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Lee B

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Everything posted by Lee B

  1. Perhaps the $ 75,000 is the current asking price for one of these timeshares? Did they relinquish and turn back ownership of the timeshare in the same calendar year. If they did, wouldn't that generate a capital loss?
  2. The IRS also has a 1 Hour video that covers the same stuff: https://www.irs.gov/businesses/what-to-do-with-form-1099-k
  3. That's why I am still working part time. I am still motivated to keep working with my business clients who I have known for 20 to 30 years. It keeps my mind sharp and I still enjoy doing it. However if I was mostly preparing personal tax returns my answer would be different.
  4. Good question, I don't know.
  5. The previous restriction required that the premiums be paid directly by the pension plan. The distribution for the premiums still need to come from the pension plan.
  6. That reminds me when I went to elementary school we had phonics. As a result I am a good speller. When my wife went thru elementary school they dumped phonics for "sight reading". As a result my wife struggles to spell, even though she was a good student.
  7. In Drake, if you are filing a superseding return which will be efiled there is a box which must be checked.
  8. They formed an LLC with both spouses listed as members in late 2022. They obtained an EIN in early 2023 as a Partnership and the IRS expects to see a Form 1065. They also registered with the state Construction Contractors Board as a MMLLC. I plan to file a 2553 and have them elect to be taxed as an S Corporation for 2024.
  9. They have already obtained an EIN as a PTS Form 1065 over a year ago. I wouldn't use a QJV for this type of business.
  10. I believe if you file before March 15th it would be a superseded return which which would much better than waiting and amending.
  11. Oregon doesn't have a sales or business use tax so there's no potential liability there.
  12. It's a husband and wife partnership. They were referred to me by my largest business client. The wife works as a Human Resource Manager for a good sized company. The cash appears to be from the sale of their previous house. The husband used to work for his families painting business which I know nothing about. My current working agreement with them is that I will be doing their monthly recordkeeping plus their payroll. He plans to hire his nephew as an employee. In addition I will make sure they will handle any independent contractors correctly with respect to their liability insurance, workers compensation coverage and 1099 NEC reporting. I plan to very proactively stay on top of everything and if questionable stuff starts happening I will pull the plug. We see what happens?
  13. Robert Heinlein, "Never underestimate the power of stupidity."
  14. The total is about $20,000.
  15. I am working with a new client (Form 1065) who started a painting business in early 2023. A lot of the equipment they are using was purchased in late 2022 for cash with no documentation. They have given me a detailed list but there are no invoices? I would appreciate any suggestions about how to handle this situation? TIA Lee
  16. NECPA, that is a heavy load that you are carrying. I hope that you have family or close friends that can help you.
  17. Years ago, the IRS had an interactive phone system where I filed my 941s using the keypad on my desk phone
  18. https://www.hrblock.com/tax-center/newsroom/company-news/new-ai-tax-assist-diy/ We've been replaced
  19. Here's an onpoint article: https://www.picpa.org/articles/cpa-now-blog/cpa-now/2019/12/27/pa-treatment-of-1099r-distributions
  20. My understanding is that legally Foster Care and Guardianship are very similar. The main difference is that Foster Care is considered to be temporary and Guardianship is more permanent. Don't really think there is any difference for tax purposes.
  21. This guy should have received way more than 33 months given all the aggravation he probably caused many elderly people. https://www.tigta.gov/articles/investigations/man-sentenced-his-role-nationwide-internal-revenue-service-impersonation
  22. Some timeshares are fractional ownership which can be considered real property. Other kinds of timeshares are not, so you need to make some inquiries and find out what kind of timeshare your client owns.
  23. We all have moments like this. The only way to move forward is to accept the mistake, learn from what you did wrong and move forward. Since I don't have any staff, I have to yell at myself. By making mistakes is how we learn what are limitations are which is why I don't do any Trust or Estate returns
  24. https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024
  25. You could send a PM to Terry D EA. I believe he had had his own identity stolen several years ago.
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