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Alex

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About Alex

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    CA

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  1. Alex

    Vehicle Donation of $5k+

    Thanks, Judy! Been looking for more info everywhere. The brochure helps!
  2. Alex

    Vehicle Donation of $5k+

    Client donated a vehicle valued at $4k and also contributed to its repair (service/improvement valued at $1k+). I have all that stated in a letter from the non-profit she donated it to. However, I do not have a 1098-C from the non-profit. The charity didn't sell or give the vehicle away (they will be using it). I don't think the charity furnished a 1098-C to the IRS. In Pub 526, it says "you must get Form 1098-C (or other statement)" within 30 days of your donation. Will the letter provided by the charity suffice as "other statement"?
  3. Alex

    Partner Buyout and Balance Sheets

    Whew! At least the client is willing to do things the right way. Better to pay the late penalties now than risk being sitting ducks in the event of an audit. Talked to them last night and they agreed to work on their books. Thanks for lending an ear (or an eye? eyes? this being a forum and all? ). The day's certainly better because of you people.
  4. Alex

    Partner Buyout and Balance Sheets

    And yes - he ended up taking 100%.
  5. Alex

    Partner Buyout and Balance Sheets

    Thanks, @Catherine and @Abby Normal! I was having nightmares about it last night. Their mom does the books on Quickbooks online. I don't think any of the accounts were reconciled from the day they started. I just spoke to her and requested access. Company's initial filing was 2011. I'm also not sure if they've ever filed a sales tax return. It's an e-commerce business. I'm afraid to ask.
  6. First "HELP" post here! I 'inherited' a client this year. They're brothers - partners in a partnership that took the S-election for 2016. Don't know how to phrase the question yet, so I might ramble a bit... In 2015, they were filing as a partnership with a 60/40 split. The business had around 360k in gross receipts. There's no Schedule L on the 2015 return (and no Schedule L on 2014 and 2013 either. Business consistently grosses over 250k). Their previous accountant only ever asked for income and expenses, and they always gave it to him in an Excel spreadsheet. In 2016, they filed as an S-corp. Over 500k in gross receipts. No Schedule L. One K-1 issued to Mr. 40. None for Mr. 60. Apparently, Mr. 40 bought out Mr. 60, but I do not find a record of this on the 2016 individual return. I find 12K in proceeds on Mr. 60's 2017 Sch D (he already filed his 2017 return btw). Shouldn't that have been reported on Mr. 60's 2016 Sch D? He should still have received a K-1 in 2016 if the buy-out was in 2017, right? I have the 2017 worksheet and have managed to get a P&L from them, but they've been dragging their feet on the balance sheet - not because they don't want to give it to me, but more because they have no idea what it is or how to get it or why I'm even asking for it. Gross receipts for this year according to the P&L are again over 500k, however, their spreadsheet shows a little over 400k. So the steps I'm taking would be, assuming that the buy-out happened in 2017: 1.I would need to amend the 2016 S-corp return so Mr. 60 can get his K1 for that year 2. Which would mean amending the brothers' individual returns If buy out happened in 2016: 1. I would only need to amend Mr. 60s 2017 return. Still waiting on client's answer as to when it happened. I do see some notes with question marks in their files. My interpretation is Mr. 40 would pay out Mr. 60 in installments of 1k a month for 5 years for a total buyout of 60k. How would that be reported on Mr. 60s individual return if that's the case? Will deal with how to fix the balance sheet after I figure this whole buyout thing. I don't even know where to start.
  7. Alex

    Prior year tax returns after switcing to Drake

    Purchased Drake for 2018 and they gave me all the prior years (from 2002-2017) unlimited. Everything is in their download center, so I just download the previous years when I need to use them. They also have the converter program going back to 2008 (so I can convert 2007 tax year data if I have to).
  8. Alex

    Summer Gathering

    Yes, pictures please!
  9. Alex

    NT So - how did YOU celebrate?

    Back at work now to work on the backlog. I celebrated by sleeping, sleeping, playing video games, sleeping some more, and eating real food in between. No more gummy bears and chocolates for lunch and dinner!
  10. Alex

    MeF is down

    Not sure whether to cry in relief or frustration. >_<
  11. Alex

    MeF is down

    Just what we need on the last day! Adventure! Drama! The Perilous Plight of Sleep-deprived Preparers (now live in offices near you!) *That's the caffeine speaking.
  12. Alex

    SSA Says Taxpayer Is Dead

    Almost choked on my coffee while reading @Possi's post. Thanks for the laughs!
  13. Alex

    I'm new and here to say thank you

    Hi Patti! I'm a newbie too! This forum keeps me sane (or as sane as one can be, during tax season)! You're all wonderful, amazing people.
  14. Alex

    NT - my eyes are falling out

    I hope you feel better soon @schirallicpa. Definitely get some rest (and some sleep). Hang in there!
  15. Only 2 done today. I feel like I'm slacking off. Are we all racing to the finish line (or crawling and dragging ourselves across it?)
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