schirallicpa

Last year my client recieved a 1099C from Bank of America. He had been paying a third party that did not forward the money to Bank of America - so we had some issues to deal with last year. This year he receives a cash settlement from the 3rd party after Bank of America refused to accept the money. I don't think this is taxable income.

This is a PPE grant. Personal Protective Equipment grant from the Feds.

I hadn't come across this grant on any clients and then I get 2 this week. Both are s-corps that have received PPE grants from Fed. I believe this is exempt from Fed. But I'm not sure on the NYS. Can any one confirm for me?

I ran into the same problem and then had to override it back out to create the amendment. I am not good at checking the completed box. I have learned my lesson.

Let me grumble some more - When will they take away the university's roll in determining net amounts billed and paid for college?!?!?!?!? What a disaster - year after year. And since the billing account is under the child's name - god forbid the parent have access to it - it is a tail-chasing run-around to get the info from the student.

I know - it's called a deficiency balance. But come on.

Chapter 2: Car was reaped in 2012. At the time TP owed $20000. Debt was considered in default in 2015 in the amount of 13101. The car was sold at auction for 8000. It was always my understanding that regardless of the price they got, it relieved the debt. I may be way out of the park on that. But when the bank took the risk of lending, it agrees to take the car back and get what it can to settle the debt. That is the collateral. If they lended more than it was worth then they take the loss. Anyway, we would think the 1099 would be the 12000 or maybe the 13101. The 1099 is for 10000.

The address is what brought this to my attention. I foolishly assumed that the 1040V was good for the 1040X. But the letter's address is to Kansas City, and the 1040v is to PO Box 931000 Louisville, KY.

Amended return will be efiled. TP wants to mail check. I'm a little nervous putting a check in the mail with no paperwork. But the 1040V instructions only refer to 1040. Any suggestions other than a big black marker?

Back in the day, when I was in high school, the local banks still reaped their own cars. I dated a son of a banker. Every weekend Tom would have a different car that his dad had brought home. And we'd drive it around all weekend. It was awesome. This was in the 80's when no one ever had new cars. Half the fun of dating him was riding in the new car each week. But - in the mean time I'm wondering when the car is re-po'd, shouldn't that have relieved the debt? The car was only owned by him for a few weeks and would have still been worth near the amount financed. Part of the risk of financing is taking a loss on the car you take back. I'm still struggling with this. eh - extension.....

Well - we found some paper work on this car. It seems it was re-po'd.

well -can I also keep my vehicles on the schedule C vehicle worksheet? Is it really necessary to put these on the fixed assets when youre just taking standard? I've added my own line on page 2 of Schedule c - "mileage expense that used to go on line 9"

And just to put icing on the cake, the 1098T from the daughters college shows 200 tuition and 25000 scholarships. I GIVE UP!

These issues never end this year. I can't pick up a single gravy return. Every single one has something in it that I gotta mess with. This guy claims the 1099C debt was for a used car that he had purchased 5 years ago and returned to the dealer claiming lemon-law. Says that everything was settled. I asked him if Wells Fargo had tried to contact him, or send him any notices on this debt that was supposedly taken care of. He claims not. And of course - can't come up with any of that old paperwork. SMH...........crying..............searching for new career......................

If it still growled when you opened it!

is that last years drivers license information would roll over.

Oh poor tax payer - isn't it just a pain to have to get paperwork corrected........Why is it always our problem to figure it out when the TP is too lazy to pursue the correction?

I've never been so far behind. Really trying to figure out how to make a career change!

My client worked in PA all of last year. NYS resident. W2 is PA withholding. No local tax indicated. No location PSD code indicated. Any chance I can avoid the local return? Honestly, these are the pipeline companies that always frog up the local stuff. This company is located in Grand Rapids and probably doesn't know about the local tax.

Interestingly - that's the 3rd time I've heard that not-so-common word this week!

I'm in the same boat - but mine's from February.

Can I please amend more returns this year. Please. This is so fun. Does any single member of the idiot congress passing this crap think for one minute that maybe we are too late to make changes and let's hold that thought for next year?!

ahhhh- that one's not as far up past Syracuse.

thank you - I'll pass along

My client owns storage units. He recently cleaned out one that has a number of stamp books. (Coins and lionel trains too. He sold the trains already. ) He's looking for someone that may be interested. Told him I'd reach out and see if anyone had a connection. Thanks.