michaelmars

5 hours ago, FDNY said:

Yeah, fired my first this year too about a week ago. She was trying to talk me into getting fitted for an orange jumpsuit.  Now she's begging to come back.  I guess she couldn't find anyone to play ball with her.  I'll take her back because a longtime client but now she has to play by my rules.  An extension is in order so it's going to be a long game, but at least I have a box seat and I get to enjoy the game.

Get paid up front. she won't pay and now has a whole year to shop around.

what I always wonder in these situations is, if separated and not speaking to each other, how would one spouse know how the other was filing.

Not looking it up now but if they lived apart all year under a legal separation agreement, can't they file as single?

I am doing a kids return and he is a dependent of his parents.  He has qualified tuition so it should go on the parents return.  But he also has a distribution from a 529 plan.  The 529 has the kids social security number on it. 

Here is what I did, let me know if I am wrong please.

I claimed the tuition on the parents return.  I put the distribution on the kids return and also entered his education info. Since he is a dependent he didn't qualify for any of the credits anyway.  This way the distribution shows on the kids return.

The tuition was $37,000 and the distribution was only $8,000 so the parents are entitled to the credits anyway.  Is this right or does the distribution go on the parents return?  If so won't the IRS assess the tax on the earnings against the kid?

Well you are just a chicken and not much of a man. In my house I always get the lasts words of any argument.   "YES DEAR"

just did my annual paper clip stunt. 

Xerox a large paperclip onto a sheet of paper, fill the paper tray with about 100 copies and ask the intern to make me a copy of something.  This year she got it fast.  Last year the person was taking apart the machine, looking for a stuck paper clip inside. Cursing etc.  The whole office was hysterical. went on for about 3 hours until she called for service.. that's when we had to give it up.

continue with same depr schedule

I am with Lion. The purpose of a retainer is to cover time spend incase the client disappears on you or doesn't pay.  I would bill for my time net the retainer and present an invoice with a balance due.  And who said you won't get paid.  The mom asked for the retainer back but may not realize the time you put in.  I once had a client go elsewhere after I gave him his return but he paid me for my service and returned the next year.  You go to a doctor, don't like his diagnosis so go to someone else, know what you still pay the first doctor or the collection letters start.  Unless you feel like you messed up, you are entitled to get paid for your time.  I have a real problem with professionals here that are so afraid of problems that they get afraid to ask for money that they are due. 

In this case I would keep copies of everything you were shown to back up your position, return the originals and keep sending monthly invoices for at least a few months.  BTW if you invoice includes provision for late fees and interest then you can collect them to [at least in NY]

And one final item, why are you discussing the situation with mom? even if she paid the retainer she isn't your client and you shouldn't disclose anything about the return to her.

GO TO PRINTERS and devices. choose another printer as default. print something and then reselect the one you normally use.

UNLESS lived in by beneficiary, an inherited house is considered investment property.  Always long term.

PAINTING EXCEPT for new construction is always a current year write off

who ever got the ein number told the irs it was a calendar year trust thus the 4/15/16 deadline.  You can elect any year end less than 1 year as you stated.  just do this on the first return you file.  Based on DOD you will probably want a 9/30/16 year end. 

In my office, its always the fiscal year returns that tend to get missed till the last minute so personally, I would do a -0- return as of 12/31/15

Citibank doesn't even use deposit slips anymore, you hand the stack to the teller or slide the stack into the atm machine. you can also take a picture of the check and get it deposited that way.

CHECK quarterly conventions etc.....best and fasted method is to override a/c

is there an authorized rep to hire you?  if so I would do it for nothing.

Darn when I saw the topic title I figured you were inviting me for a drink.  Changing Times in East Northport or Farmingdale, best wings you will ever have.  For superbowl sunday you have to order 2-3 days in advance. Yummm.

federal in one folder, states in another.   100 pages isn't really very big for returns now adays.

I wouldn't file unless there was state withholding.

I have been using their TBWS and would switch but I can't find something comparable for the money.  There customer service is the worst and charge by the minute.

instructions say that if retired put down your last occupation before retirement.

42 minutes ago, JMovichEA said:

Single malt?

lol, just poured a coffee mug of McCallan 18

Terry, you need to get a handle on these new regs.  You should take a seminar on PAD's asap.

On ‎03‎/‎06‎/‎2016 at 9:13 PM, Terry D said:

This election has been made by all of rental clients. Honestly, I forgot about this part and had to look at the election methods document was created. With further research, the election can be made with a timely filed tax return for years following 2012. Thanks for the reminder.

yes but last year was the ONLY year you could elect to do a retroactive partial asset disposition.  Take the above example but he did a new roof in 2005 and 20010, last year you could have written the extra roofs off, now you can only do it in the year that they add another new roof.

We did cost seg studies and for a few thousand dollars in fees, we got to write off duplicate and triplicate roofs, hvac's elevators, etc.  And not to forget tenant improvements for past tenants in commercial properties.

lets not ignore the elephant in the room, why would multiple rentals be in the same LLC. Defeats the whole purpose.  A slip and fall in one property buts all of them dangling before the lawyers.  The best advise you can give them it to split them off to separate llc's.  This is a non-taxable event.

^^^^^^^^^

that's horrible and unprofessional and terrible persec.  gun should always be at the ready by your side or under your desk!

first year free then a charge. If just a summer w-2 and some interest I charge $50. But with my clientele, some of their kids make more than I do, they pay full boat. Recently had a child borne and by the time she was 2  2mil was in her name. With another 10mil in trust.