WITAXLADY

working on parents properties for 2 years now - 1) -first did a Will with Revocable Trust - Wisconsin with all the land to go into the trust upon death, house would also go in as land and property, Irrevocable Trust then for 50 years when youngest grandchild turns 50. Oldest sibling executor and also Trustee. Assets to be divided per will equally amongst 6 siblings - cash, personal property (Nursing home lookback not an issue as two sons own facility's for parents care**) Estate about $600,000 depending on how much they spend to live on - mostly in property 2) - Will contested before even passed away so next lawyer writes a Will and Revocable Trust to go on forever as law changes and generation skipping tax does not affect anymore?? Oldest is Executor and Trust is governed by all 6 siblings as a committee - basically 5 boys against 1 girl (or 3 against 1 as other 2 not caring). Then this lawyer says lets do LLC's instead of a Trust-( due to MFL - Managed forest Land Law - must be in 3 different entities, regardless if a trust or LLC) and have 3 LLC's with 1 LLC over them all. But aren't LLC's easier to overrule the wishes of the original landowners? Easier to break the entity and sell off the land or change to crops instead of recreational and no house building etc? 3) - Nothing happening as no agreement, father now has dementia and mother is trying to keep the peace but insists on keeping the land together and not dividing to each sibling. So A - Trust vs LLC? B - Committee vs 1? C - Should not the property be Quit Claimed into the Rev Trust before she passes? And will this then avoid probate? 4) - To add spice to all of this in 2011 under atty advice 4 of the properties were QC to the siblings and they would now have to QC it back into the Trust or LLC to keep it together as one big land reserve and 3 of 4 probably will. Do they QC it to the parents or directly to the Rev Trust? And one of the 6 received his or "took" it 30 years ago and is willing to "give" it back for $$$$ of paid property taxes to keep it intact. If any sibling did not give it back, he would lose his share of any of the Will portion about $50,000 vs $100,000 of land they all say they are never selling - cash in hand vs land value... And no, just splitting the land and not doing a land trust or LLC is not an option if it can be helped - she has decided this is her grandparents land and wants it kept together and financially it can work. Family wise with attitudes is another story. We are all still talking - praise God. Plus how do you word it to at some point - what the last one standing gets it all? or charity? or if any family member wants out, he/ she can leave and receive -0- or $1,000? Long story but maybe someone has again some insight - when dad was active - they saw 3-4 lawyers and now 3 more! One would not even charge for his advice but then again he said split it up and that is when mom finally said not what she wanted. Thx D plus last week they said Sun my dad would be dead within the day from mersa and yesterday we talked about hospice and today we said he'd be around - with dementia another 2 or 3 years. And we are in the height/heat of tax season!!

thank you for providing the answer!

Hi, so I was asked to talk about Tree farming - Christmas, after I amended and saved this client money with qualifying expenses thru proper tax laws not being used by the now former tax preparer. I said sure and then the Chairman called and asked if I would address 631(a) also - I am only familiar with it to the extent that it is used to allow Timber and Christmas trees to be treated as capital gains instead of product income. Expenses as preproductive, etc, other farm issues etc.. Anything more - insight I should have? I read 631 and Pub 225 , 4797, Form T - which is a monster... Anything you can help me with ahead of time on a question I may get asked and be stuck on? I certainly do not normally talk about issues I am not familiar with but like I said I know how to apply it and certainly know how to do farm and small business taxes- which will be the focus - Just would like some expert background please. Sincerely, Darlene

emailed my salesman and support - I received 3 calls within 1 hour and 2 emails.. problem fixed for 2 days. I emailed again tonight - How did I get it back? Maybe because I opened 2013?

well we have 3 clients up so I do not think that is it.. but I emailed my customer rep and he has it talking to me already! Thx D

still an issue here and all years!

yes - I would never put a building into an corporation - always separate - Sometimes I inherit them that way... They need the S Corp books for the loan tho... but it is irritating that the President of the Credit Union wants a CPA to do the taxes - as he does not like the way the Sch L looks... Hey I just put it on there the way I received it from their accountant - after she has balanced it and tied it all out says the Retained Earnings are too low for the profit they made - but their a/r are high and they bought capital items plus loans! over the year prior - shucks makes sense to me their RE would be low...

Max W so what do you use e-services for then?

