mcbreck

The one outside my office was hit this winter. I don't really use it anymore.

If the deceased has kids of his own who get a substantial portion of his estate, the wife could MFS and then the beneficiaries share the tax bill. If they file MFJ it is all hers. Just an idea.

If they have no other assets, I could see MFS being a good route to take. Otherwise I think the debt is going to have to be paid from assets of the estate.

My wife and dad are in agreement - I need to move this summer. I didn't mention anything in the meeting but they noticed half my office is packed into boxes. Bookshelves are all empty and photos are off the wall.

I'm still deciding if I'm going to make the statement today or wait until he comes in next week to do it privately. I'm not a confrontational type of person (thus why this all bothers me so much). I'm having lunch with my dad today, I'll ask him as he's the smartest person I know. Thank you.

Honestly, you wouldn't believe the drama this family is about if I told you (really it's just the wife and son). I'm just guessing but I'd say the sole purpose of this meeting is to show how important the son is and exert his authority (which he literally has none) and put his sister and the father in their place as he takes complete control. I posted it on here previously, he has an ivy league education and couldn't figure out why his father's gross income on his W2 didn't match his net paychecks and he made accusations about it. It's that level of idiocy, I called him out on it and now he's been slighted and needs to put me in my place. (the co-worker is OLD and doesn't actually work - he just likes being able to say he still works and collect a small check)

This company has a space that holds up to 20 people. The lady showing me around told me that when Covid hit and a local tech firm went "remote" that they had a team come into that space 7 days per week to work together on a project for 18 months. They were told to work from home - worked in this space and the company could turn their head. When they were done and allowed to go back - they picked up their laptops and left everything. She said they had printers, about 40 monitors and stands, huge TVs, cameras and special lighting for zoom calls. They left everything and told them to give it away.

That is something I considered but there are already 2 CPAs working out of the space, a financial planner and multiple healthcare professionals (they do their billing and schedule appointments out of the space). I also take my computer home every evening now so I don't have that as an issue. It would be physical files which I have VERY few of anymore as everything is digital. I'd need a locked secure box better than the filing cabinets they provide. I think I'd need the private office all year as you can't have a client conversation in an open space. I'm concerned how many older clients I'll lose but there is a space near my home and there is a space 3 miles from my current office. I could have my office near home (2 miles) and work in their co-working space 1-2 afternoon per week near my current office just to meet clients. As an example I could declare I'm working out of the other location every Mon and Wed afternoon for client appointments. I offer a LOT of housecalls now and people refuse, people might take me up on it. If a client wants privacy for the meeting, they need to come to my private office. I have a meeting with my co-worker's entire family tomorrow and their son is going to "put the foot down" on what he needs. The rest know what that means for me. It means their father will be forced to retire but the son doesn't care (or hasn't thought about that).

My co-worker is making life unbearable (his family actually) and it's time I move on from this place. Anyone run their office out of an Office Sharing work site like WeWork or Regus? They have tiny private offices which I could rent I think just for tax season and then do a dedicated desk the rest of the year. I'm going to visit two of them this week and see about moving once tax season is over. I can't continue with this arrangement. Just wondering if anyone has used such a place and if they liked it.

Where are you going on vacation? Having a vacation scheduled right after tax season is both a nice thing to look forward to and shocking how little planning we've accomplished.

Many years ago I put an envelope into the UPS box with a stack of stock certificates (the box was in the lobby of our building). 1 year to the day from dropping it in the box it showed up at the destination. The very first time it was scanned was just a few days before delivery so it was sitting somewhere. I followed a lady on a twitter for a months and she lived in Finland (exchange student). Her parents sent her a package that went back and forth across the Atlantic 2x and was in Japan for a while.

If the trust has its own EIN and is getting tax forms, it should be filing a tax return. How it's handling that income is written into the trust documents.

Yes you should include a copy of the statement showing the money going into the account. If it's a 60 day non-direct rollover, the 1099 isn't going to show a correct code. I upload a copy of the statement because the IRS will request it later (and may not even notice it was uploaded).

The Roth IRA conversion has NOT been stopped.

I have a brother MFC and it's been fine for over 5 years (I only paid maybe $150?). During the offseason it's nice for printing in color which for client presentations is a very nice option.

My mind is blown. Thank you for the information. This would explain why I've had corrected 1099's on this exact matter.

That's what the client thinks but why 60 days and why dividend paying stocks? The 1099 should account for that anyway. I'm sure the planner is coming from their software (it has tax items printed).

Previous tax preparer wanted to know if any client sold any dividend generating stocks during the first 2 months of the next year (2023 for this year's taxes). If yes, they wanted copies of their month end statements for January and February before they would do the taxes. Any clue why? It specifically mentioned dividend paying stocks and it's a different question if they sold ANY stocks the previous year. I have no clue why they'd want that.

We forgot a loss carryforward on an 1120S and you can't efile an amended return that only has a carryforward correction. We added it to the next year's return with a note and it was never questioned by the IRS. I'm pretty sure we did mail in an amended return but I'm pretty sure we were told it wasn't required. I like the idea of amending if at all possible just to show the trail.

I'm just wondering how they determine to add a state distribution figure at all if no taxes are withheld. About 40% of the time there is a number in there. I've read online it depends upon your state - all but about 3 of my returns are in one state so I'm not seeing that as a factor.

Is there a rule for when a 1099r includes an amount on the STATE Distribution versus when it's left blank? It seems exceptionally arbitrary but maybe I'm missing something.

That's the correct form but why is the 1099r showing up with the wrong payout code? If you have a date of death, it would seem maybe code 4 on the waiver is correct IF they died. Include a copy of the death certificate.

I've mentioned this guy before. In his 50's, runs a company with over 100 employees, Ivy League MBA and he's monitoring his father's tax prep. I've known the father for 30 years and he's physically incapacitated / nursing home and not all there mentally. Son wants to know why his father's w2 shows $50k in income, but there were only deposits for $33k. He wants me to provide an accounting of the difference. Literally attached a copy of the W2 to the email making this request. Son wants me to explain to him why his father is still subject to SS and MEDA on earned income (they are commissions). His family flew to Florida to visit a University for his daughter's decision making process. While on the trip they attended a concert for University concert orchestra. He wonders why he can't deduct the entire trip as a charitable donation. He's adamant the tickets MUST be deductible. Son now thinks I've improperly included in the W2 income his father's IRA Required Minimum Distribution (I gave him a copy of the 1099R). I'm not sure if the son is punking me or he's really this clueless. When I mentioned it to the father last year (son declared I'd done the return all wrong) - he insisted his son has never done a tax return in his entire life and has no clue.

I've seen where some claim if you put it on the 8949 and not on the Schedule D itself and have summary totals of non-basis given trades, you should include it. I don't agree but that's what they are saying. I can't remember the last time I didn't itemize out the non-basis trades as there are rarely more than 2-3 in a year for clients.

This is 1040's for clients. He's just being a jerk.