schirallicpa

to all my ATX brothers and sisters. Every since the filing date got moved to July 15th, I have been in vacation mode. Nobody's bringing stuff in, or wanting stuff done, but I do have a ton of work still to do. But I'm so unmotivated. And now every body and their brother is asking about the CARE laws - nooooo - I haven't studied it yet. It's too early for CPE....... I just want to stay in bed with the rest of my lazy family.

You know when you fill out these things you're always trying to second guess what the bank is thinking.

The application for Disaster Relief is asking for COGS. Now - is that truly COGS ? Or do we include operating expense?

I don't do payroll and don't know why I am asked payroll questions all the time............ grumble mumble......................... Something about 2.5x your feb 15 payroll back as grant for re-hiring. Has anyone heard anything on this.

I have researched this before, and although I don't have at my hands any reference, I found that the person who cannot find their spouse can file as HOH or single, depending on their circumstances. That the IRS no longer will consider them married if there have been attempts to find and cannot find the person and therefore cannot get divorced.

thank you!!!

So - the amount they actually paid is column A minus column C?

The client has provided me an amount for health care insurance costs that (of course) doesn't match any figure on this 1095A. I'm assuming that column A "monthly enrollment premiums" is the payment they actually made. But finding it difficult to confirm with my google searches. And it is a Sunday afternoon, and I should be home doing something creative....

But if we're self-employed and lock the door - are we good? I'm in NY but I haven't been keeping up with the specifics.

Payment date was set on Friday the 13th. As this bad luck day would have it, the return was not accepted. Yesterday I have it accepted. Will payment still come out, or do we have to go back and manually submit a payment.

SueC - thank you so much for posting that......I was overlooking it. And getting a little panicky on the amount this child was owing!!

I am so fed up with quickbooks and their stupid passwords. Then if you click on forget password and enter you license, it says that it still can't change password because you have recently changed the password. Unbelievable. I HATE QUICKBOOKS

I'm not sure who's bank account this was run thru. I suspect the individual. There is a loss on the rental so is a distribution applicable?

That's what I knew from a revocable trust. Wasn't sure if it was the same for irrevocable. Thank you Terry!

I have had a few of these - the program actually works well and they avoid trying to make the itemized deduction level. It's a great idea.

An irrevocable trust was established and the apartment house that is normally rented and reported on the Taxpayer's schedule E is now owned by the Trust. Who reports the Schedule E? And if the Taxpayer still gets it, does he get the depreciation on the house?

Thank you. I just couldn't find any reason this guy was doing this but I was hoping it wasn't an error in previous years.

My client has a 1099R from State Teachers Retirement Pension Fund of Ohio. He's lived in NY for since 2016. He insists that the OH retirement is taxable in OH. (about 52000). And has filed an OH non-resident return for last few years. I'm getting really confused looking at the OH IT NRC. Theres no way to apportion the retirement on Schedule 1 of that form. He has filled on the part year resident portion of the form in the past and I don't think that was correct. To me it doesn't seem like I need to file a non-resident return. But it is 714 in the evening......

I appreciate everyone! thank you.

That's what brought me here because that makes a huge difference on his return. (S-corp). I'm thinking it's an investment asset.

well - this guy didn't record anything.....and this is where I'm starting.......I have the best clients.......

right - I don't want to have depreciation on this (?). Because it's not a used asset - it's a held asset.

business activity is "other financial vehicle". The purpose of the corporation was to purchase a piece of property and then sell for profit. The taxpayer did not report on the 2017 the purchase of the real property. In 2019 the property was sold. He's saying that the 2017 purchase was the purchase of an asset and the non-reporting is a mute point because it was just a balance sheet transaction and the balance sheet did not need to be prepared. (yeah - I know) But if corporation is in business to do this stuff, then is it an asset, an investment, or an expense. I'm leaning toward investment. But my mind is fogged by this guy.......I'm firing him after I get through this one. UGH The sale in 2019 generates a significant gain.

I have a minimum of 165 that is state and federal. for very basic return. When there are kids involved and that damned 8867 comes into play I took the advise of another professional and added an hour's billing of $135 for IRS due diligence reporting. (the form states an hour to 90 minutes to prepare this form) So this return would be a $350 bill for me.

I have my insurance-carrier provided engagement letter. Just wondering if someone had spelled out the details of EIC and HOH and CTC and AOTC for those that we're checking off that we have explained something.......