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Methinks this end of (thank goodness) tax season is making us all a little blithering uh accountants.

This thread is beginning to stink....

I just had a client drop off their 2015 work with their 2014 8879. Husband signed 1/15/16, spouse 4/15/16 and my check was dated 6/15/16. I hope it is OK that I used today as the date signed when I transmitted it. That is when I signed added their OIN

Thanks so much, Max! Once I get the contract, I will do more in depth research, especially for this state - thanks for that tip. My CPA license gets renewed end of this year for 3 more so I've definitely decided on just 3 more tax seasons with NO extensions for tax year 2018. The trusts on which I am trustee will be fully distributed that fall, yippee! I'll be 73 then so enough but it's not too late to learn new things as long as it isn't too hard and I have this great group here.

..............LIKE SHIP....?..........

I finished my last one at 11:58pm. I'm not doing this anymore. I've got a few that didn't pick up their returns and they're still sitting here. The last one was an RDP couple who also have a partnership. The woman running the p'ship biz (not one of the couple) didn't like how my employee was keeping the books, didn't pay her, and is looking to buy the biz from the couple, but is facing an EDD audit. I warned her about the ICs....so anyways, I never got the stuff to do the p'ship, so I never finished the individual returns. The p'ship always had losses, so the couple said, can't we file without it and amend. So, last minute. And....when I looked closer at the file...mega ESPP sale. Mega. All on of of the RDPs, since the ESPPs were bought before they registered. So a big rush to get him filed so at least he wouldn't have the late filing penalty on a 38k balance due. I feel it was my bad for not looking closer at the docs, and he did send them to me on April 15, so I've had them. The other RDP had a refund, so he got filed today.

Come on now people!!! Let's cut this ship and get back to work!!!

It's not like we have ship for brains.

Holy ship! I can't believe we know so much ship!

The IRS has announced that this changeover has been delayed due to unspecified problems for an unknown period of time. After all how can you know the unknowable ?

Hahn, this is a confusing area and I think you are confusing two things. When property is foreclosed, you have to distinguish two events. One is the transfer of the property, which results in gain/loss on Form 4797. The other is the cancellation of debt income, which goes on Line 21. CODI comes into play only when the loan is recourse. Your client had a loss on investment property, which is a capital loss. She also had income from the cancelled debt. The insolvency test can erase that. Whether or not EITC is a possibility is a good question. Since Line 21 will show zero after the insolvency subtraction, I would guess she is eligible. For the capital portion, you need to know what her basis was and if there is depreciation recapture. She might not have a loss, and gains cannot be erased by insolvency or the other tests.

I like the meme except he has a paddle. Most of the time I don't feel like I do.

I just want to thank everyone who contributed to this "OH SHIT" thread. Helped me a lot yesterday.