schirallicpa

I believe that if fraud happens with a credit card that the CC company must assist you and make things right. However, if the fraud happens with a bank or investment company, they are off the hook, even if they have been less than vigilant in protecting your funds.

(Me and my dumb questions....) Do I file an amended return? I swear - I didn't come up with this question, my staff did, but now I am wondering....

I just cannot believe the number of people who pay HRB for money that they would get in a couple of weeks anyway. I offered to take my fees from refunds a few years ago and NYS stopped you from being able to do that. Big Brother here always so helpful. But I never have offered the early refunds. It's nuts how much it costs and is completely unethical in my opinion.

Hard NO

Yes - the LLC is single member in all 3 cases. The question of whether land was transferred to S-corp confuses me. The land is owned by the LLC. The LLC is treated as an S corporation. So does that mean the land still belongs to the SMLLC vs the LLC treated as an S? The entity is the same, but the tax status changes. I'm going around in circles. Someone straighten me out.

Not sure why she felt obligated to file for him. I have a situation similar to this but the surviving spouse has not filed for him yet as I questioned why she should. Afterall - MFS....Hate to sound like a jerk. But it ain't her problem.

I've suddenly got 3 of these. All of which have had an LLC purchase property. The LLC holds title to the property. And the LLC runs a business at that location. (One's a pizza place, one's a real estate office, and one is an open sports arena place). Then - they all elected to become S corps. Now they are all looking at me to help them with their corp returns for 2024 and review those 23 returns. And 2 of them have the corp paying the member rent. Huh? So now this land is in the corp? And now we need to get it back out?

The mailing address for IT-201-V is PO Box 4124 Binghamton NY. Has been for a few years. My client has attempted twice to send voucher to this address and mail has been returned. "No mail receptacle. Unable to forward" What's going on?

My router died on me yesterday. Spectrum. We know a guy and he knew a guy and tech service came and replaced the router around 4:30pm. I had 1 return left to send. And can you believe it rejected because we needed a damn PIN. It was 6:45 when I got the rejection and called the client. They called the IRS and I went home. At 9pm she finally got an answer, and I sent the efile this morning. Hopefully we can waive the penalty because we did attempt to file on time. (Although it did kinda serve them right - afterall, I had had the return done since June and they didn't want to pay the tax.)

ugh! A schedule c client was audited. 2017 and 2018 was audited by IRS and changes were made. The Form 5278 Statement of Income Tax Changes did not address 8995. The audited was concluded in 2022. We had losses carrying forward on the 8995, but now in 2023 we have an income. Now I am reconsidering the loss carryforward and if we had the right figure after the changes that the IRS made. Just throwing this out there. It didn't seem important at the time as we were arguing about whether or not a pole barn was a commercial building or a $37K Oscar sawmill was a building (no), so the 8995 was new, and the amount carried was overlooked as the client had losses in the subsequent years. So as I sort this out, I'm just going to suggest to others that we all keep an eye on those carry forwards and make sure they make sense.......

Taxpayer had a salaried position in 2021 and did not keep a time sheet and nor did his employer. Taxpayer owns over 40 rental properties that he spends all of his free time dealing with issues at different places. This is not passive for him. But - he does not keep a daily log of his activity. NYS is wanting a detailed log of his activity and they want to know what hours he worked in 2021 for his former employer - which neither exist. This is so very frustrating to me because there is not a single person in his right mind that keeps a daily log of the houses they are doing maintenance on when they have rentals. Now that he is retired, he has bought more properties and has even more maintenance calls and collection efforts. Anyway - what's the best way to handle this? NYS has been hammering taxpayers and I feel this is just too much.

Taxpayer and Spouse have filed separately for the last couple of years. They have a child. The Taxpayer had a huge tax debt and we have been able to get Spouse in to Federal CNC status. The Taxpayer died in April 2023. I do not know if the Taxpayer filed or would need to file. Does the Spouse continue to file separately for 2023? Or can she claim Surviving Spouse? I don't want the IRS to come back on her again. We are in NY - so still fighting NYS on her CNC status from 2021 and 2022. I am inclined to file MFS. But - of course - more money as QSS. Her income is quite low. What would you do?

Once you have that CPA after your name, you are supposed to know everything. But I need help on this one. A credit union, which has never sold it's holdings before, holds CDs as a "held-to-maturity" portfolio. However, they sold some last year and now NCUA wants to reclassify those particular CDs as "available-for-sale" portfolio. But this would result in changing reporting from cost basis to FMV basis which would ultimately change net worth. The credit union now requires a CPA opinion on classification in regard to this transaction. And I believe I will agree with NCUA. I will be googling away next week and checking my old GAAP guides. But wondered if anyone here knew or had experience with this.

Well - if you saw me, you'd know there is no particular health and wellness vibe with me. And I'm a tax accountant so zen has never entered my life.

I got some weird mail addressed to Zen Health the other day and threw it out. Today I received a notice TR-570 from NYS asking for information for Zen Health & Wellness LLC. I looked it up on the NYS DOS site and sure enough it was an LLC created on Aug 27 with my name and address as the mailing address. So what do I do with this?

Oh - I have. She's one of those "oh I thought you were a CPA" clients.....

New client dumped a bunch of stuff on me and even though I said quite clearly "I don't do payroll" she's one of those "oh - I thought you were a CPA" kind of people and I'm not sure I'm too happy to have taken her on. Regardless, in her bunk was a couple of bills from NYS WC board with charges and penalties. She's been on a payroll (the only person on her payroll) for a couple of years as her company is treated as an Scorp. I don't know anything about WC except I pay a dbl and wc policy thru my local agent and it is peanuts. I told her that and supposedly she went to her insurance agent about it. In the meantime, not sure what to do about these 16K bills from NYS WC board. Can they be contested? Can my POA cover WC? Should I tell her to get an attorney?

I need my taxpayer to withhold 15%. So I have to calculate the semi-monthly amount and take 15% of it and put that on the extra withholding line. That's not an effective method and the form does not allow me to do it any other way.

Is so confusing to older people. And to me. Why can't you just put down a percentage that you want withheld.

Gotta love it when the attorney makes the decision to not file the fiduciary return. And then the client argues with you because "that's what the attorney said." GRRRRR. The estate has over 11K of income!

oh you know - gotta hold the client's hand......

I have a new client that have had their bookkeeping done by another accountant in town and she wants to get something in writing signed by the client before she gives me a backup of QB. Which is totally reasonable. But - being lazy here - does anyone have a basic letter that they use?

I have a client that adopted a child a few years ago and the SS department took 3 years to assign a soc # after the birth and immediate transfer to the new parents, my clients. I have amended the 2021 return for the dependent and I have gotten a letter back that the child tax credit is denied. Of course, because SS# issued after return was filed. Any way around this one? They certainly could use the money. And it's certainly not their fault it took so long for the SS number to be assigned. This one is a dirty move, I think.

You're right DANRVAN - added to basis and not amortized.

Tom - that's basically my question. These costs are significant, but I am not finding any guidance. My thought is that it is in essence part of the larger refinancing and should be capitalized and then added to next years closing costs. But - maybe......not.