Lion EA

A very to one of the people who keeps us all functioning throughout tax season!

I wouldn't mind looking like that tall leggy female CPA in the dark pantsuit and bright blouse with the sultry dark eyes and long hair. In fact, she's my twin sister. Yeah, that's it. That's my story and I'm sticking to it.

Congratulations, Margaret! B)

A real groaner, Rita! :spaz:

I have a home office. I'm NEVER as well dressed as they are. Right now, I'm in my exercise clothes. In a minute, I'm going to be working in my jammies.

You did get a bull involved, right?! Why is it that if the bull doesn't do his job, he gets to stay; but when your cow didn't keep up her end of the bargain, she's outta there? You're not getting rid of a kid or two, too?!

A conversion happens the date it happens, converting all or part of prior contributions. So, now would be a 2010 conversion. He can make a 2009 contribution now, limited to his situation on his 2009 tax return and 2009 contribution limits. Some people who don't qualify to make 2009 Roth contributions are making non-deductible traditional IRA contributions for 2009 and then converting all their traditional IRAs into a Roth now that it's 2010 without the AGI limit on conversions. If you took a tax update course, now would be a good time to review your notes about the changes for 2010 and also 2011/2012 to discuss with your clients.

Did they have to sell more than the usual amount of their herd this year due to weather conditions? They might be eligible to defer some of their sales.

Have client call the IRS to ask what type of entity is their EIN. What they put on their SS-4. And, tell them to start a permanent file to keep things like their SS-4.

It doesn't matter. It's April; do what's easiest for YOU. I was told by an IRS liaison (after a client had sent in ES payments using the second name listed on the return) during an NAEA/CtSEA meeting that the IRS computers do a search on the primary SSN on the return to match up documents, ES payments, prior year balances due, etc., and then they do a second run on the secondary SSN. After all, they have to match the spouse's W-2s and other documents, also. You're probably more likely to confuse people (than computers) at the IRS if the names are in a different order in different years and you're calling about a carry back or forward. Besides, if this is their first year MFJ, then one of them was primary last year but will be secondary this year, no matter which way you list them!

Back many years, SSNs also appeared on health insurance claims, checks, and other documents. With POA, try for a joint return on e-Services.

She could check with the state to find out what type of entity they organized as.

I would suggest you open emails from IRS during tax season especially!

A conversion is based on when it's done (not like a contribution that can be made the following year for the tax year before). He can convert as little or as much as he wants and pay 2010 taxes, or for this year's conversions only, he can choose to include the income from his 2010 conversion evenly on his 2011 and 2012 tax returns instead. The $100,000 ceiling on AGI for conversions is removed. He can recharacterize his conversion as late as his filing deadline including extensions. So, if he converts now and next tax season his account is falling, you can put him on extension so he has until 15 October 2011 to recharacterize his 2010 conversion back into a traditional IRA so he can convert again (30 days or next tax year, I think) when his account is lower and he'll pay less tax. He can segregate into separate accounts, if one type of his investment is likely to drop while another rises. Read up on the techniques available on the IRS site and through your trade organizations such as NAEA and NATP. If he expects his tax rate to be lower in 2010 due to unemployment, he may want to pay the taxes for the conversion on his 2010 return. Or, if he's in one of the top two tax brackets expected to rise in 2011. This is a huge opportunity. Our clients have heard about his; although, sometimes from their barber or mechanic, and will be asking or be doing without telling us. It's a great chance for us to be their heroes, save them some taxes overall, set them up for the future, etc. Read up on this fast. I don't see some of my clients until this time next year, so I've been talking with them when I have them face to face so they don't do something they don't understand or miss an opportunity. Many of my clients expect their income to remain lower in 2010 with no bonuses. Their IRA accounts are starting to rise again. Talk to your clients sooner rather than later.

I was wondering more about the requirement to use it regularly. If they have nine rent checks to deposit each month, how much time could that take in the office filling out the deposit ticket?!

A very Wait a week to celebrate!

Understanding boys you have there, Marilyn.

Beautiful !! (We need an empty pocket smilie!)

How many rentals do they have?! Is the office used regularly and exclusively for their rental activity?

Charitable contributions are lower of cost or FMV for unappreciated assets.

Thank you, KC. I'm sure that's why she sent it to me. I thought about that but didn't edit it until you mentioned it.

Elrod not follow directions. Typical man. When all else fails, read the instructions. But, I love you anyway, Elrod.

Not only is my son getting married, my stepdaughter has her first "adult" job and was excited about getting a long box of premium business cards. She just emailed me the following: Joke of the Week I get a weekly school newsletter with info and jokes and stuff- I'm such a big girl! The following breeds are now recognized by the AKC: Collie + Lhasa Apso = Collapso, a dog that folds up easy for transporting Spitz + Chow Chow = Spitz-Chow, a dog that throws up alot Pointer + Setter = Poinsetter, a traditional Christmas pet Great Pyrenees + Dachshund = Pyradachs, a puzzling breed Pekingnese + Lhasa Apso = Peekasso, an abstract dog Irish Water Spaniel + English Springer Spaniel = Irish Springer, a dog fresh and clean as a whistle Labrador Retriever + Curly Coated Retriever = Lab Coat Retriever, the choice of research scientists Newfoundland + Basset Hound = Newfound Asset Hound, a dog for financial advisors & TAX PREPARERS Terrier + Bulldog = Terribull, a dog that makes awful mistakes Bloodhound + Labrador = Blabador, not a popular dog with CIA agents Malamute + Pointer = Moot Point, owned by... oh, well, it doesn't matter anyway Collie + Malamute = Commute, a dog that travels to work Deerhound + Terrier = Derriere, a dog that's true to the end

Dear Client, No. I do not know which box you should check in TurboTax. I know I use software also, but not TurboTax. I still think you should call TT even though you can reach me anytime (that's going to change now that I recognize your telephone number) and have a long hold time on TT in April. Since I gave you your K-1 way back on 1 March at your insistence nice and early, why are you still preparing your personal return in April, anyway?! Yes, I know the partner's health insurance came from the K-1 that I prepared for your partnership, but I do not know the situation on your personal return or how big a loss you have from self-employment (Mary Kay) or what your schedule SE reports, so I cannot tell you where you qualify to deduct how much health insurance on your return. The same for your HSA and your SIMPLE plan. If you were not too cheap to have me prepare your personal return also, you would not be going through this. And, the four telephone calls we've had re your personal return would've been time enough for me to prepare your personal returns. I do not agree with you that it is my responsibility, as the preparer of your K-1, to follow it through your personal return when I have never laid eyes on your personal return. Yes, I know you were busy buying Easter things for your daughters and didn't have time to read the instructions. I would be glad to read the instructions for you at my current hourly rate. But, it's easy and won't take me any time at all, you say? I know I met you at church, but to quote RitaB, "Agape is over." Not your Form 1040 preparer, Rita L

...and Sandy/Tilt. We promise to keep praying and you all promise to keep posting updates. Remember we love you.