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About Crank

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    ATXaholics Anonymous

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    CPA (passed on 1st attempt), MBA, Graduate degree in banking - major: financial management & control, NASB Stock Broker Series 7 License, Life, Accident & Health Ins License. Private practice since 1995. Technology nut. Disability advocate.

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  1. Thanks for the reply. I don't do many business returns outside of sole proprietorships so my knowledge is limited but I believe the reason for the S corp is the single passthrough taxation vs the possible double taxation of the partnership. Id love clarification on this issue.
  2. Not sure what you mean about open for business. Cant we claim the losses without revenue? They have a website up and running just no sales have happened yet. I read that the S corp election must be done no later than 2.5 months after the beginning of the tax year. I interpreted this to be 3/15/20 for TY2020. However I believe you can "late elect" and have it applicable to TY2020 under certain circumstances.
  3. Client formed a two member LLC on 1/15/20, has no revenue and about $3k in expenses for 2020 and wants to be taxed as an S corp. EIN doc says to file 1065. I assumed I would file an 1120S along with a 2553 to make the S corp election. First time doing this and any help is appreciated. Thanks
  4. I completely understand everyone's frustration and I'm with you. I started doing this as a side business over 25 years ago when I began getting referrals from family and friends. Over the past few years I've gotten rid of all non1040 clients. Sixty is right around the corner and I keep debating will each year be my last. My worsening health since 2014 has only exacerbated the frustration. As someone who has been health conscious my entire life it amazes me how many people lead unhealthy life styles without significant complications.
  5. Thanks for the info! i have no recollection of that case at all.
  6. i don't believe that there was a fee for the last 2-3 years. For few years prior to that i think it was $50. They must have reinstituted it to make up for all the stimulus costs sheesh!
  7. Pennsylvania has now decided to let income tax preparation proceed. Its been a crazy day https://www.mcall.com/coronavirus/mc-nws-coronavirus-essential-business-list-revised-20200320-qmw7cpxshrhcbmndxf2gqkja5e-story.html
  8. Im self employed and in Pennsylvania and I believe i will have to stop.
  9. Governor Wolf of Pennsylvania has ordered ALL non-life sustaining business to close or face enforcement action. Not surprisingly, this includes income tax preparation. https://www.mcall.com/coronavirus/mc-nws-pa-wolf-mandatory-shutdown-20200319-jgrxxz474vhfvcdgn34unitw4m-story.html
  10. Client received a letter from Pennsylvania claiming an underpayment penalty was due for 2018. This was the result of a $20,000+ year-end capital gains distribution from a mutual fund. Is this correct since there is no way to anticipate something like this as you would with earned income. This is the first time ive seen anything like this. Cant find anything in the Pa regs concerning this either.
  11. Staples bother me but not as much as: 1. People who dont bother to open their mail. 2. Getting documents all crumpled up in a bag.
  12. Just venting but who the heck thought up this question AND who approved it! "If someone can claim you as a dependent, do not check the box." Woulldnt it have been much clearer to just have a box to check if you CAN be claimed as a dependent on someone else's return?
  13. If they are at my office, regardless of if I see them, then I check "physically present". The only ones I check "remote" for are the clients where everything is handled by email.
  14. Seeing a significant amount of late filers this year. Oh well. I just charge a fee for filing extensions and then they get annoyed that their taxes are completed a few days after 4/15. Cant pile everyone in by 4/15 is what I tell them. Get here earlier next year. But they dont listen.
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