BHoffman

Rev. Proc. 2013-30 works great for late S elections.

Joan - do you belong to the Drake forum? There are some real smarty pants OH preparers over there who also might be able to help you.

Finished the second of my 3 least favorite tax returns!

The sun is shining here in AZ. Sometimes I'll walk a client out to his car and have to blink blindly for a moment or two. Like a mole person.

Thanks very much! I guess sometimes is it just that easy

Am I doing this correctly? I have never dealt with a leased vehicle before and this is a new client. Leased a car and put into service at 01/01/2015. FMV of leased car is $38,500. There is no bargain buyout. Total lease payments made in 2015 were $8,071. He didn't pay anything in advance. Business use is 60% I find the inclusion table for 2015 with that FMV and it says $33 So, is the deduction simply $8,071 - $33 = $8038 x 60% = $4823. Is that right? Thanks for your help

I prepare nonresident state tax returns when the amount of income requires it and bill accordingly. It takes a lot less time to check each state's filing requirement than it does to prepare a tax return. Would I prepare and bill for a return that was under the filing requirement just to plump up a fee? No. I might tack on a few bucks for the time it takes me to look up the filing requirement.

Last year I wore my lucky tee shirt every day for 2 weeks running without washing it. I slept in it and then just pulled on some jeans in the morning. I'm a rebel sometimes. A smelly and wrinkled rebel.

See 2015 Pub 535. Also, I think IRS Notice 2015-17 is providing transitional relief for small businesses until further notice.

I'd love to except that his parents are visiting and they are all at Lake Pleasant today. Tax season, pet demise, and in-laws visiting....oof. His brother and sister in law are visiting next week.....

I have Mr. Toody's ashes. They came in a very nice wooden box with a little brass clasp and everything. Cried some. Still can't pick up his little bed. Still seeing him everywhere. My husband reminds me it's only been a week so it's OK to cry, but it feels like a lot longer.

Finished a monster financial statement!!! I'm so relieved to get that off my plate!!! We should all list our daily major accomplishments Mine is sometimes wearing clean clothes.

Tell them you have the flu I had a cold earlier and people didn't even come in the door. Just basically dropped their envelopes in the yard and took off. It was great!

The vet office called to say that Toodys ashes are ready to be picked up. Except she didn't say that. She kept saying that HE is ready to be picked up, all cheerful like I just dropped him off for a nail trim and he's ready to come home. If only. I hate that stupid girl. Evidently at that "angry" stage in the grief process.

Geez, I can't believe how really devastated I am over this! Crying jags, the whole thing. I miss him so much and didn't take him for granted, but I also didn't expect to feel this bad.

I avoid bankers and lawyers as a matter of principle.

Thank you everyone for the responses

Then I agree with your plan, but also with RitaB that the TP should move the money out of the business account ASAP.

What kind of entity is the business? 1120, 1120S, Sch C?

Mr. and Mrs. Smith are trustees of their husband and wife revocable living trust. They formed an LLC in AZ (a community property state). The members of the LLC are shown as: Mr. Smith Trustee of the Mr. and Mrs. Smith Revocable Living Trust and Mrs. Smith Trustee of the Mr. and Mrs. Smith Revocable Living Trust. They bought a commercial office building for their business and put it in the LLC in 2014. It's a self rental but that doesn't matter.... I figured the Trust was the sole member of the LLC and reported the rental activity on their Schedule E in the 1040 form. Did I make a mistake? They want a loan. The bank is asking for a tax return for the LLC. I'm expecting they will want to see a form 1065. Can I amend the 2014 form 1040 to remove the Schedule E and then prepare a (late) form 1065 listing the Husband and Wife trustees as multi-members if the bank insists?

Yes, and my CPE provider always thinks its a good time to give me a sales call during tax season. I think it's because some offices are closed in the off-season and they're sure someone will pick up the phone.

I'm pretty sure in all my years that I've done that a time or two without any problems afterward.

Well done, old chap!!

Thanks!

I need to file an extension for a corporation that made an S election that is evidently still pending because the 7004 for 1120S was rejected. Do you think I can mail in 2 7004 forms, one for 1120 and one for 1120S?