michaelmars

PAINTING EXCEPT for new construction is always a current year write off

who ever got the ein number told the irs it was a calendar year trust thus the 4/15/16 deadline. You can elect any year end less than 1 year as you stated. just do this on the first return you file. Based on DOD you will probably want a 9/30/16 year end. In my office, its always the fiscal year returns that tend to get missed till the last minute so personally, I would do a -0- return as of 12/31/15

Citibank doesn't even use deposit slips anymore, you hand the stack to the teller or slide the stack into the atm machine. you can also take a picture of the check and get it deposited that way.

CHECK quarterly conventions etc.....best and fasted method is to override a/c

is there an authorized rep to hire you? if so I would do it for nothing.

Darn when I saw the topic title I figured you were inviting me for a drink. Changing Times in East Northport or Farmingdale, best wings you will ever have. For superbowl sunday you have to order 2-3 days in advance. Yummm.

federal in one folder, states in another. 100 pages isn't really very big for returns now adays.

I wouldn't file unless there was state withholding.

I have been using their TBWS and would switch but I can't find something comparable for the money. There customer service is the worst and charge by the minute.

instructions say that if retired put down your last occupation before retirement.

lol, just poured a coffee mug of McCallan 18

Terry, you need to get a handle on these new regs. You should take a seminar on PAD's asap.

yes but last year was the ONLY year you could elect to do a retroactive partial asset disposition. Take the above example but he did a new roof in 2005 and 20010, last year you could have written the extra roofs off, now you can only do it in the year that they add another new roof. We did cost seg studies and for a few thousand dollars in fees, we got to write off duplicate and triplicate roofs, hvac's elevators, etc. And not to forget tenant improvements for past tenants in commercial properties.

lets not ignore the elephant in the room, why would multiple rentals be in the same LLC. Defeats the whole purpose. A slip and fall in one property buts all of them dangling before the lawyers. The best advise you can give them it to split them off to separate llc's. This is a non-taxable event.

^^^^^^^^^ that's horrible and unprofessional and terrible persec. gun should always be at the ready by your side or under your desk!

first year free then a charge. If just a summer w-2 and some interest I charge $50. But with my clientele, some of their kids make more than I do, they pay full boat. Recently had a child borne and by the time she was 2 2mil was in her name. With another 10mil in trust.

I have done this on many occasions and if the split is amicable then they might even want to come in together to discuss different scenarios. If it s antagonistic, you can do both but as Lion said, get permission from the client.

you must capitalize but you can write off the remaining cost of the old roof. there are formulas to do this where you take the cost of the new roof and work backwards using the Construction Price Index to see what that roof would have cost when the client first bought the building. That amount less the applicable depr on it gives you the amount to write off. This is covered under the new "partial asset disposition regs" This is why the 3115's were so important last year to elect these new methods and why I kept saying any real estate return not electing the new regs and/or filing a 3115 is malpractice. Guy buys a building 10 years ago for $1,000,000. lets say $100,000 gets allocated to the roof. 100,000/27.5 (residential) x 10years gives you accumulated depr of $36,363, you have a write off this year of $63,637. That's a heck of a deduction to miss. AS for sec 179, this only applies to machinery and equipment, not improvements.

go to printers and devices, pic any other printer to be the default wait a minute then reselect the one you want. I have had similar issues with different programs. The default setting gets corrupted and locks out all print drivers.

sort of depends on what software you are using

David has the right answer, anyone that advised them to put real estate in an S corp better have a very good reason or very good mal practice insurance. Randall...usually the banks don't care as long as the individuals remain personally liable. Everyone of my clients [that talk to me first] have their mortgages contain a clause that they can change the title to an LLC and can add members [for their kids] at any time.

sound like the trust changed from simple to complex upon death, more detail needed

personally I don't put w-2's in envelopes and mail to employees, that my client job. I prepare and present my work to my client only.

I assume this is an estate. Without knowing details it would seem that normal depreciation that was existing basis flows to sch e and the 754 election depreciation is a separately stated item, however, if all the beneficiaries of the trust benefit from the 754 then you can book it as regular depreciation and let it flow to E.

yeah, I will fight them on that if I had too, If the forms become available 3/12 like expected how the heck can I then get 100's of signatures.