User talk:Sw

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Ky Fiduciary - form 741

Hello, I was wondering if you could possibly help me with a couple of questions on this form. I just need reassurance on a few things. Can you believe I tried to call Revenue Cabinet and noone could help me??? They have no clue about this form!!! Guess I could fill it out anyway and they wouldn't know if its wrong!!!!! Anyway, I am trying to prepare this return for a cemetery perpetual care fund......It looks like the prior preparer took a deduction on line 6 for the mowing expense, which is carried over from line 18 of the federal form 1041. Is that right?? As well, prior preparer did return by hand, I am using software program and when I enter that number for line 6 of Ky return, it also calculates a number for line 7 (portion of deductions allocable to ine 6). IN her prior 3 yrs of preparing, she never entered a # for line 7. I figure thats because it was by hand...and she didnt know too......Should that calculation be entered. I really appreciate your time and advice....Thanks so much!

Kytaxpreparer 17:35, 19 February 2007 (CST) Gayla (KYtaxpreparer)

Fiduciary

Yes, that is the line (18) on the federal 1041 that you enter the maintenance for the cemetery. It even states it in the instructions....thanks though for your time in responding....who is Dennis??

Kytaxpreparer 18:21, 19 February 2007 (CST)

Per 1065/farm

Hi Sharon, kind of still confused on what you meant PART II-PART V if "they have Form 4835 on personal return". Am I on the right track as far as 4835--to--1065/K-1 to ---Sch E-- to ---1040---? Sorry to bug ya Sharon and thank you for your help!!

south carolna has a 3000.00 deduction for volunteer fireman that meet certian guidlines such as training,call volume,work details,and attendance.sheets are given out each year and filled out by the chief,also the food allowance deal i have done it before with companies and acountants,everyone knows its there

1065

Wanted to ask a fellow kentuckian for some advice and help regarding 1065. If you have time to help or answer my question, please email me at g.lewis@vvdsi.com. Thanks in advance!!!

Taxestaxes 10:38, 31 March 2008 (CDT)

Tobacco Buyout - inherited?

Hi Sharon, I noticed in my search on this topic, you responded alot, so I thought maybe you could clarify for me. I have a client, whom inherited her father's tobacco buyout for the remaining years left.....should this be reported on sched. F for her? That is how her father's was reported.....Thanks. G. Lewis Taxestaxes 10:17, 12 March 2009 (CDT)

MWP Credit

Hi. I'm not sure when you left me that message, but I'm sure it was a while ago. I haven't been on this site for 3 weeks. I’m dealing with a lot of problems right now.

Yes, I still have clients getting the refunds. I tell them that according to the tax laws, they should return the check to the IRS, but the choice is theirs. I also let them know that it didn't just happen to them, or even to a few people, but to thousands of taxpayers. They are aware that if they keep the money, the IRS may or may not ask for it back. Since I offered to write an explanation letter to send with the check if they wished to return it, and no one has called me to do so, I am assuming that everyone I talked to decided to keep the money and take their chances.

I have poked around some more regarding this, and found a few things of interest. This one REALLY ticks me off: http://www.irs.gov/taxpros/article/0,,id=99008,00.html Then click on Top Errors for Paid Preparers on Paper Return Submissions which is under "Resources for Tax Preparers" The IRS is saying that nearly 100,000 TAX PREPARERS made the error of not claiming an eligible MWP credit. That number doesn't even include the ones that claimed a credit but not the full amount (one of mine was eligible for only a partial credit and the IRS sent her the balance of the $400). You would think that someone would notice the unusually high number of errors and investigate….. oh, right. We’re talking about the IRS. Okay, since you’re on the IRS website, search “ITA”. Or, here’s the link: http://www.irs.gov/ita/index.html Click on #7 and go through it using the info from one of your client’s returns. When you get to earned income, click on it and see if you see anything that would make someone think their SS exempt Schedule C or F income should not be considered earned income. I sure didn’t!! And it’s the same for the additional child tax credit too (#6)! I thought that maybe they forgot to add the exceptions to the earned income description in the interactive area of their website. However, if you use the ITA for EIC, it also gives you a link to define earned income. Guess what? They got the rules correct there! http://apps.irs.gov/app/eitc2009/Return_To_Start.do Anyway, the whole thing is really annoying, and makes our clients think we don't know what we're doing. Even though probably hundreds of us have informed the IRS of the mistake, they don’t do anything about it. At first we are not believed, then argued with, and after much wasted time, informed that we are right, but nothing can be done on their end. On a few other websites where this is being talked about, some people are saying that the IRS has talked to the NAPT about the problem, and one person even said that the IRS had assured the NATP that the errors had been fixed, but that was back in mid April, so apparently not since people are still receiving refunds a month later.I searched their website, but didn't see anything about it. My search was limited though, since I'm not a member. Let me know if you end up hearing anything new and I’ll do the same. Thanks! Sharon1221 10:59, 26 May 2010 (CDT)Sharon

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