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    Thank you. Nice change to find TP who kept all the records to verify #'s.


    TP a single owner in a S corp has very detailed records on his basis #'s. However TP sold business and assets with a big gain on the K-1. TP basis was 1.5k. after all was said and done TP took all the cash. 1.0k.New owner did not buy the stock. Does TP have a deductible loss? TP never borrowed $ in the s corp or loaned the corp $, therefore no debt basis. Tp took reasonable salary each year. So can TP take a Sch d loss to help offset the large capital gain coming through the K-1? TP basis is very detailed from beginning to end.

    logs sold

    Thanks. You pretty much matched my thoughts being a cash basis tp.

    logs sold

    Not sure how to handle this. TP had some logs on the farm property. Rather than let the insects destroy them he sold them to the mill. Been cattle farming all his life. Received payment for the logs in 2015. Placed on Schedule d as a long term sale and a good deal of profit to which TP paid the tax. Now the Trucking Company finally sent the hauling bill to tp late 2016. TP paid the bill. What would be the best way to handle this bill. IT doesn't belong to the farm expenses. I am working on a 2016 return for TP. Don't think feasible to amend 2015 as statue closed that return.
  5. I have not had employees in past but decided this year I needed help. I need to keep him on and cash flow is almost none. His wife unable to work due to shutdown. Can I qualify for either one of the SBA programs do you think. He and his wife are in the high risk age group. Thanks for any help.
  6. I am really confused. Washington post and aarp both said if you get ss and were nrtf you would not have to file to get the $. Now IRS is stating you will have to file something simple. What is the correct response I am to give my seniors? Anybody know?
  7. Any body know if the additional unemployment will be taxable next year? This may or may not create another problem. I see all kinds of things happening on the 2020 tax return. Time to retire? I am rethinking my date.


    Can someone explain how the self employed can get unemployment benefits under the new rules. I cannot get it in my head?
  9. How does that work if you have return open but say, stop to answer a question from another tp or take a phone call?
  10. Sometimes I have had to clean out the browser, esp if I have been doing some research.
  11. TAXMAN

    old returns

    That's kinda what I thought.
  12. I have heard that some people with an 8hr day makes sure somebody gets billed for every 15 min. I am definitely in the wrong business. I wonder how they do this.
  13. TAXMAN

    old returns

    Hey all, I was asked this question. Does moving the due date for 2019 change the dead date for 2016? I know that filing the extension for 2016 effectly moves the dead date to the extended date so I read. Right or wrong?
  14. Gail how are you handling the new Governor's executive order as for clients coming in the office? My employe wants to lock door but keep on working.

  15. Rita be careful for what you wish 4. I heard stories. Anyway the way that Gail did it was the way I did it for my youngster. Worked out great.
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