joanmcq

I explain the tractor trailers of paper returns that were at the service centers and say, “you just have to wait”

I can never keep this straight

I put in solar last year but paid cash; otherwise it would have taken years to use up the credit. Bills are now the fees I can’t get around since every month the solar has generated more than we’ve used. I sold a property to get the cash, so I still owed tax for 2019, boo! part of what I was looking to get out of it was peace of mind; I don’t care how much electricity I use now since I’m generating it myself.

I’m a liberal and I get pissed off mad when ‘little’ changes to the tax code (like PMI reinstatement) are done so far after the fact. Or in December, ferchrissake! I know what a headache this kind of stuff means for us. My only redeeming factor is that most, if not all of my PMI clients don’t itemize anymore, and CA never conformed to PMI so no change there. I only have one client that took a stimulus loan, no PPP, and I’ll deal with the IRA withdrawals next year. But holy crap. Stable tax laws allow businesses to plan ahead, budget for capital improvements ... I’m so happy at least half of my clients are retired.

I work remote, but I won’t work for $45!

I’ve been using Advantage since it’s inception. If you do a lot of multi-state returns it makes calculating the credits a snap. It also does an optimization for the education credits/deduction. There are other differences, but this is what I can think of offhand

I only have one client that applied for a PPP loan. So my answer is no, not really!

The trustees are also the beneficiaries, so I’m not expecting any issues there. right now I’m not believing one over the other until I see the legal docs filed. I don’t believe 2008 was filed correctly due to paying MO tax; mom lived in Lithuania! MO should have filed with a Lithuanian address and her as POA.

I book rent when received, unless a client gives me a 'we charge $1450/month' as the info. The last 8 years of returns were filed with Vilnius, Lithuania as the address. 2008 was filed with MO's address, but I don't think that was correct, since she lived in Lithuania. I didn't file 2008. And yes, the sisters were fighting then too.

There was a 1099-R issued for 2016, with NY as trustee. $80k distribution & 40K income. As far as I know, there hasn't been any CP2000 or any other correspondence from the IRS.

Sch C, choose nonresidential property in fixed assets. Just like our home offices are nonresidential property.

I haven’t received anything. Maybe it’s time to check my spam..

The NY court declined to rule, stated it was an “academic question” per NY trustee.

Ugh, yes the check has been renegotiated many times over the years, by NY trustee after MO trustee refused to sign a paper allowing NY trustee to open bank account. That is where it differs from your corporate example where presumably there was the option of depositing.

Oh yeah, I almost forgot c) what's the situs? One co-trustee lives in NY, the other in MO. The decedent moved back to Lithuania years ago and died there.

I have a trust for a decedent who died in 2016, but nothing has been filed. There is only one item in the trust, an annuity. Half of the payout was income, the other half, principal. The check for the payout was first issued on Dec. 31, 2016, but wasn't cashed until 2019 because of legal issues. Apparently one of the beneficiaries (and co-trustee - yes, I know, never have co-trustees!) wouldn't allow a bank account to be opened in the trust's name. One trustee also spent a lot of legal fees in 2017 to determine the situs of the trust and more in 2019 to try to get the bank account opened. The check was finally deposited into one co-trustee's attorney's trust account. Because the decedent died in 2016 I'm starting with that year's return, but can't for the life of me figure out a) Is it a simple or complex trust? The trust document simply says that it will terminate upon completion of the distribution of the funds within, and the funds should be distributed "as soon as practicable". As of today, nothing has been distributed. b) how do I account under either type of trust for the fact that nothing has been distributed? I haven't done a trust return in forever and now I have 2 from decedents who died in 2016 but I haven't got the stuff to prepare them until this year. 3 years ago I was a bit better versed in these things!

Could where you've checked that he did not actively participate in the other two rentals have something to do with it?

Nevada shut down at least a week ago.

Advantage figures it out. Don’t know if you want tp pay for it though

Why aren’t your Sch E qualified? Even the instructions to the 8995 state rentals don’t necessarily have to qualify for safe harbor to qualify a Sec 161 businesses

I successfully updated to 10 by hooking up a USB drive with the most current 10 operating system to my computer. I bought my computer 3 years ago with 10-rolled-back-to-7 on it, so I did have a free update available. So I didn’t do a wipe clean install, but it’s working perfectly. However, first I made a) a ghost of my hard drive & b) separate backups of all my data.

This isn’t something I worry about much. My client base is aging as I do, and as each retires to a state that isn’t CA, I jump for joy since that’s another return I won’t have to pay CA tax on! I consider myself semi-retired. Last year was the first year I had steady work through the season, but wasn’t overwhelmed. My assistant didn’t need to come from Sacramento to help. Yet surprisingly enough, I seem to have made a about the same amount of money! i say,if someone finds me, fine. If someone leaves, also fine. I’ve got other sources of income, but need the tax biz cash for a few years yet.

You need to do the calculation in Max, whereas in Advantage it’s done for you. If you have a lot of multistate clients, it’s worth it. As for the cost of Advantage, I initially paid only about 2600 for it. You’ll get a deep discount the first year..haggle! I’m still not paying full price.

He was the best help ever. He will be missed.

Oh, damn. I knew her in person, not just online. Lost touch in the last few years.