schirallicpa

So the question is - who is getting paid.

Why isn't it reimbursement of expense like most insurance is?

Thank you guys for your help.

So.......do I need to do 2 bookkeepings? (is that a word?) Or just let an allocation roll.

awwwww....

I have a client that owned a window store here in NYS and lives in FL. He died last July 2021. The guy that was working at the store continued to carry on with the outstanding orders (windows ordered last summer were just coming in in December). So - I have lawyers telling me that there needs to be a tax return up until July 2021 and a second return for the remainder of the year. My understanding is the s-corp was done when he died, and the state allows a few weeks for the winding up of business to be included in the final return. (and this is grey because of the delays in inventory stretching the time frame from a few weeks to a few months.) There was not a second shareholder, and there was not a will. I prepared the tax return thru December and marked it as final. I have not efiled it. Am I not thinking right?

Some small business (my client is a farmer) received a first round of $1000 that does not have to be paid back. The additional money that he applied for thru SBA starts paying back in July. There has been a very big push to cancel this debt as well but I haven't heard confirmation of that.

Thank you.

I only have a deed "NY Deed -Warranty with Lien Covenant". And the only language of any significance says "Reserving to (person's name) a life use in the premises.

The document reads "life use of the premises" and then the property transfers at the date the premises is no longer used. Is the basis calculated at time of initial transfer in 2005, or at the time the premises is given up in 2022? The owner has not passed yet and is in the nursing home but the children want to sell the house.

HAHA - I almost didn't click on this cuz I was not in the mood for mushy hug stuff today. Now I understand hugging.

The loss was in 2020 of about 75000. I used 1045 to carryback to 2015. Expected a refund of 10000. The IRS didn't like some little something and denied the claim. Ok - can I take the loss forward now to 2021? The problem is, I did not make the election to forego the carryback because I was carrying back. It's my understanding I cannot amend for an election. Does that mean I'm stuck with trying to get the carryback to work? The NOL would actually be more beneficial in 2021.

Rats

I have a client that got stuck by the unemployment limbo on the 2020 return. The software hadn't updated yet, and I manually backed out the portion of unemployment that was not taxable. However, I did not add it back on the NYS return. So the Fed return was good, and the NYS return needs correction. So - here comes the notice that it should have been an add back. Okay - no problem. I agree with the additional tax. But when NYS adds it back, they take away a portion of the NYS EIC. I run the numbers in my software (ATX) adding the form (558) and it does not change the NYS EIC. The calculation on the NYS EIC is to take a percentage of the federal EIC which did not change. Am I missing something?

My client received letter 4364C in Feb that the IRS had received their amended return for 2019. When I run transcripts I don't see that an amended return was filed. Shouldn't I? The client says she does not remember filing an amended return. I haven't figured out if I should ignore this or try to pursue it further. Any thoughts?

I go back and forth about getting an answering service. I'm a small office. Sometimes the phone rings like crazy (April 12-15!) and sometimes I listen to the crickets. I have a secretary/assistant 1 to 2 days a week thru Dec. Not sure if an answering service would be helpful or not.

I have offered to take my daughter to an appointment in Rochester NY and it seems we are in a snowstorm now. So hopefully the weather turns by morning. Have a great week every one. What a long tax season this was!

This is an old post, but out of the blue I have an 8615. UGH! And it seems unfair. The father must have boatloads of money cuz he says the kids are filing single. I only know the mom. They all have old Apple stock so they have major gains when they cash out for college expenses. I'm circling around the 8615s. PITA!!!

Judy - you are awesome! Everyone on this forum is awesome!! I have more extensions than ever. Back in mid-Feb I thought I was a little behind in people coming in. Early March I was kinda wondering if people had forgotten about taxes this year. Early April - everybody and their frickin' brother shows up. UGH. and every year I say I will not do this any more and find some other career. But I know that soooo many people rely on me and there are some returns I have done for all 22 years I've been in this office. But I really need to find better help. That little dog in my Avatar just doesn't do his fare share. Anyway - I should be busy for quite a while more. But no more weekends, and no more getting home late. Happy Easter everyone!!!!!

And - BTW - I am Elizabeth Schiralli - and my friends call me Beth.

My daughter was in a car accident yesterday. Anyone looking at the mess it made out of her car would never believe in a thousand years that she walked away unharmed. The other driver had dozed off and crossed the yellow line on a bridge. With no where to go, she accelerated enough so that he hit the back of her car. This spun her around and she travel sideways and backwards off the bridge off the side of the road - and fortunately not the side with the drop off. The truck continued into a field below the bridge. He too was not harmed. We get so deep in numbers and papers this time of year. I wanted to take a moment and remind us of the importance of each other here and at home. I don't even know half the names of people on this forum, but I consider you part of my extended family. In my prayers of thanks for the life of my daughter, I will also pray for all of you - for your safety as you travel and for peace as you wind up this tax season.

It just seems a little dumb that we have to mark it for an extension.

Didn't know I could go directly to the IRS payment myself for my client.

Has anyone figured a work-around?

love how these companies can't be bothered to put the codes in - leave it to the tax preparer.