Randall

The PTPs with K-1s inside brokerage accounts are a real pain. I started stating an additional charge on my invoice for them. One client with 6. I charged an additional $100. And when they sell the units. Ugh!

When you tried to efile, did you enter the date of death under Filers Info? Just wondering if the efiling of the extension would have gone thru then.

They really make it hard.

But would the estate or trust be required to file a return for 12/31/16 with no activity?

Are you kidding me?

I talk too much with some clients. I like to even though it eats up time. New client the other day, I saw her name, detected a slight accent. She's from Russia. I immediately had a thousand questions.

I don't feel so bad now. I thought I was slow, long days, slow progress.

I agree with you, Edsel, about QB. But it seems there is only one resident 'bookkeeper' who is not that knowledgeable about accounting. All the more reason to keep it simple. Outsource the payroll, let the bookkeeper do only basic entry. And you come in to make the necessary adjustments, backing out personal, etc.

Yes Jack, even with QB, they need a real accountant in-house.

A large client? with accounting staff? Not sure here, but with multi-states, maybe they should just outsource the payroll. Then use QB for the rest.

For K-1s to people who aren't my clients, I print out page 2 with the codes. From there, they're on their own.

Thanks. The senior credit will only apply to one but the retirement credit should apply to both.

On a joint Ohio return, Retirement credit is maxed at $200. What if filing separately and both spouses are eligible for the retirement credit. I didn't see anything in the instructions other than limiting the credit to $200 per return.

Yes, like forming an LLC for a client (specifically to hold a property) and not actually transferring the property into the LLC.

My biggest headache is the businesses who need to file local return extension. The locals want their own extension with a payment.

Thanks.

If a rental is converted to personal use, is it considered a complete disposition of rental activity releasing suspended rental losses? There is still another rental and this will create a large NOL.

There are several attorneys in my small building (converted house) and they do a lot of divorces. I hear them talk about QDROs all the time. I can't speak for the defined benefit pensions, but for defined contribution account transfers, you definitely want a QDRO and a direct transfer.

Should be a 1099R. Client needs to request a copy from Ins co.

Once the 1098T and scholarships are sorted out, the 529 money can be looked at. Other costs apply for 529 money besides tuition. And if any is taxable, only the earnings portion would be taxable.

Where is this?

Fixed for Kentucky.

Would they get a 1099-DIV anyway? This may just be 'interest' and inside buildup in the policy and he is using his policy cash value to pay premiums. Unless he owns stock in the insurance company and received actual dividends, then he would get a 1099-DIV.

I haven't attached these in several years. I try to get the client to have broker send me a cvs file and import it to ATX. And it's been several years now since the brokers have been required to track and report basis to IRS. So you can just put in the totals on Sch D a lot of times.

This is what I do. I don't want any part of it otherwise. It's up to them to mail in their estimated payments. I give them a memo of the amounts but they determine how much they can actually pay at the time.