joanmcq

I've cut out anything I don't enjoy. I only work for a few hours each day, even during tax season. You do need to take care of yourself! You've been working in tax for 42 years! 42 years! Stop right now and take a walk. And tell yourself you will do the same tomorrow.

I’m glad to hear this. My own payment hasn’t been drawn yet and this is the first year I’ve tried using DD for about 10 years. I haven’t had any clients calling about their DDs not going though.

I have a new client that I may fire. She makes very little and has 2 sons that live with her and cannot wrap her brains around why I am questioning why one may not be her dependent. Is in college, but made 22k while her taxable (and nontaxable) income is about 30k. second son made 12k. Then yesterday she said she gave up on getting together the expenses because: (wait for it) It was April 15 and she hadn't filed an extension so was screwed. I sent an email explaining that the tax deadline had been moved to May 17. I thought everyone had heard that at least. Now I know why she was referred to me.

Well we don't know because I read it as the house was sold while mom was alive. So we definitely need clarification!

I haven't met at least 1/3-1/2 of my clients, maybe more. I started specializing in same-sex couple taxes back in 2006 when they were more complicated than heterosexual couples and got clients from all over CA due to my Google advertising. Now I've moved from CA and get referrals from CA clients that I haven't met. I have met four of the local clients I've picked up since I moved.

They get the full adoption credit regardless of how much money they spent on the adoption.

Did you check that one business was tp and one was spouse?

When I reconstructed, part of what I did was look at the 4562s looking for what kind of stuff was added & when.

Well TP A sent me a screenshot of what the IRS said she got. TP B sent a copy of deposit showing the $2200. This is the most confusing thing I've had to deal with. I can't remember if I told them to enter their bank account info when the IRS had that open. Thank you for the link; I forwarded it to TP A.

Ok, clients got divorced 2019. In 2018 they were still together & filed joint with an account number neither are claiming now. They got the first stimulus before I filed the 2019 return. They have 3 kids. Anyways, TP A says she never got the $1950 the IRS says she got for the first payment. TP B says she got $2200 the first payment. Is there anything I can do for TP A? I have no idea why the IRS is saying TP A got $1950. I figure if anything (we filed 2019 with her getting one dependent) she should have received $1700. the stimulus wouldn't be decreased by income in any way they filed.

Me too; I just efiled one return with NY, NJ & PA. No issues.

Also less than a year outside of your 'normal commute area'.

Yes, it took a LOT to get all the info out of him, but I was happy it was available!

I had one in this kind of situation where the prior accountant said that the 4562 was 'all he had'. Now I know he's lying. Ended up reconstructing depreciation from the beginning. And this was first rented about 15 years prior to when I took over. Luckily the client is really OCD (diagnosed) and had all the records of what was done over the years. Got depreciation to within about $30 and figured that was pretty damn good. Oh and I disclosed what I did.

Yeah working abroad making approx. $30k per year. Perfect for investing in partnerships.

I had one this year that did something with related corporations and I had to file 2 926s. TP doesn't make a lot of money. I have no idea why she is investing in these things.

NV doesn't tax it. Oh wait, they don't tax any individuals! hee hee. CA doesn't tax UI.

Ugh, I have been wading through a Montana return. Part year, and I'm getting an error message that I need to enter info I already entered. BTW, I believe you need to remove an adjustment for the $10,200 of unemployment on MT returns. Anyways, this couple divorced in 2019 & can't get the stimulus payments straight. It went to a joint account because they filed joint in 2018 and hadn't filed 2019 when the first stimulus went out. Arrrgh!

I honestly don't know if the gain was adjusted or the wash sales added to basis because each of the ones where I had questions, there were tons of transactions - 1099s with 50+ pages for example. I assumed the basis was tweaked, not the gains/losses. Should I assume the gains/losses are incorrect?

All 1099-Bs say wash sales are disallowed. However some are adding the wash sale to the basis, so you don't need to make an adjustment (even though the form shows the adjustment) and others aren't. So check your gain and make sure it matches.

Thanks! I got a new client in whose sons are 19 & 21, both students, and the program qualified them for EIC. I haven't had this situation before; just want to make sure its kosher.

mine is an American citizen that lives in Mexico. I don't think there is anything in the treaty that would change his taxes.

I seem to remember that the Covid acts had changes to EIC. Was it just that the income limits went up or did the qualifying children's ages go up too?

I have but haven't read it. my bad.

I don't know why you would say the wrong basis is a 'mathematical or posting error' when there is a specific section of the 3115 JUST for depreciation errors.