ETax847

Did anyone else get their ATX early renewal notice today?

*1040 EF tab

It's a manual adjustment that can be made on a tab on the 1040.

Tracking State Legislative Responses to COVID-19: https://taxfoundation.org/state-tax-coronavirus-covid19/?fbclid=IwAR05E2ch588Qce0JTQB7HZBXp_2I7UavjzGQMxhYWWwgnJGcC2LoM4scTRY

@Lion EA The deadline for filing state income tax returns will be extended three months to July 15, matching a federal deadline announced last week, Gov. J.B. Pritzker said Wednesday. The postponement, made in an effort to alleviate the economic strain caused by the COVID-19 pandemic, will automatically apply to all individual returns as well as to trusts and corporations.

Lion, appreciate your insight as always. Stay well my friend.

Client's husband day trades his rollover IRA and wants to consider this a business and deduct many home office expenses. Has anyone come across anything like this before? I would consider it a hobby if anything. What do you guys think?

Thanks for the info and a good work around. Stay safe!

Interesting how ATX has not updated its software to reflect the extension of payment deadline. Even today, it tells me, "Payment Date Must be Before 04/15/20"

For those who wish to make their tax payment after the April 15 deadline, will ATX allow direct debit? My software still has not been updated to reflect this.

Interesting tidbit of the individual estimated payments! I had no idea that was not also extended.

ATX still wont allow for payments past 4/15/2020. Anyone have a work around?

That's what i was thinking. Thanks for the quick reply

Client is considering buying a parking spot in his condo building to rent out. The spot is in a garage. Can this spot be depreciated?

Interesting. I'm thinking SCH C is the way to go as to not upset the apple cart. Thanks gang!

Taxpayer has a regular W2 job. He bonus was not seen on her W2 but on a 1099 MISC? Should this be considered self employment income or other income?

I share similar sentiments to Abby. I have found ATX support has improved tremendously from where it was just a few years ago.

Client still has not shown me his business return from the previous year and his current year's business return is in progress. My skepticism meter is at an all time high with this one.

Abby, I'm with you. It's mind boggling to me. I requested a copy of the S-Corp Return and might be forced to terminate the engagement if I do not receive it.

I have a new client who is an S-Corp Owner. He gets his business taxes done somewhere else and wanted help on the individual side. I have looked at his past 4 years of personal tax returns and have yet to see a K-1 form. Can anyone explain how this could be?

Thanks guys! Appreciate the insight.

I've read conflicting things: a) What are the Oklahoma sources of income taxable to a nonresident? A nonresident is taxed on the following sources of income: salaries, wages and commissions for work performed in Oklahoma. income from an unincorporated business activity conducted in Oklahoma.* distributive share from subchapter S corporations doing business in Oklahoma.* distributive share of the Oklahoma part of partnership income, gains, losses or deductions.* net rents and royalties from real and tangible personal property located in Oklahoma. gains from the sale or exchange of real property located in Oklahoma. income received from all sources of wagering, games of chance or any other winnings from sources within Oklahoma. WHO MUST FILE? Nonresident: Every nonresident with Oklahoma source gross income of $1,000 or more is required to file an Oklahoma income tax return.

Tax payer lives in IL but has a rental property in OK that shows a tax loss. Is the gross income taxable of the rental taxable on the OK Non Resident Return?

It was just cash given to their son over the annual exemption amount. Way more straight forward than I would have thought. Thanks for the response.

Doing my first gift tax return, is there anything I need to be aware of. It seems quite simple at first glance.