schirallicpa

What's worse is when it goes to an older person that literally has never opened a PDF, let alone print one......from their phone.

(I don't like this attorney. And this client doesn't normally use this guy. But after he ended up in their parking lot with a trailer wedged under his truck and they helped him out, he offered his free advice. So they went ahead and wrote up the motion in their corp books and figured that was good. The attorney won't give any financial advice. )

He's headed to a nursing home within the next few months and the lawyer wanted to eliminate the possibility of the business getting hit with his bill.

Lawyer advised elderly stockholder of small S-corp to sell his stock back to the corporation. I am not sure how much the corporation should pay for this stock? How do I come up with that amount?

"I've Got Nexus" (The kids will never get it. ) "Unbalanced Entry" (for us old people) I really liked Patrick Michael's "LIFO of the Party"

Scan down the options under other income on Sch F. Check item #7. Has anyone every reported "illegal federal irrigation subsidies?" Asking for a friend.................

Have had a couple of clients utilize this but they were both making money. What happens when a partnership is in the red and they elect to do this. If the election is irrevocable, what tax do they have to pay?

yes.....duh.....I knew my brain wasn't working....And it wasn't even that late in the day, or even that far into tax season. Can I throw in the towel already?

I don't come across this too often. I have a New York resident that worked in PA and in WV. On his local return can he claim credits for taxes paid in NY and WV?

I'm going to have a similar situation with a new client coming in next week. Has to file delinquent returns. He's self-employed, knows he owes significant tax, and he's the one that dropped the ball. Wife has W2. I'm wondering if I am safe with innocent spouse and joint return, or if I should have them file separate.

I feel like this is kinda like stock car racing. A big no. It's a hobby. But I am wondering if the LLC isn't a good idea in case of legal action. Then the personal assets are protected. So this is why they want an LLC, but it is not really a business. I have a client that set up LLC for his stock car racing. Of course it's nothing but a grown up play toy. I have another client that has set up a recreational building for members of our community to play indoor soccer or basketball in the winter, or practice baseball and softball. He got himself an LLC. Again - never expects to make money and only takes money from vending machines. I don't know what to do with their LLCs other than pay NYS their $25.

I don't want to print everything. It was nice to click all on and click all off in order to then select just one or 2 items that you needed. The K-1s for example.

In the print screen in the past, you could select "check all" once and it would check all. And you could select it again and it would uncheck all. Now it won't. Grumble mumble.....grumble mumble.....

I know we cannot paper file. But I would like a paper copy to give to my client. I can't even get a PDF. IT-204-LL

My client has used attorney for a business purchase where the attorney took his funds from the purchase price. Client also used attorney for other legal services. Do I need to include the fees taken from the real estate transaction in the 1099?

I use Medlin for my small payroll and I use ATX for the 1099s. Maybe we can sweet talk our friends at Medlin to offer a 1099 program.

I copied, pasted and printed, and have now lost...............

Have gotten 8821s for the past 3 years and monitor clients thru IRS Solutions software. Love that I can easily access their accounts if I need to, and can see if the IRS is throwing an flags before the client gets a notice.

I had a family friend/client for years that I believed to be single. We were close. My kids called him uncle Ronny. Only upon his death did I find out that he was married.

To see if your S-corp election was approved. Clients never know. Paper gets lost. Why can't we just have a quick look up?

How does this work when I have an employee needing to open the tax program? Do I have to always be present with my phone? That's pretty much not efficient and cumbersome. Is there a different method to use?

Why wouldn't he want a divorce - that's nuts. Pay the government tons of tax because of pride? He could also get an annulment, right? And amend past returns.

https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-tax-practitioners?fbclid=IwY2xjawHwx5dleHRuA2FlbQIxMQABHRYafiHrVwoU25gT4eHQebxGALuGm4E7MMStjxkLJ26yZn0mQ0dXdJ9QdA_aem_q6_rxKXJs6oXEA3Ac-OEog

I don't know what it is like in your area, but we do not live in a very wealthy area. And people in my area rarely fall into a higher tax bracket when they retire. I can't tell you how many times I have had clients ask me if they should convert Trad IRA to Roth. And these are fully retired clients, over 59 1/2. People around here a lucky to have a retirement fund of 1 million dollars. In fact - it's rare. And to me it makes no sense at all to convert. But the investment people push and push and push. And all I can figure is they are charging fees for it. It's rather exhausting. But if anyone here can give me a good reason to convert in your old age - other than knowing you have too much and you're dying tomorrow and want the kids to get it tax free - then I'll buy it.

These returns are delinquent. Can the TP claim EIC. I think not, but in a hurry to research and google - well - is google today and not steering me in the right direction. The EIC will not generate a refund but will reduce tax.