schirallicpa

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.  

Has anyone in this group dealt with NYS with an OIC? My conundrum is this: NYS sales tax that was associated with a defunct business is attached to an individual. The forms imply that a separate DTF4 and DTF5 be filed if a business is involved. The business doesn't exist anymore. I'm not sure if I understand why I need both submissions since the sales tax is being pursued at the individual level. The person who hired me says she was told she needed to file the business OIC.

Does anyone have experience with this?

Didn't the SBA put out guidance that we (cpas and ea's etc) weren't supposed to help with PPP loans without coordinating thru them or some mucky bologna?  I just remember thinking I'm not supposed to charge a client for helping him with the PPPs.  And as it turned out, I didn't.  The payroll companies did.

You know this is somehow going to end up in the tax return and in our hands.............

Regardless of whether or not he had tenants, as long as the property was available and he was trying to get tenants - then it is legit rental property.  Not vacation.

NYS sourced income is taxed by NY.  He may be able to keep under the radar if the 1099 is not addressed from NY.  Since it's not W2 income, you don't have to worry about NYS withholdings triggering a return.  Just sayin.....

I have a lot of PA clients that trip over the border to do contract work.  The allocation worksheet on Form IT-203 is pretty staightforward.  

I don't know why I am looking for advise on how to handle gambling reporting - I know!  I continue to get clients every year that bring the annual win/loss statement from the casino and tell me that they don't have to report the 1099 that came with it.  I hate every aspect of gambling, but I especially hate the way the casinos report this win/loss crap - it's always a loss and the client always thinks he's got an out.

I file a bunch of late 1099s.  Especially since I asked them back in January - do you need any 1099s prepared, and they say "no".  Then in the midst of July tax prep - there she be - the contractor or self-rental or other NEC that needs filed.  So I file it.  I'm not the one that's going to be in the wrong!

I have a 2848 on file with her.  Wonder if I can do it for her.  No specific check boxes for un-doing a payment.  

It's funny - I have some teachers that spend tons of money on supplies, and some teachers that give me the blank stare when asked if they do.  This is a good start though for the IRS to recognize that in many districts the teachers are bringing the paper and pencils.

Is there an officer assigned to this.  Try to get someone assigned to it on the IRS end, and maybe you can talk sense.  Otherwise, you may consider the advocates office.  I agree with your not wanting to re-do what will ultimately result in the same end.

Client is asking if I can stop the payments that we set up to automatically debit from her account.  Fed and NYS.  Haven't had this situation before.  Other than telling her not to have funds available, is there any suggestion on how to stop the payments?  Amended return for the change in payments?

no

Client owns real property in NYS and has received a contract to receive $1000 each year for 3 years for an easement.  And this year at the initial contract, they gave him a bonus of $2500 for signing early.  And then they gave him TP-584 to pay the RETT.  Now - I have never looked at one of these before, but aren't they for actual transfer of property?  He's basically renting to them a pathway thru his property.  

And do you show all 3 years of payment on the form?  Or just the initial year?  How will NYS collect for years 2 and 3?

Feel like telling him to ignore it.  Does an easement rental like this even get recorded in the property tax offices?  How does NYS know this transaction exists?

I guess real estate attorney goes on my resume now too.

thank you.

I have someone inquiring about NYS sales tax back tax issues.  I honestly hate dealing with NYS.  But wondered if anyone on here had experience with this.  I advertise that I deal with IRS issues, and NYS income tax issues, so I received this inquiry.  He's got 24K in back tax and penalties after letting someone else run a business under his ID.  (Yeah - that's a red flag right there.)

Thank you, guys, for confirming for me.  

How many phone calls have you received from bankers that see the PPP loan in the M1 and don't understand why it's reported there? 

On 8/2/2022 at 4:49 PM, Catherine said:

It was uploaded here, years ago.   Look for "Tax WIP blank.xls" and if it hides I can re-upload one.

Found it  - but my computer didn't like it and would not open it.

Married couple.  Wife inherits land in 1987.  We're in NY.  Land is recorded in both H & W names.  Wife died in 2014.  Now the man is selling (to Dollar General, BTW).   

So I'm scrapping thru old tax files trying to see what land may have sold for in 1987 in order to figure basis.  So then does he get her half stepped up to 2014 values?  while he keeps his half at 1987 value?  He can't possibly get all of it stepped up.  But I think he gets her half.  However - since it was HER inheritance, does it get all stepped up?  (Round and round in circles I go.)  After all, it was hers......

I've done tax work for 22+ years and I guess I had never come across this specific situation, and it's making my brain hurt today.

On 7/25/2022 at 5:07 PM, Catherine said:

We use a spreadsheet that I developed years ago. Columns and color-coding (that had to be changed for one partner who is red-green colorblind) and italics and bold and more. Works like a charm for us. Or, did once I got my partners used to actually using it as a tool instead of a novelty they could ignore.  I used it for 20+ years before then.

Do share!

I have a client from PA with NYS income who moved to OH.  So 3 states.  But when I try to include the letter for OH (and we need OH estimates) - no letter shows as available.   So then I wonder - have I capped out on letters.  How do I get the OH letter in there.