schirallicpa

General Announcement: If you have kids, I ain't doing your return anymore. It's bad enough to have to do the 8867 for every return with a kid and a child tax credit or a education credit. A bigger pain when EIC triggers. But this is really going to be a nightmare!

Where are you in New York? I'm in south-western NY near Olean.

well - as per usual in our "clean up crew" position, this happened in Sept without my being involved with the guidance of a banker, of all people.

Small S corp has made a very decent income for 2020. Originally owned solely by one person, during 2020 a second person signed on as shareholder providing some needed capital. However, this second person is only acting as an investor, and is not active in the business. He is holding a 35% share. He doesn't not want K-1 income. I'm not sure if there is such a way to not share the income with a shareholder. He's telling my guy that I should know what to do. I feel like this is B.S. but thought I'd put it out here. Maybe there is something that I'm not aware of that an S-Corp guru knows. Just don't berate me....

This extension has been the worst idea ever!

How does someone obtain their PIN if they never got it in the mail. My client received a letter that said they were issuing him a PIN but does not have the PIN letter. Now he has called the number on the first letter and they said to mail in the return. Well who on earth wants to paper file? This is just nuts!

Most clients get some sort of Courtesy Discount. Until the last week. Discounts are done.

Isn't that the weirdest law ever. We can get small fire crackers and stuff like that in the nearby PA shops, but I figured we'd need to travel a little further to get some good ones. Our friend has traveled to FL for years and probably for 15 years we have set off fireworks at our house on the 4th. Tons of people come down. We have a huge yard and we have built some platforms and safeguards. We have a lot of fun with it and love having half the town down in the front yard. One person lost a taillight once on a wild one that hit their car. But generally a pretty good time.

Brad said we'd end up is SC but I'm trying not to go that far.

We're in western NYS and you just cannot find good fireworks near us. We have friends that usually drive to FL each year and bring back some, but they did not go this past year. So I'm wondering if anyone knows where to find decent fireworks in PA, MD, DE or VA. You know - a good road trip, but don't kill me in the car kinda trip. (I'm hoping to find some in eastern MD and then I can convince my hubby to take me to Ocean City for a night or 2)

The 3rd party was supposed to pay to Bank of America for him, but the debt was still with BOA.

Last year my client recieved a 1099C from Bank of America. He had been paying a third party that did not forward the money to Bank of America - so we had some issues to deal with last year. This year he receives a cash settlement from the 3rd party after Bank of America refused to accept the money. I don't think this is taxable income.

This is a PPE grant. Personal Protective Equipment grant from the Feds.

I hadn't come across this grant on any clients and then I get 2 this week. Both are s-corps that have received PPE grants from Fed. I believe this is exempt from Fed. But I'm not sure on the NYS. Can any one confirm for me?

I ran into the same problem and then had to override it back out to create the amendment. I am not good at checking the completed box. I have learned my lesson.

Let me grumble some more - When will they take away the university's roll in determining net amounts billed and paid for college?!?!?!?!? What a disaster - year after year. And since the billing account is under the child's name - god forbid the parent have access to it - it is a tail-chasing run-around to get the info from the student.

I know - it's called a deficiency balance. But come on.

Chapter 2: Car was reaped in 2012. At the time TP owed $20000. Debt was considered in default in 2015 in the amount of 13101. The car was sold at auction for 8000. It was always my understanding that regardless of the price they got, it relieved the debt. I may be way out of the park on that. But when the bank took the risk of lending, it agrees to take the car back and get what it can to settle the debt. That is the collateral. If they lended more than it was worth then they take the loss. Anyway, we would think the 1099 would be the 12000 or maybe the 13101. The 1099 is for 10000.

The address is what brought this to my attention. I foolishly assumed that the 1040V was good for the 1040X. But the letter's address is to Kansas City, and the 1040v is to PO Box 931000 Louisville, KY.

Amended return will be efiled. TP wants to mail check. I'm a little nervous putting a check in the mail with no paperwork. But the 1040V instructions only refer to 1040. Any suggestions other than a big black marker?

Back in the day, when I was in high school, the local banks still reaped their own cars. I dated a son of a banker. Every weekend Tom would have a different car that his dad had brought home. And we'd drive it around all weekend. It was awesome. This was in the 80's when no one ever had new cars. Half the fun of dating him was riding in the new car each week. But - in the mean time I'm wondering when the car is re-po'd, shouldn't that have relieved the debt? The car was only owned by him for a few weeks and would have still been worth near the amount financed. Part of the risk of financing is taking a loss on the car you take back. I'm still struggling with this. eh - extension.....

Well - we found some paper work on this car. It seems it was re-po'd.

well -can I also keep my vehicles on the schedule C vehicle worksheet? Is it really necessary to put these on the fixed assets when youre just taking standard? I've added my own line on page 2 of Schedule c - "mileage expense that used to go on line 9"

And just to put icing on the cake, the 1098T from the daughters college shows 200 tuition and 25000 scholarships. I GIVE UP!

These issues never end this year. I can't pick up a single gravy return. Every single one has something in it that I gotta mess with. This guy claims the 1099C debt was for a used car that he had purchased 5 years ago and returned to the dealer claiming lemon-law. Says that everything was settled. I asked him if Wells Fargo had tried to contact him, or send him any notices on this debt that was supposedly taken care of. He claims not. And of course - can't come up with any of that old paperwork. SMH...........crying..............searching for new career......................