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About michaelmars

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    ATX Guru

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    Partner in 15 person firm, specialties are Real Estate and Jewelry. Uses Lacerte.

    Maintains prior practice outside of partnership, uses proseries.

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  1. I would not cancel payroll so fast. 1st if the buyer doesn't have payroll then he will pay you as a 1099 and you might want that to go to your S corp for liability and pension purposes. [among others] Also after the purchase, if he renegs on payments then you get the practice back and are back in business till you find a new buyer.
  2. lol just did one for 11 million. Many of my clients chose to use up lifetime exemption before it gets eliminated or lowered. Separate return and did Dad and Mom give gift? Was son married and the gift to both of them? Many things to consider. Big thing to remember is that in the past the 4868 automatically extended the 709 but not this year. The form 8892 must be filed today. its simple, just name and address. I usually have 3-4 gift returns a year, this year its 9 so far. Of course some clients haven't come in yet thinking everything is 5/17
  3. you get the qbi, the qualification is at the entity level to provide the amounts and then if its not an sstb you get it. its not the same as passive/active rules. the builiding is a qualified business.
  4. I I hinted to her that I am an orphan and looking for a mother figure in my life...didn't work.
  5. I am filing a separate extension 4/15. I have many clients that used up their 11mil exemption before it gets changed. Never had more than 1 0r 2 gift returns before, this year its 9.
  6. YOU Put down what the client tells you and you document where it came from.
  7. Can someone verify the due date this year for a gift tax return. I can't seem to find if its 5/17 or still 4/15
  8. Its other income old line 21. PTP distributions is usually stated as such.
  9. An election and a 3115 had to be filed a few years ago inorder to do the "partial asset disposition" PAD. We did these for almost every real estate client. [lots of work but good revenue source]
  10. I never had a claim but I have used their resources to talk to an attorney over some client situations and one I was supeona'd and their lawyer got it squashed. Insurance companies are chartered by state so my company might not write for yours.
  11. i find the type and font too small in posts and too light. i can no longer read the posts without magnifilng the screen
  12. Always send the vouchers to the client so they can't blame you for any penalties if they don't get paid.
  13. Post the expense as a professional fee not as a distribution. This way fica gets paid on the income. Only losers are state and federal unemployment which are minor. If you want to be extra cautious you can issue 1099's late and pay that penalty.
  14. My son, still in college has a NY residence, is a teachers assistant in Indiana, worked summer of 2019 in Massachusetts, and in January 2019 he got paid for his unused PTO from summer of 2018 job in Arizona. A college kid had to file in 4 states. I enclosed a discounted invoice of $675. A few days later I got a text, "are you out of your friggen mind?". I responded with , oh good you got it, sending An invoice was a sure way to know he received it and cheaper than sending certified or UPS.
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