schirallicpa

Judy - I think we all wish your husband the best. There's not one person on here that won't tell you family first. And at this point of tax season, we all wish we could get rid of some of those nasty clients! I'm behind farther than ever at this point of early April. I've had clients calling that have been spoiled in the past with relatively quick turn around. Between paperwork coming late, PPP loans demanding attention, unemployment turnaround, quarantined employees, and a daughter sick with Covid, I've about had it. But I will leave early today and enjoy Easter with my family and trust that it will all get done one way or another. So Judy, and everyone else here - let's hang in there. And remember No Work November will be here soon enough. Happy Easter!

I found a quick little blub that says if the local tax was withheld at the correct amount I don't have to do anything. Which sounds good at 7pm at night.....

I think this tax season I just jump from one return I cannot finish, to another. I have a guy that moved to NY from KY. Has a KY W2 with local withholdings for Owensb Occupatn. Is there a local return that needs to be filed for this. I'm only finding something called occupational business license application in the ATX . I have a number of clients in NY that work in PA and PA has a local return that's pretty generic that you indicate in the input where the tax is withheld. Was expecting to find something similar.

Maybe put it as an estimated payment and show the date paid.

Farmer has exempt status for most anything he buys for farm. So when he buys sweet corn seed to grow and sell, why did he get charged sales tax for that. The vendor insists that because it's seeds its taxed. I agree - for any one else that is not a farmer. But most things the farmer buys are taxed. And he provides a tax exempt form 125 and doesn't pay tax. Is there an exception for corn seeds?

Once in a while things work in our favor in this crazy tax system. Good news for her to not have tax on any of it. Thank you everyone for this terrific forum

I was very fortunate to buy 20 boxes on a damaged pallet this past summer from a client that was purchasing pallets for resale. Most of the boxes are slightly damaged. The paper was fine. Worked out to be 20 bucks a box. Can't beat that!

going thru the estate.

Thank you for asking. Our prayers have been successful!! She has recovered quite well. Her closet friend also got sick and they have been holed up together. They both have lost their sense of taste and smell. But thank the Lord above they are both okay. It's quite frightful. She's had Type 1 since she was 7. Then Celiac. Then eating disorder. Then Graves disease. So every little thing that comes along keeps me worried. Thank you again for your prayers.

you confirmed what I needed to know. I was hung up on the fact that the tractor would have been shown as a income on 4797 on his personal but the estate takes it at the FMV. Thanks!

Maybe I'm just more muddled because this is an estate of a good friend who died last year. His land and farm equipment was still is his name - never changed ownership to put his wife on the deed before he died. So when she was able to sell this land, it was technically the estate selling this land. And tractor. The land was sold at 34K and the tractor at 16K. The tractor had been used as an asset on the farm, was fully depreciated, and would have created a 4797 upon sale if the sale had taken place on his 1040. Is the basis in both of these FMV on the estate return? (Sales were both within weeks after DOD so no FMV variation from time of death)

Good grief - I knew it had to be on there somewhere! Thank you.

I had a new young client who's return was rejected with a code that there was a PIN issued to her. She gave me a number that she thinks is it - I'm hopeful. I hate to tell the IRS this, but anyone under 25 ain't keeping track of papers from them. So now I can't figure out where to input it.

of course NEW YORK is taxing it. But we have to wait for another form.....

I just opened the NYS form and see it hasn't updated yet. Thank you though for the update. This tax season is just nuts!

I feel like Andy is peddling as hard as he can to save his own butt. We are also legalizing pot.

I live in New York - not very much is sensible here.

the 5 days is driving me nuts! When did we start doing this? I get if there are updates and needs to change. But I efile a federal return on Wednesday and get around to efile the state on Monday and I have to spend how much time piddling around to create it again. grumble mumble.....grumble mumble....

I have client that filed his tax return in February. He received a letter from IRS to go to this website to verify their name. Has anyone else seen this ?

If you try to create the efile, will it tell you to attach a pdf of the signed form?

Glad I read this. I over-rode one a few days ago.

Honest to God have you ever seen a specific in any one's partnership agreement. Lawyers tend to have pages and pages of bunk, but very little specifics.

She's 22 so normally I think we would consider her young enough to be okay with this. However she has Type 1, Celiac, and Graves disease. So I'm very worried about her. For those of you so inclined, please join me in praying for her. Thank you.

I took over a partnership this year. The previous accountant had always made monthly draws "distributions." The partnership makes enough money that basis is not an issue. I want to move distributions entirely to guaranteed payments. However, they are actually taking each a monthly draw - say $1000. And then on top of that they are being paid for any extra loads they take on. (It's a trucking company). So absolutely I think the loads that they are paid for are guarantee payments. But I also think their monthly draws are guaranteed payments. Now I'm hesitant that in the big picture they will/may get hit harder with personal tax and if thats the reason the previous accountant was calling the draws "distribution." The partnership agreement really doesn't address particulars except to say that distributions of capital would be voted on by partners.

Get a copy of the legal document and see how it transferred. Usually its the daughters 100% at passing.