schirallicpa

You could input directly onto the Schedule E. (page 1) and I would find this easier, especially when you have a bunch of rental units.

Ugh - this is what I just posted about. A 2553 we mailed in in November hasn't been processed. And I have a NYS sub s corp that we've argued with NY for 4 years on whether the forms were filed yet. I have mailed stuff in mulitple times to NY.

This just gets to be so old. Now I don't know if I should file the NYS return as an s or just file regular corp for NY. When oh when will we get things caught up? I think Nov was just a general shut down for all things IRS. I have 2 POAs uploaded in Nov with no CAF match yet. And some other correspondence with no response. The stages of tax season this year.

I believe it's one and done.

NYS doesn't like the bonus depreciation so I almost always elect out and then use Sec 179 so the deprecation stays the same on the Fed and State.

It's insane. The same thing is happening here. I have a huge pile to do. and a huge pile done that need picked up.

Taxpayer purchased an enclosed trailer to move his and his family's stuff so he could leave some things in it until they joined him and they found a house. The trailer cost $7000. (And then was actually stolen and they lost everything anyway.) I know if they hired a mover or rented a UHaul, it would definitely be deductible. But the fact that this is a trailer that will either be kept and used personally or sold after done using, I am struggling to include as part of the moving expense.

I had not come across an LLC with Nevada jurisdiction before. They operate and own property in NYS. Does the LLC still pay the $25 fee? I see there is also a reporting to Nevada but I don't think they request a fee.

Its a rare day in this neck of the woods that the IRS doesn't re-instate. I would try to call the Ogden office.

Me - making mountains out of mole hills in my stressed state. I deleted the K1 and re-entered. Duh. On another note- Can I strangle someone for allowing deferral of tax on IRA distributions last year..........

This rolled forward to 2020 with little concern. The K-1 was input as normal and I didn't even pay attention to the red print at the top of the screen that says prior year disposition.... Now let's roll into 2021 with the new basis reporting.....................................UGH! I can't get rid of this "prior year disposition" stuff. And I would entertain going back and unchecking and rolling forward and rolling forward, but it's a rather complicated return AND 2020 needs an amendment to boot. Any suggestions on how to get rid of this without the back-tracking? Or chalk up as another 2021 casualty?

GENIUS!!!

where did you hear/see this? That's an interesting mess.

I feel like this happened automatically before but now I am having to go into the letter and edit it.

ahhhhh - so I found another person with the same situation, and in their case they did not get the credit because of other PA income. but it makes sense. thank you for the heads up.

If no one answers this, I would like to post your question on a different forum. I am curious what the answer is.

I have not come across this before. I live near the PA border in NY and have a few PA returns every year. In this case, the person resides in PA and works in NY. There is no PA withholding, only NY withholding on his W2. I prepare a local return for him, which is 1 % tax. However, on the local return, there is a credit available for taxes paid to other states. I have never paid attention to this line before. When I do the calcs, it basically eliminates the local tax. Is this correct? I guess I thought if you lived in PA you paid local, cut and dry, and that's that. Generally, I have people working in PA, living in NY and they have the PA local tax withheld and we file the local return showing the 1 percent tax, and the 1 percent withholding, and nothing due. But NY'rs get that back as a credit on their return. So now I am wondering if I have missed this local tax credit and how many PA people should have gotten it.

My clients rarely come in the day I get it done. But they usually come within the week. But by then, we have to go back into their file and re-create them...again. It makes sense if they sat out there for a month or more. But a few days is too short. Time is of the essence and I shouldn't even be here wasting time complaining about it.

one or the other. Sounds like she is in the first year(?) The kids often take a college course in their spring year of high school and are not full time students. Then they start regular college in the fall. Just a heads up - if they are going to take all four years of college, sometimes it works out best to take the lifetime in that first semester year, and save the AOC for the next 4 tax years. That helps later when the grants or scholarships drop off as they make their way thru or go into a fifth year.

Are you kidding me?! One more reason I want to leave this state.

Mailing address is different. Not sure if we mail to 1040V address or 1040x address when it is efiled. I know it would be preferable if my old people would get online. But they won't and we keep chasing mailed checks.....

Amen. I have not been able to log into myAtx since they merged with CCH. It's always a big run around. And today the number that I have for ATX help is "an invalid number". Good grief

The winding down was last year. "They" are the spouse and the nagging daughter. Yes - a sole proprietors business ends the day he dies. The winding up should be within a reasonable time. They have not sold the inspection equipment because they are basically lazy and haven't bothered yet. I suspect the son-in-law is printing stickers for the cars of friends and family. I was not going to file an estate return that only showed a business license and business insurance expense that would provide less tax savings for them than the cost of my work. But now I will.

Taxpayer was a sole prop/dba as a car mechanic. He died last July 2020. But the spouse hasn't sold the equipment yet, and apparently there is some insurance being paid and a license is being paid on for an inspection machine to sit in the shop. So they want to argue that therefore the business is still open and she should be able to deduct these things. Why am I even wasting our time with this? Sick of people.

If they insist on mailing a check, I insist that send it priority so we have tracking