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Everything posted by michaelmars

  1. I just don't buy this story. If all the accountants refused to do these returns then they wouldn't even collect income taxes. its either BS or there is much more to this. Maybe he advised the CPA on how to avoid payroll taxes.
  2. michaelmars


    Looking for a recommendation for a firm that does ERC's
  3. NY mandates you do it through there website. NO paper or efile allowed
  4. Many times you get 1099R's showing taxable when its a rollover. If you take the check and move it yourself within the time frame, the payor has no way of knowing you are rolling it over. I just file showing it as a rollover and have a copy of the timely deposit into another brokers account on file in case a notice gets issued. I have never had a problem with this after sending a copy of the recipient statement.
  5. Sure, i 'll let them know that you told me to do so (s).
  6. 3rd! I leave a few of my favorites out on my shelf so clients know what to get me for gifts. Recent client asked about selling his house [abt 10 min discussion] He sent me a gift pack of 4 Johnney Walker bottles.
  7. I have about 6 shots left in my bottle of Macallan 18 year old scotch. and a new bottle of 12 year. Do I share the 18 with my staff or drink it all and give them from the 12 year old bottle?
  8. I am dealing with a similar situation 1 dies 12/22 and one dies 1/23.
  9. ignore the term, all inherited stock sales are considered LONG TERM
  10. I have had no problem with NYC taking my clients money. I do it through the software and not directly with the city.
  11. I don't know how they can check dates as long as the signed date is prior to efiling. I have had clients sign 8879 and then mail it a week later.
  12. USUALLY THE trust pays any taxes and no K1 is needed.
  13. NY requires 100% to be on the w2 and you allocate it on the it-203
  14. If a grantor trust it can just go on the individuals return.
  15. Yes you can, the split of NYS NYC is only for there budgeting forecasts. ON the return the estimates are entered as total only.
  16. 150-250 sound about right, just wondered what HRB would charge. Catherine, I think you worry too much about these penalties. We have had clients face the loss of 50% penalty and another facing jail time but never once were we questioned once we showed the documentation presented to us.
  17. technically NY says yes but we hardly do it in this situation. With the crazy rules a small entity with a few partners could be filing in multiple states.
  18. Got a simple fbar, 1 country 3 accounts. Mostly curious what H&R would charge?
  19. A bit more complicated than you think. First of all mortgage is Qualified NonRecourse thus is counts for basis, that's for the new property. On the old property you have to follow the interest tracing rules. The percentage of new money that was distributed [for new partnership] is reported separately and on schedule K line 13D. It will flow to the k1 as such. Then it is up to each partner to determine the use of the money they received. Invested on a partnership, deduct on sch E, invested in the market, deduct on sch A, bought a yacht then not deductible.
  20. I would do this form and consider it a learning experience. Software got much better in flowing the credits from 1099-Div statements. I don't use ATX anymore so can't help with input but you should just have to enter counrty or I always use various and type of income. In this case passive, and everything should flow. Other option is to enter it on sch A as an itemized deduction if taxpayer receives any benefit from that. But honestly, 1116 is only a pain in the but when its from earned income or K-1
  21. the entity was set up as a SMLLC in 2020, totally inactive till 2022.
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