mcb39

Now the trick is to log into the web page. Am I the only one who always has trouble with that?

Isn't that the truth? I don't have the oxygen but have been attending these classes since 2009. My goal is to take away at least one new item of knowledge as well as the certificate and the credential. Another successful year. Happy learning to all of you!

Two full days of Webinars attended via Iowa State University. I hope that I am at least a little smarter. A lot to absorb in a couple of long days. However, I am one step closer to Tax Prep Season 2024.

What's really neat, if you like history, and have a chance to read an abstract; do so. These were issued before title insurance became the vehicle of use. Abstracts can be many pages long and start out with the parent property. They go back through every sale and parcel breakoff. You will be amazed how many times a parcel or part of a parcel was sold over the years "for $1 and other valuable considerations. I have an abstract for the property that I live on because it originally belonged to my husband's Grandfather, approximately 6 generations ago. We also have a Quitclaim Deed with the same wording because abstracts were no longer in use when it was gifted to us for (you got it) $1 and other valuable considerations. We didn't pay a penny, but did a considerable amount of improvements in 50 years. If we were to sell it today, we would escape CG anyway because of it being our homestead property, as the law stands now. This subject fascinates me to no end.

Nor, have I. We just recently purchased a plat of land in WI. My Warranty Deed only says "For a Valuable Consideration". Have the client do some digging for paperwork, cancelled check, etc on the actual sale. It is usually worth their while. I have had some dandies in the past few years, where the land was practically worthless when they got it, but they forget about all of the costs of purchase and sale and/or any improvements they have made over the years. You might be surprised ie: "Oh, I had a well put in, etc."

Bear in mind that the return that the return is for 2021 and the filer did not pass until 2023. I would go ahead and file it because to all intents and purposes he was alive and an active participant in the Tax Year 2021.

I can remember years ago keeping copies of all purchases, transactions, splits, etc and then spending hours adding back dividends. It was a great learning experience but there were way fewer clients of mine who had investments at that time. For whatever reason, I have never disposed of those transactions and they might be welcome in some IRS museum at some given time. We never had it easy in the early days and we don't have it easy now.

I have never been able to access what I want from e-services. After much frustration, I just gave up and have not tried it for a few years now.

Smooth as silk! One more hurdle over.

That really doesn't solve anything because many of those preparers are volunteers with little knowledge of tax law or procedures. I totally stress filing timely even if they cannot pay and let the IRS handle it from there. Not necessarily a good solution; but you have done your due diligence and if they don't want to listen, it is on them. They would definitely be off the client list for the following year.

I, and my children, are my own worst clients. When I say I, that includes my husband's business as well as mine. Guess who does the bookkeeping.

We did get a refund the year that we took the RTRP test.

After just reading about the millionaire non-filers, I would just leave it alone. W2 withholding and SE Tax end up about the same. Apparently the IRS just doesn't know their butt from their elbow and are going after the little guys. I doubt that this would ever be questioned. Just because they might have an EIN doesn't mean that they conducted any business. A little humor here as I had two young fellows approach me this summer to set up their Partnership. They came in together and I told them explicitly what the steps were going to be and they both assured me that they understood. They both promised to bring me the Partnership return as well as their separate personal returns. I never like to prepare a 1065 if I don't also get to prepare the returns of the Partners. So far, that has always been the case. The Primary Partner here already was a client of mine as a Sch C filer. We can do good things and issue great guidance if they only learn to ask.

In the past, I have had clients who took pictures of the large amounts of clothing and household items donated. One had every item documented. She was never questioned on the donation.

Thank you all. I intend to file him as a WI resident as always. In any case, he doesn't owe TX anything and will pay WI taxes for the TX income. Truthfully, he should be paying estimates in WI (IMO). It is always difficult preparing these long distance returns, but he has been with me for a long time. I have full access to his Property Management records and his banking transactions in WI. He is deeply rooted in this state and willing to pay the tax so we will see how it goes..........again!

Woops! Isn't it nice that we talk to each other?

He pays property taxes, mortgage interest, a Rental Management Company; as well as me in Wisconsin.

Therein lies the dilemma. All of his rentals are in his home state of Wisconsin. Texas does not have income tax. Wisconsin would certainly frown upon him not paying income tax on his Rental Income. He receives his mail in WI and someone forwards it to wherever he is working. Last year he had LA, CO, TX and WI. What bothers me is that this job in TX is predicted to last approximately 14 months. He lives in a Camping trailer which he can move from job to job and save considerably on travel expenses. He retains a WI Drivers license. My strong leaning is toward WI residency, but the length of time in one state troubles me, even though he would owe no tax to that state.

I might add that this client has had income from up to 3 different states in the past and always has rental income from Wisconsin, which is his original State of Residency.

For Income Tax purposes, please help clarify the difference between Residency or Domicile. This question is from a client currently a Wisconsin resident (legally) who is doing extended construction work in Texas. Change of Residence to Texas would only be temporary but could extend beyond a year, but not always in the same location. I have always filed him as a WI resident, but TX does not have State Income Tax.

I have always used Medlin when I have had payroll clients. Recommend it to clients who do their own payroll.

Do you reply in Chinese characters? Was supposed to be a joke.

Do you reply in kind?

I have to interject for one reason. Yes, they have increased. Usually my cell and my landline will identify as Spam Risk. I don't answer. However, I have found that since medical facilities have gone to central calling; I have not answered some important calls. We learned early on that if we answer with our business name, spammers will hang up immediately because they are not supposed to call businesses. Yes, they have increased. No, I don't know why, but I do try to answer because we have a multitude of medical and other appointments that send out recorded calls that should not be missed. The situation is hugely annoying to say the very least. Just my two cents worth.

I don't believe that I have crossed any lines. Because these Partners are my husband and two sons. I am not a Partner; however I make many of the financial decisions for them. I have even been "the Bank" at times. Every single transaction that occurs is carefully documented; posted and backed up. I also have an assistant doing the balancing of the checkbook and the posting of the transactions so that there are always two heads in the works. Every single transaction, deposit, expense and disbursement has been recorded, backed up and saved for all 50 years. I wouldn't be doing this for just any client; but I have several business clients and I always want to know as much as possible and tutor them on the proper recording of all transactions. My worry has always been that if something happened to me, who would know the status of my family's business. None of them would have a clue. That is why I brought in a third party to get to know how things flow. In the case when I have been the bank; an amortization schedule was created; I charged interest and 1099d myself for interest received. When my son makes cash donations to cover large purchases; it is clearly noted as Cash In and Cash out when the item sells. The year end Balance sheets and Cash Flow reports clearly show this. I know this has gotten far away from the OP, but I was just trying to show how things can be done without creating chaos. Perhaps Judy should remove the thread from my first post on down. Their business is their business and mine is mine, which makes for one of the most extensive tax returns that I do and is usually one of the last.