schirallicpa

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.

I think the issuance of the covid checks has prompted some of it. Normally no one thinks about taxes until they get their W2.

This gives me a headache. I have 2 computers with ATX. The front computer my secretary uses and inputs the basic information and does a back up. I take that and finish it on my pc. I've been doing this forever since the networking didn't really work well for me. Anyway - now she needs my phone to log on. Nuts!

I have had 4 phone calls wanting appointments and 6 people emailing me this morning about appointments. It's Jan 6. Lay off people. I haven't even figured out what day we're doing appointments yet. Good grief.

Wait til we can efile again? or inundate the IRS with paper filed amended returns?.......hmmmmm I have had a client call this morning. We did miss the extra refund on his return. But we had a note in the file that he said he had received it. No paperwork though. Now - he says he didn't. Why IRS? Why?

Enjoy a few days before those 1099s start rolling out.

I had a WC auditor come audit my tiny payroll which included my kids at the time. I remember him asking me what they did with their money. I told him I didn't ask me other employees what they did with their money so why would I ask them. He just rolled his eyes.

Does status indicator roll over?

We never received anything back from NYS

My client sent in the certificate of dissolution to the NYS DOS after filing the 2023 return marked as final. NYS DOS kicked back the submission and told us we needed consent from NYS Tax and Finance. What else does NYS want? Was tax and finance supposed to send us something?

And the Taxpayer admits he should have looked at these returns. Well - the preparer didn't go over them with you? No questions? No getting to know the business better before slapping down your bill? At least he will get some of 22 back and 23 promises to be a good fix as well. My fees will be considerably more than his previous guy.

Client brought in 2023 for me to take a look at. He has an S corp (100%) and personal. I was in shock at what the balance sheet looked like and asked him about the huge amount of cash it showed and large RE balance vs what he had on his bank statement and what he told me he actually had going on. Wow. The previous bookkeeper liked the "undeposited funds" account in QB along with the "opening equity balance" account. Tax preparer lumped undep funds into cash and credited retained earnings on the Sch L. Good grief it is a nightmare. So he brought in 22 and 21. I went thru 21 and he would have about 21K of savings on his personal return. about 2 months too late.

I believe that if fraud happens with a credit card that the CC company must assist you and make things right. However, if the fraud happens with a bank or investment company, they are off the hook, even if they have been less than vigilant in protecting your funds.

(Me and my dumb questions....) Do I file an amended return? I swear - I didn't come up with this question, my staff did, but now I am wondering....

I just cannot believe the number of people who pay HRB for money that they would get in a couple of weeks anyway. I offered to take my fees from refunds a few years ago and NYS stopped you from being able to do that. Big Brother here always so helpful. But I never have offered the early refunds. It's nuts how much it costs and is completely unethical in my opinion.

Hard NO

Yes - the LLC is single member in all 3 cases. The question of whether land was transferred to S-corp confuses me. The land is owned by the LLC. The LLC is treated as an S corporation. So does that mean the land still belongs to the SMLLC vs the LLC treated as an S? The entity is the same, but the tax status changes. I'm going around in circles. Someone straighten me out.

Not sure why she felt obligated to file for him. I have a situation similar to this but the surviving spouse has not filed for him yet as I questioned why she should. Afterall - MFS....Hate to sound like a jerk. But it ain't her problem.

I've suddenly got 3 of these. All of which have had an LLC purchase property. The LLC holds title to the property. And the LLC runs a business at that location. (One's a pizza place, one's a real estate office, and one is an open sports arena place). Then - they all elected to become S corps. Now they are all looking at me to help them with their corp returns for 2024 and review those 23 returns. And 2 of them have the corp paying the member rent. Huh? So now this land is in the corp? And now we need to get it back out?

The mailing address for IT-201-V is PO Box 4124 Binghamton NY. Has been for a few years. My client has attempted twice to send voucher to this address and mail has been returned. "No mail receptacle. Unable to forward" What's going on?

My router died on me yesterday. Spectrum. We know a guy and he knew a guy and tech service came and replaced the router around 4:30pm. I had 1 return left to send. And can you believe it rejected because we needed a damn PIN. It was 6:45 when I got the rejection and called the client. They called the IRS and I went home. At 9pm she finally got an answer, and I sent the efile this morning. Hopefully we can waive the penalty because we did attempt to file on time. (Although it did kinda serve them right - afterall, I had had the return done since June and they didn't want to pay the tax.)

ugh! A schedule c client was audited. 2017 and 2018 was audited by IRS and changes were made. The Form 5278 Statement of Income Tax Changes did not address 8995. The audited was concluded in 2022. We had losses carrying forward on the 8995, but now in 2023 we have an income. Now I am reconsidering the loss carryforward and if we had the right figure after the changes that the IRS made. Just throwing this out there. It didn't seem important at the time as we were arguing about whether or not a pole barn was a commercial building or a $37K Oscar sawmill was a building (no), so the 8995 was new, and the amount carried was overlooked as the client had losses in the subsequent years. So as I sort this out, I'm just going to suggest to others that we all keep an eye on those carry forwards and make sure they make sense.......

Taxpayer had a salaried position in 2021 and did not keep a time sheet and nor did his employer. Taxpayer owns over 40 rental properties that he spends all of his free time dealing with issues at different places. This is not passive for him. But - he does not keep a daily log of his activity. NYS is wanting a detailed log of his activity and they want to know what hours he worked in 2021 for his former employer - which neither exist. This is so very frustrating to me because there is not a single person in his right mind that keeps a daily log of the houses they are doing maintenance on when they have rentals. Now that he is retired, he has bought more properties and has even more maintenance calls and collection efforts. Anyway - what's the best way to handle this? NYS has been hammering taxpayers and I feel this is just too much.

Taxpayer and Spouse have filed separately for the last couple of years. They have a child. The Taxpayer had a huge tax debt and we have been able to get Spouse in to Federal CNC status. The Taxpayer died in April 2023. I do not know if the Taxpayer filed or would need to file. Does the Spouse continue to file separately for 2023? Or can she claim Surviving Spouse? I don't want the IRS to come back on her again. We are in NY - so still fighting NYS on her CNC status from 2021 and 2022. I am inclined to file MFS. But - of course - more money as QSS. Her income is quite low. What would you do?