Jump to content
ATX Community

Crank

Members
  • Posts

    929
  • Joined

  • Last visited

  • Days Won

    4

Profile Information

  • State
    PA
  • Gender
    Male
  • Interests
    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.

Recent Profile Visitors

6,740 profile views
  1. I haven't done a final tax return is a while and I wanted to ask the group some questions. There is an executor and it looks like there will be a balance due. 1. Do I need to file Form 56 before efiing the return? 2. Which address do I use on the final return? Deceased or Executor? Deceased's address may no longer be valid when filing.
  2. Usually their bill is slightly higher plus the cost of the extension if needed. I especially take pleasure in charging the extension fees and then completing the return the day after for those special types of clients.
  3. Unbelievable! The daughter of a close friend has been trying unsuccessfully to collect unemployment since the beginning of 2021 and I believe she deserves it. On the other hand I have had two clients that have been and continue to collect unemployment since 2020. One is a retired 76 yr old that hasn't worked in almost 20 years. The other is a legally blind 52 year old on social security disability that hasn't worked in over 30 years. How do these people collect unemployment? Also, are tax preparers under any obligation to report possible unemployment fraud?
  4. I didnt think of that. I will give it a try. Thank you.
  5. Client's father passed away in 2020. Due to family conflict none of the 2020 tax documents (1099s etc) are available. I contacted the 2019 preparer and he didn't keep copies of the 2019 docs so we are unable to call and request new 2020 docs. Any advice on how to obtain 2020 docs is greatly appreciated. Thank you.
  6. 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.
  7. 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.
  8. 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
  9. 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.
  10. Thanks for the info! i have no recollection of that case at all.
  11. 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!
  12. 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
  13. Im self employed and in Pennsylvania and I believe i will have to stop.
  14. 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
×
×
  • Create New...