schirallicpa

I'm dreaming of a real live April vacation next year. I wonder if tax season will be extended again.

yep - I remember that from about 100 years ago.

SNAFU straight ahead.

I may have asked this before, but cannot find. I have a client who was scammed and took out a loan for some dumb thing that she was taken for. When she realized that it was a scam, she contacted the lender and made arrangements to make a settlement on the account. This was in 2017 and 2018. She is an older woman and taken advantage of. Now, in 2020 she has received a 1099C for the settlement. Theft losses are not an option since no federal disaster. The reporting of the 1099 is creating about $5500 of fed tax. I can't use 982 - I don't think - because she really wasn't insolvent. Any suggestions?

There are threads on this from years ago wanting to efile the 2290. And we still can't?!. Unbelievable.

I am wanting to efile 2290s as well.

I have a number of small farmers and they all jointly own the property, farm with their spouse. It's just such a pain to compile all the info and then have to cut it in half and override depreciation, etc. We used to have a check box to make it joint and then split the self-employment income.

My confusion lies in why the state of PA sent a notice looking for a corp return. I am asking if PA would not leave as a disregarded entity unless an election was made. Maybe it works differently in PA?

My client has received a notice that they had not filed a 2019 corp return for an LLC. I did some research on the PA DOS website and found the the LLC was created in 2013. My client Taxpayer is the only member. It has a separate EIN. I have done the taxes for this client for several years. They have never indicated that this LLC exists. I have always reported this as Schedule C. So - my question is, in PA is an LLC considered a corp? Do I need to respond by filing past due corp tax? Or can I respond by saying the LLC has always reported as a sole proprietor. I'm totally missing something here. Was there some election that should have been made so the LLC would be treated as a sole? I have never reported a different EIN on schedule C either. Appreciate anyone's' help. Thank you

I have an Amish client that we've been around in circles trying to get him verified. He's filed for years. But he has no debt to use as verification. We are now waiting for the IRS to send him a letter with a super secret code. It's been over 6 weeks of fooling around.

.....ugh.....do I have to change the FEIN for payroll............ It was a husband and wife and the husbands health issues have caused him to step down. So it makes sense to dissolve 1065 and move to Sch C. But I'mma gonna have ta change the payroll stuff, aren't I........ I want to dissolve with the 2020 return (which is on extension). But 1st quarter payroll has been filed under Partnership EIN. Have we waited to long to change now?

I feel like they are automatically denying the first round. Re-word slightly, and send again.

Any thing further on yours, FDNY? Haven't received love letter for NYST&F yet either.

In both cases, they received their Federal refund as direct deposit and the bank numbers are correct. Both were set to draw on May 14, 2021. Any one else having these issues?

General Announcement: If you have kids, I ain't doing your return anymore. It's bad enough to have to do the 8867 for every return with a kid and a child tax credit or a education credit. A bigger pain when EIC triggers. But this is really going to be a nightmare!

Where are you in New York? I'm in south-western NY near Olean.

well - as per usual in our "clean up crew" position, this happened in Sept without my being involved with the guidance of a banker, of all people.

Small S corp has made a very decent income for 2020. Originally owned solely by one person, during 2020 a second person signed on as shareholder providing some needed capital. However, this second person is only acting as an investor, and is not active in the business. He is holding a 35% share. He doesn't not want K-1 income. I'm not sure if there is such a way to not share the income with a shareholder. He's telling my guy that I should know what to do. I feel like this is B.S. but thought I'd put it out here. Maybe there is something that I'm not aware of that an S-Corp guru knows. Just don't berate me....

This extension has been the worst idea ever!

How does someone obtain their PIN if they never got it in the mail. My client received a letter that said they were issuing him a PIN but does not have the PIN letter. Now he has called the number on the first letter and they said to mail in the return. Well who on earth wants to paper file? This is just nuts!

Most clients get some sort of Courtesy Discount. Until the last week. Discounts are done.

Isn't that the weirdest law ever. We can get small fire crackers and stuff like that in the nearby PA shops, but I figured we'd need to travel a little further to get some good ones. Our friend has traveled to FL for years and probably for 15 years we have set off fireworks at our house on the 4th. Tons of people come down. We have a huge yard and we have built some platforms and safeguards. We have a lot of fun with it and love having half the town down in the front yard. One person lost a taillight once on a wild one that hit their car. But generally a pretty good time.

Brad said we'd end up is SC but I'm trying not to go that far.

We're in western NYS and you just cannot find good fireworks near us. We have friends that usually drive to FL each year and bring back some, but they did not go this past year. So I'm wondering if anyone knows where to find decent fireworks in PA, MD, DE or VA. You know - a good road trip, but don't kill me in the car kinda trip. (I'm hoping to find some in eastern MD and then I can convince my hubby to take me to Ocean City for a night or 2)

The 3rd party was supposed to pay to Bank of America for him, but the debt was still with BOA.