ILLMAS

How about One-Write Plus or Cougar Mountain?

Depreciation, property is going to hit the market pretty soon.

I hope there is a happy ending to your clients problems.

Those exact words reminds me of a former client, I saved his life by completing a couple of years of zero quarterly returns, and to add icing to the cake, he promised I would be his accountant for his secret mix of roasted coffee bean business. This is me

Does anyone know if there is a time frame (within IRS guidelines) to do a retroactive qualified appraisal if an informal appraisal (TP used neighbors selling price as a comparable) was used to value an inherited property?

The parent or the student can claim the lifetime learning credit, if I remember correctly there is no age limit.

Thanks Judy

I had previously posted a question in regards to increase in basis, if you skipped my previous question here it is: Now that we a have a copy of the legal documents, the above is still true, however the settlement document does not mention anything about the property and its basically says both parties agrees to settle for $200K, leave each other alone and case closed. My new question, can anyone point me to any IRS reference/tax court case to show the TP why they dont get any benefit, increases/decreases their basis or can be expensed. Unfortunately I have not been able to find a similar case online. Thanks

What will would be the support when the IRS comes knocking with CP notice?

I just received a call from a client asking me what can he do if his landlord is entering his shop and triggering the alarm (10 minute call)

Let's just say my fees are a small fraction compared to the attorney's

I sent you a PM

Great post, thanks.

For a 1041 that took about 28 hours (over 10 months) to prepare? 6 hours was for research, emailing back and forth with client, client attorney, consult with my ATX friends and other accountants etc... and the 22 hours to organize clients spreadsheets and to prepare/assemble the tax return. Thanks

Downhill marriage, can a parent still claim daughter/wife as a dependent if the husband files MFS?

I hate when that happens.

I prepare payroll for clients and there is this particular one that has two employees with the same salary, one person claimed zero allowances and the other has like six and person with the six allowances takes more home. Now that the new W4 and calculator is out which is complicated for a non tax person, I am going to give them the new W4 and they can figure it out for themselves. https://apps.irs.gov/app/withholdingcalculator/

TP spouse was on a K-1 visa from Jan to Aug 2017 and had authorization to work starting in Feb 2017, spouse worked but was given health insurance by the employer when they officially wed in Aug, my question is, was the K-1 spouse required to have health insurance from Jan to Aug 2017 based on his legal status? I took a look the marketplace FAQ and I am interpreting a K-1 visa as a lawful temporary resident, see bold: Immigration status and the Marketplace People with the following immigration statuses qualify for Marketplace coverage. Get details about what document numbers and other information you’ll need to fill out a Marketplace application. Immigrants with the following statuses qualify to use the Marketplace: Lawful Permanent Resident (LPR/Green Card holder) Asylee Refugee Cuban/Haitian Entrant Paroled into the U.S. Conditional Entrant Granted before 1980 Battered Spouse, Child and Parent Victim of Trafficking and his/her Spouse, Child, Sibling or Parent Granted Withholding of Deportation or Withholding of Removal, under the immigration laws or under the Convention against Torture (CAT) Individual with Non-immigrant Status, includes worker visas (such as H1, H-2A, H-2B), student visas, U-visa, T-visa, and other visas, and citizens of Micronesia, the Marshall Islands, and Palau Temporary Protected Status (TPS) Deferred Enforced Departure (DED) Deferred Action Status (Exception: Deferred Action for Childhood Arrivals (DACA) is not an eligible immigration status for applying for health insurance) Lawful Temporary Resident Administrative order staying removal issued by the Department of Homeland Security Member of a federally-recognized Indian tribe or American Indian Born in Canada Resident of American Samoa Would you agree they qualified either by the exchange or private health insurance? Thanks

Seems pretty common, my clients daughter received her refund in 10 days and as of today (20 + days later) the parents return is still being processed.

“Claiming a 45 years old son” Not that I am 45, but I just wanted to make it wasn’t my parents asking about me

A quick update, the ex spouse nor their business was the issuer, the employer was garnishing the ex spouse wages and they didn't how to report it

I am going to ask, but I have a feeling it’s the ex spouse business.

Good answer, thank you.

Thanks Lynn, I want to notify my client now instead of waiting for the CP notice to come in down the road. I have never worked with a client that either pays or receives alimony and just wondering if alimony payments are reported on a 1099, maybe on box 3?

Do you foresee a problem if someone receives a box 7 1099 for spousal support and is reported on line 11? Thanks MAS