schirallicpa

It was actually pretty handy to check the old ones since we're still doing 2020 returns. IRS - always out to help the preparers......not.

Maybe I'm just too tired, but I am only finding now the 2021 get my payment status link.

Woohoo - partial credit. Thanks! I was just hoping for my client that didn't get the news in 2020.

The last update i find from March 10 says it's still up in the air. Just wondering if anyone has seen something definitive

Never assume the investment company is right with tax stuff

I thought Trumps last act extended another 180 days.

Am I correct that the distributions can be made penalty for covid reasons into 2021 thru June? With the same 3 year payback/tax deferral??

Ok - thank you! I thought I had to report a sale of the property. Glad I asked. This forum is the best.

Client had a rental property that he gave to his son. The "one dollar" transaction. The property was valued at$107000. So I believe a gift tax return is applicable. But on the disposition, I believe I need to report a sale. But do I show as sold at the same value that we report the gift as being, the 107000?

I've seen quite a few goofy FICA withholdings. I suspect this is all going to snowball at some point.

I had printed out all of the copies for the client. I had to go back into the return to re-print a PA return. And I when I looked at the federal refund, it had changed. Then I see that the taxable amount of SS had changed by $300. And I swear I didn't do anything but re-print a PA40! I double check all my numbers. I don't see that anything has changed. Except taxable SS. I'm so confused.

My beef is with the driver's licenses. In NY you have to put the document ID from the back of the license in to ATX. They can't print them any smaller! I probably have half of them input wrong. "is that a 6 or an 8? is that a capital I or a 1? is that an O or a D?"

1o is the Federal figure. NYS would normally base tax on the Federal figure +/- allowable NYS adjustments. So this makes sense to me. I've done plenty as I live very close to the PA border.

I think you have to know what type of well interest you have. So I'm in western NY and there are small producers all over this area. (Scrappers) They get a straight 15% depletion deduction (their interest or amount to be reported as income * 15%). If it's on a royalty, it is on Sch E. If they are working the lease, it's on Sch C. However, in the bigger oil world, there is a whole different set of rules.

So now it's going to take that percentage to determine tax. So in simpler numbers, my total wage is 10000 and my NJ wage is 7500 then 75% of tax is allocated to NJ. So NY taxes the 10000 first then multiplies that tax figure by 75% to give to allocate to NJ and the rest is NY

Putting these on Schedule A used to give me so much satisfaction. "yes - you were able to itemize this year because your investment company scammed you for 9500 this year...." But those days are over.

That's all I needed to know. I thought so, but could not confirm. Thank you GraceNY!!

I continue to have this problem too. Usually on the bigger returns or ones that have multiple states.

An estate receives a pension distribution that distributes to beneficiary. The guy that died would have been able to exclude the pension up to 20000 as he was over 59.5 years old. If this had been a direct distribution to my taxpayer, I would have excluded up to 20000. So since this went around the block thru the estate, does rule still apply?

I received a letter from the IRS today as POA for a Taxpayer that is not my client. Not sure what to do with that.

I have had 2 Taxpayers come in this year asking me to prepare and efile their NYS return after they used intuit or some other software and did their own 1040 but then got confused or didn't know how to do the NYS. I tried to efile the state but I got an error that the IRS manifest number or something like that had to be present in order to efile the NYS. Is there a way around this? I swear I had done this in past years without an issue.

(I didn't have any window envelopes.....)

I have a slew of K-1s on an estate and wondered if someone knew a secret to create labels for the k-1 recipients.

What type of entity? If its a corporation, you have a M1 adjustment.