schirallicpa

I am so fed up with quickbooks and their stupid passwords. Then if you click on forget password and enter you license, it says that it still can't change password because you have recently changed the password. Unbelievable. I HATE QUICKBOOKS

I'm not sure who's bank account this was run thru. I suspect the individual. There is a loss on the rental so is a distribution applicable?

That's what I knew from a revocable trust. Wasn't sure if it was the same for irrevocable. Thank you Terry!

I have had a few of these - the program actually works well and they avoid trying to make the itemized deduction level. It's a great idea.

An irrevocable trust was established and the apartment house that is normally rented and reported on the Taxpayer's schedule E is now owned by the Trust. Who reports the Schedule E? And if the Taxpayer still gets it, does he get the depreciation on the house?

Thank you. I just couldn't find any reason this guy was doing this but I was hoping it wasn't an error in previous years.

My client has a 1099R from State Teachers Retirement Pension Fund of Ohio. He's lived in NY for since 2016. He insists that the OH retirement is taxable in OH. (about 52000). And has filed an OH non-resident return for last few years. I'm getting really confused looking at the OH IT NRC. Theres no way to apportion the retirement on Schedule 1 of that form. He has filled on the part year resident portion of the form in the past and I don't think that was correct. To me it doesn't seem like I need to file a non-resident return. But it is 714 in the evening......

I appreciate everyone! thank you.

That's what brought me here because that makes a huge difference on his return. (S-corp). I'm thinking it's an investment asset.

well - this guy didn't record anything.....and this is where I'm starting.......I have the best clients.......

right - I don't want to have depreciation on this (?). Because it's not a used asset - it's a held asset.

business activity is "other financial vehicle". The purpose of the corporation was to purchase a piece of property and then sell for profit. The taxpayer did not report on the 2017 the purchase of the real property. In 2019 the property was sold. He's saying that the 2017 purchase was the purchase of an asset and the non-reporting is a mute point because it was just a balance sheet transaction and the balance sheet did not need to be prepared. (yeah - I know) But if corporation is in business to do this stuff, then is it an asset, an investment, or an expense. I'm leaning toward investment. But my mind is fogged by this guy.......I'm firing him after I get through this one. UGH The sale in 2019 generates a significant gain.

I have a minimum of 165 that is state and federal. for very basic return. When there are kids involved and that damned 8867 comes into play I took the advise of another professional and added an hour's billing of $135 for IRS due diligence reporting. (the form states an hour to 90 minutes to prepare this form) So this return would be a $350 bill for me.

I have my insurance-carrier provided engagement letter. Just wondering if someone had spelled out the details of EIC and HOH and CTC and AOTC for those that we're checking off that we have explained something.......

I'm thinking someone on here had a letter that they added to returns as an extra "cover my butt" for due diligence explaining the rules. Not finding it when I searched. Does anyone have one?

Word to the wise - put your money under your mattress.

https://www.agweb.com/article/farmer-refuses-roll-rips-lid-irs-behavior?fbclid=IwAR2D_7e-yxO0pY83xuCHYYI2ik26keo240Ur1YnTkf8qlIWb9knveTOyv9Y

i learn so much on this forum.

i'll be happy just to get the damn box of chocolates - probably the leftovers from Christmas!

I got the master tax guide a few days ago.

Hiring a new employee. (yeah - that in itself is a big UGH.) But, have seen where I should have an employee non-disclosure agreement. Does anyone have a template or example.

or is it just TPG that NY doesn't like. I used to use the fee collect program and it was very helpful for my clients. I don't like dealing with advances and all the other bs. But a couple years ago NYS would no longer allow fee collect and I didn't really worry too much then, but I have competition again and my clients would like for me to take fee out of refund. Any suggestions?

yesterday mine was crashing when I would print a whole return. one page at a time was working. I feel like we go thru this every year early in the tax season.

Is it just me or is everyone else still going to page 2 first and then going "oh yeah" and going back to page 1. Ugh. And who would think I would have even gotten used to the whole page 2 thing.

Your state may be different but in NYS if the franchise (corporate) tax returns have not been filed, then the corp cannot be dissolved. You might want to make sure all the state returns have been taken care of.