Lynn EA USTCP in Louisiana

NC EA's - does NC have an e-file help desk for tax pro's? In light of the recently announced conformity to the IRC as of 2/8/18 I wonder if NC will be updating its 2017 forms. Thanks,

My invoice states a $25 fee will be assessed for any item returned by the bank. Hmmm, maybe time to increase that !!!

I am in the New Orleans area, so far removed from Dustin. Thanks, CATHERINE

Amending the prior returns (via the previous preparer) is NOT the right way to do this. Do the form 3115 . Just . do . it .......

Yes, if there is a positive adjustment, if the amount is under $25,000 (I think that is the magic number) taxpayer may elect to include it in one year, otherwise spread the 481(a) adjustment over 4 tax years. This is in the 3125 instructions

Remember, too, that the charity is not supposed to state a value of the goods donated. It is the donor's job to do that.

I remember Jerry Mealer.

No, you are not alone. Every year I feel something similar to an extent, I have to re-learn how to have a life outside of the office, and have come up with a schedule to get back to some semblance of 'normal.' My plans include being off every Friday, starting tomorrow. Every Friday off I have a household job to tackle. Tomorrow's job is to clean the laundry room and dryer vent. One of my dogs is really itchy with the oak pollen so he needs a soothing medicated bath . I have not been on my bicycle since early January so will ease back into that Saturday for a short bike ride. Another Friday I need to defrost the drain lines on both my refrigerator and freezer. The closets in the spare bedroom, my late mother's room, need another cleaning. I have new gardens that need weeding, (big sigh ... ).

Don't forget to inquire of foreign accounts for possible FBAR filing for 2018.

My son (my assistant) and I went out for Japanese . He had sushi and I had hibachi shrimp and broccoli.

It will create filing copies but alas you still have to go into each and every return to click on the efiling boxes, etc and make sure the $ amounts are what you want. I do them one.by.one as I initially open the return. Not a quick and easy method

New client came in today for an extension. Among the papers was a k-1 from an irrevocable trust set up by taxpayer's late grandfather, with Massachusetts k-1. I may need some assistance from Catherine in early May.

My most amazing client story is that of an almost 30 y/0 son of a deceased doctor. His dad had set up trust funds for the TP, overseen by the TP's uncle. Trust terminated last year and TP now in charge of managing his $. His tax docs , received last week, reflected IRA distiprivutioms, code 4, of about $200,000 and not one dime of withholding. I asked him what was he thinking tomwhich he replied he didn't consult with his mom because his uncle had already tried to talk him out of withdrawing the $. He never thought to call me beforehand. He now works as a police officer in a small podunk louisiana town.

NY Has a NY k-1 entry form. Does NJ too ??

JKLCPA ! Thank you for the nomination, CATHERINE for the second. My head is still spinning over these issues. I like your term, CATHERINE, legis-vermin. Oddly enough, the legislative attorney contacted the LA EA Society for our input on two bills being introduced next week to regulate tax preparers in Louisiana.

ATX just pushed out an update to this form - I'll have to check it to see if it cured my ills. Maybe this post could qualify me for the Tax Star of the week, don't ya'll think ??? !!!

The state legislature is to blame for these frickin' issues, which complicates what used to be a reasonably easy return to complete, 4 pages. This return is now 17 pages long!! My eyes cross trying to complete one without problems; tackling these with the legislature mandated limitations is so aggravating.

Illmas the support will be the client's copy of the check they received and their paperwork showing they rolled the money into an IRA within the 60 day window. Also, the respective 5498's.

I am home now so cannot pull up a 1099R in the program. Look at 1099R input in the program, line 2. Isn't there a box to check on line 2 to enter the amount in box 2 that was rolled over ?

I have a Louisiana corporate return to complete. The company is an electrical contractor and eligible for the DPAD deduction. They are currently on the accrual basis (and will be reverting to cash basis for 2018). There are NOL CF to use against 2017 net income, not fully extinguishing federal taxable income. On the state corporate return the NOL CF is used against 72% of the 2017 net income, and there are ACT 123 adjustments to deduct 1/3 of the prior year's unused NOL. Federal taxable income (before the NOL CF) is $334,567 CIFT 620, page 1, line 1A shows LA net income $343,441 (higher than federal income by the act amount of the DPAD deduction of $8,874) Schedule D lines 27, 27, 28 and 30 net income are also the same as page 1, line 1A $343,441 Schedule F line 1 agrees with the federal net income of $334,567. We have to add back the LA income tax paid in 2017 of $1,490 which results in schedule F line 4 of $336,057, which does not agree with schedule D line 25. Regarding the Act 123 adjustments, CIT 620-, page 1, line 1C2 deduction is $46,023 (1/3 of the unused NOL) Instructions say to also list Act 123 recovery on Schedule F line H. If I do that, then schedule F line 4 will again not agree with schedule D line 25. Cathy in Louisiana, or anyone else doing Louisiana corporate returns, are you finding problems with these calculations? Thanks, Lynn

It is ready, including page 2

Today's email from a client let me know my fax line was out of order, I called the fax and indeed the line went to a recording, 'the number you have dialed is unavailable , etc.'. I called ATT support and they answered. Within 40 minutes the fax line was working again. So, I let the client know and she went to Home Depot to send the fax (hers at home is broken). Second email stated the same as her first - the line is out of order. I called the fax number and the fax attempted to connect. I again let her know the line is working and confirmed the number. whereupon she said they tried several times without success. No idea what is going on but my guess is it's a combination of issues . Now I am home waiting for the landscaper to go over her plan for my gardens that died in the January freezes.

With that many, it is reasonable to do a total per casino source.

The $6k he receives in 2017 is capital gain. Yeah. The $9k loss in 2016 is ordinary income reduction.

Yes