schirallicpa

I grumble about the whole social welfare system being included in the tax returns. They need to separate the two anyway.

Ok - A lot. Like a million dollars so I could quit this business. But, here and now, I wish ATX had a simple little extension letter I could spit out: Hey - Filed your extension. NYS took this fee. IRS is happy til Sept. Stuff like that.

Did paypal just drop the mother load? So now I need to put this 1099K info on my clients' tax returns and then show it as a negative because it was for a casual sales because they are not a business.

What's crazy about this is the banks can pick any old date to write off things and clean up their balance sheet. Meanwhile, it's been 3 years since the client made settlement and it was actually written off. And that's 4 years in real time. Client doesn't remember. Maybe he was insolvent then. Maybe not. I have had an issue with the bank's loose-ness (is that a word?)of this ability to report ever since Obama created it.

My daughter is expecting her first child in June so I agreed to host a baby shower at my house on the 12th of April. Don't know what I was thinking! But - it is what it is and I will try to be done with most returns by then.

yep - it will be close

I feel like I could do 2 returns but I don't know if I am supposed to. The company gave me income and expense from boy to date the SH left. And then gave me income and expense from that date to eoy. I've never done it that way. I have always just let the system work the math by putting in the dates of the change of stock ownership. Thoughts?

Ok- I thought you mailed the voucher to the address that was on the 1040x. Too many tax returns................ Thank you.

the 1040-v automatically fills in the address for the regular payment. But we need to send a payment for the 1040x which is a different address. I can't figure out how to get the address to fill in for the 1040x info on the voucher.

SALY is the best!

Thank you!! Silly me - look in the instructions? No.......

Together their net income was low enough to get into a marketplace plan. They had the plan for 3 months and then they dropped the plan when they split. She got a better job so her income is better than last year. He worked less and his income went down. Do I make the allocation of the 1095 figures on 8962? It hurts her and helps him. Or can I just give it all to him? Is there any particular rule on this?

Had she already paid ahead that it would be a refund?

I was speaking with an agent in Buffalo yesterday. She is asking that we get stuff to her no later than Thursday of next week. She thinks that they are going to be let go on Friday (Mar 7). Has anyone else heard this? She then said "I probably shouldn't be telling you that."

What's worse is when it goes to an older person that literally has never opened a PDF, let alone print one......from their phone.

(I don't like this attorney. And this client doesn't normally use this guy. But after he ended up in their parking lot with a trailer wedged under his truck and they helped him out, he offered his free advice. So they went ahead and wrote up the motion in their corp books and figured that was good. The attorney won't give any financial advice. )

He's headed to a nursing home within the next few months and the lawyer wanted to eliminate the possibility of the business getting hit with his bill.

Lawyer advised elderly stockholder of small S-corp to sell his stock back to the corporation. I am not sure how much the corporation should pay for this stock? How do I come up with that amount?

"I've Got Nexus" (The kids will never get it. ) "Unbalanced Entry" (for us old people) I really liked Patrick Michael's "LIFO of the Party"

Scan down the options under other income on Sch F. Check item #7. Has anyone every reported "illegal federal irrigation subsidies?" Asking for a friend.................

Have had a couple of clients utilize this but they were both making money. What happens when a partnership is in the red and they elect to do this. If the election is irrevocable, what tax do they have to pay?

yes.....duh.....I knew my brain wasn't working....And it wasn't even that late in the day, or even that far into tax season. Can I throw in the towel already?

I don't come across this too often. I have a New York resident that worked in PA and in WV. On his local return can he claim credits for taxes paid in NY and WV?

I'm going to have a similar situation with a new client coming in next week. Has to file delinquent returns. He's self-employed, knows he owes significant tax, and he's the one that dropped the ball. Wife has W2. I'm wondering if I am safe with innocent spouse and joint return, or if I should have them file separate.

I feel like this is kinda like stock car racing. A big no. It's a hobby. But I am wondering if the LLC isn't a good idea in case of legal action. Then the personal assets are protected. So this is why they want an LLC, but it is not really a business. I have a client that set up LLC for his stock car racing. Of course it's nothing but a grown up play toy. I have another client that has set up a recreational building for members of our community to play indoor soccer or basketball in the winter, or practice baseball and softball. He got himself an LLC. Again - never expects to make money and only takes money from vending machines. I don't know what to do with their LLCs other than pay NYS their $25.