ILLMAS

Just this week I had a client that sold their personal home that became a rental for the past years, in my head they qualified for the exclusion, but when I put the months on paper they missed the exclusion by 4 months. It's very simple to do.

Yes, they are both C corps, with no debt. "I think they shot themselves in the foot with trying to circumvent taxes, and they will have little to no gain in Corp B, or possibly a loss after selling expenses, and no way to utilize the NOL." I agree, it seems right after the reassignment of the building, it was sold, so the FMV is probably the sales price and very little tax benefits.

Corporation A owns a building with an adjusted basis of $500K, during the year they reassigned the building to their second corporation B. My question is do you simply remove the building from A and move to B? Or do you take the FMV of building and that's your new basis? Or is it considered a gift and the Corporation should pay taxes on the gift since there were no exchange of money? Corporation B After the building was reassigned from A to B, B decided to sell the building they received with no consideration for $1.5M and the proceeds were deposited into B. My question is, how do account for the gain? It seems TP goal was to offset the gain on the sale of the building against B's NOL's, however I feel they didn't think things through and there might be taxable event when they reassigned the property, anyone else agrees? Thanks MAS

One of my associate has a client that owns multiple corporations (A & B ) that services one another, they bought a commercial building under corporation B, however the in-house accountant said the building was bought under corporation A and it has been depreciated for the last 5-7 years. In 2015, the building was sold, gain was reported on corporation A tax return etc..., taxes were paid, in 2017 corporation B gets an IRS bill for the proceeds of the sale that was reported on B, my associate friend asked for my advice and I could only think of going back and amending each year to remove the depreciation from A, amend B to include the deprecation up to the date of the sale. Can someone make a better suggestion on how to handle this? Thanks MAS

It's not a crime to tell your clients Easter is important to you and your family, most would understand why their return will not be finished.

Single member = Sch C

Yesterday I had a client offer me to pay extra to prepare his personal and corporate tax return because he has to leave out of town and won't come back until the end of May, I said great, it should be ready by the time you come back

Much appreciated, one final questions, would the TP be hit with a penalty for not filing on a timely basis, sort of the penalty when you pay payroll quarterly returns late?

I have a new TP and wants to put the nanny as a household employee for previous years, I have an understanding that you need to make withholdings for SS/MC every time you pay the person correct? I believe in this case, TP didn't deduct or collect the nanny's share, at this point in time, would be best to just issue a 1099?

· "My client’s results are their personal responsibility"

TP personal residence was rented for 40 months out of 60, so there is no exclusion, secondly her basis on house is $190K and the bank accepted an offer of $42K (sales price) resulting in an $148K loss, there is also a limit coming from PAL of $124K making the total loss ($24K), my question, is the TP entitled to this loss even though she didn't walk away with any money? Thanks MAS I know eventually the TP will be receiving a 1099-C.

Not from NY but found this; https://www.tax.ny.gov/pdf/advisory_opinions/sales/a15_19s.pdf https://www.tax.ny.gov/pdf/advisory_opinions/sales/a81_14s.pdf

You get this message when it's the same employer, are all the W-2's from different (different FEIN) employers?

I efiled a 2015 return back in early March 2017 and TP called me today to let me know they received their 2016 refund but not the 2015, double checked ATX and it still appears as transmitted to EFC etc..., ATX went through loop but the return still appears as transmitted, anyone else having this issue or know the solution?

"Last year she decided to self prepare her own return because her Preparer could not get to her on October 10th" So close to October 15th, she could not get a hold of her preparer? Reminds of this guy from Tennessee who sang a song called "Cry me a river", I think he won a couple of awards.

See this article http://articles.latimes.com/2010/dec/19/business/la-fi-perfin-20101219

In my case there where two individuals that had similar name like me, I was able to prove to experian that I did to live at XYZ, I had to send a copy of my SS# and if you check your experian report you could see the different SS# and addresses that are tied to your account. At first I thought it was identty theft, but it's those damm collections agencies who are causing all these problems, hoping it's a case of mistaken identity in your case, good luck.

I also thought these people where thugs, but actually it's the creditor, they find any fool that has the name of the debtor and they gladly remove everything once you prove you are not the debtor.

@Terry D where they using your SS#? I have a common name and creditors put all the MAS in my area under my credit report, they never had access to my SS#, but it did mess up my credit but was able to resolve it after 2-3 months. Call all three credit bureaus and it should be resolved.

Anyone remember the I-Omega Zip disks? 100MB, 250MB & 750MB

This stinks, imagine if mother and daughter go to a different preparer they both pay taxes for the same amount Knowing the IRS they might want for your client to contact the creditor and to correct the 1099-C to the proper person.

Good thing I am still on Win 7 Pro.

For the same amount or half and half and different SS#?

For the same amount or half and half and different SS#?

For those that use fee collect, do I have to call ATX to set up my bank account? I have client that owes me fees from last year and I would like to collect the past due and current fees from their 2016 refund.