michaelmars

I like the OP's method better. file with a balance due and await the notice. I think that's better than using estimated amounts for a document that you are supposed to have in your hand before filing a return. And I am sure all states match the withholding with the records of the employer. We get notices of discrepancies all the time here in NY

in NY you can elect to pay an amount based on your income, range is like $10-$250. Using this makes you audit proof even if you have thousands of dollars of out of state purchases. Its called sales and use tax so if you buy something out of state but use it in NY then you pay the tax. My staff knows I consider it malpractice not to elect this unless the client is 90 years old and doesn't have a computer.

lol, should of said no other worldwide income but the us income.

OBVIOUSLY, and it was, that's why I am trying to stop the payment, we will be liable for the bounced penalties. this was a miscommunication between the preparer and the reviewer [me].

a clients return got filed with a balance due and automatic withdrawal set for 4/15. The client wanted an installment agreement file with the return. I know I can have the client empty the account before 4/15 but was wondering if there is anyother way to supercede the return since its way before 4/15.

I use proseries and it says the social security number is not in the valid range. I am taking it off of the W-2 the state of Maryland filed. No worldwide income, on what was earned in the US.

need help with this one, Long time client gets married to a resident alien who is on a student visa and going to school here. Can I file a joint return? Also, the student works for his college and the w-2 has a social security number but software says its not a valid ss#. He also has a "USCIS ALIEN NUMBER" I know I can paper file using the ss# but I want to make sure they can file jointly. And just to make this more fun, they live in DC but his school is in MD and has MD withholding. I never really handle non citizens and I also don't deal much with MD or DC.

I summarize them too into one

don't you just love the 1127 form?

sorry to correct you but local can also be Yonkers.

SOME states have gift taxes too

had a new client come in last week, native of india with india income but a Canadian citizen filing in the US. Husband an India w-2, brokerage account in Canada and she is self employed here in NY. She dropped off all her stuff over 2 days [2 trips] and email. Then she started calling each of the next 3 days as to when her quarterly estimates would be ready for 4th quarter 2016. I wished her well and told her she can pick up her papers at my reception desk 9-8 7 days a week.

there are many inexpensive loan calculation apps and programs. No need to recreate spread sheets. I like TValue. I think tax tools has some too as does quicken and maybe quickbooks.

I think you are overthinking this. I have a client that has done this for years. Even though its one mortgage, the closing papers will have a breakdown per building, especially if there were prior mortgage payoffs involved. Cash out based on appraised values over the mortgage amounts. In NY we also have a mortgage recording tax which would show the allocations. Insurance company will have a break down as to how they priced out the global policy. Usually a "per apt" cost. AS for selling one of the buildings. If his lawyer was worth his fee, he will have a right to substitute property or there would be a clause allowing prepayments of the mortgage without penalty. [maybe not for the first 2 years though] Clients do this because cross collateralizing gets them a very low rate, even here in NY its under 3% for rental properties. And having one mortgage also cuts down on closing costs. Biggest one that one of our clients did was about 30 properties in a master mortgage which was somewhere around $200,000,000.

I agree and often help out clients that hit hard times. If they were previously good clients, and easy to work with. Pia's then no. Its these people that appreciate you and often wind up recommending you to good clients

why would any of the stock option be allocated to NY?

first off you should use both of your names. that way they get used to yours and you can fade his out in time. if he is staying to help with the transition then you should announce it as a merger. selling points to clients, more staff, larger pool of knowledge. better quality control with double checking. The most important thing is if you can include the purchase of his phone number in the deal since many will keep using it and clients you didn't purchase, ie ones that he might not have done the last year or 2 might come looking for him. I think you are in queens, is this the practice that was for sale in the Elmhurst area?

for all on-line accounts I use LastPass. its free and it stores all of your passwords. I just log into it once a day with a 30+ password and it automatically logs me into all on line accounts, intuit, credit cards, bank accounts etc.

Beneficiaries get the step up so you have to provide the basis to them, real estate, stock, etc.

Hey Hey I am in shape.......... round is a shape and a perfectly acceptable one at that.

Well the many once a year people that procrastinate are not the ones I care about. Almost all of our returns have multiple k-1's in them so we are stuck till 9/15 to do them. For a firm our size we put out about 1800 returns and most of them are multistates, multiple sch E's and lately a lot of our clients are in tic's to unlike k-1's, we don't even receive the info till now when the tic's accountant works on it. We bought out a 2 man firm a while back and they do a lot of $300 returns, our core starts at $1000 or they are part of a business client. We have been trying since august to hire 2 people, a 3-5 year person and a junior. There is no one out there even sending in resume's. If we go into tax season this short handed then we will have a revolt from our staff. Gearing up for the new January deadlines, we added a full time bookkeeper and 2 part timers to get all of our write-ups done by jan 15th. As for the new March deadlines, no way, every business return is going on extension [especially 1065's with no money due] March 1st. Then we can get them done as we get them done. April should now be a snap and we will spread our work load out over may-august for everthing we would have normally done march and april. These new deadlines are going to make us all drastically change our work flow practices.

we have about 55 still open as of last night and our server crashed. Our IT guy has been stuck in traffic since around 10:30, an hour trip has not been 4 hours and he says it will be another 1/2 hour to get here then he has to fix it. None of his remote fixes worked. I have basically had 6 professional staff, 3 partners, and 3 admins siting around all day till after a late lunch and now they are all going home.

was it available for rent all year and they just couldn't find a tenant? If so and if they are renting or trying to rent it in 2016 then yes.

in Judaism, the number 18 [chai] is lucky so many people make contributions in multiples of 18,180,1800 and many will use 18 in the amount, ie 218, 518, etc. I once had an audit and the agent [not Jewish] didn't want to accept the cancelled checks saying that they must have been for tickets or something run through the temple. [pre 250 letter requirement days]. I asked him how long he has been auditing here on the North Shore of Nassau County and he said 1 week. I laughed and explained it to him. Months later he called me to thank him for the education and how all he sees are donation such as I listed above. I guess not many Jews from where he came from, somewhere down south.

just make sure none of the items are subject to 30% limitation and you are good to go. I have clients that give millions over their income [neg income due to real estate depr] and never had an issue.