I would think he could also - but I question why? and why not a Roth? for tax refunds? great then!! But I do use the advisor as the expert...

so after 5 years or so I am finally able to register for e-services... (something to do with the SR of my husband!! ) so with the fraud of the taxpayer site - is e-services down also? thx d

um - not answer I wanted...:( so business makes lots of money buys lots of equipment and we sec 179 of $61,000 so don't have to pay tons of tax - leaving $90,000 as every year write off total deprec $500,000 accum $410,000 have $200,000 in cash at year end and re of $220,000 after a/p. a/rec, etc income of $$100,000 - isn't that good enough for a building loan purchase with the bldg. as collateral?

hello - so on sch L - pg 4 of the S corp 1120S - when the depreciation is put in as total and then the written off and the rest is there as left to write off - If sec 179 is included - under liabilities and retained Earnings - it really lowers the owners RE... If I do not put sec 179 in the deprec written off - the RE are very nice!! Sec 179 is just a manufactured number... help please

Also, thank you to everyone for all their help!! For the life insurance - whatever the atty did took care of it - so it came thru Fri closed - my 2 hours of phone calls and work nada.. but we can file them with a little raised rate rest of the questions resolved! one way or the other Extensions - staff left at 10:30!! gotta be a better way to rollover and open and lock and date and create!!! about 400 filed and 100 of those should have been done but just ran out of days. Gained a ton of new clients so had a lot of 2011's that came in last week, lost clients to do it them selves and didn't want to wait (so they paid more to go elsewhere) to much atx retry! and locked up program... Brandon needs to talk really hard.. But other than that a pretty darn good season! Need a post for best ideas and practices...

well I did order that book - wonder where I downloaded it too?!

MAN, you work fast - but it sounds like you are not getting interrupted and having a zillion phone calls and people stopping in or throwing temper tantrums as they are asked if they would wait until Tuesday instead of Monday...

2011 return - sold rental and never took depreciation - so amending for it so I assume I should file a 3115 - so I can write it all off in 1 year - read the instructions and the list of accounting methods so I can put a code on the Simple Method lines Now I am stuck - please help - coming Monday and of course this needs to get mailed... what do I put or fill out to do this properly? any help would be appreciated to finalize the return - about $5,000 refund. Thank you

4 more 2011's plus 4 more to pu - ya I know 4/1 was to be the drop dead date but 3 were new clients this week and poorly returned returns - no expenses! about 65 to review by Wed 300 to rollover for extensions and ATX is working ssooo sssssllloowww on rollovers Then all the messing around on the extension - opening everyone up, lock it, etc... About 20 vouchers and get them all in here!! I am so tired - but have to call IRS 7 am for another 2 2011 transcripts an wage and income - can't find their 2011 and need wage and income for a 2014 - hope it came thru for someone who owes in another state in a nursing home I can no longer stay up all night. Read that a Muslim made a chair for the Pope and stayed up the whole week to make it - However, I doubt he was short the last 3 months of sleep. I need a really good professional tax preparer - for next year to help! yikes - get to work - 3 families and 1 s corp, 2 partnerships coming in at 7 and 2 individuals to finish yet - break over.

super good sheep cheese and crackers are great also. hummus and crackers also but carrots are healthier..

how cool was that!!

I used to be more lenient and have way too high and too old accounts receivable.. Now I gird my loins, tighten my belt and buckle on my armour and ask them "How will you be paying for this?" We take check, cash, credit card or for $15 if you have a refund and a bank account we can have the fee taken right out of your refund - as long as the IRS isn't going to take your refund. and I have some who will give me a check to hold - but that is a pain as they never call to tell me when I can cash it... and we know when the refund comes! We let them know when we get paid we will e-file their return. That is a hard part of business but no one else let's them walk... Took me a long time to learn this and one of my staff is really good - they are to let them know on the phone their refunds or owes, when to pick-up or sign and how much the fee is - still have people come in without checks or cash or wallets or purses!! You know you were coming here!!! ps - when I first started I never worried - they always paid and a few paid the next year - then they didn't pay and didn't come back! But they had to pay that preparer,,, silly people

it does not spill like beer - (which I did last night at 2 am) and oranges squirt all over - trying to be healthy! unless it's chocolate and it melts

he is a full year CA resident, she is a part year WI, she moves to CA and they marry, she has CA income now - I cannot seem to get the CA part year spouse to calculate and leave off the WI income - What forms do I need to fill out please/ Thx D

closed Good Friday 12-3 and was office admin b-day so we ordered in and had cheesecake for her birthday - I went to church, they kept working.. worked til 3 am Sat, got up Sat, but wouldn't answer the phones until hubby came in from barn - he has about 210 lambs so he isn't much help - does some e-filing and phone answering for me. Gave everyone (2) off Saturday for Easter! listened to the Badger game - go Badgers!! on the computer while working Sat night, Had about 100 texts as "boys" said they were going to Indy for the game!! bed again at 3 and up at 7:30 for church and brunch with parents and some family. Napped and still at it. Back to the regular schedule Monday. Still trying to get about a 100 or more done by the 15th and convince the others they are extensions! Can't work like I used to and stay awake. So sorry to hear of your health issues. Get plenty of rest and take care of your selves!! Hubby harps all the time! Are any of my clients or staff going to push me around in a wheelchair in 5-10 years?

and now it's time to eat the Easter candy!!1 told my kids - you don't come up , mom isn't saving it but eating it up!!

thank you - did some reading - I do have other royalties but don't need to know much except income and expense... coming in Monday am - why now?! NO April Apptmts! What don't they get!!! Oh I let them