NECPA in NEBRASKA

D,

I feel the same way. I don't even know where the time goes. People are really pushy here, also. I am working completely by myself and I'm not the happiest either. I was going to try to make it until 70 doing this, bu tif it keeps up like this, I may just wait to 65 for Medicare and then go work for somebody doing anything but this. I spend so much time answering the phone, emails and reading that actually preparing returns is a pleasure. I just got Ifirm as a portal yesterday, but I don't have time to learn to use it for at least a few weeks.

I had a client call me and ask if his manager could take away tips from the hosts and give them to another host and make the original hosts claim the income. I told him that was totally not correct. His manager said that the other guy wasn't making as much and if he claimed the tips, it would come out of his unemployment. I can't believe the stuff these people make up.

3 hours ago, DANRVAN said:

That sound right if the property is held outside of the partnership.  Any 1099's received?

The 1099 received was to the LLC. The bank is going to add the LLC to the mortgage as the DBA. They are going to help them with doing the deeds. 

Done and set up for annual so I don't forget. 

3 hours ago, cbslee said:

Exactly, years ago I picked up some new clients who included 3 brothers who jointly owned some commercial rental property.

The CPA who had previously prepared the returns had treated the situation as a joint venture reported on the Schedule E of each brother.

I followed the joint venture approach for several years, until the IRS sent  my clients a letter forcing them to file a Form 1065.

These guys were doing this previously with some other property. I definitely want to prepare the 1065 if I can and not have to mess around with Schedule Es and then transferring it to a 1065. There is definitely a mortgage and they have called the bank. Thanks to everyone for their help.

Commercial Rental Building was purchased personally by two married couples that intended to put it in an LLC. Unfortunately, the LLC was not organized for two months and the mortgage is in the names of all four owners. They didn't know that it was anything important until I started working on the 1065 and found that nothing was in the LLC's name. I've done a little research and it appears that it may be up to the bank as to whether they are allowed to transfer it into the LLC  at this point. I told them to call the bank and the attorney. At this point, I think that each couple will have a Schedule E for 2019. It is not a community property state. They are all related if that might make any difference. I'm just looking for some reassurance that I am correct in showing half of everything on each joint return. 

I am now going to go back to an easy return, because everything that I have touched for the last week has had crazy issues like this.

Thanks!

I just want most of them over. I can handle some extensions until October, but my son had to postpone his May wedding and now it's set for September. I will be too busy for people to show up with their stuff in late August. I'm not even sure yet, if some are still coming back to me.

A seasonal 501(c) 7 asked me about getting SBA money, but it looks to me that they do not qualify as they are not a 501(C)3 or either of the other two options. They would not have any payroll for 2020 until June at the earliest and may not be able to open at all in 2020.

I am the first to admit if I'm wrong, but I would love to know if I missed a loophole.

Thanks!

3 hours ago, Burke said:

Although IRS website launched today, wait times are long......too many people trying to access. 

My bank's mobile and online banking is broken. The message says that it's form everyone checking for the payments.

I am going to just attach a PDF, because it says that it's a program limitation. There is no apportionment for anything, but it looks like I have to file it even if it's all 0s.

Does anyone else have an 1120 Schedule O-Consent Plan and Apportionment in their ATX? It has always been there before and now I can't find it anywhere. I know that it still exists on the IRS website. I'm just surprised that ATX dropped it, because they have almost everything. I guess I will have to attach it as a PDF. I was just checking to make sure that I'm not nuts.

Thanks!

32 minutes ago, Gail in Virginia said:

This is a rural area with not a lot of financial support.  I don't intend to advise on what they should do,; I may in some cases direct them to websites that they can read to get up to speed themselves.  I would like to know at least enough to warn them of any  tax pitfalls since they do rely on me for that.  Since I do the payroll for some of my clients, I will probably wind up more involved than I want to be. 

I am researchingand taking classes about the loans and am happy to tell them what I think the tax ramifications will be. I also prepare payroll and am happy to help them out with payroll numbers. I unfortunately am afraid that some of my small clients won't survive even with the help and it truly sucks.

I have been seeing so many posts online regarding consulting people with loans and making P&Ls for them. I quit preparing financials for clients when they decided that CPAs had to have an in house review for compilations, not just by mail. I don't honestly think that I know enough to advise people on what kind of loan they should be go after. I think that should be up to the bankers. I am going to check with my liabiltiy insurance, but I was just checking to see what everyone else thinks. I don't want to send my clients elsewhere, but none of this is covered in my engagement letters and I don't want to end up advising on things that I am not qualified to do. 

Thanks!

