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Patrick Michael

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  • State
    NY
  • Gender
    Male
  • Interests
    Woodworking, DIY Projects

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  1. If their only concern is liability it would would it be cheaper and easier to purchase a million(s) dollar umbrella insurance policy. I have a 1 million policy that costs about $150 a year.
  2. From Accounting Today Link to Entire Article "Internal Revenue Service regulation of return preparers, sidelined since its prohibition by the Loving decision, is back for another try. Key measures in the bill include the following: Giving the Treasury the authority to regulate paid tax return preparers; Clarifying that the authority being provided is to reinstitute the IRS’s 2011 paid preparer regulatory program; Giving the IRS authority to revoke an incompetent or fraudulent preparer’s Preparer Tax Identification Number; Clarifying that certain nonsigning preparers — those who prepare returns under the supervision of an attorney, CPA or Enrolled Agent — are not required to obtain a PTIN; and, Requiring a Government Accountability Office study on the sharing of information between the Treasury Department and state authorities regarding PTINs issued to paid return preparers and preparer minimum standards." I hope they get it right this time. I still find it hard to believe my barber has to get a license to cut hair but anybody can prepare a tax return.
  3. Not possible. Direct Deposit.
  4. Here's a link to a good summary of NY's PTET from Deloitte. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-mta-overview-of-new-yorks-new-pass-through-entity-tax.pdf
  5. LOL Max! I did advise them to put the money aside in case the IRS wanted it back. Very frustrating. Now the client is wondering if I did something wrong and I'm second guessing myself even though I went over the return several times and can't find anything wrong.
  6. No community property state (NY) Yes, Unemployment was $29,000.
  7. Client received their expected refund in March. Yesterday they received another $3,000 refund. They called the IRS and actually got through and were told it was an adjustment for the Unemployment Insurance deduction. I reviewed the return and the $10,200 was deducted from their UI income (only one spouse received UI) on line 8 of schedule 1. There were no other credits that could have been affected. Even if the $10,200 was not excluded on the original return this does not make sense. They would be in the 12% tax bracket with or without the exclusion. So if the exclusion was not taken I would expect the refund to be $1,224 ($10,200 x 12%). Any ideas on what I might be missing? Anyone else experience this?
  8. The apartments do not produce 80% so 39 years it is! Here's a link to an article I found late last night that discusses the issue https://www.thetaxadviser.com/issues/2012/oct/clinic-story-03.html. Thanks for educating me. This community is the best!
  9. Client owns a building with apartments. Building was being depreciated over 27.5 years. In 2020 they converted the first floor apartments into a restaurant and the second floor remained apartments., I'm at a lost how to handle the depreciation. Should I take the original building out of service and set up two new assets, one residential and one business? I How should the prior deprecation be handled? Thanks.
  10. That's what I am looking for, an exclusion that I can't find!
  11. Client owns a restaurant/bar (S Corp). The city used funds they received from the federal/state for pandemic relief to give grants to struggling restaurants. Grant does not have to repaid. I know that forgiven PPP loans do not have to be included as income but what about other pandemic relief grants? I can't find anything saying they are excluded from income and am hoping I just not looking on the right place. Anyone else run into this? Thanks
  12. I also used Gleim back in early 2000's and passed all the sections on the first try. I found that I never used it to do representation work. In 2018 The IRS audited my CPE and disallowed one of my 8 hour courses because, even though the provider said they were an authorized CPE provider, they were not. No mercy from the IRS and I would have to take the test again so I decided to forgo it. Make sure you verify the credentials of the CPE providers!
  13. Congrats. Grandchildren are a gift from God!
  14. My wife "suggested" I get a hobby to get out of the house so I decided to take up golf again. I played almost every day 40 years ago, before getting married and the kids came along. First lesson is next week so I can correct my bad habits before I start up again. I agree with FDNY. I can't remember a tax season as bad as what we just went through.
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