schirallicpa

Shout out - is what SO means BTW (by the way). (I'm UTD (up to date) with my texting skills with 2 young daughters.) Remember when we had one big schedule E and we could just fill in the blanks and not have to go from one input page to another to another to another to another. It just sucks when you have multiple properties.

I have a new client with property in NYS where they grow christmas trees to sell in VA. They have only ever filed NYS returns. I feel like maybe VA wants a cut of this. I can't believe they haven't filed VA. But want to confirm because I just cannot think on my own any more.

I have not had a single easy tax return yet this year. In this case, the Taxpayer adopted their nieces. In the one case, the father is dead. In the second case, their father is in jail. Both from the same mother, the spouse's sister. The mother has been ruled as incapable of taking care of her children and they - the state of PA - was going to place the children in foster care. My client stepped up to take care of them and has actually had them for the better part of 4 years. Does this qualify for special needs, or do we need some special paperwork from the state?

Last year the 1065 was 2 partners that were working on a solar project - they have successfully created a solar field with $320000 worth of panels and installation and will start generating power this month. During the year 2022 they were able to bring in about 30 other people who will be basically just paying for their share based on their usage. I'm thinking these 30 some partners will be "limited. " They are only part of the partnership so they can get cheaper utility bills, but not really making any decisions. However, they have given voting rights to partners based on their expected usage. So...maybe not....?....... Yes, I am posting this knowing someone is going to tell me to look at the partnership agreement. So far I haven't laid eyes on one.

I tell my clients to take pictures of everything they have that we put on the tax return. When they buy it, when they have major overhaul. And with vehicles a picture of the odometer at year end. Or if its a pick-up truck, and has to haul trailers, take a picture when the trailer is on and loaded. We had a logging company that had an Oscar Saw mill. Any quick google search shows you it's a piece of equipment, but our IRS auditor who lives in NYC thought it was a building and wanted to depreciate over 39 years. We sent a picture. "Down by the old, not the new, but the old mill stream..." Nope. If she keeps giving you a run around ask to bump up to the manager.

My body can't wait to get away for a couple days. My brain is having a fit about it.

I think I'm going in bigger circles.......I'll have to revisit this on another day.

Maybe I'm just going around in circles - The SCorp Taxpayer sold assets in installment sale in 2021. All of the 453 reporting and pass-thru worked fine. Now - the SCorp wants to close up and report a final return for 2022. Will all of the rest of the installment need to be reported now in 2022? But that seems unfair as the term of the note is 10 years. The shareholder should be able to continue the deferment over the term of the note. But what are the mechanics of reporting that? Does the corporation need to stay "open" for the rest of the term? I don't think it does, but may make my work easier.

This tax season stinks so bad we're celebrating almost 1/2 way. Ugh. And I have to go out of town Thursday - Saturday to pick up my daughter who has been in Denver. And 10 more corps to go. Double Ugh. I feel those extensions coming on.

I think all the March 1st deadline does is keep away the penalties. Otherwise, they follow the April 15 deadline but can be assessed penalty for not paying by the 3/1 deadline. I believe that when they are a S corp the S corp follows normal reporting on 3/15 and then the shareholders follow the april 15 deadline for filing.

Ahhhh - I believed this to be true a few years ago. But then I had clients getting $25 fees for not filing - even thought it was a wash return. I feel like the locals are getting more organized and finding more ways to generate fees.

This is the same partnership I was just asking about recourse and non-recourse loans. I may be in over my head slightly. But - trudge forward. So now I am hung up on whether we need to file the IT-204? or do I just file the PA return? All of the income is PA Source. It is organized in PA. But all of the partners are in NYS.

Thank you! Let me post another dumb question.....

The Partnership's main guy mortgaged the farm (literally) to give money to the new partnership to buy and construct real property. He loans this money to the partnership. Is it a recourse loan since he stands to lose his farm? Please forgive me for a dumb question. This is the first time I have tried to complete a new partnership 1065 and sorting out who gave what to whom for what. The partnership itself got a loan to complete their project and I know that is nonrecourse.

I have dealt with ATX closing after sending to printer for the last couple of years. Got a new computer and hoped that problem would go away. Nope. And - it's worse. ATX will just shut down in the middle of something. I'm not sure what you guys are talking about with LLA and "large address." I will look for the threads. It's very frustrating and giving me more and more reason to find a different way to make money. Sick of this tax business.

Taxpayer is a sole member/ sole proprietor LLC and went online all by himself like a big boy and got an EIN. And the letter back from the IRS says he needs to file his 1065 by 3/15. How do I get this straightened out? He's been using his EIN for months so I don't want to change that now.

Are they expecting income to remain below 50K?

I feel like the 22 ATX version thus far has been a little unstable. I have had it stop working on me completely a few times. And just randomly close itself. I'm working on a brand new PC, so at this point I'm blaming windows since I keep refusing to update to the newest version, so it plants a gnome in the software I use the most.

That's what I was thinking. I knew I had read that somewhere and wondered how much people were going to get away with expensing things they knew they were only going to hold a few months.

Right - I know if it's Sec 179 I need to make some adjustments. In this case, it was Bonus depreciation.

That's kinda what I thought.

no employees at all.

Usage dropped from 100 to 60. Asset was purchased in 2020 and we took the bonus depreciation at 100%. Do I need an addback - like with Sec 179?

I am looking for confirmation, I guess. The owner cannot take the deduction on the 1120S without issuing themselves a W2, correct? (This owner is not an employee, which is a whole other topic, I know....) Do I take the payments made for health insurance as distributions?

it opened this morning! I don't know what little gnomes were causing me grief yesterday, but it opened today!! Is there a Saint for that - I feel like I need to say thanks..