michaelmars

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I hinted to her that I am an orphan and looking for a mother figure in my life...didn't work.

I am filing a separate extension 4/15.  I have many clients that used up their 11mil exemption before it gets changed.  Never had more than 1 0r 2 gift returns before, this year its 9.

YOU Put down what the client tells you and you document where it came from. 

Can someone verify the due date this year for a gift tax return. I can't seem to find if its 5/17 or still 4/15

Its other income old line 21.    PTP distributions is usually stated as such.

2 hours ago, jklcpa said:

You are correct.  A roof is specifically excluded from QIP but IS one of the items eligible for sec 179 treatment.  Also, don't forget to write off the remaining cost of the old roof that was replaced, if that was separated out on the fixed asset schedule.

An election and a 3115 had to be filed a few years ago inorder to do the "partial asset disposition"  PAD.   We did these for almost every real estate client.  [lots of work but good revenue source]

I never had a claim but I have used their resources to talk to an attorney over some client situations and one I was supeona'd and their lawyer got it squashed. 

Insurance companies are chartered by state so my company might not write for yours.

i find the type and font too small in posts and too light.  i can no longer read the posts without magnifilng the  screen

Where in CT?

Always send the vouchers to the client so they can't blame you for any penalties if they don't get paid.

Post the expense as a professional fee not as a distribution.  This way fica gets paid on the income.  Only losers are state and federal unemployment which are minor.  If you want to be extra cautious you can issue 1099's late and pay that penalty.

My son, still in college has a NY residence, is a teachers assistant in Indiana, worked summer of 2019 in Massachusetts, and in January 2019 he got paid for his unused PTO from summer of 2018 job in Arizona.  A college kid had to file in 4 states.  I enclosed a discounted invoice of $675.

A few days later I got a text, "are you out of your friggen mind?".  I responded with , oh good you got it, sending An invoice was a sure way to know he received it and cheaper than sending certified or UPS.

great for you but little mom and pop shops don't have scanners and the way you are doing it, if you only depend on bank statements, doesn't give you the records for checks not cleared, nor does it give you gross pay and withholding.  Technology is great but sometimes you need to actually see other records.  one of my clients has 30 employees paid hourly, how does having access to bank records alone help me?

and you ask how payroll is being done? well payroll was done  before the lock down but the records are not available.  I am in Nassau county where the fire marshal has sealed buildings that has alot of positive covid people.  that means no access to there records or computers.

Based on what you are saying then the 4/15 deadline for 1040's didn't need to be extended since everyone could have sent you there info electronically.  So i assume you don't have more extensions than last year.

ok, so our clients are all closed, can't get bank records to do write-ups, clients have no access to their offices, yet we have to file 941's.   Typical irs stupidity.

anyone know if the due date for the 1st quarter has been extended?  Don't know how we can file these with all the clients shut down.

still waiting to hear about the states and if they are extending too

March 19, 2020—

Dear Mr. Secretary:

With regard to the release of Notice 2020-17, 'Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic', I am certain that by now your office has received thousands of letters, e-mails and phone calls from CPAs, EAs, attorneys and other tax return professionals. The action taken by the U.S. Department of the Treasury with respect to the preparation and filing of 2019 income tax returns, along with any payments that would be due with those returns in many cases, does not reflect the difficulties that have been imposed on both tax practitioners and their clients by the current crisis.

Businesses are being forced by State and Local Governments to significantly curtail or cease operations because of the pandemic.

Individuals are being forced to remain in their residencies, by their own choice or otherwise. Facilities for older individuals, including independent living and assisted living facilities as well as nursing homes, have closed themselves off entirely to the public. The only people allowed to go into these facilities are employees—even family members are not allowed to enter. These individuals, in particular, rely on a tax return professional to assist them with the preparation of their tax returns, and we do not have access to them or their information. You stated that their burden of paperwork would be alleviated by current technology; however, this is not entirely accurate for this segment of the population.

Approximately 60% of taxpayers engage a tax return professional to prepare their tax returns. We have just passed the March 15 deadline for Partnerships and S-Corporations. The April 15 deadline for Individual, Fiduciary, and Corporate returns is fast approaching. After that, Payroll tax reports are due on April 30. Then you have May 15 for Non-Profits. Again, depending on the situation and circumstances at that time, these also may be late in being submitted.

Action is needed IMMEDIATELY.

Some states have taken action to grant some relief with regard to filing and payments, but most rely on federal action first.

We propose the following:

Grant an automatic extension to October 15 for ALL tax returns that are due April 15. This would include the waiving of any penalties and interest charges that would be assessed to taxpayers. This waiver would also include 2020 tax return payments. Consideration for extensions should also be applied to Payroll reports and Non-Profit tax returns.

We are going through a difficult time right now, the likes that have not been seen since the Influenza Pandemic of 1919 & the Stock Market Crash of 1929, and we need the Federal Government to lead. The CPA profession, along with all of those who prepare tax returns, want the system to function well.

For that to happen, we not only need payment relief, but filing relief as well, and we need it now.

Neil H. Fishman, CPA, CFE, FCPA, CAMS

President, National Conference of CPA Practitioners

On behalf of the National Conference of CPA Practitioners

if you show it as 1099 then you wipe out the profit.  net result to irs is the same except for unemployment insurance.  First year or 2 until you establish its a viable business I would have no problem doing this.

wish they would extend the 3/15 deadline

see safe harbor rules ie does he put in more than 250 hours on it?

I have one where the taxpayer didn't close out the estate because he wanted to qualify for student aid and didn't want to show the assets or income on his personal return.

the separation is for NY's internal budgeting.  you enter them as one number unless you have  MCTMT or UBT taxes in the NY individual return.

They are not the same company, i looked into it.a while back.

i don't use atx anymore but if i recall from years ago, you had to enter it on the state side.  Each state treats it differently, for example its taxable income for NY so gets added back on the IT-201.

On 2/26/2020 at 8:38 PM, Terry D said:

Got a notice today from Ring Central that my fax charges will be going up once again. This increase will not put my annual fees at $215.88 which is an increase of $56.88 from last year. I send and receive less than 50 faxes per year. With all of the secure file transfer programs I will probably even fax less. So, I'm looking at "MyFax" which will save $114.00 per year and I will be able to keep the fax number I've had since 2007. Ring Central has been flawless the entire time I have been with them. But the fees are too much for what I do. I expressed my concerns with Ring Central and it appears it will fall on deaf ears. Any suggestion on any other online fax services. 

I was in the same situation last month and couldn't reach anyone at ring central so i went to myfax at $10/month.  not as pretty as ring central but works fine and their support porting over my existing number was great.  Had someone in America guide me through the process and took about a week to complete because they have to wait for ring to release your number to them.