RitaB

Just to clarify, they don't pay tax on the proceeds, but on any gain, and yes, report the sale on Form 8949.  Correct, you can't reduce the gain by the other property he bought.  They all think that; find an article or two that addresses that and print for him.

Got three emails today from one I hoped was gone. 

First one "No wonder I put this off.  I didn't make anything!  Oh, I did get a $17,000 PPP loan that was forgiven..."

Second one:  "Here are ten screenshots of my closing documents where I bought a house."

Third one:  Also, I think I get to claim Buffy for 2020.

Yeah, no.

Hahahaha, hey, everybody!  All is well!  Best wishes to everybody finishing up.  Remember, they need you more than you need them.  

My first thought is someone with a dependent used the same account for direct deposit.  Maybe a grown child or ex.  

Ok, no, that thought was way down the line.  Let's be honest here.

3 hours ago, FDNY said:

I have a client who received a CP2000 due to a missing 1099B.  He mailed back his reply with the appropriate schedule D and statement to address on notice.    That was over 6 months ago but IRS computer keeps sending notices.   I mentioned this to my friend's daughter and all she could say was yeah, that's a problem.

Yes, regarding my client above, we mailed the response to the CP2000 with a check.  IRS cashed the check, but they have not processed the letter, response form, and amended return labeled "CP2000."  I want to tell the client to ignore the 2626C, but they want us to do something.  I think it might be awesome if IRS would stop sending notices until they catch up.  Sending incorrect notices is not working.  

7 hours ago, Terry D said:

Mind you I start calling at 7:00 am, and fail to understand how they're too busy first thing. I think this is a BS routine to not answer the phone. 

I've been trying for days to fax a response to a Letter 2626C from an Operation Manager.  The fax line is off the hook.  The telephone number given is fully automated.  My money is on you.

16 minutes ago, Gail in Virginia said:

The federal notice is a bit different than the Virginia notice.  The federal notice does give a time limit of 30 days to respond, although I don't know what happens after the thirty days.  

I have had several get the notice for either 2019 or 2020.  Nothing unusual about their returns.  

One couple I know of ignored it (2019 return e-filed in March 2020), and they got their refund about six months or so after filing.  Lucky for me, they only called me twice BEFORE they got the notice, then not at all after.  /s

2 hours ago, Gail in Virginia said:

Good question.  If i am not mistaken, SSA will look at the amount reported on the Schedule SE for earnings from self-employment and therefore the recaptured gain/capital gain will not count against what he can earn for social security purposes.  But I am not sure.

Yes, that was my first thought, too, and Sch E income can be Qualified Business Income, and that's not earnings for this purpose, so my second thought may just be a rabbit hole.  I'm so tired.  There was a knock on my door 45 seconds after I got home last night, and it was my butt.

Does gain on the sale of a business asset count toward the earnings limit for someone retiring prior to full retirement age?  I've got a guy about to start drawing SS benefits at age 62.  His net income on Sch C will be under the annual earnings limit, but he will most likely sell depreciated equipment.  I was pretty certain only the Sch C earnings will count.  But, I started thinking that gain from depreciation recapture is Qualified Business Income, so now I'm not so sure.

I needed the extended deadline. 

And, my clients right now just cannot get it together, or they get it together and hide it from themselves.  H*ll if I know.  So, yeah, they pay more than a "normal" client, but I betcha I make less per hour.  One couple picked up yesterday, sweetest people ever, big project:   Form 1040 with A, B, C, D, E, three 4562s;  Form 1041, TN FAE and PA returns.  He came in to pay this morning, I guess it would have been too easy to handle that part yesterday.  Talked my ear off.  After he left, I looked down at the check.  Not signed.  Agree with Ron:  it's them, not us.

I have averaged 24 returns per week this season.  (Beginning last week of January.)  I've worked six days a week, but missed two Saturdays and a Monday.  Wow, it puts you so far behind.  I have a lot of chatterboxes, and I may or may not be one myself, and a few bookkeeping/payroll clients that I see every week.  No support staff, except the Lord.  He's good, though.

Y'all are correct; the ones in the stack right now are stinky and/or the "Oh, that [W-2] should be there..."  Uh, huh, and do you think I didn't look five times before I asked you for it?  

Did you know that autocorrect thinks "Rita" is not a very common name, and my client really enjoyed the reminder that day:  "Hey, we need to do March sales tax.  Thanks, Tits."

15 hours ago, Abby Normal said:

Taking screen shots with the computer, using the Print Screen button, or Windows Snipping Tool or the new snipping tool in Win10 is a basic computer skill everyone should learn.

