stupid

[spencer]

I've done enough stupid things this week and it's only Wednesday. Think I'll go stick my head in a bucket of sand. Anyone got a secret number for the IRS that works? Client mailed his FTHBC return and is anxious that nothing go wrong.....big refund. I, however
had reversed his name on the return. Last name first, first name last. Will this delay client's refund?

[Edsel]

Stupid II

Spencer, glad to know it's not just me...

[S T]

March Stress

I don't think I have done anything "stupid" but each morning I feel "stupid"
Overwhelmed might be a good term right about now!

Sandy

[Lion]

Lack of Sleep

Try Practitioner Priority Service 866-860-4259

[BOB W]

I've done enough stupid things this week and it's only Wednesday. Think I'll go stick my head in a bucket of sand. Anyone got a secret number for the IRS that works? Client mailed his FTHBC return and is anxious that nothing go wrong.....big refund. I, however
had reversed his name on the return. Last name first, first name last. Will this delay client's refund?

Yes, it will be delayed on a mismatch error. Saying that, it was going to be a long time to get the refund anyway. The mismatch error would come back fairly quickly. Maybe the IRS will see the problem and process it anyway.

Call the number Lion gave to see if it will help. Good Luck.

[BHoffman]

Stupid is as stupid does....

Glad to know I'm not the only one with the "stupids"

[SueBaby]

I've done enough stupid things this week and it's only Wednesday. Think I'll go stick my head in a bucket of sand. Anyone got a secret number for the IRS that works? Client mailed his FTHBC return and is anxious that nothing go wrong.....big refund. I, however
had reversed his name on the return. Last name first, first name last. Will this delay client's refund?

The stupid thing I have ever done was a couple of weeks ago. I had to look up someones return in 08 and when this new client came in I worked his in 08: since (stupid me) was already there!
Could have kicked myself 20 times over that mistake.

[Burke]

I find this time of year, I have to double check a lot of stuff before it can go. Just had a long-time client come in, and handed me my client letter he received addressed to Estate of Taxpayer & Spouse. Had a big laugh. They were both sitting there and I wrote "Not Yet" on the letter and put it in the file. There was an obituary in the paper in Jan relating the death of a resident with the SAME name and SAME name of wife (who had predeceased him) and I got them confused with another client whom I knew had died.

[ChEAr$]

The stupid thing I have ever done was a couple of weeks ago. I had to look up someones return in 08 and when this new client came in I worked his in 08: since (stupid me) was already there!
Could have kicked myself 20 times over that mistake.

Here's what I did to prevent this from happening, since I also like to have 2008 returns on the screen for reference. On the first of January every year I go into the default settings of my tax software and change the background to any other color than the default of this year's software. As a result, 2008 software has a green background, while 2007 uses yellow, 2006, ... pink... etc

[BHoffman]

Every single year

Every single year I have to relearn the same doggone thing:

Scorp client buys a piece of equipment in 2007 for $10,000. Takes Sec 179 on the entire amount.

Scorp client sells that equipment in 2009 for $8,000.

Form 4797 in his 1040 should like like this, right?:

Form 4797:

Line 20 $ 8000 Gross sales price
Line 21 $10000 Cost or basis
Line 22 $10000 Depreciation allowed or allowable
Line 23 $0 Adjusted basis
Line 24 $8000 Total gain
Line 25a $10000 Depr allowed or allowable
Line 25b $8000 Smaller of line 24 or 25b

And the $8000 flows to line 14 of the 1040 and we're done, right?

For some reason, I always feel like I'm missing a step here. For some reason, I always feel like I should do something about figuring out the MACRS depreciation or something like that, but then I think that is only done if the equipment was converted to personal use or something like that....and then I make myself a tasty snack and take a deep breath....

...and then I continue to wonder when when is it that you have to figure out the MACRS against the Sec 179 and it should be easy and probably is but for some reason I just have a mental block about it and wonder how I can be so confident about some pretty complicated stuff and then be so stupid about things like this that are probably very easy.

...and then I look up "recapture" on another message board and see that New York Enrolled Agent answered this question for me. Indeed - the only time you have to figure out what the MACRS depreciation would be is if you converted it to personal use before the useful life is up.

This time, I'm smart and I printed it

[spencer]

Thank you for your comments. I feel better already. Lion, thanks, I'll try the number

[oceanlovin'ea]

Harlan

Harlan, that is brilliant!!

I will do that immediately.

Linda

[S T]

All Stupid

Harlan, thanks for posting that little tip

B Hoffman - Glad I am not alone - that is why some times I delay a day or two to let clients know certain things - nothing definitive on the spot - need research - I will get back to you sort of thing

Oh yes BH - the forms, glad I am not only one that has to look up the 4797 rules each year, along with many other forms One would think I would know it by now But Noooooo

Right now I can't even say the words to my husband - good morning. I just give him a "pat" on the back and move forward to the kitchen and I am lucky if I remember how to figure out how to set up the coffee pot to get my AM jump start.



Sandy

[SueBaby]

Here's what I did to prevent this from happening, since I also like to have 2008 returns on the screen for reference. On the first of January every year I go into the default settings of my tax software and change the background to any other color than the default of this year's software. As a result, 2008 software has a green background, while 2007 uses yellow, 2006, ... pink... etc

My 08 was light blue and my 09 was gray and I was way too tired to notice colors. Gotta make them BOLD BRIGHT colors from now on.

[RitaB]

Love the stupid stories and tips

Sandy - My poor kids think I've lost it. I could not think of the word "shoes" the other day, and just stupidly pointed at my son's shoes and said, "Hey, honey, would you put up your, uh, uh, uh, you know, those things that go on your feet..."

He goes, "Shoes? Mom, are you OK? Do you need some coffee?"