schirallicpa

Thank you for the reference DANRVAN. And as always I appreciate every one who helps out when we all have those "I can't think about this any longer" moments!!

Ok - I just cannot get my mind around this. TP purchased property in 2004. Reported sale in 2011 with gain of 12K reported on 2011 return. Basis at time of sale was 39K. Was sold on land contract and TP reported interested each year. 2015 buyer walked, and TP repossessed. I reported additional gain on repossession of property of 3K. Now, in 2016, they decide to rent it. I'm not sure what my basis is now. or do I amend to remove the reported gains? Too early in the tax year for basis questions!!

Yes - please - I would like to see what you send them.

Are they down for the inauguration? just kidding. Does anyone have another number?

Are you kidding me?! They want my signiture on letterhead stating that the guy owns his Sch C business. Unbelievable.

thought we were supposed to be able to start this week?

when will the DOJ start paying me for doing their police work.

Does anyone have an agreement contract for this. I am finding myself in the middle of too many divorcing couples where they are not on the same page. I want a written agreement in place for the grey areas - confirming that they both agree to file separately, that they agree on who gets what deductions, and they agree on who gets which kids. Any suggestions? My engagement letters don't get into to this stuff.

it always amazes me that clients think i am automatically their retirement expert as well as their tax expert - and lets not forget financial investment expert, real estate expert, and all around "I don't want to bother to ask my lawyer so i'll bug my accountant" expert.

(I feel like this question has been asked before) Client wants to retire in the summer when he turns 65. Born in 1952 so full retirement benefits won't kick in til next year. He will earn $35000 up to point of retirement. Does the $16920 limit on earnings start the day after he retires and is that annual? In other words do I start counting towards the $16920 limit the day after he retires? And the money he made before he retired doesn't count toward that? And - it's not a monthly amount? Again - in other words - regardless of the date he retires in 2017, he can make $16920?

client is buying a house and the realtor has just told her it is a short sale. Wanting to avoid any potential problems, but just thinking out loud - are there any possible tax ramifications?

the Jan 31 deadline stinks. we don't even do many payrolls, but it's always a cumbersome task to upload to the SS office, and it never fails - the program doesn't like my browser and I have to download firefox. just don't like the task and have never been ready for W2's any moment earlier than they day they are due. So what's the penalty when everyone misses the deadline? And while I'm at it, let me ask this question - how late can you file 1099s??

It's time to buy a new one. If I know me - i'll stick to pc because it will cost less. But I have had some viruses this year and have been told by Mac users that they don't get viruses. And having my computer for the purpose of doing tax returns, thus having way too much personal information on my computer for 100's of people - well, that makes me nervous to think that someone might hack in. Not that I don't use virus and spyware programs - which I had programs running and updated this summer when I got the virus that shut me down. Come to find out, there were a number of viruses on my computer when we got it cleaned up. The new windows 10 has not exactly left me feeling warm and cuddly with my computer. Plus - of course, - my kids want me to get an apple. They have grown up in the age of apple. I grew up in the age of DOS, and Mac people did CAD. So - thought I'd post the question and see what anyone thought. Thanks for your 2 cents.

I finally saw The Accountant this weekend. Brings a whole new meaning when we say "I'm going to shoot my client." I was with a friend of mine when we saw it. I was laughing the most about the fact that I don't know any accountants in that good of shape! I haven't ran stairs or jumped banisters - ever. And I do like donuts................

I think this situation may get a little sticky as I have inferred from the relatives, that not every one is happy. The lady died this summer, and named a neighbor the executor of the will. The children and nephews have not all signed off on paperwork yet and the court has not issued any paperwork stating that he is appointed as executor. The 1310 requires that I send such paperwork in. The question is - can the refund be deposited into her estate account directly, without having to deal with this. Or maybe into the attorney's escrow account. I know this is going to drag on well past Oct 15 and would like to have her tax return done.

thank you so much! and no more passwords..........

I am not sure entirely why we put a password on a return, but now we can't remember it. Help.

And the TP was insolvent. It was a classic IRS response - TP must be insolvent. Here's your voucher to pay up. Well - no kiddiing IRS. If he weren't insolvent, he probably wouldn't have a 1099C! I've never had the IRS not accept form 982 - not that I do a whole lot of them. Should I just send them a copy of the 982 asset and liabiltiy worksheet thats in the Pub? What happened in this case is the TP got a notice in 2016 that his 2013 tax return was changed for 1099C that he says he never got. The 1099C was for almont 13K. And I know the guy and I know he had nothing then after getting divorced. No house, only a junky truck and a motorcycle. Both worth less than the $13K on the 1099C. So I filed the 982. now the hard part is going back and finding what he really did owe on things 3 years ago. Wondering if anyone else has had trouble filing 982

1 - wondering if anyone has a sample engagement letter for delinquent returns? 2 - wondering if anyone charges more for such delinquents?

I have a couple that were filed in July that are sitting there "being processed". Wondered if IRS had taken a little vacation. Perhaps they have a beach address that it should have gone to.

And to boot - this is the 2013 return. So whatever the previous tax preparer did in 2012, 2011, etc is not amendable...............

I know - that's the other half of my brain thinking - this isn't right to begin with. Leave these losses suspended.............

This client is new. Has "always" owned the building she operates in (as an attorney) and has "always" paid rent to herself on Sch E. Then deducts utilities and property tax on Sch E. Has a carryover on 8582 in Sec 3 "all other passive activity" - not in sec 1 "rental real estate with active participation". Am I missing something? This means that she has carry forwards that could have been taken over the years. Why wouldn't this be active participation?

The hair on my neck stands out when I see him. I hope wherever he ran to keeps him and he never comes back!

http://www.cnbcprime.com/american-greed/ Watch this show this Thursday. I'm sure many of have seen this story over the last few years. He sued Mark Zuckerberg for 1/2 of the value of Facebook, claiming that he had an interest in it. He was charged for filing a fraudulent suit, and was supposed to return to court. During that time, he was to wear a tracking device. He lived here in Wellsville, NY where I work. He had hooked up a bunch of contraptions in his house to move the tracking device around, and he had lights turning on and off on timers. And he and his wife and kids left the area. Everyone thinks he is in Ireland, where his grandparents had been from. Many years ago when I first hung my shingle here, he came into the office and proceeded to tell me how he owned a satellite photography type business to take pictures of intersections for insurance companies, how he owned some other social website business (and he may have been talking about facebook then, but no one had heard of it yet) and how he owned our local movie theater. Then he proceeded to ask me to help him protest paying tax, and how tax was voluntary, and that whole thing. I told him that I was not interested in helping him. He then proceeded to make fun of my small office and berate my business and abilities. I then had asked another client what he knew about him and he told me about how his parents had scammed a bunch of people in town and filed bankruptcy and went to Ireland. To my knowledge he never owned the local movie theater, and I don't know anything about his photography business or his social website business. We never got to any business after he told me his intend of not paying tax. About 5 years ago, he was in the business of wood pellets. He "pre-sold" wood pellets to a number of people in Wellsville area for the tune of $200,000, and then never made good on delivery. Then Attorney General Andrew Cuomo charged him. http://www.businessinsider.com/paul-ceglia-allegany-pellets-sued-2010-7 I'll be interested in what else American Greed turned up on him.