schirallicpa

Once you have that CPA after your name, you are supposed to know everything. But I need help on this one. A credit union, which has never sold it's holdings before, holds CDs as a "held-to-maturity" portfolio. However, they sold some last year and now NCUA wants to reclassify those particular CDs as "available-for-sale" portfolio. But this would result in changing reporting from cost basis to FMV basis which would ultimately change net worth. The credit union now requires a CPA opinion on classification in regard to this transaction. And I believe I will agree with NCUA. I will be googling away next week and checking my old GAAP guides. But wondered if anyone here knew or had experience with this.

Well - if you saw me, you'd know there is no particular health and wellness vibe with me. And I'm a tax accountant so zen has never entered my life.

I got some weird mail addressed to Zen Health the other day and threw it out. Today I received a notice TR-570 from NYS asking for information for Zen Health & Wellness LLC. I looked it up on the NYS DOS site and sure enough it was an LLC created on Aug 27 with my name and address as the mailing address. So what do I do with this?

Oh - I have. She's one of those "oh I thought you were a CPA" clients.....

New client dumped a bunch of stuff on me and even though I said quite clearly "I don't do payroll" she's one of those "oh - I thought you were a CPA" kind of people and I'm not sure I'm too happy to have taken her on. Regardless, in her bunk was a couple of bills from NYS WC board with charges and penalties. She's been on a payroll (the only person on her payroll) for a couple of years as her company is treated as an Scorp. I don't know anything about WC except I pay a dbl and wc policy thru my local agent and it is peanuts. I told her that and supposedly she went to her insurance agent about it. In the meantime, not sure what to do about these 16K bills from NYS WC board. Can they be contested? Can my POA cover WC? Should I tell her to get an attorney?

I need my taxpayer to withhold 15%. So I have to calculate the semi-monthly amount and take 15% of it and put that on the extra withholding line. That's not an effective method and the form does not allow me to do it any other way.

Is so confusing to older people. And to me. Why can't you just put down a percentage that you want withheld.

Gotta love it when the attorney makes the decision to not file the fiduciary return. And then the client argues with you because "that's what the attorney said." GRRRRR. The estate has over 11K of income!

oh you know - gotta hold the client's hand......

I have a new client that have had their bookkeeping done by another accountant in town and she wants to get something in writing signed by the client before she gives me a backup of QB. Which is totally reasonable. But - being lazy here - does anyone have a basic letter that they use?

I have a client that adopted a child a few years ago and the SS department took 3 years to assign a soc # after the birth and immediate transfer to the new parents, my clients. I have amended the 2021 return for the dependent and I have gotten a letter back that the child tax credit is denied. Of course, because SS# issued after return was filed. Any way around this one? They certainly could use the money. And it's certainly not their fault it took so long for the SS number to be assigned. This one is a dirty move, I think.

You're right DANRVAN - added to basis and not amortized.

Tom - that's basically my question. These costs are significant, but I am not finding any guidance. My thought is that it is in essence part of the larger refinancing and should be capitalized and then added to next years closing costs. But - maybe......not.

This is for rental property. It is not passive - this guy rents on the big scale. This is for a refinance. Proceeds are used mostly for capital expenditures to upgrade property.

Deductible now? This loan is terminated in one year: Granted in Dec 2023 and terminates in Dec 2024 with new mortgage.

I don't know why things have to be so complicated. I shall proceed.............

"Since SMLLCs are ignored for tax purposes, why not just transfer one LLC into the other and just have one entity" How exactly do I do that?

Client and Lawyer and myself want to get this into corp return and off from his personal return to give some separation, and to set up payroll for him and his wife at the corp level. He has some other business on his personal return and I feel he needs this pulled out onto a corp return. However, the first business that he took over was already set up as an LLC. The second business that he just purchased the lawyer has already got set up as an LLC. I don't want 2 separate corp tax returns - woould like 1 corp tax return to report both businesses (they are similar restaurant businesses). I'm thinking I have one of the LLCs elect to be treated as corp and the other one report as owned by the new corporation.

The lawyer is asking me. I am all for a corporation instead of LLC. He's got a lot going on that he needs to get these 2 businesses under one roof.

My client recently had an LLC transferred to him as sole member. He also just bought another similar business and created an LLC for that. I want him to form a corporation. I want the corp to hold both LLC's. How best proceed? Create new corp and the corp owns the LLC's? (LLC's are already set up in sole member's name.) Can 2 LLC's simultaneously elect to be one corp? I feel like this is backwards planning - but you know how clients go.

Client was not able to obtain a birth certificate or SS# for child they adopted in late 2020. The only recently recieved it. Can I still go back? They filed 2020 in June 2021 on extension. I keep finding that the deadline would have been April 15, 2024. But thought if they filed extension they could file amended up until the extension date. TYIA

Thank you Abby Normal for telling us about that. Honestly, I had never seen the permanent data page before.

I have a new client. Not sure why I decided to take on this one. So far everything out of theor mouths has been questionable. But he has a W2 from a church (in Alabama) and claims that Alabama does not tax clergy. The w2 does not list state wages. I cannot find where clergy would be exempt from AL income tax. Can anybody confirm? (the spouse is a "spiritual leader" that deducts $2000 depreciation on her Sch C each year in lieu of a clergy allowance)()

I suppose they blow it off as immaterial when their balance sheet doesn't add up by $2045. But when I try to use it it kinda messes up my spreadsheet. Does my little heart good to show my client that they were way over-paying for inaccurate financials.