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wish they would extend the 3/15 deadline

Now we just need to lock our doors and have clients slip records through the mail slot, or do everything over the internet.

After April 15, I'm on slow time. Get to it when I get to it.

I think we're all bumping into these types of issues at this time of year. We know exactly what the outcome should be, but how to tell the software? I spent the good part of the morning on a return with foreign income exclusion. That was the easy part, fighting with the software took a lot longer. Diagnostic that address was incomplete. Well, I didn't enter a city or state because she lived in France, duh. Same with employer EIN. I just kept going to the help screens in UT and eventually got it worked out but it took a lot of time. These types of events show why we are tax Professionals. We know what the result should be, and if the form doesn't match our expectations we have to figure out how to tell it what to do.

I already have plans for the 16th thru the 19th.

"We know what the result should be, and if the" (result) "doesn't match our expectations we have to figure out how to tell it" (the software) "what to do." I should save this for my potential customers who expect obtaining and using software will make them competent. My usual example is obtaining an MD's travel bag and contents does not make them an MD, but I like this one better. Experience, training, and (what used to be) common sense are always in demand.

https://www.chicagotribune.com/business/ct-nw-nyt-us-tax-day-delay-april-15-20200311-oniyypyennhbnhivboaeq6arty-story.html

Section 179 can only be used if your rental activities qualify as a business for tax purposes. You can’t use it if your rental activity is an investment, not a business. Owning rental property qualifies as a business if you do it to earn a profit and work at it regularly, systematically, and continuously—either by yourself or with the help of a manager, agent, or others. Rental ownership, on the other hand, is an investment, not a business, if you do it to earn a profit but don’t work at it regularly, systematically, and continuously. There is no set number of rental units you must own to qualify as a business. The courts have held that ownership of a single rental unit can be a business. https://www.nolo.com/legal-encyclopedia/section-179-expensing-rental-property-owners-deduct-long-term-asset.html

If capitalized, it's life is determined the same as whatever asset was painted. 27.5 yrs may not seem reasonable for how long it would last, but with the next repaint, any remaining adjusted basis in this paint job would be written off at that point because it's "replaced". From this IRS page: Ed, are we talking about repainting the entire building, an addition or portion that was renovated that needed painting and so the rest was painted to match and not look bad where a case could be made that the entire job wasn't exactly related to the renovated part? Was it an interior paint where cost could still be expensed because it is spread over multiple rooms? In other words, is there any justification to say that its cost is spread and is still a repair?

Never was a more true statement made. Tom Modesto, CA

This would be so sweet as I have already lost 10 days due to my own illness. Now I am facing two funerals in the coming week. My assistant is out today and also was ill in January when I wanted to complete preparations for the tax season which dropped like a bombshell the last week in January. One way or another, we have to get it done.

Looks like we may get some extra time to complete those returns: https://www.wsj.com/articles/u-s-treasury-likely-to-push-back-april-15-tax-filing-deadline-sources-11583897351 WASHINGTON—The Trump administration is likely to extend the April 15 tax deadline as part of an effort to mitigate the effects of the novel coronavirus on U.S. households and businesses, according to an administration official and another person familiar with the matter.

And even if it was business related, how would the airline know that? Surely they don't think all the people who fly business class are flying on business trips?

Just when I think I'm over the hill: Guy drives up today, gets out, crips in the office (a bit unsteady - says "I've been sick.") He's 103 - yeah, one hundred and three). No cane, no walker, no wheelchair. All health is mostly intact, but requests I write for pickup instead of calling (his hearing is shot). He's a widower, buys mutual funds (his son/sole heir is a churn 'em and burn 'em broker but doesn't lose too much) and there's enough money to last another century, so everybody's happy (including me - decent fee guaranteed & no complaint). Maybe God's in his heaven and all's right (well, mostly) with the world after all.

A visitor from Holland was chatting with his American friend and was jokingly explaining about the red, white and blue in the Netherlands flag. "Our flag symbolizes our taxes," he said. "We get red when we talk about them, white when we get our tax bill, and blue after we pay them." "That's the same with us," the American said, "only we see stars, too." ...Why I had to quit doing tax returns...

My grandmother lived to be 103. The funeral director said he ran out of magnetic flags for the cars, because he never had so many great-grandchildren old enough to drive!

I was waiting for the punchline, but here is something to cheer you up: Losing His Memory The man looked a little worried when the doctor came in to administer his annual physical, so the first thing the doctor did was to ask whether anything was troubling him. "Well, to tell the truth, Doc, yes," answered the patient. "You see, I seem to be getting forgetful. No, it's actually worse than that. I'm never sure I can remember where I put the car, or whether I answered a letter, or where I'm going, or what it is I'm going to do once I get there -- if I get there. So, I really need your help. What can I do?" The doctor mused for a moment, then answered in his kindest tones, "Pay me in advance."

I almost lost it with a relative-in-law that said she could not figure out how to open my drop box, the same box she's used for 5 or 6 years now and that has a sticker on it that says "OPEN HERE." She insisted it was a new box because of a new black rubber rain cover over the lock that she was using as a push button in trying to open the box. I swear, a lot of people have rocks for brains.

Yes, repainting the entire exterior of the buildings. There are 2 with 12 units each. And it definitely falls under the category of a business. Under the De Minimus rules only invoices of $2500 or less can be expensed. So, I conclude that the $18000 exterior paint job would dep'd over 27.5 years.

Tax pros prepare for the coronavirus.. . https://theonlinetaxguy.com/2020/03/06/tax-pros-prepare-for-the-coronavirus/

Yep. We have to know the tax code and the software code.

I would call or have the client call the IRS asap, the ITIN department has to notify the IRS to release the refund. An IRS agent will look into the account and manually put the release. ITIN depart. and the IRS are two different agencies and are not on the same page.

The IRS will automatically release the refund, but it takes up to six month and they pay you interest.

I can only see this as taxable income if it were first deducted as an expense. So if this is a business trip that they paid for last year, and they are cash basis taxpayers who deducted it last year, then potentially it could be income if they get a refund this year. BUT I don't see it.

Maintenance. Expense it.

I want to add this for everybody.... the most secured computer is the one that is encrypted and shut down. Please make sure you secure your computer by shutting it down everyday.

Did they act like a partnership in 2019? Guaranteed payments? Business bank account/credit card? What name was on the checks they received from clients; do they have a partnership name/dba? Did they register with the state as a partnership or MMLLC?