schirallicpa

I just did one of those yesterday. Isn't that nuts? I wonder if any one ever marks no, just to see what happens.

I would bill it in full, and then deduct a "courtesy adjustment" on the face of the invoice. Then make sure I point out to them that this return would have normally been $300, however, in light of the fact that much of the work was already done correctly , and I am amending only a specific portion, I am only charging $150. If the amendment is because of my mistake, I eat it. If it is their mistake, they are billed. If it's because they get a corrected 1099 late in the season and its not really anybody's fault, I try to discount more, but a least bill my basic flat rate.

Yep - you're right. I had a corp try to dissolve a few years ago and NYS wouldn't let them because they had never filed a return for their first short year of existence way back when. They had no income nor exp, and so had not filed a retun. Ok for Fed, but not for NYS. thanks for commenting. I appreciate it.

The instuctions for this form talk about seasonal employees - "Seasonal employees who work for you 120 or fewer days during the tax year are not considered emeployees in determining FTE's and average annual wages." I have 2 clients (a nursing home, and a pizza place) that have a huge turnover of employees, and many of them would work less than 120 days. But, they are not hired with "seasonal" intent. I also have a client who in in the road constrution business that has many employees working less than 120 days. I know his employees don't qualify. I'm just wondering on these other people if I consider them as not FTE because they are less than 120 days. Or if I consider them because there is no seasonal intent. any thoughts would be appreciated. Many thanks.

I'm glad you answered that. I have one of those. thanks!

I have a couple of these. Drives me nuts: The wife works and has significant withholdings. The husband is self-employed and eats up her withholdings with his self-employment tax. She gets all mad because he hasn't paid in, and she's not getting anything back. Hello! If you want more money, go to HR and change the w/h. Make him write checks. In the big picture, as a married couple, does it matter if you withhold or write checks. My husband has huge withholdings to cover my s/e tax. I don't like writing checks. It's much easier to withhold on his end. grumble, mumble. Now one of these couples has incorporated his business, and has given the wife part ownership. Now I'm hearing about how she wants a paycheck. Which she will get. But they just go on and on.................And who lets a spouse have ownership? They didn't appreciate that I wanted their atty to talk to them about having a buy/sell agreement in place in case of divorce. I love my husband very much, but I would never make him part owner of my business. Love and money just don't make a nice cocktail.

I have 2 of these this year. We filed final returns in 2009. NYS will not "dissolve" a corp until all past due taxes are taken care of. In both cases there was still NYS sales tax liabilities outstanding. So - since they are still on the NYS rosters, do returns need to be filed this year? I think yes - but of course my clients do not appreciate another bill....... Any thoughts? Many thanks.

AH-HA!! I'm under by a few dollars. I was referring to old table that showed I was over. How 'bout it. Thanks!! You're awesome. And my client will love you too:)

I am attempting to prepare a part year return for a couple who moved to VA during the year. I cannot make the tax calculate on Form VA 760PY. Can anyone give me any tricks on making this one work. I have open the VA760PY, VA760 PYADJ, VA sch ADJ, and VA Inc/cg, VA sch of income. VA is making NY's return look easy. Thanks for your help.

no basis. but long term capital gain. she won't get hit too bad.

Thanks for pointing out Sch D, not 4797. Have a great weekend (and a productive one, because we all know that this is when we get the most done with no clients hounding us.......;0)

ok - I cannot count the number of times I have taken on a new client who has been taking home office expenses and does not take depreciation on the home. I am then told that they don't want to de-value the home by taking depr on it. But, this was always my understanding - that the business portion of the home is no longer considered "residence" under the home sale exclusion rules, that the business portion is reported on 4797 when sold, and that on the 4797 you have to determine what depreciation would have, could have, should have been regardless of whether the benefit was taken. Can someone else chime in on their opinion of this for me? thanks.

I have a client who has a NR OK return. I am not getting the option to create an efile for it when I click on the icon. I am only getting fed and NY. OK is not an option. However, everything on the efile info form and return looks like I should be able to efile it. Is there a hold up with the return? Or am I missing something...... thanks

Whats the final answer? And how much longer until "draft" goes away on the form?

If there are any NYS experts out there. Wondering if NY requires the recapture of credit similar to the Feds when you receive 1098-T for line 4 the following year. I don't see anything, but I know how sneaky NY operates lately. thanks.

gotta love it. knee deep in tax season and having to go back and re-create efiles for a billing invoice. I've had that happen a couple times too.

Client has "always" had rental property and taken income/ expense on Schedule E. Come to find out, his property has always been held jointly with his daughter. She has never showed any Sch E. Now - he wants to transfer the real property to his daughter. Lawyer was supposed to take care of this past summer. Not recorded yet at the county office. No money exchange took place. If on paper its a done deal, does it matter if it is not recorded in county office yet? But client (and daughter)still wants to keep the income and expense on his return and pretend nothing happened. Any suggestions as to how to handle this? I have another situation where a client owns commercial rental property and she wants to keep ownership of the property and give income and expense to her brother-in-law who manages it. Kind of the same situation. Not sure of best way to work this out. Any suggestions would be great!

ah-ha! You are awesome. I hadn't come across this. Thank you!!!

There is a really neat old train depot just down from me. The property is currently held by a private individual. I have a client who is interested in it but wants to make it into a business property, while still keeping the basic structure and idea that it was a train depot. However, it is listed on the national historic places, and I am wondering if any one knows what restrictions that imposes. Can it be renovated to be a viable business building, or would it only be allowed to be a replica of a train station? I tried googling this but didn't really come up with anything. Thought maybe someone out there may know. Thanks for any input.

I guess I was thinking that you could ask for a % of contested penalties. You are saying no to that? (Sorry - I have read more conflicting info since my original post.....)

I have a client who should have filed a gift return in 2005. Although I do not have details, I believe they are at $1,000,000 level, and the return would make a difference. Can a return be filed now? Or would that cause penalties and open cans of worms that we don't want to deal with? Thanks for your help.

I have recently read an ad from another CPA (non-NY) who charges contingency fees for contesting penalty and interest charges, and for filing returns based on taking a stance where there are open/ undecided cases in tax courts. I have read what I could find on line regarding NY rules, but I can't really find an answer in English! Does anyone know? And can they explain in simple terms?

Question #1 Lady sell her old house and makes deal with young couple to buy a new house with them. They are first time buyers. They have applied for and received credit. Now lady wants to know if she can get a credit too. All 3 names are on the settlement stmt. I believe they should have made an allocation to begin with, but I'm asking for any others' opinions. And would they have been limited altogheter to her credit or $6500? Question #2: For a newly constructed home how is the "purchase price" determined? In this case, he's a contractor and has built his house as he's been able to, and has not kept good record. (As would be the case with most contractors, right?) Anyway - he gave me an estimate. Has anyone been in a situation where they had to come up with proof yet?

I was told once that the biggest abusers of the bankruptcy laws were the lawyers. They go to school, run up lots of debt, buy your household items on visa, don't get married, don't buy real estate, sign for a job, and file bankruptcy before the job begins. A lawyer told me that. I wonder if he played that game himself.

But a mobile home is never affixed to the ground. That fiberglass sheeting isn't really foundation. So I'm still on the fence. I have another tax preparer telling me that they are going to be eligible for the first time credit. I definately agree with the $6500 credit, but not necessarily the $8000 credit.