WITAXLADY

so could a Client List be considered tangible?

The partnership sends specific notification to the partners by two months before its filing deadline, without extensions (January 15 for calendar-year partnerships); and No partners specifically request Schedule K-3 from the partnership prior to one month before the entity’s filing deadline, without extensions (February 15 for calendar-year partnerships). If the information is requested after February 15, then the partnership only has to provide the information to the requesting partner and does not have to file the K-2 and K-3 with the IRS. Meaning we need to have our partnerships / S corps send letters to the partners? Shareholders asking if they want one... ?!! Explain that to them.. by Jan 1? WI Tax Lady per a Naea class on S Corps this week.

still doesn't cover increased cost of toner, paper, postage, etc

Can goodwill be written off through Safe Harbor? 2nd year -need to have more expenses!! I know it cannot be sec 179'd Thx D

I know I ask strange questions and I do not answer too manyu as you all answer better than I do - but I chime in when I can.. But I could use some insight please on my questions - Mostly because they are are areas I am not very familiar with and hope to never cross this way again!! And some are other states - I should say NO! Thank you! Best and happy November! We go right into only 10 days to do 3rd quarter! and now have about 78 S corps!! Finish the Oct tax drop-offs! Too much squeeze, November is cleaning and organizing December we are booked at Fort Myers Beach???? - a client's condo - have not heard the state of yet.. but going somewhere.. And looking for someone to transition to train and buy me out over the next 3 years..

Is there anyway a CA resident can take off the Trust NOL's from WI? She has no assets in WI, sibling took them all. she cashed out. Are they just lost? Thank you, D from WI

WI resident - worked in CA first half of the year - So on the CA NR - I would subtract the other half of the year as it is not in CA - as if a CA resident - and they were not in CA so not CA wages? That is how other NR's are done.. Then the 2106 is allowed for CA - but can I take all of the expenses or just the ones incurred in CA? It seems to take all of them and the instructions do not seem very clear. And then the tax prep is also allowed - where does that go now on the CA? Thank you, d-

hmm - I would re read articles on expenses against scholarships - Well known speakers Mary and Dave Mellon would say add up all tuition and expenses and net against the Grants.. I even read that on the IRS website somewhere to back it up.. Just no time to find the cite now..

The K-1 is a loss from another state - is there any way that can be used against income of CA - I will research - but not until next week.. and if so, file an amend.. thx D/WI

on the top of the NOL worksheet it says check if you are foregoing carrying the NOL back? Is there an option anymore - except for farming? I have an NOL and it will not be much use forward but definitely would going back?? thank you, Darlene in the color tour season!

one sibling took all the property and paid his sister $$$$ for it. They agreed to $640,000 each but his property from stepped up basis is worth $900,000. Do I sell the equipment and property for the $640,000? to get it out of the Estate? And that then creates a nol? And a capital loss to Cf on the K-1's. Distribution is considered 1,280,000 as there was cash also - he paid the difference put of his pocket to her. Thank you

thank you - that occurred to me today..

Client has 26 rentals that he takes care of himself - has a NOL of $183,000 CF Profit of $169,000 on Sch E, loss of -25,000 on a Sch C, pension of $27,000 and soc sec - $16,000, -0- taxable, giving other income of -45,000 from Sch 1 page 1, taxable income of -14,000 AMT -instead of a $10,000 refund, he owes $9,000 All depreciation written off with Safe Harbor that can be. The QBIC does not kick in as it shows negative income on page 1 Am I missing something? Thought the NOL would wipe put his profits this year. And then what happens to the NOL if he has to pay? Is not used? Could he or should he be a real estate professional? Does that help at all? He had a profit of $73,000 last year. Thank you for any help. D from God's country - NC WI!

thx and thank you for taking the time to answer..

would qualify for EIC - they fit the criteria except the 1st step - correct... Does not fit the list of sibling, child, etc. Taking care of parent and gets H/H but not EIC = too late for taxes! D

