michaelmars

I have done this on many occasions and if the split is amicable then they might even want to come in together to discuss different scenarios. If it s antagonistic, you can do both but as Lion said, get permission from the client.

you must capitalize but you can write off the remaining cost of the old roof. there are formulas to do this where you take the cost of the new roof and work backwards using the Construction Price Index to see what that roof would have cost when the client first bought the building. That amount less the applicable depr on it gives you the amount to write off. This is covered under the new "partial asset disposition regs" This is why the 3115's were so important last year to elect these new methods and why I kept saying any real estate return not electing the new regs and/or filing a 3115 is malpractice. Guy buys a building 10 years ago for $1,000,000. lets say $100,000 gets allocated to the roof. 100,000/27.5 (residential) x 10years gives you accumulated depr of $36,363, you have a write off this year of $63,637. That's a heck of a deduction to miss. AS for sec 179, this only applies to machinery and equipment, not improvements.

go to printers and devices, pic any other printer to be the default wait a minute then reselect the one you want. I have had similar issues with different programs. The default setting gets corrupted and locks out all print drivers.

sort of depends on what software you are using

David has the right answer, anyone that advised them to put real estate in an S corp better have a very good reason or very good mal practice insurance. Randall...usually the banks don't care as long as the individuals remain personally liable. Everyone of my clients [that talk to me first] have their mortgages contain a clause that they can change the title to an LLC and can add members [for their kids] at any time.

sound like the trust changed from simple to complex upon death, more detail needed

personally I don't put w-2's in envelopes and mail to employees, that my client job. I prepare and present my work to my client only.

I assume this is an estate. Without knowing details it would seem that normal depreciation that was existing basis flows to sch e and the 754 election depreciation is a separately stated item, however, if all the beneficiaries of the trust benefit from the 754 then you can book it as regular depreciation and let it flow to E.

yeah, I will fight them on that if I had too, If the forms become available 3/12 like expected how the heck can I then get 100's of signatures.

I will try and remember to have my office manager get me a copy for you on Monday. if I forget, feel free to remind me.

YOU CAN store it , there is a paper they have to sign, we have many clients that pay monthly retainers via credit cards we keep on file

$25 plus 1.5% interest. Your invoice must state this in order to collect [in NY]. Usually when I send the late fee I always get a check dated 2-3 days before that for the initial amount. I am ok with that, I provide personal service, and like my clients or I don't keep them. the late fee is just a kick in the butt to get me my money. If the client pays it, I keep it of course, but I never really expect to collect it.

Warning to any of you outside of NY that are doing a NYC corp this year. They decided last April to change the forms and how the taxes are calculated. Being this is NYC, 8 months wasn't enough time for them to issue the forms. They put out a press release suggesting all returns go on extension. In the past NYC C-corps and S-corps filed the same form since they don't recognize an S status. Now they will be on different forms. NYS and NYC also have revamped how they treat NOL's, totally different method as a tax credit instead of an income deduction. These NEW forms are also not available yet. They say next week but I guess then the software people have to figure them out too. My problem is if I efile the federal and even the state I will forget to file the city return once the forms are available. So I am putting all of them on extension. Since I like to get paid during February and March, I have been printing the returns and getting the efile authorizations from clients and billing them now. I transmit the extensions and will transmit the returns when available.

The church was under no legal authority to pay the rent, perhaps the landlord considered it a gift. Honestly, if you go ahead and file you better have written permission from your client to do so, I would hate for the tenant to get evicted and then blame you. If its not a "business expense" to the church are they even obligated to issue a 1099? [I have no idea but should be considered]

he is not self employed because there isn't any self-employment tax paid on S corp income distributions.

you really can't use Zillow or that sort of thing, every house is different, alum siding, pool, central air, updated bathrooms, new vs old roof or hvac. An appraiser can adjust for that and are experienced at doing prior years.

I just had a client come in yesterday that I haven't seen in 28 years. I met him the first year and he had been mailing it in ever since. Out of 200 individuals or so, I see maybe 20, the rest mail it in or part of a business client that I go to.

300-400 under FMV out of what? Out of $800 or out of $5000 per month. [yes I deal with NYC rents]. A lower FMV can be justified since the daughter will be taking care of it better, perhaps overseeing other rentals in the building, taking care of repairs etc. Heck, tell him to charge her $200 more and he gets his deductions, but remember her on her birthday with a bigger gift.

"Wah Lum Kung Fu double broadswords" I had to google these, nice swords. here is my favorite pic

No you can't shoot them but many idiots don't know that. My office is full of 2nd amendment and NRA posters, a few of my martial art trophy's, a display of swords and Escrima sticks, etc. My receivables are -0-.

THATS OVERTIME, MY FEE JUST 2X.

found dead age 79

We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one! We are number one!

many states will not accept the esignature.

I posted many times on this and you can do a search but I would always do a 1065 and infact if one spouse wanted to own it outright I would suggest the other get .0001 percent just to use a 1065. Gets large amounts and schedules off of the 1040; easier to transfer shares to kids etc down the road; eliminates the appearance of co-mingling deductions; in any sort of lawsuit, protects the necessity of showing you whole personal return, etc etc etc