Everyone knows about the April 15th tax deadline. It is covered on the news and detested by all taxpayers.
But few know about the other deadlines: July 15 for a partnership return that filed for an extension back on April 15, September 15 for a trust, ditto, and October 15 for 1040s that were extended in April.
What all this means is that I am back at work 30 hours/week until the October deadline.
One thing that seems to be different about the October deadline -- and I have only worked the fall busy season a couple of times in the past -- is that people who invested in hedge funds* have now received the 2010 tax information from them. The K-1 from a hedge fund seems to be an entirely different animal than the K-1s I have worked with for the past 18 years -- complex and confusing. ¶988 gains? WTF are those? Ordinary or capital? (For those of you who are interested, they are gains and losses on currency transactions. Whether they are ordinary or capital depends on... something.)
Anyway, this is a long-winded way of saying that posting here may be scarce until mid-October. Please control your emotions.
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* Also, WTF is a hedge fund, exactly?** As far as I can tell it is similar to a mutual fund except that you cannot get into one unless you have at least several hundred thousand dollars or even millions to invest , depending on the fund. Hedging seems to be optional and not the primary aim of the fund; like many, many other things in Wall Street, nomenclature is designed to confuse, not illuminate nor describe.
** Okay after writing that I consulted The Authority -- Wikipedia -- and found that my impression was correct except that I left out that a hedge fund is "aggressively managed". I think that is a polite way of saying it will do anything to make money, right up to and way beyond any ethical and/or legal limits. I'm not sure a hedge fund manager is even human in the usual sense...
*** Oh, yeah. Yesterday was my birthday. Thanks to all of you on Facebook who sent me greetings!
