michaelmars

My client wanted to know if the $.02 interest earned on his single member account was reported on sch b or sch c.

I give them 2024 4th quarter vouchers to use to send in money so that it gets credited to the correct year.

They may not want to pay be for a return with no income for their kids returns.   In the past I would say if the sales price was over the filing limit, definitely file but not irs gets cost..

I wasn't clear, there were almost no gains $300.

Have a client whose only income is covered sales.  In the past if sale amount was enough to require a return you had to file to offset the sale.  Now that the IRS gets the cost, would you still file?  Gross over 30k.

Late to answer but if they bought out her lease then its a capital transaction.  Research lease buyouts, its been a while since I had one.  I can't recall if we were able to report the balance of the lease as basis.  Last one was about 5 years ago. 

I'm not sure either. My partner thinks it has to be filed because more than a 50% change in ownership.. I sort of agree with you that the estate is an entity that stands in place of the decedent and its a transfer from husband to wife.

I am confused by instructions.  This entity has always been an S corp.  The shareholder passed and it went to his estate a few years ago.  This year the estate distributed to the owners wife.  Not sure how to complete the form, tax year etc.  IS the tax year beginning the date  of distribution or 1/1.  Also, my software <proseries> is populating with both the new owner and the estate as shareholders to sign even thought the estate % shows as -0-.  I can't delete it unless I override.  I don't think the estate has to sign this form.

My fire system registration was messed up last year and I used an fairly inexpensive efiler.  They are out of business.  I am looking for a service to efile my 1099's

Get paid up front plus an extra retainer to deal with the penalties etc.  Once they get the bills from IRS, your payments go on the back burner.

On 11/21/2024 at 1:48 PM, Lee B said:

If you want to dive into the details,  there was a discussion about this topic started by schirallicpa on March 14th.

For fun and giggles I tried to find the referenced discussion and no matter how i searched, i couldn't find it.  Can you walk me through it?  I always have trouble searching boards like this.

If the wife inherited the property then its gets a step up to DOD value, however, if sold within 6 months the IRS will generally use the sales price as estate value.  

Usual results when inherited property, including stocks, gets sold is a small loss for transaction costs.

On 10/14/2024 at 1:46 PM, Abby Normal said:

We used to put them in partnerships back then. Never in corporations.

They got corporate protection and cheaper insurance in a corp.  Most of my clients own many properties and didn't want a law suit on one to put the whoel portfolio at risk.

Many of my clients have buildings in S corps because LLC's didn't exist in NY until around 1994.

I had a similar situation for my own corp.   took 3 years of back and forth to get it cleared up.  File the forms for a hearing and someone will contact you who has the authority to close the case.  In NY 2 officer/owners can be exempted from WC.

Late to the game - I would do the 706 if there are market value assets with step up to establish the basis for the beneficiaries.  Also, states may have lower thresholds than feds.

waiting 5 days for one

I found a way {proseries} to put the account number on the filing instruction letter so the taxpayer can see it before sending me the 8879.  Next year, when I have time, I will add it to my engagement letter and have a place for client to initial.

My software has one, proseries and i thought atx had one too back when i used it.

2 hours ago, Slippery Pencil said:

I'm pretty sure nothing has a 75 year class life.

You don't know my visa bill, if only paying minimum payments.

he did receive it and then gifted it back.

Just try, if rejected, try again in a week.

We are their trusted advisors and even if you are not going to file these for your clients you should still be up on the requirements and be prepared to offer them some advice besides referring them to a government website.  There are many accounting groups putting out 1-2 page summaries, in simple plain language for you to send to clients.  

If you are willing to take this on, it could be a huge money maker for during out slow summer time.  We are offering to do the first, initial filing but will not be doing any monthly monitoring.

Every accounting group and E&O company is saying to make sure your engagement letters explicitly state that your tax work will not include BOI filings but advise them to educate themselves as to the requirements.  Our separate BOI engagement letter will be a few pages long too.

We all generally have a Smart Label Printer,  one label at a time.  For mass mailings we have an address template saved and use Avery labels on our regular printer.

17 hours ago, Lion EA said:

Have any of you, or any of your staff, had a laptop stolen or lost out in the field or at the office?

Nope, and we use 2 factor authentication so you need the laptop and the user's cell phone to get in.