Randall

I'm not doing it for clients either.  I'm waiting to see if they change the requirement.  Otherwise, I'll let them know about it and send them to a website for info.

I have the client sign the 8879-EMP each quarter.  Also with ATX, I have to create a 'new client' for each client for each quarter.  I put the date or 1,2,3,4 QTR as part of the name.  Maybe I'm missing something but that's how I've done it.  I only have one of these though and not 10.  I'm winding down and payroll is becoming more of a hassle every day.

I've received one snail mailing and several emails from ATX.  I'll call soon to renew.

I agree with mcb39.  If a resident of WI at the end of the year, he'll file KY 740-NP.  Ky source income (the sale) will have to be reported to KY.  Yes, check to see how much can be excluded as residence but the business is business.

I found my own answer.  IRC 671 and Reg §1.121-1(c)(3).

Incidentally, I asked an attorney in my building if ‘Land Trust’ was a legal term or just a common phrase. He said it was just a common phrase.

43 minutes ago, Lee B said:

"Land trusts are not “trusts” in the legal sense. Some, in fact, refer to themselves by other names such as conservancies, foundations, or associations. Land trusts accept donations of properties, buy land, or help landowners establish legal restrictions that limit harmful use and development."

You may need to ask more questions?

Interesting.  I guess my client doesn't really have a land trust.  He's putting his personal residence in this.  I'll have to get his document before I can answer his tax question.

Is a land trust any different than another trust, just a trust holding land?  Client is holding personal residence in a 'land trust'.  He is asking questions about gain on sale when and if it happens.  I'm thinking that if it's a revocable (grantor) trust, then it is treated as if he owns it and will get the gain exlusion.

Sorry to hear about everyone's personal things going on during our busiest time.   I guess I'm fairly fortunate.  I went thru some things about 10 years ago but I'm an old bachelor and don't have a lot going on.  I just hear from my siblings and the things they are going thru with children, grandchildren and all that.  As someone said, life happens.  But yes, the tax season is the tax season.  I'm planning for three more years.  Rent increases, othe costs increase.  Whew.  I'm afraid to start dipping into savings too soon so I'll keep at it for a few more years.  I don't do too much after April 15 though.  Fridays off, shorter hours the other days.  Just the extensions gradually.

20 hours ago, jklcpa said:

I'm done and done in. Last night I dug a hole on the edge of my foot to remove an already inflamed deepish splinter and went off this morning to the 5K charity event with a bunion pad and bandage. I completed only half of that, and then the sporting clays went about the same, like I was a raw beginner again.

I had an awful season this year. My Mom passed at the end of Feb, and the I got the flu-a in early to mid March and missed many days. I actually sent 3 returns and a trust away because of it. There were a few days that I don't even remember in March when I started back working and was still very sick.

Glad this season is over. If you made it this far, thanks for listening to me whining.

Sorry to hear about your mother.  I lost my mother 10  years ago.  It's never easy.

I'm in for a short time today but probably won't get much done.  Got an email from a lost client.  He's four years behind.  Ha.  Says he wants to catch up.  Ok but he'll have to get his info to me.  His son has been coming in regularly.  We'll see.  I jogged this morning.  Feels good to get back to it after a few months off.

Those K-1s from PTPs!!!  Do people make any money from those 'investments'?

I don't know why they can't wait until after April 15.

I just had an extension.  She never makes the estimated payments.  Just one big one with the extension.

Am I correct in thinking that if the whole distribtution is not used for qualified expenses, the max that is taxable is the earnings portion of the distribution and not the basis portion?

I still send in checks with the vouchers for myself.  I guess I'm just old. 

I also leave the amounts blank on the vouchers in case they want to change the payment amount.

I give my clients a memo with dates and estimated amounts for the four quarterly payments.  I print the vouchers for them and even give them envelopes with the address printed.  That's it for me.  They're on their own the rest of the year.  I remind them to make photo copies of both check and voucher.  If they want to do direct payments, they're on  their own.  But I remind them to get some kind of printed confirmation.

25 minutes ago, Lee B said:

I think I will wait for Windows 13

Ha.  But I'm using Windows 10 and don't want to upgrade or get a new computer with Win11 if Win12 is coming soon.

Anyone hear when Windows 12 is coming?  I'd like to get a new computer late in the year.

I don't like to make payments for clients.  They're on their own.  If they want direct deposit for refunds, ok.  Some few want direct debit for payments and they give me the date to enter.  But I don't think I'm going any further than that.

Seems to be faster.  Ky seems faster.  Except they must not work on weekends.  Ha.

Thanks.

529 money is allowed to be used for room and board.  If a student lives off campus, isn't there a chart to show costs for that college and town?  I thought I saw that in the past.

Are you talking about taxable scholarships that would be included in earned income to increase the standard deduction for the student who's W2 was less than the standard deduction?  What about taxable 529 money?  Would that also increase the standard deduction?  It doesn't appear so on the ATX input.

2 hours ago, BrewOne said:

that is correct.  out of the blue.  Fortunately, I saw the large amount due when I opened this return and went hunting for the culprit.

What was the culprit?  I would have done what Margaret did.  Delete, go back to 2022 program, open, save. Then back to 2023 program and rollover again.