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About BHoffman

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    ATXaholics Anonymous

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  1. BHoffman

    LLC Reporting

    The nature of the income determines the tax treatment. Whether the client is in an ordinary business or is an investor should have been determined when he first began reporting. Limited Liability Companies are just legal entities. LLC does not automatically equate to the tax requirement of a Sch C. I have lots of rentals reported by LLCs on Sch E.
  2. BHoffman

    Change in Capital Loss Carryforward

    I’ve also had to correct a loss carry forward and just kept a detailed note in the file. Never came up.
  3. BHoffman

    Personal question, kind of

    No, you aren't alone. If feels just like the day after the last final exam. Sort of a letdown after all that work. Where's the parade? Hubby and I go to a special vacation spot every year after tax season. Takes me about three days before I'm really in the vacationy, beachy, boozy, (dare I say sexy) swing of the whole thing. I think it's important to take a vacation after working so hard. If I just stay at home and try to relax, I feel the same dejection and emptiness you seem to be describing. Have an adventure!
  4. BHoffman

    THE END.......

    This is only the beginning! The day after tax season ends feels like the start of a new year.
  5. BHoffman

    VENT - The Geniuses

    Another client's bookkeeper coded $36,000 of Sch C owner contributions as revenue in 2016 (I'm amending that one) and $42,000 in owner contributions as revenue in 2017 (I caught that one). I have never seen a bookkeeper do this before, and didn't look at the revenue details until preparing 2017 because my gut started screaming at me. I did check to make sure she didn't deduct his estimated tax payments. I questioned the additional revenue in 2016 since his payroll wages did not increase as would be expected. He told me he worked a lot in the field. Fine. So, I base his estimated payments on that amount and he dramatically overpays in 2017. Big fat refunds for 2016 and 2017.
  6. BHoffman


    Almost done. One client emailed me his documents today so I could rough out any amount to be paid with an extension. Yes sir, you are going to owe around $5k. The tears are flowing from my computer screen and puddling on my desk.
  7. BHoffman

    NT - my eyes are falling out

    I get "optical migraines" that are painless except for this weird squirmy "fireball" thingy around whatever I'm trying to look at. They are harmless and go away in about 30 minutes. I get them from dehydration, not enough sleep, too much computer screen, and bright sunlight during the tax season when I'm a mole person. The sun! The sun! It burns!!
  8. BHoffman

    Bad Timing

    No good deed goes unpunished.
  9. BHoffman

    N/T - Random thoughts & stuff

    Lots of way high ups and way far downs this year. I don't like drama, and my life is now like some sort of cult classic. My dad unexpectedly died in January and taking care of all his stuff (I inherited all of it) has been a part time job in itself. I have had no time to fully process any of this - losing him or what to do with everything he left me. Our last pet died last summer, so for the first time ever we are now free to travel without the hassle of a pet sitter and worrying about whether the pets are being sufficiently coddled. I miss all of them so much and have been lonely, but there are perks to not having the responsibility. I sleep with a stuffed animal and am privately embarrassed at how much comfort it gives me. Hubby is wonderful. I went right off the rails, and he has been patient and supportive. I feel like we've never been closer and it's interesting how I'm learning to let go and let him just handle things in his own way - which is pretty contrary to the way I handle things. For instance, he is a procrastinator and that usually drives me nuts. But, getting it done at the very last minute is still getting it done... I feel like I've finally reached a level of experience and have more confidence with my work. Good thing, because I'm really slowing down as far as the number of hours I can realistically work. There's no use working when I'm so tired I'll spend most of the next day fixing errors from the night before. Being so tired makes me think I'm unhealthy and the anxiety starts taking over and then I'm searching WebMD in the middle of the night and just SURE I'm dying of something. My labwork and my doctor disagree with my diagnosis, but what do they know? The dentist informs me that I need a root canal. Pretty sure that's going to release bacteria that will go straight to my heart and will kill me. Film at eleven
  10. BHoffman

    I am CRAP sometimes - I should be fired

    I sort through the paperwork and separate out the crap from data entry work. Then, I arrange the work papers according to my input screens. Then, I enter it all. Then, it goes in a To Review pile. Then, I review it the next day. This has worked for all of the years I’ve done it this way. That one I made the big error on was because the client was waiting and had to rush out to catch a plane for their vacation. Never let that happen again.
  11. BHoffman

    I am CRAP sometimes - I should be fired

    I left a zero off an IRA distribution once. That cost me around $1,200 in penalties. Ew.
  12. BHoffman

    N/T - Random thoughts & stuff

    Today marks the 29th anniversary of the day I met my Hubby. Best day of my life!
  13. BHoffman

    VENT - The Geniuses

    Clients own an SCorp. SCorp gets a business line of credit. Clients immediately tap the entire thing and take it all as a distribution. Yep, and it's all in excess of basis. So, no debt basis and no stock basis and LTCG of more than $35,000. On loan proceeds. Debt financed distributions. They are so very upset. Explaining the whole thing is just so hard. I've always thought the old "make it a loan to the shareholder instead of an excess distribution" to be a cheap trick when you KNOW they will NEVER repay it. AND I've already filed the 1120S (dummy me). This is a miserable mess! GAH!!
  14. BHoffman

    Form 1045 (review help)

    I’ve always had better luck amending the prior return instead of using 1045.
  15. BHoffman

    income to closed S Corp

    Maybe the client needs to take the 1099 forms to the accounting firm that prepared the 1120S?