Max W

It isn't if the beneficiary is an individual, instead of a trust, or estate. There could be taxable interest, though, if there is sufficient time elapsed from DOD to the date of distribution.

The thing I detest is " I have a quick question". What the heck is a "quick question?" Does it mean it only needs a short answer, a one word answer, or what? Many the question has ro be reponded to with your own questions to clarify what the asker wants and other "quick questions" have required detailed explanations. I find it comes from people who know they are intruding on your time and using "quick" somehow softens the intrusion.

Sure. If they are are 4 separate properties, they should each be depreciated separately. The property lines might just as well be 8 lane highways between them.

I agree, but there are other things that have to be done. Enter the accumulated dep. from before. Also, since you are starting in July, be sure that only 50% of the calculated dep. is taken, as the s/w is going to take it from Jan 1, as it will be reading date of px as a prior year. Here is where it could get tricky. It depends on the software and each s/w handles it differently. If you are only taking 50% of the yearly depreciation, the s/w may only be taking 50% of the actual expenses. In this case you would have to double actual expenses.

What the beaurocrats at the IRS & DOJ was one of the most egregious things done against American citizens since the internment of Japanese-Americans in WWII. But is not without precent with the IRS. Prior to the Tapayers Bill of Rights (1999?), the IRS threatened and harassed taxpayers who were delinquent in paying their taxes. Even elderly people had their homes seized, Calls were made in the middle of the night, auditors threatened and lied to people using soviet style tactics. Beaurocratic abuse is not confined to the IRS, EPA overreached on the Inland Waterways act and threatened $10,000/day fines to farmers who had draainage ditches, or ponds the EPA inspectors claimed came under their purview. I am sure that there have been many other abuses.

If one sees what it takes to qualify as an expert witness, I think there is only one conclusion - SE income, even if it is only one time. It is much the same as authoring a book. If it is a carpenter writing one time about bee keeping, it is ordinary income. But, if the one time book is about building a house, it is SE income. https://www.journalofaccountancy.com/issues/2004/oct/soyouwanttobeanexpertwitness.html

It's SE taxable if he does it a 2nd time.

It took me a minute or two to figure out what this meant. It comes from a lead posted on Thumb Tack. "Want local, accurate and personable tax preparation after Mercury turns direct. Mercury is now retrograde through March 9. Need to make certain I can get tax preparation sometime after March 11". This comes from Tarot.com "If you've spent the last three weeks or so feeling mentally scrambled, misunderstood or just plain indecisive, relief is near. That's because Mercury, the planet that rules the mind, is turning direct on March 9, 2020," I think I'll take a vacation until Mar 11.

I agree with cbs lee. Even if you could convince Nissan they were doing it wrong, they could just say, "OK, you win, but from now on we are reducing, or eliminating the discount."

If the equipment was reposessed, it is unlikely that a 1099-C would be issued. The client may, or may not have a loss. There could be a gain if prior depreciation, or sec 179, has to be recaptured.

He has as much chance of avoiding CA taxes as a celluloid cat chasing a snowball in hell. Even some people that have vacation homes in CA are sometimes considered residents. https://www.palmspringstaxandtrustlawyers.com/the-part-time-resident-tax-trap/

If the expenses exceed $250, a written letter is needed from the charity and whether or not the charity provided any goods or services to the volunteer. And needless to say, the volunteer has to keep good records.

I do not like to have refunds direct deposited and try to discourage it. In the rare cases where I have done it, I first get a copy of a Voided check for the target account; then print out the worksheeet and send it to the client, have the client review it and Sign off on it as having the Rtg # and acct # correct. That way if anything goes wrong, it is on the client.

It was installed on my computer Jan15. Haven't noticed any ill effects, YET.

There are a lot of E-signature companies offering this service, but for signing IRS 8878/8879, it has to have KBA (Knowledge Based Authorization), such as Docusign uses. Others that meet this requirement are CCH E-sign, Smartvault and I think Adobe. If there are others, I haven't run across them. KBA requires two questions to be answered electronically, usually DOB and SSN accessed through a credit agency. If I am reading the following correctly, the IRS will accept faxed, or emailed wet signatures. "What is an “e-signature via remote transaction” in relation to Forms 8878 or 8879? A remote transaction for e-signature is one in which the taxpayer is electronically signing the form and the ERO is not physically present with the taxpayer. Note: A remote transaction for e-signature purposes does not include handwritten signatures on Forms 8878 or 8879, sent to an ERO by hand delivery, U.S. mail, private delivery service, fax, e-mail or an Internet website." https://www.irs.gov/e-file-providers/frequently-asked-questions-for-irs-efile-signature-authorization

I use this neat little program to file 1099's, W-2's. https://www.efilemyforms.com

Apology accepted. BTW, I appreciate many of the answers you have provided me in the past.

I charge by the hour for these types of clients and if they are new, I get a deposit up front.

@DANR Speculation - " ideas or guesses about something that is not known". (Merriam-Webster) It is also called 'crossing your bridges before you get to them. Your second comment is an assumption. Wouldn't if be better to let Darlene speak for herself.?

I would try paying using 1120, without the S. For some things, the IRS does not mak a distinction bewne S & C. It is not true that S-corps do not have taxes. Occasionally they do have some, starting on line 27 of 1120S.

Judy, the Jan 2019 article is about the same legislation (see the title in both articles) As the writer said, it wasn't finalized and that some changes could be made, but it appears to be substantially the same. What could have changed is some of the numbers, but so far no details. The NJ legislature only sits for 3 months and only for 4 days/m., which is why it took a year to get to a final vote.

It appears that sole-props are Not included. In fact, the net tax savings effect is very minimal. NJ increases its tax, a small amount of fed tax is reduced. The example given in the following article of a person with net income of $150K, saves $908. If this is the case, I take back my forecast. It doesn't seem enough for the IRS to bother with. https://pollockfirm.com/pass-through-business-alternative-income-tax-act/

You can't answer a question about cap gains unless you know what the other income is. Instead of speculating on the 6252, why don't you ask for copies of prior returns and a copy of the sales contract, then you will know what is going on.