michaelmars

NY has a state registry of CPA's with addresses on line

Can someone tell me why do people create a LLC then elect S corp when they can just create a corp to start?  Also what are the advantages of an S corp?  I know some people like to avoid fica tax with distributions but by you also have to now have quarterly payroll taxes, workers comp and DBL insurance etc.

Be aware of who the W-2 is from.  Some qualify for unlimited exclusion.

You just treat it as any withholding and claim it on the return.  This is to force non-residents to file returns when they have income within the state.  Many states are also doing this for K-1 income.

IRS just cancelled an assessment against me that also when to collection - From 2014!  8 years of letters.

You can just tell the collection agency in writing that you want to deal directly with the IRS on the issue and they are required to send it back to them and cancel their contact with you. 

if you don't file you lose the cap loss carryover

depends if you ask NY or NJ tax department.  NY is pretty aggressive going after people that are working temporarily out of the state due to covid.  If the w-2 is showing NY wages there isn't much harm in putting it on the NY return.  The rates between the 2 states isn't that much in the long run.   Your situation though is a bit different since he isn't working out of a NJ shore beach house but out of an other company office.  Could be considered that they transferred him and it should all be NJ.

18 hours ago, Lion EA said:

An estate doesn't have a primary residence, so no 121 exclusion.

An estate has relatively narrow tax brackets, but if the estate sold the house, then that's what it is. It does save any bad feelings due to one beneficiary being in a higher tax bracket than another beneficiary. You'll want to check the will and the laws of the state.

Not 121 but does get the step-up.

Its not an IRS issue, proseries rolls over most states but not NY

They announced about 2 weeks ago that they are suspending these forms 1 year for entities without foreign income items to report.  Some exceptions so do your research. 

its NY that doesn't allow this to rollover. Other states do.

Not how door dash works.   you turn on your app  as soon as you get in your car and then you pick a delivery you want to make.  The above is correct, you are working as soon as you get in your car.  There is no commuting.  

on NYC look at Schedule G form 3-L

HI SON/DAUGHTER,  My name is Mike and haven't heard from your parent in a while.  We usually talk every once in a while.  Just wondering if they are ok?  

no need to mention taxes, business relationship, etc.

Years ago a switched and the conversion went great.  This year I purchased a practice from an ATX user and no matter what, I can't get the files to convert.  Proseries logged into my computer and spent about 2 hours with me trying and to them everything looks good to go.  Anyone have or discover any issues lately with converting?

Proseries has instructions on line for ATX users to follow to prepare the files for conversion and they were followed to the T.

I should have updated this. I went ahead and signed up for the subscription based program.  So far its been fine so time will tell.   Wish I saw Marilyn's post earlier.

isn't 2019 a subscription program already?  I believe 2017 was the last year that wasn't subscription based

I got a new computer and have been using Quicken since 1999.  It is now subscription based and they no longer let you download the old version.  does anyone have a disc for Quicken?  I will pay for it.  They told me that if I had a disc then I can activate it with my credentials.

sorry i wasn't clear, just federally declared disaster areas

NY just extended the deadline till 1/3/2022 for almost everything.  The specifically excluded extending the PTET Election

I would never run an update on a deadline week.

If not forgiven in 2020 then its a liability.

I would not cancel payroll so fast.  1st if the buyer doesn't have payroll then he will pay you as a 1099 and you might want that to go to your S corp for liability and pension purposes.  [among others]  Also after the purchase, if he renegs on payments then you get the practice back and are back in business till you find a new buyer.

lol just did one for 11 million.  Many of my clients chose to use up lifetime exemption before it gets eliminated or lowered.   Separate return and did Dad and Mom give gift? Was son married and the gift to both of them? Many things to consider. 

Big thing to remember is that in the past the 4868 automatically extended the 709 but not this year.    The form 8892 must be filed today.  its simple, just name and address. 

I usually have 3-4 gift returns a year, this year its 9 so far.  Of course some clients haven't come in yet thinking everything is 5/17

you get the qbi, the qualification is at the entity level to provide the amounts and then if its not an sstb you get it.    its not the same as passive/active rules.  the builiding is a qualified business.