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Everything posted by schirallicpa

  1. 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....
  2. 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.
  3. schirallicpa

    1041?? for decedents estate

    I am considering stepping back out of this whole thing in order to avoid ethical issues.
  4. 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.
  5. 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.
  6. 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?
  7. 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.
  8. I never even noticed this option til about the last couple weeks.
  9. schirallicpa


    Headed home shortly and taking tomorrow off. Hope everyone else on here was done hours ago!
  10. 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!!
  11. schirallicpa


  12. 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.
  13. 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.
  14. 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.
  15. schirallicpa

    NY Non-Resident Income Tax

    NYS is very greedy, to say the least. I live close to PA and have a number of clients that work in both states. Gotta love when NY wants more than every one else.
  16. schirallicpa

    I'm new and here to say thank you

    Hi Patti - What part of "upstate NY" are you from. Tends to be a catch-all for anyone not in the big city. I'm over in western NY in Wellsville, NY. Not far from Olean NY - if you watched NCAA this year our Bonnies (St. Bonaventure) made it to the play-offs for the first time in forever.
  17. schirallicpa

    NT - my eyes are falling out

    You guys are all great on here. Look at all the caring responses here. I've been reading them so long my eyes are not focusing again. Ha - just kidding. I appreciate everyone's input. I have taken your collective advise and has scheduled an eye exam for next week. Hopefully it's just computer eye strain. It really makes you think about your eyes and how important they are not only to your work but all of your life. We take things for granted.
  18. schirallicpa

    NT - my eyes are falling out

    yesterday morning my eyes could not focus. it was actually quite scary. I only got like a blurred rainbow when I looked at my screen or my tv. I could see around the office okay and I could see outside and into the distance ok, but I literally could not focus on the screen. I had to quit early. I'm feeling a little stressed and really still quite far behind.
  19. schirallicpa

    N/T - Random thoughts & stuff

    me while my lovely husband wakes me up at 5 am complaining that no one has done the laundry. Really? Wash machine is in the same place it's always been.
  20. schirallicpa

    full time student in spring, part time in fall

    your awesome. I think I knew this. getting tired.........
  21. do I check the at least a half-time student box? makes a difference on American opp credit. I haven't run into this before.
  22. schirallicpa

    706 gst

    709 I meant! Thank you for the link Margaret. Just starting a return from an Ohio resident who has moved to NY. Perhaps I will be bugging you again soon!
  23. schirallicpa

    706 gst

    I have done the 706 a few times when people have nice clean simple gifts to daughters or sons. However, this year I have a client that decided to gift his grandchildren (2) $50000 each. So he has to pay $20000 tax on this?? That just seems crazy. I just have to confirm this with someone. Maybe I;m missing something big. What is 2632(b) election. I'm in deeper water than I anticipated.
  24. schirallicpa

    Taking More Time to Prep This Year?

    I spend way way way too much time on 8867!!!!!
  25. schirallicpa

    new business card