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Everything posted by grandmabee

  1. grandmabee

    No BS

    I would file the balance sheet, should be fairly simple. Cash in bank, house as assets and 10 partners capital accounts
  2. grandmabee

    No BS

    If the business has closed you can file a short tax year.
  3. I didn't realize the employee didn't have a say in this. Thank goodness ! All I see is problems in the future.
  4. I do a min. charge of 250. and then depending on how many assets go up from there. This form takes time. I have only done a handful in the last 35 years.
  5. I do think you need to give him a complete copy of the 2018 joint return. You can mask the SSN's. He was a client in 2018. Not her W-2's. IRS doesn't care about state court papers. BUT if she doesn't follow the state court doc's she could be trouble with the state court. You need to talk to her and get a copy of the state court papers, he may be not telling the entire truth, she should know. You can't take him on as a client for 2019 unless they file a joint return, conflict of interest. I would not even talk to him again. talk to the wife
  6. DO you know what the coverage limit is?
  7. What is your coverage limit. The one my agent wants to add is only 50,000. that doesn't seem enough with the horror stories out there.
  8. It's getting time to renewal my insurance. I am looking to add some kind of Data breach insurance. Anyone have any and can give names or what all I should have included in the policy? thanks for any help.
  9. Can I ask how you split it? I know I saw one that was split 1.00 to parent and balance to non dependent child. Which meant they didn't have to pay any of it back because child had the lower income below the limits.
  10. It is attached to the Schedule A. Jump from the interest deduction line and it will take you to the worksheet.
  11. I know Drake is now letting them e-file the returns per a post on another blog.
  12. You look back 5 years from date of sale and if they used it for any 24 months in that time then you meet the 121 exclusion. You still have to pay tax on the depreciation taken, and other requirements must be met for the 121.
  13. I remember the midnight rush and also the August 15th and having to do another extension, only then you have to "reason" to be approved. My pat answer was always "more time needed to complete an accurate return" Never failed, always received the accepted extension back to us in the mail stamped "approved"
  14. I would file in his home state as most states taxes all income for residents. Then file a non resident state tax return in where he fished and earned the money.
  15. So Sorry, My prayers are with you. I agree put your mom first. Your business can wait you won't regret being with your mom.
  16. No carryforward, but if it creates a NOL then that could be carried forward or backward.
  17. You don't have to amend. Report on year 2020. Have him take out the RMD NOW for all missed years . Good thing he doesn't have to take any 2020 out so income won't be as high. Have T. Rowe Price resend him the 5498 for each missed year and it will tell what it should have been taken. Also all they have to do is notify the client of the RMD amount. they don't know if he took all of it out from one IRA. I have never had a problem with the penalty. just do the 5329 page 2 and give the reason and tell them that you have now signed up for automatic withdrawals so it won't happen again.
  18. I agree my heads starts spinning, I am glad I know taxes because I don't know details like that on computers.
  19. all credits are 100% to whom it belongs to.
  20. Anyone know what is going on with the 2020 estimated vouchers for Federal? 1st & 2nd voucher is showing due date as December 16th 2019 ??? what the heck. 3rd and 4th is correct.
  21. Anyone able to send E-files today? I have been down all afternoon. Didn't check this morning.
  22. I was talking about signing of the paid tax preparer. If the return is efiled it must have a PTIN on the return for paid preparer.
  23. Don't renew PTIN's for non filers. That would stop it IF they are signing returns.
  24. Is she doing it in the mother's home? Her home. It is taxable, should be on W-2 but I have one that does it on schedule C because her mothers lives with her. What expenses does your client pay?
  25. on the 1099 input page there is a box for rollover and it will print on the front of the 1040 "rollover"
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