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Big Bird to his best friend: Say it

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    Big Bird to his best friend: Say it

    ain't so, Snuffleupagus! IRS to practitioners: Drop dead!

    I can't believe it. While poaching on the "other" board, I noticed a poster referred to new IRS Form 8901 and, unbelievably, during the act of "simplifying" the many varying rules for CTC, HH, EIC, dependents, etc., they have created...ANOTHER FORM...and I quote (from Google):

    IRS has released a draft of new Form 8901, Information on Qualifying Children Who Are Not Dependents, for 2005. The form must be used by a taxpayer claiming the child tax credit (CTC) when the dependency exemption cannot or is not claimed. According to an entry in Federal Register on August 1, 2005:

    BECAUSE OF CHANGES MADE TO INTERNAL REVENUE CODE SECTIONS 24 AND 152, IT IS NOW POSSIBLE TO HAVE A CHILD WHO IS A QUALIFYING CHILD FOR PURPOSES OF THE CHILD TAX CREDIT BUT WHO IS NOT A DEPENDENT.

    The absurdity of creating an additional form to simplify anything seems self-evident to me.

    Oh well, who knows? It may actually be good for us; I'm too overwhelmed to even look into it.

    #2
    Form 8901

    Just like the EIC,,,,,my software should generate this form when applicable. If it does not, I'm in serious trouble.

    I can't believe what life must have been like before tax prep software. I started in 1989, never had the pleasure of using a pencil.
    Confucius say:
    He who sits on tack is better off.

    Comment


      #3
      Pencil Tax Returns

      Oh Help, and please spare me, the days of the pencil tax returns! Every now and then I recall them and I was fortunate enough to have a computer service behind the scenes. So we prepared the returns and submitted on a computer input form and then they were suppose to catch any discrepancies.

      I honestly don't know how we did those returns, going back to the early 1980's!

      Sandy

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        #4
        St

        I used to accept self prepared tax returns that were done by hand. I then would enter them onto my computer to e-file.

        I could not believe the error rates. My guess is at least 80%.
        Confucius say:
        He who sits on tack is better off.

        Comment


          #5
          Even Now

          Even now, I do not accept self prepared returns to efile! Just not worth the effort, I would have to reinput into my computer system and tax program and then efile. I can guarantee that my tax software diagnostics would "tilt" before the return was efiled. So for what I could charge, not going to entertain the idea!

          Sandy

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            #6
            I still remember the arguments in our office back in the 80’s over which was faster, software or by hand. Things started to swing towards software after they introduced passive loss rules back when we use to get all those K-1s from limited partnerships.

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              #7
              Hand Forms

              I'm just happy I don't have to fill out the Sch D by hand anymore. That was a chore in itself. With all the exceptions now and things that carry to many different sheets in would be a nightmare.
              Bill

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                #8
                Paper vs Computer

                I started doing tax returns in the 80's when we still had to WRITE returns. I really felt that I got a much better education in tax preparation then because you had to be able to carry the information through and you knew where it was going.
                I realize that now with all of the rules and exceptions and complex Schedule D's that preparing by hand would almost be impossible.
                But sometimes I feel like a data entry operator rather than a tax professional. I see the good points to both. And I guess I really wouldn't want to go back but I didn't mind the process.
                I know some of you will have a lot of fun with this.

                Linda F

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