schirallicpa

I had a similar situation but in my case I was at the end of the contract to buy, and the previous accountant had set up the installment agreement to buy as rental income. So instead of having installment cap gain and interest, he was showing rental income and deducting depreciation. A sticky mess to untangle. In your situation, I agree that the deposit should be held in escrow and sounds like no valid contract yet. May consider putting on extension until they find the missing shareholder.

Thank you. I appreciate your posting those links. I think the attorney in this case is trying to angle on the linens being used, and therefore the sales tax was already paid the first time they were purchased. (We won't mention that sales tax was paid the first time the equipment was purchased.) I think the answer is yes, especially since tax is exempt on the other end when he performs services.

18 years ago I could not leave the hospital with my daughter until the social security number was issued. Mandatory in NYS. As it should be in all states. (Hate it when I agree with NYS.)

ooohhhhhh- it didn't occur to me. My secretary will change the template for the normal letters, but I have never monkeyed with it, and she did not think of it. Awesome. Thank you.

I'm not a sales tax expert by any stretch of the imagination, and NYS sales tax does seem to take some imagination some times. Client is in linen/laundry business. Is required to pay tax when he buys linens. Does not charge tax on most of his service. He mostly provides linen service to hospitals, nursing homes, restaurants. Occasionally private party. Client is buying used equipment and used linens from another linen business that is retiring. Lawyer calls me and says they have to pay sales tax on the equipment but asks if sales tax is paid on purchase of the used linens.

We send a copy of the extension with a letter that says we have filed the extension for you. But it would be handy to have that built in.

SaraEA - Thank you. i appreciate your honestly!

got one of those this year too. guy donated a model ship worth $14500. Can't seem to get the papers back from the appraiser.

I'm just going to scream. I can't pick up an easy client this year! Morgan Stanley reports under long term non covered securities: "NYS DA JUDICIAL 7375 16JLRG 5,000 Qty, Sold 07/01/2016 $5,000 Proceeds, Not on File, Not on File, Not on File" JLRG stands for jurisdiction license reference guide. What the hell? More Riesling, Please. The guy was in the middle of a messy divorce during 2014 and 2015. Do you think the broker had some extra money hiding? Has anyone seen this before?

Love it

After a while - anything is "riesling-able".....HAHAHA

UGH! Another question! I'm tired of messy clients this year. Now - another new client. has had a rent-to-own deal on a property that since 2006. took money on schedule e as rental income. but - it should have been a 6252. the property was paid up in december 2015 and the sale closed right at the beginning of the year so paperwork fell into his 2016 folder. if only i had never known. The sale price was contracted at 28000. payments included interest detailed in the contract at 8.5%. paid in total 37200 (all reported as rental income). House on depreciation schedule at 42000 plus land of 4000. A/D is 20006. So basis is 21994 plus land of 4000 totals 25994. I don't know what to do with this. Now let me try to rationalize my way out of this - I only have last years return to look at, but he takes a loss on schedule E which is basically the "travel" ,insurance, tax and depr. (some might wonder why I put quotes on travel expense....) Last years loss is 2000, so no 8582 limitation. He also itemizes and could have put the tax on schedule A. He would have had reduced tax rate on cap gains, and he would have reported interest income. (wonder if the buyers took an interest expense......) Interestingly he has lived in NY for all this time, and has always sent his tax info down to some guy in GA. What do my ATX friends think of this? I'm going home and drinking a nice glass of Riesling - that will help me decide.

perfect.

Thanks for letting us know. I appreciate learning what others are doing since I'm pretty much on my own island here in western ny

I have 4 of them this year!

I have a couple clients that are messing around with hobby-kind-of-stuff, that they content are businesses that they are expecting to make it profitable someday. And I say "yeah right" privately, but I am wondering if someone has a form letter that I could steal.

what are you doing? putting it in a csv format?

haven't had that error all year until the last week or so. wondered if we needed an update.

I have not used this form before. this year I have a client who lost his records and I was looking thru forms and disclosures to see if there was something to say that we are using some estimates on the return. Now - the thing is - this is not a high dollar client, and heck - i bet half the time I get estimates anyway. But, the question is, how often does anyone use the 8275, and is it supposed to be used just for positions taken, not just some run-of-the-mill estimates made on an individual return. Just one thing after another this year.

I just hate the home office deduction worksheet in ATX now. A few years ago it was quite straightforward, but now its cumbersome.

I want a slow week........

thank you for making sense of it.

I'd rather deal with the IRS than anyone from NYS tax and finance. Just sayin....

I have never posted so many questions on this forum. Remind me to make another donation! Client receives SSA-1099 with 120000 of benefits, much of which is for 2012, 2013, 2014, 2015. During all of those years she was married and filed MFJ. Divorced final in 2016. Now filing HOH. During all of those previous years her X received SS benefits. My client received SS benefits in 2015 only. Looking at the lump sum worksheet. First line - enter the total amount form box 5 of all your forms ssa1099 for earlier year plus the lump sum for the earlier year. ok - I assume I am only putting my client's ss benefit, not her now estranged spouses benefit.(?) But - line 3 - enter AGI. Well - if I'm only counting her SS benefit, then why am I putting their AGI. Then move to line 7 - enter taxable benefits reported on your return for the earlier year. Ugh - do I figure just the amount that would have been reported for my client's portion of SS benefits, or do I put their combined taxable benefit. Do I need to go thru lump sum worksheet for each previous year - for the husbands taxable benefits. I guess my question is - do i try to separate hers from his as we look back, or do I take their combined each year. I beginning to believe there should not be joint tax returns, that we each should just file individually.......

a few years ago i had a situation where a mom would always claim a child, when the child lived with the dad. Then we would just attach a signed statement, state who's return the child was on, and that's it. it would fly and the dad would get his rightful refund. but that was in the low-tech days.