mcb39

Well, I won't have time to get them done before the 15th.  They have been on extension since before the 15th of March.  Now to put all of the partners on extension.  We bit off more than we could chew this year with so many new clients.

I have always taken the entire amount on the Sch A.  This year though we have a client who is angry with us because he went to Nev and won a small jackpot.  He came in here all gung ho to deduct his losses.  However, there is no way in the world that they can itemize.  Wife is furious that they are getting a penalty.  Days like this I really want to quit.  My husband wants to call and fire them.

Mine have also been unbelievably fast.

My Partnerships are already on extension, but I don't want to wait until June 16 to file.  How do I get my Partners to understand?

I have been able to file Wi without filing Federal.   However, Federal return has to be created and is attached to WI return as Pro Forma.

On 3/30/2024 at 3:39 PM, schirallicpa said:

I'm thankful for this forum.  Sometimes you just need to talk things out.  My dogs aren't very good at tax stuff.  Although they do like to take the paper roll  hanging to the floor from the calulator.

So true.  I doubt that I could function without at least one visit here per day.  So much knowledge here and people to help each other see the trees for the forest.  Grateful and Happy Easter to all of us who are working today and those of us who aren't.

8 minutes ago, mcb39 said:

No....Married Filing Separately cannot claim HOH.  I had to do the research on this same topic this year.

"Tax Court denied HOH status to a taxpayer whose spouse would not move out and therefore slept in her home at some time during the last six months of the year (Hopkins, T  Memo 1992-326)"

No....Married Filing Separately cannot claim HOH.  I had to do the research on this same topic this year.

How about the client (mine, this year) who traded in a truck that the previous preparer had never included on the Depreciation Schedule?  Small business claiming 50%

Quote from Wisconsin Quickfinders:  "Wisconsin filing status may be different than federal filing status."  Some credits and exclusions are not available to married individuals filing separate returns.; 

18 hours ago, Lee B said:

That's the current link provided by the IRS, since the most recent changes went into effect January 1, 2023.

You can always do you own searches

I have researched every available source that I could find.  I did NOT take the deduction.  Thanks to everyone who contributed to this discussion.

1 hour ago, Lee B said:

https://www.energy.gov/policy/articles/making-our-homes-more-efficient-clean-energy-tax-credits-consumers

Thanks, but that data is dated December 21, 2022

Is new siding considered to be enveloping the home for purposes of the energy credit.  How  do we interpret "enveloping the home"?  Is that insulation only?

I have three sitting in my "wait" box right now.  I will charge normally, but will make sure they don't fall off the statute of limitations; in case there is a refund.

Form 1040, Line 8  Other Income from Schedule 3

On 3/20/2024 at 10:39 PM, joanmcq said:

I worked with someone that had a 15 yr 14.5% CD.  He was so sad when it matured.  I think it was 1993.  The bank it was with was offering every incentive to cash it out early, but he wouldn't.  Would you?

No!  I am actually in the process of laddering CDs right now and making more interest money since we did in the late 80's and early 90's.  Unfortunately, in those early years, we had very little money to  invest.  Now that our wants and needs have decreased dramatically, it is sort of fun.. Just always remember to keep a cushion.

If it's any consolation, my middle brother has not spoken to me in 20 years, since my Mother passed in 2004. He was the POA.  I was the personal caregiver.  Go figure.  To this day, I have no idea for sure what his problem is.  He had first pickings on everything and he exercised that ability.  Death and Families just don't always go well.

Only two rejections so far this year; and very easy to fix.  It DOES say Reject in bright red.

9 hours ago, Lion EA said:

$3,000 net capital loss allowable per year. I have clients who won't live long enough to use all their capital losses! 

Up until this year, WI has only allowed $500.  This year they increased it to $3000.  Will save a lot of calculating on the WI WD form.

32 minutes ago, Lee B said:

These are supposedly the restarted automated collection letters that have been suspended for several years.

The IRS says that these taxpayers should have received an initial balance due letter with an explanation?

Perhaps you could ask your client to request a transcript?

 

No prior letter was received by either of these clients.  I totally believe them.

I have clients who are getting letters from the IRS regarding (so far) returns for 2021 and 2022 asking for taxes due.  However, they show absolutely no reason for the changes.  There is not even any indication as to which part of the returns was deemed to be incorrect.  Anyone?

Sure does make us preparers look like total idiots!

I would say Yes.

Just give it to the one whose name it is in and not the other.

VA is not a high deductible insurance.

I have an open bookcase in my office just for the convenience of my clients.  They are free to browse and take a book or two.  They often leave books as well.  The readers in my clientele love it.