I see blurry photos of screens in the ATX facebook group all the time and I just shake my head and scrool on by.

Hey, I do have one more question.  How many times do I have to click "Accept Cookies" before they send me the cookies?

9 minutes ago, Abby Normal said:

Taking screen shots with the computer, using the Print Screen button, or Windows Snipping Tool or the new snipping tool in Win10 is a basic computer skill everyone should learn.

I see blurry photos of screens in the ATX facebook group all the time and I just shake my head and scrool on by.

I am happy to report I see the Print Screen button, only 10 hours later.  

26 minutes ago, Lion EA said:

Did you try printing just one page? (I once went crazy trying to print when the problem was a stray code on a random page; I could print pages before and after and noted the erroneous page.) Or, a selection? I like the idea of Save As with a new name, and then trying the new file.

Yeah, I tried everything.  I called four local offices, secretary at one said, "Yes, we know about this problem but I can't remember the settings you have to change, can I fax it you?"  Got it.  I actually used my phone and took screen shots of the file that I couldn't print and emailed them to myself before she sent the fax.  The quality is better than the fax.  Haha. Thanks, everyone!

6 minutes ago, Abby Normal said:

There can be security on PDF files that prevents things like printing and editing, but I've never seen one that blackout the whole page. (That'll put a dent in your toner!) We only view PDFs on screen anyway and would never want to print a client document out.

One way I get around security on these protected PDFs (so I can add notes to the document) is to print the PDF to another PDF.

"We can't open this file.  Something went wrong."  I'm thinking I will call somebody at Edward Jones.  My client almost got a hug telling me his dividends are reinvested so they're not taxable.  

6 minutes ago, cbslee said:

Rita, when you are looking the pdf, save it in a different format, if you use Word then save it as a word document. then print it out.

There also several other formats that you could also save it as.

"Word cannot start the converter PDF files."

Judy, I can see the statement just fine, yes.  I get a "something went wrong," when I print to PDF and then try to open it.

cbslee, yes.    (Ok, I use Word; I'm going with that.)

This is a long shot, but I figured someone here could (would) help me before Edward Jones or my client.  Yes.

My client didn't bring his 1099, Edward Jones has sent it to me as a zip file.  It's a PDF, 13 pages, I need three of them.  They print black.  

It happened with another client last week.  He had a few dollars in dividends, so I just wrote them down.  I really need to print this one.  Thanks in advance!

1 hour ago, ILLMAS said:

Who is taking the responsibility for making the payments, you or your client?   I do payroll for some clients and sometimes I receive calls like I closed my bank or how come you didn’t tell me they are taking out the money on the 15th so I can deposit more to cover the payment etc....

I try to keep the ball in the client's court for this very reason.  I give them Forms 1040-ES and tell them to write checks.  I have a handful that want me to have IRS directly debit their account when I submit the e-file.   I'm sure that handful of people now think I screwed something up.  They'll be sweet about, but I know what they're thinking, and I know I'll be dealing with their phone calls this week.  Got a text Friday, in fact.  I'm just glad 95% of my people who owe at filing pay with 1040-Vs and checks because they don't want IRS knowing their bank account information.  /s

On 2/15/2021 at 9:52 PM, Pacun said:

The moment the poster says that the refund was held by the IRS last year, it means that the daughter is not a dependent. 

 

Yes, if IRS was looking for Form 8962 on the daughter, she indicated that no one could claim her as a dependent.  Kids.  Sigh.

On 3/16/2021 at 10:04 AM, TexTaxToo said:

If they were truly a dependent, and they checked the box on the 1040, they should not need to file Form 8962:

https://www.irs.gov/instructions/i8962#idm140230412085312

 

Correct.  Dependents don't file 8962.

Total loser here, but I missed a lot of hours caring for Mom, and when she moved to heaven, and I have a lot of new clients who've moved here.  So, I'm really winning, just not dancing in the end zone yet.  Actually, I was feeling pretty good this morning because I am only two weeks behind now, but I've spent half a day trying to figure out why Sage 941 report does not match Sage payroll register for 1st quarter for a big payroll I do.  I know I'll figure it out eventually, but I hate bookkeeping chores during tax season.  I'm really happy for the extended deadline.  I think I will wind up doing about 40 more returns this year than last, but today I feel like a sloth on xanax, only not as fast.

2 hours ago, NECPA in NEBRASKA said:

I've met all of them at least once. 

Same here. 

Dear LORD, I am fried good and proper. Help me not hug my next client who says, “I dunno, you’re the accountant, hahaha,” and slaps his knee.