schirallicpa

Client is a new corp. Didn't realize she had a March 15 deadline.(calander year). Now if I file a sub s election with the 1120, will the IRS even consider it since we missed a filing deadline?

usually land transfers do not differentiate timber from land purchased (transferred). sometimes you will see someone purchase land for the specific purpose of timbering, and then they have a price allocated. Most of the time, timber is not considered and just part of what you got. And most of the time it doesn't make that big of a difference to the tax return because it is capital gain. I really get annoyed when someone takes the gravy, still owns the land that will produce trees again - and still tries to avoid paying a little tax on it.

I remember years ago dealing with a similar situation and at the time I was working for a larger firm, so I did the front end work on the return, and then the managing partner finalized. So I'm digging thru cobwebs. But as I remember, the Partner leaving with negative capital ultimately had income on his K-1 for the forgiveness of debt. It doesn't seem fair and it has made me tell all my clients to avoid partnerships. But if you think about it, it will make sense and if you work thru the debits and credits, the accounting will put it where it belongs.

My client is a NYS resident. But stayed in NC for a while last year, and in fact had the address on their pensions changed to the NC address. Now I'm looking at the 1099Rs and it shows the state as NC in box 13, but no amount in one of them, and a small amount (4200) in another one. And I hate to have to file a NC return. What does the forum think??

On the 8283 page 2 there is a place for the donee's signature and a place for the appraisers signature. Of course those both of those folks happens to be hundreds of miles away. However, they have both supplied signature on letterhead when the donation and appraisel was made. Is that sufficient to mail in with the 8283 - or should we mail out the 8283 for signature.

just double checking. thanks!

If I understand this right (which I have never prepared a military return before) only if you are reservist you take Form 2106 on page 1. Active military cannot - their 2106 goes to Sch A. Am i missing something?

the 8962 is adding social security income to modified AGI in calculating the annual and monthly contribution amount. However, if i look at the 8965 "household income below filing thresshold" box is checked (box 7a) and that modified AGI does not include social security. I'm confused!

I was at my cousin's funeral memorial this weekend. Loss of pet or loss of kin, it was not a good weekend for tax returns.

Last week's Kiplinger Letter talks about the IRS's future corresponding via email and text. I hope they do not. I tell all of my clients to never ever respond to IRS email or text. I think if the IRS opens that door it will be nothing but trouble. Next we'll have the IRS on Snapchat!

I have worked for larger corporations in the past and their ability to set up reserves and manipulate figures was one of my reasons of getting out of big corp. I find it absolutely unethical that the corps that forgave the debt 4 or 5 years ago can control when it is reported. I feel a letter to my senator coming on.............................

Always. I charge more to do a partnership or corp return, and I make sure the return reconciles!

that's interesting. I will take a look.

I have a client that is telling me how old these debts are that he is not getting a 1099C for. And it is raising some questions in my mind. The rules say that the 1099C has to be issued by Jan 31 of the first year following the date of cancellation. However, he's telling me that this debt is from several years ago. And what also stinks, is that this debt was in his name and soc for his wife's car. they have since divorced. So she is scott free, and he gets this out of the blue several years later. Not fair. I don't think we can contest the amount, but is there any way to contest the date?

The sad part is - i am losing a couple of big clients to HR block this year.

I thought so, but boy it sure is nice to bounce a question like that out here on this forum just to be sure . Thank you!!!!!!

Can I add a question to this question? Same situation - 20 years old child, resides at home, provides her own support. However, only a student for part of the year. Then went into the Army in August. Does she still qualify as EIC?

According to Policy statement P-5-133, only six years of returns should be filed in a delinquent return situation unless IRS pursues older return (because IRS suspects fraud.) File 6 most recent years. If IRS advises more needs to be filed, then file more. The IRS usually will not pursue more than the six years.

clients are such a PITA. If only we could do this work without them.

I'm running into this more and more. One party of the return will ask that I provide a copy of the return to a bank, and the other party will not provide consent. It's putting me in a bit of a hard spot. In the latest case, the husband claims since it's a joint return, he owns it as much as the wife does and should be able to share with whomever he wants. The wife does not want him to share. I have a bank requesting the return for a loan approval. What type of procedures do other firms have in place when asked for copies of returns. (Yes - of course they were given their own copies, but of course they cannot find them and I got dragged into this.)

I have recently moved my office. I am going in circles trying to figure out how to update the info for the many many NYS POA's. Is there such a tool available?

thanks for the ideas.

a couple years ago someone on this forum shared info about a drop box that they had installed where their clients could leave their many piles of papers. It was a decent size and not a mailbox. I am wondering if that person - or anyone else who has one - could share info again as to where they obtained it and how they installed it. I previously was in an office wherre there was a very large mail slot in the bottom of the door. Now I have moved, and my mail box has limited slot space.

i was considering doing that as well.

well - received a 1099 from Seneca Gambling. Apparently, your name was entered each time you played certain games at the casino. 1099 was for 20K. The marina that provided the boat , bought it back for 16K a few months later, because client did not want boat. So client gets stuck paying tax on 20, even though in the end they only got 16K. But - still - they got 16K more than I did...............