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BHoffman

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About BHoffman

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    ATXaholics Anonymous

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  • State
    AZ

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  1. It's the sound of that screeching halt when the Sch C info they give you is a mess. No cost basis on brokerage statement and they have no idea. They sold their business on an installment basis and have no contract. OOOOF!
  2. I did exactly as GingerM says. The client opted to report on Sch C with no S199A. Thanks everyone!
  3. Client received a 1099M and a W2 from his employer. Tells me the 1099M was for a Christmas bonus, and employer did this for some stupid reason. I can enter this to Sch C, but what about the QBI deduction?
  4. I vote yes and he would be considered an SSTB.
  5. BHoffman

    AZ tax forms

    The problem is that AZ legislature has not decided whether to conform to the 2018 federal tax changes so there could be a need for amended AZ returns. I just prepared one with property taxes in excess of $10,000. Not allowed on the 1040, and I guess TBD on the AZ 140.
  6. BHoffman

    AZ tax forms

    AZ posted this notice regarding conformity. I’m efiling AZ returns as my Drake software is computing the new standard deduction and exemption amount with the COLA. https://azdor.gov/news-events-notices/news/arizona-department-revenue-releases-important-2019-taxpayer-guidance
  7. Not sure of your client’s details but I did find this article https://www.thetaxadviser.com/issues/2010/jan/ccorporationsasscorporationsubsidiaries.html
  8. IRS won their appeal to reinstate PTIN fees. https://www.journalofaccountancy.com/news/2019/mar/court-upholds-irs-ptin-program-201920752.html
  9. Perhaps because it is my understanding that AAA ( not always the same as basis) is irrelevant unless E&P exists and I agree with Abby. If the Corporation elected S from day one, then there is no E&P. Please see the article below that gives a pretty clear explanation. https://www.forbes.com/sites/anthonynitti/2014/04/08/tax-geek-tuesday-are-those-s-corporation-distributions-taxable/#51ea0396a22e
  10. I’ll opine that the cost of the pond and the demolition could be added to the total original cost of the 15 acres, and then apportion that total to the 6 acres. I would not apportion the pond cost solely to the 6 acres unless those acres don’t share a boundary with the remaining nine.
  11. cbslee - get well soon! That screeching sound when I ask for a year end brokerage account 1099 "Tax form", and instead get 100 pages of various interim statements.
  12. FYI - form 4137 is used by the employee for unreported tip income.
  13. Client received a CP2000 for not reporting the income from a form 1099-R. The notice is showing $12,000 in unreported income from Mass Mutual. The client did receive a 1099R from Mass Mutual, and I dutifully entered it in except forgot to prepare form 8606. Box 1 $12,000 Box 2 $0.00 Box 5 $12,000 Box 7 B 8 My understanding is that the return of excess contribution from a ROTH is not taxed. Only the earnings from the ROTH are taxed, and it looks like there are none as yet. Can someone advise on how to respond to the CP2000? Thanks!
  14. Yardley, does your E&O insurance company provide sample engagement letters?
  15. Hi Jack - thanks for responding. I can't file 1099 forms via Drake and found an older thread that suggested efilemyforms.com Tried that, and it works great! I only have about 5 or 6 forms to file.
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