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Everything posted by schirallicpa

  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. 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?
  3. 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.
  4. schirallicpa

    1120 with payment due keeps getting rejected

    it worked. I put todays date and transmitted this morning. it's accepted now. Thank you!!!!
  5. 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.
  6. 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
  7. 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
  8. 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
  9. 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?
  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. schirallicpa

    1041?? for decedents estate

    My former client died in 2016. She was sitting on a pile of money. All the greedy beneficiaries couldn't wait to get their hands on some money. Distributions were made in 2017. Now tax return needs to be finished. The estate has income from annuities, cap gains, and int and div. The lawyer, (who is not my favorite person) doesn't want the beneficiaries to have to amend returns and pay tax. Which we all know is way cheaper than the estate tax. But regardless has apparently told them they didn't have to pay tax and doesn't want to lose face. BUT - when you include the distributions, the respective income amounts are automatically allocated to K-1s. Only by not entering distribution will the estate retain the income and take the tax. So my question is, can I not report the distributions. Or am I missing some other way to keep the tax on the estate side. I know - I don't like my question either....
  13. 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.
  14. schirallicpa

    1041?? for decedents estate

    I am considering stepping back out of this whole thing in order to avoid ethical issues.
  15. 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.
  16. 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.
  17. schirallicpa

    1041?? for decedents estate

    No - I have the executors green pad of income and disbursements. I have not received the accounting of the assets at the dod. I was put in my place by this attorney, that "maybe I was not aware that it is not necessary to do an exact accounting of assets anymore." To which I replied that regardless there should be a fiduciary responsibility to account for what she owned and what needed to be distributed. Surely it wasn't a hat throw. Like I said, I don't like the attorney and I don't think he's worth the $30000 they have given him. Regardless, if the money were required or not required to be distributed, as long as it was, it triggers reporting of the income - right?
  18. schirallicpa

    IRS Audit Letter

    had exact same situation - gave them "corrected" forms and a detailed letter explaining that we made a mistake and would take the lifetime credit now. Included all the other bunk they asked for as well. IRS accepted and made changes that I proposed. Taxpayer owed a little money but not as much as first assessed. Everything was good.
  19. I never even noticed this option til about the last couple weeks.
  20. schirallicpa


    Headed home shortly and taking tomorrow off. Hope everyone else on here was done hours ago!
  21. schirallicpa


    My postage receipt is marked 4:57. This is the most last minute I have ever been. Had a guy with a NYS corp that owed a franchise fee and because he has a history with NY I wanted to pay by money order and not give NY any banking info. this day has been crazy! I can't believe how many last minute people have been in!!
  22. schirallicpa


  23. schirallicpa

    any NY preparers familiar with CT641

    and I add to this the question of re-levy. Looks like I can only take credit for tax levied and paid in the current year.
  24. schirallicpa

    any NY preparers familiar with CT641

    I have a S-corp client that has performs crude oil production. In looking in to this credit, I see that the property is actually in the shareholders name, not the corporation's name. Is this going to mess me up? He also has crude production on his personal return. So for that of course I would us the IT form instead of the CT form. Now I'm looking at that thinking - there's a lot of land on these parcels - does that become an issue. If the person owns a 25 acre piece of property because there is crude operation on that property but the operation (crude well area) is not that big. Having never applied for this credit before, I'm wondering if there's an extra can of worms involved.
  25. schirallicpa

    Farm Auction - Depreciation Recap

    I have tried the bulk disposition before and was not thinking it was working quite right. I feel more confident doing it out on paper and overwriting.