WITAXLADY

I just did one for 2019 , 2020 and 2021 - We did payroll for those years - minimal reasonable comp - -0-'s for 3 quarters and only filed the 4th for 2019 Possible to do Sch C's for part of the years and then go back 2-3 years as a S corp?? But now! rather than wait anymore. Just a sole proprietor - is more reasonable than a business with payroll and shareholder not on payroll. Also in WI - most of the S Corps started as LLC and then elect S corp status so not as complicated to change But this is not our normal - wrote a reason as above - relied on friend/etc.. D WI

wow - I do not know if I follow that... Yes, WI so community prop - 100% SUB Why life expectancy tables and where would I find those? I have RMD ones.. so 4 children - split in 5? ( with mom) or more complicated based on their ages? And Basis - split in 5 as well of the SUB? Does mom get a primary exclusion on hers? D WI

So I have a small semi trailer - actually 2 now as part of the roof collapsed and I had to rescue some stuff from getting destroyed - filled with past year tax files. I have some boxes that have a client that did not pay me and he has moved away.. do I need to keep his 2 boxes of files? They are at least 6 years back. And the other one we went thru an IRS audit and bankruptcy and he lost his land to settle up with a failing business - some of that is from 2003 - can I burn that as well? In MY defense; I have had to retrieve payroll paperwork from 2013!! from the IRS and 2014 from WI and We thought we had settled an IRS case from 2013 or maybe 2011, and they are asking for the money - Of course I can find every year except the one in question - so much for my system and saving all the tax returns. We will relook this summer, yet. So the 3 different scenarios - First - Do I need to keep anything past 10 years? Second - how long after a client leaves - do I need to keep their paperwork - I do have clients that come back in 1-6 years.. Thank you! Darlene WI

I have had ATX for over 20 years - many times I swear I am going to switch - but their service has been incredible the last couple years - and the issues we have had - were mostly related to single glitches with a client, not overall. It has all the forms I need - I do about 70 S corps and about 800 total returns. I have tried a few others but do not like the format nor the price. This is easy to teach - even to remote preparers. and it does have the interview available. It has "lost" some features I dearly loved - calculator in the line, cannot open more than 1 return in the current year, - can in prior years! Compared to another program I had, I wish it had a timer on!! I have even stepped down a version as I did not need all the extras. I think! D

https://www.businessinsider.com/photo-irs-why-refund-checks-delayed-paper-unprocessed-tax-returns-2022-6 can you imagine - this is 1 office in a building of the IRS x how many centers - I wonder if this was the neatest one? I posted this for my clients that are waiting... for their 2021's to be done and their 2020's and amends and retention credits and D

Thx Marilyn! Good to see you Hanging in there yet!! D Want some - I have a few more!! One just got his 2017 refund for $7,700 - we persevered!! another asked for an extension as he was moving in same town so did not file sales tax since Dec!!

that made me chuckle! We try to give them plastic envelopes to use - for their convenience! or ours! some use them I still have a return to finish from Mar 1 - I cannot handle the aroma of his papers.. d

Have you tried Tax Advocate? but that takes 4 weeks to process the 911 form (someone had a sense of humour! ) Or even better - have the client call them direct - they do not have to send a form in.. One called and was told their refund was held up in the Check Mailing Dept! Seems they are short staffed there.. It was for retention credit. We try to get them to do direct deposit but some insist on checks.. and now that is broke as well - short staffed - she said.

super job! looks great - My landscaping is still in the pots as I still have too many taxes to do yet! d

Renting from parent - a trailer home and the insurance is paying that - but does the parent have to claim the rental income? My take is of course -But Is there an exemption? special provision? I can't think of any - Parent could pay the utilities - and that would be an expense.. some depreciation, furnishings.. But it would be income.. Thank you for any advice and clarity. D

so I know I need more info - Is it a LE? did she gift it or they purchase it? If they do own it and it is sold - the children will have to pay capital gains on either the purchase price or the gifted basis - correct? Same if LE? or can she use her primary exclusion? I sure have some doozy questions! Thank you, Darlene

I am not against some sort of informal appraisal- she has friends! This is the Great Northwoods! as she needs to log off every year to pay the property taxes.. So getting an estimate of years growth would give a good foundation. Thank you, D

ok thank you

Mind is slipping - Daughter inherited land and immediately logged it off Is basis the amount she received? or -0- Thank you D

Thank you - it was determined she is temporary and supposed to be back in WI - but covid has stopped it But I do not want to split!! income - mini temper tantrum!! D

I think I told this already or the trucker with 2 paper bags of everything!! including receipts I did not want to know about and 2 pair of dirty underwear!! and hi ssiter came to retrieve them! Sorry - went to the trash but the worst is the one that the cat got wet!! eeeww - made copies and threw originals away.

1 - at what point - does spouse become CA resident - took a job there and not been home in a year. 2 - From WI and directions read as both community property state - income gets split on CA - And the same on WI then? each state has a non-resident? 3 - Can she be a CA Nres? now how do I do that as they will see it is WI and CA and expect 50/50? 4 - able to use WI-OS, then? Any help please to clarify this, please? Thank you, Darlene

a LLC is a limited liability company = that gives you an entity with hopefully some protection - it's own EIN, rather than the personal soc sec, and must operate as a separate entity to not be as liable, just like a s corp. Unless more than 1 member, it is filed as a Sch E,C,F on the taxes. More than 1 member - unless H/W - if community property state - file as partnership or S corp. Easier in WI to do a LLC and then elect S Corp status as they become profitable than form C and elect S My way of seeing it.. D

After so many years of listening to my family say your clients will not care much if you die or end up in a wheelchair from too many late nights**(a.m.'s), I have decided next season - I am telling them in Dec I am only working 60 hours a week - 10-7 or so not the 80 now!! I will only get the first couple hundred or so done and the rest will be extensions and they can decide what they want. Stay or look elsewhere. When they call at night and weekends and I do answer sometimes - they say or "Are you working?" How else would I get the taxes completed? Most of my simpler ones have left as I don't get them done fast enough and I guess I am not charging enough for the more complicated ones as I keep getting referrals and new ones! Also have the issue like M - 3 have retired in 100miles. Not looking forward to the phone calls this week, plus I find I do not do as good or quick work when tired!! Imagine that! ** some will Darlene

is this clearer? taxpayer did a 1031 exchange - - properly. 2 properties rental for 1 property. "Sold" thru an intermediary for $425,000, paid off loan of $70,000, other costs of sale, $360,000 in cash held. Within 45 days purchased thru the 3rd party, a property for $285,000 and fix-up costs of $50,000. Also, the properties sold had an adjusted basis after depreciation of $60,000. $240,000 - $180,000 From the $425,000, used $7,000 as cost of sale of all the appliances,furnishings, etc. So as I see it the $285,000 is what gets used for the like-kind? Can I add in the immediate $50,000 fix-up costs as it was paid out of intermediary dollars? The difference between the $425,000 and purchase price of the new property is capital gains? Where do the expenses go for commission of sale of old property? And expenses on sale of new property. I did like-kind on Fixed Assets and 8824 - but not sure on answers and $$$ amounts I should be using - the tax seems way too high - about $50,000 D

Lion - that is my life!! And Abby Normal - so right!!! especially the way ATX has added even more steps to the extension!!! Takes 2 weeks to just rollover and do extensions - started and still doing in between!! And the issues I am getting! I am further behind than ever and I wanted to be ahead this year! Yikes!

I use Verifyle - I think I have access thru NATP or NAEA.. I started using Mango - and they were to integrate the signing and Payment.. Still waiting to get it working. D

still is to be reported - I wonder how many will come back? I had 1 already!! As I could not find where either,, Who would ever think on Elections!

Taxpayer received additional IRS refund for 2020 tax return 0- no explanation. The only thing that is close to matching is taking out the Bricklayers pension code 3 as taxable. Not a police officer. I searched - says public officer and one that says new law but no explanation of new law.. Any ideas? Thank you, D

Basis of property relinquished? - Initial cost - $260,000 Accumulated depreciation? - depreciation - $190,000 Mortgage on old property? - $70,000 Selling expense? - $30,000 Mortgage on new property? -0- Sold (exchanged) two properties for 425,000 - yes and 285,000 for new replacement? plus $30,000 fix up to re-rent does this help? thx d