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About schirallicpa

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    ATXaholics Anonymous

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  1. schirallicpa

    NT - quality of paper

    Is it just our very tropical like weather in the northeast this year, or has the quality of basic copy paper just gone right down the tubes. Every print now I have to stand by the printer and monitor the paper as it all starts curling as it comes thru. This is the same copy paper - same weight, as what I have purchased forever. (Sometimes Staples, sometimes hammermill ) But it seems a lot flimsier and it just keeps curling up. I think instead of using folders, I can just roll up the returns in a tube.
  2. schirallicpa

    1120 with payment due keeps getting rejected

    it worked. I put todays date and transmitted this morning. it's accepted now. Thank you!!!!
  3. schirallicpa

    1120 with payment due keeps getting rejected

    hmmmm - so should I put the day that I am transmitting? I had had it on the sept 15th when I transmitted on 13th and 14th and I was rejected with the same error on both of those tries.
  4. schirallicpa

    TP receives ins > cost basis. Gain? Or can he use on imprvs

    But do gains on sales of properties count for TCJA. Otherwise he has a loss on schedule E
  5. schirallicpa

    TP receives ins > cost basis. Gain? Or can he use on imprvs

    Sorry - I just assume everyone is still in 2017 like me. Heck - I'm still in 2016 sometimes! This is 2017
  6. Form 7004 was filed. It is a regular calander year C corp with payment due. Have set up bank info for direct debit. Have debit date set at 9-30-18. Have checked that there are not dates in the fiscal date area at top of first page. Have removed the 7004 and tried again. Have deleted and re-entered info on the efile form. I'm not sure exactly what the error means unless it is just not taking money with a return filed after original due date. Have not tried to efile with paper check option. This is a corp that always goes on extension, and I have never had any problems with in the past. Please advise. Reject Error Report Error Title and Description Number FPYMT-096 Federal 1120 If the timestamp (in the GTX key or Response to Send Submissions Request) is after the due date ofh te return (three and one half months after the 'TaxPeriodEndDt' in the Return Header if the month in the 'TaxPeriodEndDt' does not equal June), then the 'RequestedPaymentDt' in the "IRS Payment" [IRS Paynmt]e must not be later than the date the return was received and must not be prior to five days before th e date the return was received by the IRS.
  7. TP has Sch E rental house that he paid peanuts for ($16000) but has a decent value and insurance gave him $50000 after a fire. Then he sold it as it stood for $10000. But he has other houses that he rents. Is he having to report all gain on the insurance proceeds or can he invest in his similar business assets?
  8. I have a new dead client. (At least they can't complain about my bill, right?) Dying in 2017, an individual tax return should have been filed. However, the attorney is not sure if one was filed or not. Is there any way to find out without filing POA? 8821?
  9. Cleaning house. Getting rid of the problem clients. Would you send termination letters certified? Or just priority - which would have tracking that it was delivered
  10. schirallicpa

    Form 2553

    We send faxes through an online system that keeps a copy of the fax and details of the time and date send and accepted. That being said, I would assume the fax is received and that he should act as if he is a sub-S and begin paying wages as of the election (assuming the corp has the income to do so.) When you file the return, you may include a copy of the 2553 and a statement that it was faxed on certain date and that the Taxpayer has acted as an S-corp since that time
  11. schirallicpa

    Tax Prep Fees still not Paid

    Over 19 years doing this as a sole proprietor and I have sent 2 accounts to collection - which was ineffective as well. We "usually" won't allow the tax return to leave the office, physically or electronically, until the bill is paid. But there's always someone who somehow takes advantage, and they are the ones you will never see again anyway. Never lost sleep over losing a client, really....
  12. One of the properties that became part of the estate and was sold during 2017 had previously been held by the descendent as rental property in 2010 and prior. No rental income had been reported on this since 2010. What kind of icky-sticky will I run into with this? No - did not become residence. Just held vacant.
  13. schirallicpa

    1041?? for decedents estate

    I am considering stepping back out of this whole thing in order to avoid ethical issues.
  14. schirallicpa

    1041?? for decedents estate

    When I asked to get copy of will, I just got big blow of smoke about everything is to be distributed - what do I need the will for.
  15. schirallicpa

    1041?? for decedents estate

    The attorney thinks we are getting out of tax by distributing the income. My thoughts are he has told everyone that there will be no tax. He is trying to bully me by saying the distribution will wipe out the income on the estate and eliminate tax to the estate. But unless I have been missing something for years - I understand that the distribution triggers the movement of taxable income from the estate to the K-1.