Slippery Pencil

14 hours ago, Tracy Lee said:

With his permission we went ahead and filed his tax return and he paid ALOT of taxes,

That was a terrible decision.  You make it sound like you persuaded him to do this.  If so, that makes the decision even worse.  You should have persuaded him to file an extension and wait.  Live and learn.  File extensions, they're your friend.

Too much uncertainty in life to shell out $2K seven months in advance to a company that provides shitty service.  You can get the same or similar discount later in the year.  As someone else said, no reason to antagonize over it all summer. 

On 4/20/2023 at 11:26 AM, G2R said:

For those that do renew this early, have you found the discount is worth it?

I've always received similar discounts in December. 

I'm assuming nothing and my comments have nothing to do w/ client actions.  Two people on this thread said they take client data and email it to themselves. 

3 hours ago, Catherine said:

You do what you have control over.

Which is why you never email sensitive client data.

On 4/13/2023 at 5:57 PM, Abby Normal said:

You delete both the sent email and the received email so the jpeg isn't sitting on some server out there forever.

Deleting an email doesn't necessarily remove it from the server. 

9 hours ago, cbslee said:

"What do we do when there are no documents?"

I believe the irs says if you can't prove any basis, basis is zero.

What was real estate asset life in the 70s?  15 years?  Maybe it was fully depreciated by the late 80s and now 45 years later, not only is he not able to remember what he did about depreciating his rental, he most likely can't remember anything from the 70s.

54 minutes ago, WITAXLADY said:

well - do I file his CR taxes or does he find a CR tax preparer?

Is your previous answer to this question wrong?

On 4/3/2023 at 6:48 PM, WITAXLADY said:

they want  me to handle the US part

56 minutes ago, WITAXLADY said:

Can he bring $$/earnings  into the US  - from cash? thru a bank? Legally?

Are you an attorney?

Are you an attorney?  What does the US part consist of?

If you're only handling the US part, what does it matter to you if there are foreign taxes?  Take the foreign tax credit if applicable.

How would a WI LLC limit his CR liability?  If you're not an attorney don't advise him on this.

FinCen 114 will be applicable if he has a CR bank account w/ more than $10k and possibly 8938 if it exceeds $50k.

3520 may come into play, but not if he buys it in his own name.  Same with 5471.

Depreciate over 30 years instead of 27.5.

Unless you're leaving out a bunch of info, this sounds simple.

good to go

On 4/1/2023 at 6:52 AM, kathyc2 said:

 saying I'm stupid

Suggesting you sarcastically tell a client, "because I stupidly felt sorry for you" is a far cry from calling anyone stupid.

There's no sarcasm to the my first comment.  Her two comments are contradictory.

While I wouldn't phrase it that way to the client, she needs to educate the client that the fee he is complaining about is already half of market value and she even discounted it further from that, so no, he can't do anything to lower her fee.  He's looking a gift horse in the mouth and that will end bad for both of them if she doesn't educate him.

On 3/30/2023 at 10:55 AM, kathyc2 said:

definitely less than the H&R's.   I don't aim to be the lowest cost,

Those two statements are contradictory.  If you think so little of yourself to charge less than HRB, you are definitely aiming to be the lowest cost.

6 hours ago, stop it said:

This never happened with ATX 2021 tax software.

Yes it did.  The crashes have been a program feature for a decade and the shit customer support for 20 years.

5 hours ago, Abby Normal said:

Don't update the firmware or drivers on your HP printers.

Horror stories abound on the internet of people being locked out of their printers by HP for using non HP ink.  People have reported HP updating any printer connected to the internet.  HP products aren't the workhorses they were 25 years ago.  Plenty of other good options available.  Buy something you don't have to play stupid games to use. 

I believe once the irs applies the overpayment, they won't change it.  You have to pay the balance on the amended return.

Avoid HP.  They were the standard 25 years ago but are worthless shit now a days.  HP will also try to shutdown your printer if you don't use their ridiculously overpriced oem toner & ink. 

Non-taxable and no 1099 issued.  Leave off return.

My one CO client didn't include a 1099 so I'm assuming she didn't receive one.  She did mention it in an email a month ago and she included it on her summary sheet.  She's good at giving me stuff, if she received a 1099 she'd have given it to me.

Was a 1099 issued?

If yes, do you believe the irs' right hand knows what it's left hand is doing?  If yes, leave it off the return.  If no, add as other income, deduct as other adjustment. 

Recent irs guidance states these payments are not taxable.  CO starts w/ federal taxable income.  Is there a CO add back for this?

12 hours ago, Catherine said:

Yes they should re-register in the new state, but until they do, they may well owe a partnership return to the old state. 

If they do or not, they definitely have a filing requirement in the new state since the business is now operating in the new state.  From the sound of your OP, they operated in both states in 2022.  Thus they have to file in both.

The FInCen website is a pain in the ass.  The return isn't complicated but the website makes it take three times longer than necessary.  Don't charge less than $200.

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