7 minutes ago, jklcpa said:

True, but the payment is an advance on the credit that will be claimed on the 2020 tax return, so won't they have some payback if the income on that return exceeds the upper limit?

The class that I attended Friday said that they will not have to pay it back. The instructor was Tom Gorczynski and he is way smarter than me. I just keep reading and have other classes still to take. It's a good thing that I don't have any tax returns to file.

I received 5 emails that supposedly came from NEworks, which is the NE DOL. They claim to be separation of employment forms and say that there is a form attached. There are no attachments that I can see. There is a link to unsubscribe, but I won't touch anything. The email address appears to be correct, but I have emailed twice and called the DOL for confirmation that they are doing this. It's to my public email for the business and I have been getting so much crap through there that I am super leary. They would have to be a request for my payroll clients, but there is not way to determine which one it could be. I have not received any response from Nebraska yet, so I am just holding tight.

Maybe you are thinking of head of household if they are separated for longer than six months. Everything that I have found says they have to file jointly or separately, unless they live in a state that allows for legal separation and they have done that. I researched this years ago, when someone tried to file single, because a wedding in Vegas didn't count. She found that it actually did count when there was no divorce or annullment.

I must be really dense, because I don't understand how to enter this k1 information on the MO non-resident return. The first column has $1,300 lon line 1. That is the total of the fed k1, which is all interest and dividends. The next column heading is Calendar year 2019 filers enter the amount on Form MO-A, Part 1 and says 2.762% ORD PCT. I have no idea what that means. Do I just ignore that and have the beneficiary just file in MO for the $1,300?

Thanks for anyone that knows what it means. I've been reading the instructions, but am apparently too brain dead to figure out what the % is for.

Thanks!

Judy,

We are always here to listen. I will be saying prayers for you and your family. It is so tough to be the main caregiver and communicator. 

I so much appreciate everyone on this site that answers question when they are busy or listen to me whine about my family and their problems. For some reason, it is a bit easier for me to type my feelings, because I have been worn out for the last few months talking on the phone or texting family about all of the medical issues going on. I am finally used to the idea that my son is going to have to postpone his 5/30 wedding. Everyone has been looking forward to it, because it was going to be a fun party and we all needed it. We have more than 10 people in the immediate family, so it would be pretty boring just to have the parents. 

Hang in there everyone and thanks again for being here 24/7.

Bonnie

I am here. Does anyone else that works at home have to deal with everyone they know calling them, because they are home and bored?  They are making me nuts. Nobody cares that I am BUSY. I miss my family and friends, but I don't have time to talk several times a day. 

Thanks, Judy. They definitely have to pay it. I did not know anything about it until they brought in the 2019 1098t with the adjustment. I have all of the detailed papers from both years and can see exactly what happened with the scholarship. No matter how many times or different ways I explain it, they still think that they should not have to recapture it. I just made added it to the extra tax line as a line item. I could not find a way to make ATX handle it.

I have a 1098T with an adjustment in box 4. I hae fought with my client for hours over it and she swears that 'everyone' says that she does not have to worry about the fact that she received a scholarship payment in 2019 for 2018 tuition that she had already paid. I am done arguing over this and know that I can't ignore it.  My question is where do I enter the amount on the ATX education expense form or do I just add it to the additional tax line? I found many ways to enter it using other tax software, by Googling it. I am just tired and really done with this return.

Thanks!

Medlin, I am so sorry for your loss. 

5 hours ago, FDNY said:

That was excellent Catherine, I read it twice.

Something must have happened about an hour ago.  At close to the same time I got an alert from the NY Daily News that NYC schools would be closed immediately, then a red alert call from the small city I live in that our schools will be closed, and all this while watching governor Baker telling us, no in restaurant dining allowed from March 17th on.  That's going to be a lot of lonely corned beef. 

 

Our son called tonight to check in and said that they ended up at a Korean supermarket trying to find food in Denver. They have been trying to get some food for a few days. He did say that everyhere that they went there was an abundance of corned beef.  Maybe it's not a big thing out there, but we bought a ton of it and my husband is freezing a bunch to share with my mom and the kids when they finally make it back here. 

Since I work at home, I am definitely more worried about having people come in now with my husband's heart problems. He is normally the one that helps them sign, but I am rethinking it.I am  either going to have to do it myself and make it fast or hope that they will pick them up and email the signature forms or drop them in my dropbox.They love to talk to him and he loves to talk, but I think that things will have to change and hope that it's just for this year.

I had a lady that NEVER won at poker, but won prizes every year. She would fight me and get so mad, because the manager there told her that she could deduct her huge losses against it. I told her to ask him to prepare her return, but she stayed with me until she passed away.