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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 find the type and font too small in posts and too light. i can no longer read the posts without magnifilng the screen
  2. Always send the vouchers to the client so they can't blame you for any penalties if they don't get paid.
  3. 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.
  4. 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.
  5. great for you but little mom and pop shops don't have scanners and the way you are doing it, if you only depend on bank statements, doesn't give you the records for checks not cleared, nor does it give you gross pay and withholding. Technology is great but sometimes you need to actually see other records. one of my clients has 30 employees paid hourly, how does having access to bank records alone help me? and you ask how payroll is being done? well payroll was done before the lock down but the records are not available. I am in Nassau county where the fire marshal has sealed buildings
  6. ok, so our clients are all closed, can't get bank records to do write-ups, clients have no access to their offices, yet we have to file 941's. Typical irs stupidity.
  7. anyone know if the due date for the 1st quarter has been extended? Don't know how we can file these with all the clients shut down.
  8. still waiting to hear about the states and if they are extending too
  9. March 19, 2020— Dear Mr. Secretary: With regard to the release of Notice 2020-17, 'Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic', I am certain that by now your office has received thousands of letters, e-mails and phone calls from CPAs, EAs, attorneys and other tax return professionals. The action taken by the U.S. Department of the Treasury with respect to the preparation and filing of 2019 income tax returns, along with any payments that would be due with those returns in many cases, does not reflect the difficulties that have been imposed on bo
  10. if you show it as 1099 then you wipe out the profit. net result to irs is the same except for unemployment insurance. First year or 2 until you establish its a viable business I would have no problem doing this.
  11. see safe harbor rules ie does he put in more than 250 hours on it?
  12. I have one where the taxpayer didn't close out the estate because he wanted to qualify for student aid and didn't want to show the assets or income on his personal return.
  13. the separation is for NY's internal budgeting. you enter them as one number unless you have MCTMT or UBT taxes in the NY individual return.
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