ILLMAS

Someone also recommended the beekeeper.

Just out curiosity @Christian how old was your computer? I retired my Dell XPS I bought in 2019 due to slowness and the fan turning on out of the blue at full speed.

Thanks for sharing, I have the same issue for 2022 & 2023, I will use their 2024 PIN.

If I may recommend try going digital, I say 95% of my clients get digital copies and the other 5% get a print out. Someone here recommend Verifyle secure portal and I've been happy with it.

Thank you all for your contributions. I would like to clarify that the suits in question are actually western wear, not technically cowboy suits. However, as city slicker, we do not perceive a significant distinction between the two. In fact, I personally owned cowboy boots during the 1990s when they were a fashionable trend.

Agreed, these are cowboy suits that were fashionable in the 90's and over the last 30 years he sells one here and there, but I will make that suggestion. Thanks

I have a client who sold at a swap meet or flea market for many years. In 2024, he decided to close his shop (no sales in 2024) and was left with approximately $100K in unsold inventory. Additionally, he inherited a property along with his siblings back in 2011, and they all decided to sell the property in 2024. The step-up basis is very low, meaning his portion of the sale results in almost a 100% gain. My question is: Can he write off the unsold inventory to offset part of the gain from the property sale? The best option for the unsold inventory would be donating it to Goodwill or Salvation Army. Thanks!

I have a client that moved to NY (Bronx) and had state and local (NYC) taxes withheld as part-time resident, I have answered questions on page 1 of form IT-203 however the NYC taxes are being refunded. I have an understanding NYC taxes you if you work there, if you work remotely etc... I'm I missing something like having to file NYC tax return or TP is not subject to the tax due to not living in the City, any guidance would be appreciated. Thank you,

I don’t know what is worse, receiving a picture of someone tax documents taken a mile away that it’s impossible to read. I usually respond by asking if they can read the info and without me asking they send better pictures.

Restart?

The Lost The Lonely The Loophole

Use the snippet tool and save as pdf for now.

Did you have to use a special video card?

Agreed, never had an issue before.

I need to renew mine soon, I goofed on the prior renewal and did not include copies of my CE hours. I was contacted by a person and was able to resolve everything via email.

TP paid a third party a hefty amount to setup a virtual online store to sell under a major retailer. The start-up cost happened in 2021 or 2022 however the major retailer booted them for not making the required sales margin. TP was going back and forth with the third party to get them back online, in 2023 they did so and again was booted for the same reason, TP has throw the towel on the business. No sales were reported in 2021 or 2022 and if you were to take the start up vs the minimal sales it was going to be a major loss, my question is, can the start up costs be capitalized in 2023 and dispose in the same yea?. Business only operated for about a month vs a couple of months in 2023. Thanks

Find a firm that specializes in forensic accounting, it won’t be cheap but the findings can be used to prosecute the individual.

I’m working with a new non-profit client that previously had a rocky relationship with their CPA firm. Unfortunately, they were unable to obtain complete QuickBooks files and reports, leading to an attorney's involvement to retrieve the missing records, but they received only incomplete information. As a result, I had to recreate the books using bank statements. However, when I compared the financials to the 990's from 2017, 2018, and 2020, I found significant discrepancies. Specifically, the income and expenses reported on the 990s appear to be overstated compared to my reconstructed books. I feel confident in the accuracy of my work, but it’s crucial for the financials to align with the returns. Given that the client relied completely on the previous firm and is unaware of these discrepancies, I’m in a bit of a pickle. My question is: Should the 990s be amended to reflect the accurate financials? I’d greatly appreciate any insights or experiences you might have on how to navigate this situation.

TP had foreign income and does not qualify for the foreign income exclusion, where do I report it? TP lived 365 days in the US but had earnings in another country. Thanks

I have a question regarding the amendment of business and personal tax returns due to the Employee Retention Credit (ERC). Specifically, I’m wondering if companies that handle ERC filings typically provide clients with copies of Form 941-X, or if it is the client’s responsibility to prepare and submit these forms for amendments. Thanks

Send me a PM with your email, I can send some material of a training I did three weeks ago.

I have, the fix was to notify the employer the SSA issued a new SS# and to update it on the employees current (keep same wages etc.. under the new SS#) file. This prevents getting two W-2's at the end of the year.

Thanks everyone, I'm now on Splashtop.

With an event starting next week that will make it difficult for me to get to the office, I will need to work from home. Could someone recommend a reliable remote access software that would enable me to connect to my office computer? Thanks

What I wrote back in April, I also use Hiscox.