schirallicpa

if no will exists, then court appoints administrator who is responsible for filing returns and "wrapping up business". Does not automatically fall on parents.

Can i expense them this year or do i have to capitalize? :pop:

yes - 3 years if from Apr 15 date

wow - I guess i wasn't considering this as financial fleshing

ok - i have farmers, oilmen, and smokers. And my dog likes to toot every once-in-awhile.

Have seen a local preparer charge double when the return is a delinquent return, with explanation that you are violating the law by not filing your return on a timely basis - that apparently being the justification for increased fees. what do you think of that?

First of all, Deb, what is your dogs name. Second - I am thinking that even in the long run, the actual expense of running a truck like that outweighs the std mileage. By the time you consider gas, tires, insurance, maintenance, registration. And - having done a ton of returns for guys that buy trucks, i have never known one to actually keep one that long. Just my 2 cents.

I have a client who has repossessed property and will have a taxable gain. Can't find where to input this info or make it trigger on 6252. Any suggestions?

got my first "unexpected encounter" and had to shut down.

i had not run into this before in our little small town. thank you!!! voided checks only.

First of all - i had never heard of this bank. Not around here at all. But I had a client move from NYS to Florida and he sent me the deposit ticket for his refund. And the routing number is 519960424. ATX doesn't like it, and when I looked it up on an online ABA search - it couldn't be found. I have a call into Fifth Third Bank at the number listed on the website. Do any of you have an account with this bank or have clients with this bank?

I am confused as to whether the taxpayer is supposed to get more refund ($350) if they didn't get their check in the mail last fall? Has anyone dealt with this yet? I'm having a rough tax season already...................

So I fill out the worksheet on 8965 for shared responsibility. And the key to this calc seems to be the household income line. Following instructions, I fill in their combined household income, which is roughly 76000. They were married in late June and in July she was on his insurance. It doesn't seem right that the penalty is based on their combined household income when at the time of her being out of compliance her income was closer to 25K annually. I see on the premium credit that there is some consideration for becoming married during the year, but I do not see where there is any place on the penalty to consider getting married during the year. Am I missing something?

I have a couple of small businesses that use SAGE depreciation software, and they are paying about 1200 annually for these programs that are far more complex than they need. One business is a elderly home, and the other is a launderer. So we need to keep track of assets, and they both want book and tax modules. But looking for something more cost effective for the 10 or 15 new assets they add each year. any suggestions?

I found it mentioned a couple times in old threads here from 2013. Anyone using it now? Would be great for me dealing with the out of town clients that continue to screw up the checkbook. But wondering how well it works and if clients like it.

And............it's cold here.

right - i know he's not required to have ins. the question is - because he is offering to 2 , does he have to offer to all?

My client is a small contractor. Has 5 regular employees that have been there forever. 2 of those guys he's always paid for their insurance. the rest are on the spouses' plans. Forever, he's hired on and off a 6th guy. This 6th guy is never permanent, for whatever reason. He's kind of the extra to help thru heavy work seasons. These are the kinda guys that stay around of 6 - 12 months and then move or find another job. Anyway - he has been told that he must provide insurance for this extra guy since he pays insurance for his 2 other regular guys. I am far from expert in this area, having only recently taken some CPEs. I appreciate any help.

it is an S-corp. The commitment is signed. They are expecting downpayment/consideration within 2 weeks. I will contact the attorney to push for a firm date to close on the transaction and have that in writing. Good point Judy- on the making sure the sale date is reported by all the same way. thank you!!

accrual

Client is selling business. Calender year. We are into November next week. He has an offer on the table. He wants the sale to take place in 2014. If he has a commitment/ contract in writing by dec 31, but money doesn't exchange until January, can we take this on his 2014 return. I know when I was working in another firm, we did this. I don't think that has changed. Similar to buying an asset on credit at year end and taking the write off. Any thoughts on this out there?

very frustrating. I need some popcorn.... :pop:

file the election with the first year corp return, up to extension time, and they will accept it. state may be fussy. used to have to write long excuse why election didn't get in on time. Now, in first year, they will take it with return with minimal explanation. I've never had a problem with Feds with this. yes- you need to file 8832. why don't they just become a legally recognized corp? I'm not an LLC fan. I always encourage my clients just to go ahead and organize as a corp. Of course they don't always listen, then we have to fool around with these elections. In the long run, I still think corps are the safer bet. Just sayin'.... :pop:

waiting for 1040s to get accepted so I can feel safe sending the state. tempted to release the hold and just get out of here!!!!!! although I did go get my hair done. more grey than usual peeking thru this time..............wonder why. What a season. Oh yeh - need to get some popcorn. :pop: