WITAXLADY

I'm lost - what are talking about?

I did tons of ERC's  - claimed the income - but on other income as there is not a good way to claim it under against tax paid etc - ATX does not allow negative numbers!

and already did many amended 941's as they never took the credit in the first place adn do there own payroll.

Amending many in Nov for the Covid payroll, also...

D

ok - this is a dumb accounting question -

but I am a tax preparer and this is my mom's and I am not going to pay for this..

I have to go from 7/11/2020 to 7/10/2021 - amend as there was an error and then do the second year - so want to do correctly.

I know how to balance an account -

but for the listing of what was paid and debts to be paid - do I use what was cleared from 7/11/2020 - her date of death and her bank account

that worked

but for the end- do I take what was written out  - and add to the bills paid? or wouldn't those go in bills (debts) to be paid, along with those that are not due yet??

Thank you,

Darlene

was filed in 2019 with a huge Sch C loss, (by another preparer) and

1 - had $1,279  of tax? I cannot track that where it came from?? onkly activity except 4797

2 - cannot find where they calculated the NOL - at that time can it be carried back? Not final until 2021.

3 - please, help me out - no K-1's until final and all aggregated on 2021? with all losses from all the years via the NOL should show there, correct?

Thank  you

D in WI

lol

similar situation - but a Sch C - not an S Corp..

continues to operate..1 - above - is it a Sch C or a 1041? Because the Sch C is a loss - not required to file? until estate closes?

2 -and one of the benes buys equipment so he can inherit that and the other bene gets cash now.. - sounds fishy - legit?

D WI

lol!! Thank  you - I did file but charged him little..

All is good

Happy 4th!!

D

Taxpayer only has $21,000 AGI - MfJ over 70 both of them

but they cashed in stocks of $30,000 - slight gain - inlcuded in above AGI

I did a return for them and was just going to put it in their folder - or should I or am I required to file due to the 1099-B Sale price?

thank you, D WI

Thank you!

I have entered them together - partner? are they filing together? like MFJ - then that works, otherwise they would each file their own?

And I use whatever works best.

Why did she get 2? I have not encountered that..

Mine usually have the children on - and then we give them 0 and the usually parent takes the 100%

Sorry - can't help more than that..

D WI

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.