenses and backup. Keep document in your files. And, tell them what to give you next year, since this is an annual determination. One year with the daughter supporting herself doesn't mean she always supports herself. Even with a windfall, she might save it and not spend it.

Received this morning spoofing one of my biz clients: Request for Employee W-2s Email from ROBERT CAREY: Request for Employee W-2s 8:55 AM ROBERT CAREY To [email protected] Hi Rita, Could you please forward me a pdf copy of all employees' W2s? I would like to make a quick review. Thanks Robert sent from my iPhone

The building doesn't have an existing roof?!

I'm very sorry. I too have had cats. They are part of our family, they rule the family. Allow your self to grieve. And, you can always vent here.

I jack up her next return! But, I also refuse to answer legal questions telling her flat out that I cannot practice law in CT.

I have one who calls with legal questions. I always tell her they are legal questions and to call her lawyer. She always says that he charges her for phone calls so she calls me instead.

I told the estate-that-just-will-not-close that emailed today that they'll be on extension. Think I'll tell everyone from now on -- extensions. Certainly, by 15 March that's my catch phrase. (There have been years that I said it 1 March!) It seems that almost ALL my clients dropped off in February, so I have a huge backlog and am officially behind and feeling the stress from looking at the bookshelf full of returns to prep. Saying the E word out loud reduces my stress.

I think the two Octobers were due to the family size that increased 7 October when emergency C-section. But husband is only one with two Octobers. What I find confusing, is that the PA Marketplace moved mother-to-be to Medicaid in July when she reported to them in June that she was pregnant. But, she was working and had income. Husband was jobless all year and they kept him in PA Marketplace. Then mother remained on Medicaid with baby from October forward. Husband remained on PA Marketplace with different amounts, which makes sense due to increase in family size, but why not Medicaid with no income? I can enter multiple forms, so going to try this today. I hate Obamacare.

They have one 1095-B that lists the W for June-December and the baby for October-December. They have a 1095-A that lists W and H for January-June with columns A, B, and C. A second 1095-A for H for July-October with three columns. And, a third 1095-A for H October-December (yes, two Octobers for H) with three columns. Help!

So, I have my first ACA coming up. It's my kids, so a freebie. H/W on Marketplace January - June with 1095-A. W finds out she's pregnant and notifies the Marketplace which puts her on Medicaid but keeps H on Marketplace so H only 1095-A July - October. Baby born prematurely in October so baby and W both on Medicaid. H with larger family size has new 1095-A for October - December. Son has numbers all year; although, two sets of numbers for October. W has numbers January - June. Baby has no numbers. How do I note that the missing months for W and baby are on Medicaid and, therefore, MEC all year?

MMLLC would file Form 1065. (Don't know about community property state.) SMLLC is disregarded as a separate entity unless it elects corporate taxation, so files Schedule E as if not LLC existed.

Where can I buy a tax dart board? That would be easier on my neck that looking at my ceiling and exercise my hand/eye coordination at the same time. I want one with a replacement center so I can add a picture. Political candidates right now, but clients, too. Don't tell.

Clients may tell you they are legally separated, because their lawyer told them to live separately for legal reasons; but some states (CT) do not or rarely grant legal separations. If your clients do not have a separation agreement on paper that they must abide by, then everything is still in negotiation and things can turn ugly quickly. They may sit with you and agree to each claim one child, for instance, then go tell their lawyers, and end up calling you and accusing you of siding with the other spouse and not having their best interests in mind. That last part could be true. How can you have the best interests of A when some of his/her tax items impact B who is also your client? Make sure you've talked with your E&O insurance carrier and have all applicable conflict of interest documents signed.

Yes. I think of it as anything I enter on Schedule B or that comes in on 1099-INT or -DIV could go on parents' return, but Schedule D/1099-B requires the child to file a return -- as my starting point to look at the whole family. Most of the time, even if I may use 8814 on parents', I often will NOT want to as it raises parents' AGI, changing things like medical deductions and their state returns.