jasdlm

Taxpayer was divorced early last year. In 2004, Taxpayer inherited a farm. TP's ex borrowed against the farm (to the tune of $400k) to fund his own business ventures, which were not very fruitful. In the divorce, TP received the farm and all the equipment, but also all of Ex's debt against the same. It's arguable that the debt is more than the farm ground is worth. Taxpayer had a farm auction in 2017 and sold all farm equipment possible to try and pay down debt against the land. Much of the debt is a line of credit, so payment obligations are substantial. I have a list of assets that comes NO WHERE CLOSE to matching the depreciation schedule. Many of the items on the depreciation schedule are form 2004-2008, and I'm sure are not all accurate. I feel like my only option is to set a bulk sale against all of the 1045 property on the depreciation schedule, which is resulting in a gain from depreciation recap of tens of thousands of dollars. Please tell me I'm missing something that could help this person. She is reviewing the depreciation schedule carefully, but I'm not sure how much that will help anything. Thanks in advance. I feel like this person got a raw deal during the divorce settlement proceedings.

Learned something today, but this year's peeps already went on Line 21. Wonder if I can remember for next year.

Young clients - married couple with young children - withholding was way too low because job income increased substantially. Knocked out several credits (EIC, etc.), and no HI so penalties. Tried to talk them through what was different and encourage immediate W4 changes. Fast forward a few days: They have decided they are not going to file. They have been advised that they don't have to file every year, and that as long as they change their withholding this year, it will all even out, and they can continue to only file in some years. They will pay me for the return. Kudos for that offer. OH, AND he (the President) said it was okay. He is trying to help the working class, and this is part of it. I've had amazing conversations, but this was my first foray into the 'you don't have to file every year; only some years' thread of advice. ***Postlude*** - talked them down from the tree, and they are now making reasonable, rational decisions. 'They trust me'.

I don't know where in NE you are, but I'm in Lawrence, KS, and if you wanted to load your trunk and come down and work on one of my machines (if you use ATX), you are welcome. You could roll over the returns you need to do and put them on a thumb drive.

Congratulations!

I was driving my son to school this morning, and I noticed that his socks were not appropriate for his uniform. I asked him about it, and he said, "Mom, I don't have any more clean socks, and this is my last clean undershirt". I have to appreciate that he just dealt with it and did not say anything to me until i brought it up. I asked him if he had clean underwear left in the drawer. Yes. I sent one of my staff members to Target for 7 new undershirts and 7 pairs of dress sock. I've become 'that mother'.

14 April 2007. Wow. Thanks, Eric! You 'da bomb!

73. I'm totally bummed :(. I really DID NOT want to work this weekend.

Like I said . . . he's a great Dad, but not a very good mom. I'd probably be a bad dad!

My 12 year old son is a rock star! He and I are close, and I know it is hard on him when I am gone. Daddy is a great daddy, but he's not a very good Mom! We just got back from the National Scholastic Chess Tournament in Atlanta. My husband offered to go solo with my son so I could stay home and work uninterrupted. My son looked terrified, but he came over and said, 'I would prefer that you go with me, Mom, but if taxes won't allow it, Dad and I will be okay. Suffice it to say that I had staff scan and load everyone's 'bits' in to dropbox, took 3 different devices that could run logmein, and headed to Atlanta. I actually even did tax returns while my husband was driving down the interstate. My husband tries his best to be a Rock star. He will do laundry, but everything ends up in a wrinkled up pile in a laundry basket after he washes it, and he might change my son's school uniforms enough through bleach or color bleed that they will no longer comply with dress code. He will cook, but it is always going to be some big hunk of meat on the grill with minimal if any sides. He will take our son to activities as long as I text and remind him 30 minutes before they need to be somewhere. He can't get the bedtime routine, though. No matter how late I get home, my husband is snoring, and my son is sitting in our bed watching television and waiting for me to put him to bed in his room. Eeeegads. Been like that since he was an infant. Husband tries. Best I'm going to get ;).

