schirallicpa

hmmmm......over age 18 (19) and not full time students. Just loafing at home still.

You are familiar with no-where's-ville! I work in Wellsville. We have friends who own a cabin on Chautauqua. I love going out on that lake. I will look for See-Zuhr House next time we are out there, but I think I remember seeing it because of the name. So we live about 45min or so from Chautauqua - maybe an hour. We live in Bolivar, and would travel to Olean, Salamanca - the old Route 17, which is now 86.

I have been lazy about looking for new software. but I think this is it.

over the last few years, have had to file 8615 for children (twins) of man when they have over 2100 of dividends and interest. however, this year they are 19. They only have the dividends. $2589 each. they do not have w2 income. they are still on his tax return as his dependents. however, they are not students. so i think the 8615 goes away, but that means that they have no tax at all. which is good for them, but it makes me nervous now. I think its just too late on Friday afternoon to do this kind of stuff. headed out to get a fish fry. the best part about being catholic in Western ny.

usually it's that cute little Shih-tzu in my picture waking me up. He's 8 years old now, and barks in the middle of the night if anyone gets up or - god forbid - the cat walks by. and sometimes he likes to go out on his leash at 2 am. but what really killed me last night, he woke me up to let me know the cat wanted to come in. i sleep through the cat scratching at the door, and I like it when he ignores the cat too, but my fussy little boy couldn't stand it until I got up and went to the door and let the cat in at 3 am last night. only to bark at him when he walked by the bedroom a few minutes later. Ugh! in my next life......nothing that eats or poops.....or talks or barks or meows......

next saturday - that is. this saturday will be a long one....

I just got a collection letter for $139 for 2014 returns. And there's no bill for it!! ATX can't seem to give me a reason for my bill. I think it's for 1099's that they started nickel and diming us for.

The Easter weekend is putting extra pressure on me to get done to be with family. Usually Easter comes early enough that a day off isn't such a big deal. Ugh - I still have a lot to do this week.

Remembering that the LLC is only a state designation - I think this is your answer - to file single member Sch C - because essentially the other member doesn't exist since they are not a citizen, don't have ID #, and the LLC is ineffective. They could not have formed an S-corp anyway. Can't see personally how the LLC protects them anyway. Essentially, the person loaned some money. They should have just made a legal contract, not an LLC

interesting. will keep that strategy in mind. I have a husband who is awol. well - not mine own, although it would be nice....

thanks for the bleepity bleeps. that's what I was thinking.......

to amortize or not to amortize. that is the question.

I had a similar situation but in my case I was at the end of the contract to buy, and the previous accountant had set up the installment agreement to buy as rental income. So instead of having installment cap gain and interest, he was showing rental income and deducting depreciation. A sticky mess to untangle. In your situation, I agree that the deposit should be held in escrow and sounds like no valid contract yet. May consider putting on extension until they find the missing shareholder.

Thank you. I appreciate your posting those links. I think the attorney in this case is trying to angle on the linens being used, and therefore the sales tax was already paid the first time they were purchased. (We won't mention that sales tax was paid the first time the equipment was purchased.) I think the answer is yes, especially since tax is exempt on the other end when he performs services.

18 years ago I could not leave the hospital with my daughter until the social security number was issued. Mandatory in NYS. As it should be in all states. (Hate it when I agree with NYS.)

ooohhhhhh- it didn't occur to me. My secretary will change the template for the normal letters, but I have never monkeyed with it, and she did not think of it. Awesome. Thank you.

I'm not a sales tax expert by any stretch of the imagination, and NYS sales tax does seem to take some imagination some times. Client is in linen/laundry business. Is required to pay tax when he buys linens. Does not charge tax on most of his service. He mostly provides linen service to hospitals, nursing homes, restaurants. Occasionally private party. Client is buying used equipment and used linens from another linen business that is retiring. Lawyer calls me and says they have to pay sales tax on the equipment but asks if sales tax is paid on purchase of the used linens.

We send a copy of the extension with a letter that says we have filed the extension for you. But it would be handy to have that built in.

SaraEA - Thank you. i appreciate your honestly!

got one of those this year too. guy donated a model ship worth $14500. Can't seem to get the papers back from the appraiser.

I'm just going to scream. I can't pick up an easy client this year! Morgan Stanley reports under long term non covered securities: "NYS DA JUDICIAL 7375 16JLRG 5,000 Qty, Sold 07/01/2016 $5,000 Proceeds, Not on File, Not on File, Not on File" JLRG stands for jurisdiction license reference guide. What the hell? More Riesling, Please. The guy was in the middle of a messy divorce during 2014 and 2015. Do you think the broker had some extra money hiding? Has anyone seen this before?

Love it

After a while - anything is "riesling-able".....HAHAHA

UGH! Another question! I'm tired of messy clients this year. Now - another new client. has had a rent-to-own deal on a property that since 2006. took money on schedule e as rental income. but - it should have been a 6252. the property was paid up in december 2015 and the sale closed right at the beginning of the year so paperwork fell into his 2016 folder. if only i had never known. The sale price was contracted at 28000. payments included interest detailed in the contract at 8.5%. paid in total 37200 (all reported as rental income). House on depreciation schedule at 42000 plus land of 4000. A/D is 20006. So basis is 21994 plus land of 4000 totals 25994. I don't know what to do with this. Now let me try to rationalize my way out of this - I only have last years return to look at, but he takes a loss on schedule E which is basically the "travel" ,insurance, tax and depr. (some might wonder why I put quotes on travel expense....) Last years loss is 2000, so no 8582 limitation. He also itemizes and could have put the tax on schedule A. He would have had reduced tax rate on cap gains, and he would have reported interest income. (wonder if the buyers took an interest expense......) Interestingly he has lived in NY for all this time, and has always sent his tax info down to some guy in GA. What do my ATX friends think of this? I'm going home and drinking a nice glass of Riesling - that will help me decide.

perfect.