User talk:Lois
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Welcome
Hello Lois - welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.
As you begin to interact on TaxAlmanac, your changes will be linked to your personal user page. We encourage you to edit this page and add a short description about yourself. This will allow others to better understand your background and qualifications as they review any replies or information that you submit.
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I hope you enjoy being a member of the TaxAlmanac community! If you have any questions, see the help pages or ask me on my talk page. Again, welcome!
- Tim Doyle, TaxAlmanac Moderator, Tdoyle 11:28, 5 January 2006 (CST)
Class Materials?
Lois:
You wrote that you teach free classes on subjects such as Launching Your Business and Making Your Life Tax Deductible. Would you consider creating articles on these topics here on TaxAlmanac? We're trying to grow the number of articles here and these sound like great subjects that could really help others!
If you are willing to try this, here's how to start. Simply type the title / subject name of the article you'd like to start in the search box on the left side of the screen. A search results screen will be displayed and there will be a link to create a new article of that title near the top. Click that link and an edit screen will be displayed. Simply start typing or paste information in from another file if you have anything there. You can preview or save and come back and edit as many times as you'd like. These articles don't have to be complete or thorough - anything will be useful! And don't worry about making it perfect - I will see what you do and can add formatting and appropriate links, etc.
If you aren't comfortable doing this, I certainly understand that as well.
Thank you!
- Tim Doyle, TaxAlmanac Moderator
realtor deducations
Lois,
I would love to get a copy of this also, if you don't mind. You may reach me at lynn.kline@tpco.com.
Thanks so much. Lynnkline 16:18, 5 June 2006 (CDT)
Hiring A Tax Preparer for the 1st time
YOUR REMARKS: For the first time I am hiring a tax preparer to help me during tax season. She is not degreed, not a CPA, not an Enrolled Agent. She will not sign any returns. I will sign everything upon review. Does she need a TIN number? Do I need to notify my software company that there is another preparer even if I'm the only signer?
Lois,
If the person is truly knowledgable in the field of tax return preparation, then it may not matter if the person is a CPA or an E.A. People with such credentials have passed rigorous exams in order to be granted the right to use those credentials.
One of the major things in the area of accounting/tax work that distinguishes the C.P.A. is his/her ability to AUDIT books, records, etc. and most importantly, sign off on those audits, which others are generally prohibited by law from doing. That is not to say that others don't have the capability or may even be better at performing those kinds of tasks, it's just that certain banks, etc., when needing audits performed for whatever reason, want them signed off by a Certified Public Accountant.
As you may or may not know the E.A. designation is issued by the I.R.S.. Such a person is allowed by law to represent taxpayers in hearings conducted before the Internal Revenue Service, b/c, much like a person who is a C.P.A. they've demonstrated they have the necessary qualifications to execute duties commensurate with whatever taxing-demands a client may place upon her or him.
It's possible for a person to be very good in the taxation arena and still not have a college degree. I happen to have >1, but that in itself is not what makes me more qualified than someone w/ just 1 degree or maybe not even any. There are many well qualified individuals who have not gone to college, yet like me, continue to enroll in tax seminars, subscribe to various tax pubs, are part of professional organizations, etc., all w/ the purpose in mind of providing their clients w/ the best possible professional help they can at reasonable fees.
You said that you are hiring a tax preparer to help you during tax season. You stated "She Will not sign any returns". Is that your mandate, or is that her avowed position?
Is she going to be preparing tax returns? If so, is she going to be doing the work for free? If you are going to be paying her, then she would be considered a PAID PREPARER. As such the law requires all tax returns to be signed by PAID PREPARERS.
Besides the signature of the PAID PREPARER also required on the return is her or his Soc. Sec. # or a PTIN, or an E.I.N. If the preparer is refusing to sign the return, perhaps it's time to question the reasoning behind such refusal. Better yet, look for someone who is willing to stand behind his or her work if the need should arise.
If you wish to contact me by e-mail for clarification on any of the foregoing, my e-mail addr. is ANTONIO_RANGEL@YAHOO.COM.
Adios,
=Tony=
Realtor deductions
Hi Lois, I read a post you left quite a while ago about a 1-2 page spreadsheet you had of common realtor deductions. I have a new client who is also a new realtor and I was wondering if you wouldn't mind sharing that spreadsheet with me. I have been preparing tax returns for about 20 years and have never had a realtor client. This doesn't have to be right now...after busy season is fine. I would really appreciate it. My email is sarah@matthewsgroup.org
Thanks in advance.
Desk Rent
Hi Lois,
I have a Real Estate Office as a Client and would like to know how to handle desk rent? Approximately 98% of the Income is from Commission etc. from the agents. The other 2% is from desk rental to another company. Should the rental income be reported on the 8825?