Tom, you are a great preparer. I usually find that if I own up to my mistakes with clients and pay any additional penalty/interest my error caused, they are very gracious. To make you feel better, I prepped a Schedule C for a long-term client this year and left off COGS (after I calculated it, no less). My proofer ALSO missed it. Client caught it AFTER signing the 8879 and I had already efiled. I quickly amended as the difference was several thousand in tax. I apologized to the client and simply said, 'I have no way to explain myself. I just blew it." The Client said, "I could never have a different accountant, because you are straight with me and don't get upset when I question something on the return. I really want to understand this." I felt like a loser for a few days given it was such a huge, stupid error, and I told my proofer that we are NEVER allowed to make the same mistake . . . right. We are human, and the working conditions from 15 February to 17 April are something no one who hasn't lived it could possibly understand. You 'da bomb. I know you just want a space in Rita's back 40 so you can get a bit of uninterrupted sleep!

Envious!

I don't think you need a 1310 when there is a surviving spouse. Can Father sign, or are you saying daughter is signing for father? In any case, I don't think you need a 1310.

I have two couches! I need choices in my limited world.

Don't want you to feel ignored. IRC 404 is pretty clear about the deadline. I don't know if any relief for the profit sharing plan without the extension, but I'm hoping someone else does.

Um, he's sick. My best friend's sister's boyfriend's brother's girlfriend heard from this guy who knows this kid who's going with the girl who saw Ferris pass out at 31 Flavors last night. I guess it's pretty serious.

Thanks, Roberts. I understand now. We are a large Church, so the bookkeeper/business administrator position is a staff position, and the Treasurer is a lay leadership position. I sign checks, do the budget, approve payroll, and make adjusting entries and report the financials monthly, but I do not do the day to day bill paying, etc.

I'm Treasurer of my Church, and it is a large Church, but it is not a paid position. I didn't realize that some Churches paid their lay leadership. Interested to hear how this works in other congregations. (No, I am absolutely NOT looking to get paid, regardless, just curious.)

Chag Sameach!

Thanks so much! They are not from the same partnership. I get errors when I try to create the e-file. I'll paper file. Appreciate it!

Client has 6 k1s. 1 k1 has NE income and withholding. The remaining k1s have no connection to NE. Taxpayer is NOT an NE resident. The NE k-1 input page, which is the only place I can figure out to enter the NE withholding, is barking at me because I do not have NE State ID #'s for the non NE entities/k1s. I can't figure out how to delete the remaining K1s from the NE k-1 input as they are flowing through from the Federal K1 input. Do I really have to paper file NE since there are non NE partnerships/trusts, or am I not 'clicking or unclicking' something right? (Spell check does not like the word unclick. Maybe I made it up.) Thanks much.

I am working Saturday and Sunday, but I will do egg riddles, hide eggs, stuff a basket for my son (thank you, Amazon), and go to Church, egg hunt, and cook brunch for my family. A blessed Easter to all!

Which, of course, they didn't tell me they started. I just noticed that the 1099s are issued to an LLC and it appears to be for both of their businesses. Do you file a 1065 (which would now be late with no extension), or do you split on a Schedule C as QJV? My inclination is the 1065 (NOT a community property state). I know there is disagreement/lack of clarity over this issue. Some argue LLC does not qualify as QJV; some argue that it does but only in a community property state. Curious what others do. It seems even IRS information is conflicting, although this paragraph that I just read on the irs.gov site seems pretty clear. A Business Owned and Operated by the Spouses through a Limited Liability Company Does Not Qualify for the Election Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election. See Rev. Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to married couple state law entities in community property states. I would appreciate any input. These peeps are not going to be happy to hear what I have to say at this point. Thanks much.

The return does seem to be intact and not corrupted. I wish I had printed out the return list. I read through it 3 times in a panic, and I feel certain that this very strangely named return was NOT there until I had gone through an hour's worth of high jinks and two computers. How many more days?

Thanks to all. I shut down the software and my computer more than once. Nothing. I finally signed on to my assistant's machine and logged in using her user ID. Nothing. However, when i came back to my computer and did one more check, I saw an S-Corp with a very strange name. It had not been there previously, because I had searched through the list of corps multiple times. I opened it, and it was my file. It somehow disappeared, renamed itself, and reappeared. I renamed it back to its original name. (The name was really random - nothing related to or in the corporation in any way.) You can't make this stuff up. Crisis averted, but blood pressure suffered.