schirallicpa

This money is being received as a rent and the payer is offering a pay-off. The contract is for 25 years. But I want to do the math to see if their proposal makes sense. Start date was Dec 2016.

It's not straight forward enough for me to find an online calculator that makes sense. Here's the payment schedule: receives 1400 per month for 60 months. then receives 1540 (10% incr) per month for the next 60 months. then 1694 per month for next 60 months. then 1863 for next 60 months. then 2049 for final 60 months. Total pay is 512,760. How do I determine what its worth today? I can't get my head around it. And online calculators use straight interest or constant payments. I'll pay you if you can do this for me!

I have just learned something new..................I obviously have never done a return for an athlete and have never considered the state tax issues. And that's why I love dropping by this forum occasionally.

i'm still laughing - we are so behind the electronic times.......

thanks!

trying to move away from keeping paper copies of every thing. those of you that keep electronic scanned copies of documents, what is your method of storing items? Are you keeping a thumbdrive full of client docs? are you keeping it all on your PC? is it in a cloud? (which I still don't entirely trust). I am thinking down the road a couple years when someone has an audit or needs a document, how do you have your files indexed in order to find what your looking for. Just looking for some ideas. thanks.

I think the archive is all you need. Thanks for your help

awesome ~ thank you

And if you can file after the irs files substitute return for you, is it an amended return or a regular return?

I called ATX this morning and they can only provide back to 2012. She suggested that I ask members of the community if I could borrow a disk. I didn't ask about the licensing issue that you have proposed. However, I would argue that I have the license regardless of whose disk I am using. So - if anyone has the 2006 disk and super-secret code, I would like to borrow and mail right back to you immediately. I will pay for your mailing fees and inconvenience!! I would greatly appreciate it.

I can find every disk from every year back to 1999 but I cannot find the one I need, 2006. I went on the myatx website and they don't have download available to click on. If I call them will they have it?

no - I don't know why, but it's a town superintendent buying from a local gravel pit, in nowheresville PA - if that sheds any light.

I would think that a NY government office would be exempt from sales tax on a PA purchase, but the PA vendor won't give the exemption. So I am wondering if there is a form that the PA vendor wants, or if the NY buyer has to register somewhere. It's a significant amount of money, so I am wanting to follow up on this. Is anyone on this board familiar?

Is it just our very tropical like weather in the northeast this year, or has the quality of basic copy paper just gone right down the tubes. Every print now I have to stand by the printer and monitor the paper as it all starts curling as it comes thru. This is the same copy paper - same weight, as what I have purchased forever. (Sometimes Staples, sometimes hammermill ) But it seems a lot flimsier and it just keeps curling up. I think instead of using folders, I can just roll up the returns in a tube.

it worked. I put todays date and transmitted this morning. it's accepted now. Thank you!!!!

hmmmm - so should I put the day that I am transmitting? I had had it on the sept 15th when I transmitted on 13th and 14th and I was rejected with the same error on both of those tries.

But do gains on sales of properties count for TCJA. Otherwise he has a loss on schedule E

Sorry - I just assume everyone is still in 2017 like me. Heck - I'm still in 2016 sometimes! This is 2017

Form 7004 was filed. It is a regular calander year C corp with payment due. Have set up bank info for direct debit. Have debit date set at 9-30-18. Have checked that there are not dates in the fiscal date area at top of first page. Have removed the 7004 and tried again. Have deleted and re-entered info on the efile form. I'm not sure exactly what the error means unless it is just not taking money with a return filed after original due date. Have not tried to efile with paper check option. This is a corp that always goes on extension, and I have never had any problems with in the past. Please advise. Reject Error Report Error Title and Description Number FPYMT-096 Federal 1120 If the timestamp (in the GTX key or Response to Send Submissions Request) is after the due date ofh te return (three and one half months after the 'TaxPeriodEndDt' in the Return Header if the month in the 'TaxPeriodEndDt' does not equal June), then the 'RequestedPaymentDt' in the "IRS Payment" [IRS Paynmt]e must not be later than the date the return was received and must not be prior to five days before th e date the return was received by the IRS.

TP has Sch E rental house that he paid peanuts for ($16000) but has a decent value and insurance gave him $50000 after a fire. Then he sold it as it stood for $10000. But he has other houses that he rents. Is he having to report all gain on the insurance proceeds or can he invest in his similar business assets?

I have a new dead client. (At least they can't complain about my bill, right?) Dying in 2017, an individual tax return should have been filed. However, the attorney is not sure if one was filed or not. Is there any way to find out without filing POA? 8821?

Cleaning house. Getting rid of the problem clients. Would you send termination letters certified? Or just priority - which would have tracking that it was delivered

We send faxes through an online system that keeps a copy of the fax and details of the time and date send and accepted. That being said, I would assume the fax is received and that he should act as if he is a sub-S and begin paying wages as of the election (assuming the corp has the income to do so.) When you file the return, you may include a copy of the 2553 and a statement that it was faxed on certain date and that the Taxpayer has acted as an S-corp since that time

Over 19 years doing this as a sole proprietor and I have sent 2 accounts to collection - which was ineffective as well. We "usually" won't allow the tax return to leave the office, physically or electronically, until the bill is paid. But there's always someone who somehow takes advantage, and they are the ones you will never see again anyway. Never lost sleep over losing a client, really....

One of the properties that became part of the estate and was sold during 2017 had previously been held by the descendent as rental property in 2010 and prior. No rental income had been reported on this since 2010. What kind of icky-sticky will I run into with this? No - did not become residence. Just held vacant.