Thank you - I am just trying to ignore it while I do taxes! I am stopping for 2 days and - should not and move the date but too late now! - and celebrating our 45th Anniversary with church - renewal of vows and extended family dinner on Sun the 11th. the 10th , our anniv - somehow we are babysitting - which we rarely do and now on our anniv - Hubby did that one.. hmm'

so it has been 2 weeks and I have not heard from the mediator, plan was to have the auction end of Oct - - not that I have time to deal with that - I counted entities to be completed!! Way too many before the 15th of Sept and what is with all the seminars in Sept! some people are still doing taxes.. Happy Labor Day you all D

tHERE IS NO "INCOME" ONLY WHAT i AM LOANING TO KEEP IT GOING.. oops - They both balance! 2nd year was a transposition - grr- Math teachers or anyone should not become accountants nor bookkeepers if they have a tendency to transpose! And that is why someone else is doing it , not myself.. I just provide and proof. Their turn - Mediator and the boys - and court is next Thursday - how far will I have to give up to lose as the mediator says all they want to do is Win! -meaning basically sell the house - auction all off after getting a few items they want, and me not getting anything for any of the work I did - Well it was a gift from my mom - So Be It! Thank you mom - did you think about this ahead of time? She thought we would just miraculously get along!! Thanks all. D

Client purchased a property that she will rent out commercially and some air BnB's from. Her insurance agent said with 1MM insurance coverage, she does not need an LLC as the property is in her name. She has a very nice business and another high value property. I said do a Quik claim with a new LLC. She wants to do a S corp- I said it's a Sch E - just do the LLC WI - no brainer, $130 and $25 a year! CA? $800 a year annually and some paperwork - I almost think it's worth the LLC? Thank you! D This one is a neighbor moved to CA and has the other nasty trust where the dad was to be released from the hospital. While unhooked waiting, was served lunch and choked and died on a piece of apple crumbl!

Thank you - I am trying to be calm about this .. now.. but need to get thru the BS yet! Happy rest of the summer! D

got it! Most of ours were done at the same time.. whew!

Thank you - sort of what being done - now trying to balance it - and it should be simple but it does not balance!! Thx d

well some of us are not talking now.. The 5 brothers sued me for coercion - where were they when mom needed help, rides, so of course it looked like I did it - but the funny thing is she was deemed competent to sign herself into Assisted Living.. Attorney deposed and showed - it was all my mom that did the trust - so now they are still tying this up but no legal claims.. just questions, attorneys, and a mediator.. but she did die from the ER's 2 mistakes and they admitted that - but at 90 years old, my Dr said is it worth going after them? But I still have 1 bro who says I killed his mom - what about the other 2 who lived within a mile? Where were they in this? So sad - over what? Make sure you give it all away before you die! D

same Trust - personal possessions - Mom has a list - with what siblings and grands are to get Trust says only siblings get Atty says must adhere to Trust documents We did a list and appraisal - told the siblings to mark what they wanted - if no one else wanted the item - it was theirs.. I said the contested items - do choice - round robin.. put it back into the mix of what is available to pick from as there are some very nice pieces that should be spread to all family members and take turns picking Mediator says auction off amongst the family - 2 siblings are wealthy and will always outbid others! Siblings should pick for their children? as mine do not care - do not want to be in a war! or greed contest - just want something from their grandparents. One brother wants tone to furnish his rentals - he can have after others pick before auction but not ahead of others taking turns? Appraiser says this could be a 2-3 day auction and want it down to 1 day but also want it done fairly first.. Any fair ways? Did draw straws for the item for hubby's family and one sibling always won so I thought putting it back into the round robin made sense.. ??? Help? WI overloaded and still doing Feb, Mar taxes!

thank you yes - cash and it was a Trust Account - demanded by my brothers and the Attorney said also - and it is date of death to 1 year Or are we treating it like an Estate? It is her house put into a Trust for 20 years. Actually started in 2018 before she passed away. I am being asked for the accounting after her death as I spent all the money - she did not have. I am funding it with my money as she never finished funding it and the best part, the savings she put aside for it was in an older savings account that was her husbands and it was set up as a Beneficiary account. so when she passed, all the money that was to fund the house, was split up amongst her children! So the Trust says 20 years or until there is not any way to fund it.. so I think it could have been funded by renting it out as an air BnB but my brothers are forcing a sale - it has been 2 years of saying I coerced her - although she has been trying to do this since 2012! long before I was in the picture.. Family