schirallicpa

The loss was in 2020 of about 75000. I used 1045 to carryback to 2015. Expected a refund of 10000. The IRS didn't like some little something and denied the claim. Ok - can I take the loss forward now to 2021? The problem is, I did not make the election to forego the carryback because I was carrying back. It's my understanding I cannot amend for an election. Does that mean I'm stuck with trying to get the carryback to work? The NOL would actually be more beneficial in 2021.

Rats

I have a client that got stuck by the unemployment limbo on the 2020 return. The software hadn't updated yet, and I manually backed out the portion of unemployment that was not taxable. However, I did not add it back on the NYS return. So the Fed return was good, and the NYS return needs correction. So - here comes the notice that it should have been an add back. Okay - no problem. I agree with the additional tax. But when NYS adds it back, they take away a portion of the NYS EIC. I run the numbers in my software (ATX) adding the form (558) and it does not change the NYS EIC. The calculation on the NYS EIC is to take a percentage of the federal EIC which did not change. Am I missing something?

My client received letter 4364C in Feb that the IRS had received their amended return for 2019. When I run transcripts I don't see that an amended return was filed. Shouldn't I? The client says she does not remember filing an amended return. I haven't figured out if I should ignore this or try to pursue it further. Any thoughts?

I go back and forth about getting an answering service. I'm a small office. Sometimes the phone rings like crazy (April 12-15!) and sometimes I listen to the crickets. I have a secretary/assistant 1 to 2 days a week thru Dec. Not sure if an answering service would be helpful or not.

I have offered to take my daughter to an appointment in Rochester NY and it seems we are in a snowstorm now. So hopefully the weather turns by morning. Have a great week every one. What a long tax season this was!

This is an old post, but out of the blue I have an 8615. UGH! And it seems unfair. The father must have boatloads of money cuz he says the kids are filing single. I only know the mom. They all have old Apple stock so they have major gains when they cash out for college expenses. I'm circling around the 8615s. PITA!!!

Judy - you are awesome! Everyone on this forum is awesome!! I have more extensions than ever. Back in mid-Feb I thought I was a little behind in people coming in. Early March I was kinda wondering if people had forgotten about taxes this year. Early April - everybody and their frickin' brother shows up. UGH. and every year I say I will not do this any more and find some other career. But I know that soooo many people rely on me and there are some returns I have done for all 22 years I've been in this office. But I really need to find better help. That little dog in my Avatar just doesn't do his fare share. Anyway - I should be busy for quite a while more. But no more weekends, and no more getting home late. Happy Easter everyone!!!!!

And - BTW - I am Elizabeth Schiralli - and my friends call me Beth.

My daughter was in a car accident yesterday. Anyone looking at the mess it made out of her car would never believe in a thousand years that she walked away unharmed. The other driver had dozed off and crossed the yellow line on a bridge. With no where to go, she accelerated enough so that he hit the back of her car. This spun her around and she travel sideways and backwards off the bridge off the side of the road - and fortunately not the side with the drop off. The truck continued into a field below the bridge. He too was not harmed. We get so deep in numbers and papers this time of year. I wanted to take a moment and remind us of the importance of each other here and at home. I don't even know half the names of people on this forum, but I consider you part of my extended family. In my prayers of thanks for the life of my daughter, I will also pray for all of you - for your safety as you travel and for peace as you wind up this tax season.

It just seems a little dumb that we have to mark it for an extension.

Didn't know I could go directly to the IRS payment myself for my client.

Has anyone figured a work-around?

love how these companies can't be bothered to put the codes in - leave it to the tax preparer.

doesn't he take it as a distribution, and then it's just personal property he sells with no tax reporting?

I had to look it up. I have never used that but I have had similar 1 or 2 person s corps that weren't dealing with attorneys

I was leaning to the Sch F actually. A second Sch F if it's his vs. hers. (When will they bring back the joint Sch F and joint Sch C????) Breeding animals includes pigs, and chickens, and cows, and pups and kitties. If they didn't already have a farm, then maybe I would say C.

I spent 15 minutes tonight trying to figure out why schedule A infor wasn't flowing thru to the 8829. There's a box somewhere......

Thank you! I wasn't finding anything. You are awesome!!!!!!

As part of a sale of all assets of the company, some money was allocated to "sale of corporate books and records". Not really sure if this can hit Schedule D or if this is ordinary income. Thank you for your opinions.

I have 2 Brothers - one for printing tax returns one for the upfront computer - makes copies too. They are workhorses. Get your toner at SuppliesOutlet.com

The LLC was created PA. These taxpayers had lived in PA and moved to NY in 2019. I did not prepare the return in the past. The 2020 return includes a PA non-res return to report the LLC (Schedule C). And on the schedule C they are showing the old PA address. To my scant knowledge, an LLC can move and once a resident of another state, does not have to report in the old state where it was created. Maybe they file a change of address on the LLC with the PA DOS. But I cannot see why we need to continue reporting the Sch C in PA. Can someone else confirm this for me?

Seeing that just made my day. Thank you for sharing

OMG! It never fails - the person you have the most trouble with is the one you botched the address......UGH!!!!!! I feel like Charlie Brown.

We all get at least one every year. Going to go home and drink with St. Patty. I'm Catholic. I believe that St. Patrick was a good godly person. But I guess I should have beckoned his saintly help today, instead of worrying about what color to wear. Ugh.