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schirallicpa

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  • State
    NY
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  1. Has anyone else worked thru this credit. I have a small client that may be eligible. But 2 initial questions: They are a cash basis taxpayer. I assume the amount included in his Schedule C cannot be included in the 6765 amounts - or we would be double dipping.(?) He missed the filing deadline and is filing late. I know he cannot take credit on payroll related expense, but can he still take credit on other expense incurred. Or is this credit lost with missing deadlines?
  2. Sometimes I think I post on here just to bring stuff to my own attention.
  3. The owner was a Fl resident and the estate is established in Fl. However, the personal rep is from NYS and the estate address is his address in NY. I am getting an error on the efile attempt that the shareholder's (estate) zip code (NY) doesn't correspond with the shareholder's (estate's ) residency code (Fl). How do I get around this? This is not a logical error - many times reps are residing in different states.
  4. The corp - as it turns out - (a few posts ago I was trying to figure out what to do with the corp that kept operating after the sole owner died.....) continued operations until Feb 2022. I'm going to be stuck paper filing for short year Jan 1 2022 - Feb 28, 2022, aren't I? And - I'm past due. Ugh.
  5. I too have had ATX for 20 some years. I actually tried out Drake and didn't like it. ATX is a good software for a small business. I like that I input from a screen that looks like the form. But I started out old school filing in the blanks on a tax return by pencil. So I feel comfortable using the forms and not relying on input prompts. I haven't had any complaints (since that little issue in 2012.....) (2012?) (The older users will know.....)
  6. So the question is - who is getting paid.
  7. Why isn't it reimbursement of expense like most insurance is?
  8. So.......do I need to do 2 bookkeepings? (is that a word?) Or just let an allocation roll.
  9. I have a client that owned a window store here in NYS and lives in FL. He died last July 2021. The guy that was working at the store continued to carry on with the outstanding orders (windows ordered last summer were just coming in in December). So - I have lawyers telling me that there needs to be a tax return up until July 2021 and a second return for the remainder of the year. My understanding is the s-corp was done when he died, and the state allows a few weeks for the winding up of business to be included in the final return. (and this is grey because of the delays in inventory stretching the time frame from a few weeks to a few months.) There was not a second shareholder, and there was not a will. I prepared the tax return thru December and marked it as final. I have not efiled it. Am I not thinking right?
  10. Some small business (my client is a farmer) received a first round of $1000 that does not have to be paid back. The additional money that he applied for thru SBA starts paying back in July. There has been a very big push to cancel this debt as well but I haven't heard confirmation of that.
  11. I only have a deed "NY Deed -Warranty with Lien Covenant". And the only language of any significance says "Reserving to (person's name) a life use in the premises.
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