schirallicpa

It's hard to describe everything this fool must do but when you find that person, you can't live without them. I don't know how to put together a description either. Every time I advertise for someone, the applicants either want to just answer the phone, or they are fresh out of college and want to do accounting work.

One of the ethics courses that I see over and over again is about Adelphia. Adelphia was the cable company that went public and they got audited - of course - and they had a number of off-balance sheet holdings, and a number of transactions for personal purposes, and a number of fraudulent handlings of money. It happened around the same time as Enron. Anyway, Adelphia was located right over the hill from us, and the father that ultimately went to prison was absolutely loved by this community. His children had taken over the financial side of the business and ran it amuck. I know the side of the story as a local who knows the family but of course I see the unethical behavior from the SEC's and from a CPAs point of view. It was really a hard blow to this area that struggles economically. At one time I had worked for an accounting firm that audited the local school district that Adelphia was located in and the school was able to make so many improvements to their school and really relied on that tax money. And I had a lot of clients that owned Adelphia stock that became worthless. It was quite a tragedy.

Dabbled in little timber operations in New York. How are they structuring?

Any way - I did the right thing and reported all three. And honestly - she should have just paid the CP2000 notice. It would have been cheaper.

I didn't know that you had to take more than CPAs. Hmmmmm......I wonder why. I guess the extra licensing fee with the state lets the CPA off the hook.

Taxpayer neglected to report gambling income on 2018 tax return. The wage transcript clearly shows 3 W2Gs. The CP2000 lists 2 W2Gs. This is a $2000 difference. What would you do?

yes - NYS is same way: download it and print it. Which honestly, most people don't have printers anymore - they have phones. And - if they only had marketplace ins for a couple of months in early 2021 - who remembers? Same thing for unemployment. NYS thinks you can print everything on your own. Their website is a nightmare, they are continually making you change passwords, and no one remembers that they collected 2 or 3 unemployment checks a year later. It's a pain. But NYS sucks up the interest fees for underreporting.

The bank option doesn't allow for 2 different transactions happening at the state level for payment of LLC. I get around this by creating another return. In this case, I had 2 LLCs paying fees to NYS. So my first dilemma I posted in an earlier post, that you should be able to have multiple LLCs in one return. Now my next problem is I have personal NYS tax refund that needs to be deposited in a personal account in this same return that has set up LLC fee to draft from business account. I can't seem to tell ATX how to differentiate these things within the bank options. It should be simple if there was an option on the bank page or on the NYS efile payment/refund page to point to bank #.

Now I feel dumb - What is a pre-tax asset (other than a Roth investment or a regular stock investment) ??

Congratulations!! But yes - please continue to lurk. This forum member always appreciates lots of input from experienced preparers. Enjoy retirement.

After waiting until the last possible minute to possibly get a SSN issue figured out with an adopted child (which was not figured out and the taxpayer owes.....) my efile was rejected because of missing premium tax credit form. UGH. The client is trying to find the 1095. I was not aware of this little nuance in the efile system. And not sure how to get around it if I don't have a 1095 by 5pm. I feel sorry for these guys.

well - I just duplicated the return and sent the second LLC thru that. At least you can efile the LLC separately.

But I can only and 1 NYS IT-201-LL to report and pay the $25 fee. This is the first time I've come across this situation, but it certainly isn't rare to have more than 1 LLC.

ahhhh - maybe.

well - if it's any consolation - I get allergies every October. This time it came on fast. I sneezed with a mouth full of toothpaste and it sprayed all over my bathroom mirror. I have been sneezing for a couple of days. My nose is getting sore. I sneezed a few minutes ago, and it caused a nose bleed - that sprayed all over the papers on my desk. Hope that made you smile. It made me laugh.

New one for me - corp has been filing income tax for years - recently by me - under one EIN, while the payroll and sales tax is getting filed under another one - not by me. In fact - I don't see the sales tax or payroll tax returns. Client has always been good at sending me good numbers, including the breakdown of payroll, so I've never had to ask. The interesting thing about this is - no notices. No one has noticed. I'm not sure what I should do?

And along with that thought - does any one use ATX access?

Can we?/ Will we?/ Shall we?

Isn't it usually mid-November? Some obscure date were not able to efile after that day. Is this information available somewhere?

So, on a side note - does anyone remember when Tim McGraw and Kenny Chesney played a concert in Buffalo years ago, and they got in trouble for stealing a police officer's horse and some other shenanigans. They were both banned from going back to Buffalo, I think. We met someone from Buffalo that told us that Tim McGraw had a brand-new Harley delivered to the lawyer's office that got him out of his mess. Apparently, it has never been driven and sits in this guy's office still. Pretty cool.

Thank you, Dennis, for your insights. I think I just need another me. Really, that would solve my problems. Maybe 2 more of me. One that can get dinner ready too. I'm not as much worried about the collections process (although there's always a lose one somewhere), as I am the accounting for the billing and collection.

As long as Dennis is getting so much attention about the QB questions, I thought I would toss this out there. I kinda looked at it a few months ago but couldn't get my head around how it would be any more efficient than my excel. Which turns out was completely inefficient because I have (had) inept staff using it. And I've posted questions before about how people handle their billing records in this group. I still haven't come to a conclusion on how I will handle this next year. Powerball still hasn't come thru for me.

I posted this question on FB in a couple of groups that I am in. The answer is basically, you must file both - as Katherine indicated. But ultimately, the offer has to be for the amount of the sales tax still due. Similar to payroll tax, it's someone else's money that was collected in trust. So we may be able to avoid the penalties and interest, but the sales tax cannot be compromised.

I have been doing a corp tax return for a couple that own a business for over 10 years. The husband is 100% shareholder. The husband has been listed as pres, and the wife as VP ever since the 1125E was added. She has always signed as VP. I do not have the copies of the articles of incorporation nor do I have any amendments. I have their word on who's who. Now I am being asked to provide the paperwork I have regarding the wife being the VP. I don't have anything. Am I supposed to audit officer status when I take on a new client? Am I supposed to have legal documents? The lawyer is now saying that I am reporting inappropriately because the wife was never set up as an officer. What? She's the one running the business.

Deferred comp is not the same as pension. Deferred just means your earnings get taxed later on when you take the income, instead of taxing when you actually earn it. If it is NYS sourced income, it is taxable income in NYS.