schirallicpa

I have a client that has multiple LLCs and I have to generate a separate tax return for each LLC.  I may have complained about the issue before, and can't believe that I am the only one that has more then one LLC in NYS.  

Client owns a rental property and refinanced a mortgage.  The client had not paid 2021 or 2022 real estate taxes and those taxes were  included in the closing costs.  Since he already owns the property, I think these should be expensed, not capitalized and certainly not part of the amortizable closing costs.  However, the client wants to show a profitable tax return.  So I'm kinda thinking about this too much.  

On 5/29/2023 at 8:16 PM, Corduroy Frog said:

I've heard of some professional people (doctors, attorneys, etc) regret entering their profession and would not do it again if they were younger and had the choice.  I don't know any CPAs who would regret such, although they can be under pressure oftentimes.  (I don't know thousands of CPAs but I do know several).

 

I would never ever choose to be a CPA ever again.  I totally regret entering and staying in this profession and would not do it again.  And I will tell any young person considering accounting/CPA to get out.  It is the most underrated, underpaid profession that anyone could get in to.  So much stress and so much expectation in exchange for a gripe about a bill. 

Back to the investment people that have convinced my not so rich clients to convert all their Traditionals to Roth.  In my area, most of my clients will pay higher taxes now as they are working class.  And they will have less income when they retire.  So whose making money on conversion transactions....

Gee - just looking at Form 3115 for the first time ever myself.   I will look at brasstax.  I have a client changing to accrual method. 

Client purchased an EV earlier this year - new - and is eligible for the tax credit.  However, he wants to upgrade now and get a bigger, nicer EV.  He's trading in the first on the second.  Can he take both credits?

Of course NYS is considering it.  NY would hate to miss out on another opportunity to tax us.  

If you caught the NBC evening news last night NYS was #2 (California #1) in most people exiting their state.  Wonder why.  

Hate H&W partnerships.  Just sayin.....

We just attended the Alfred University graduation ceremony last week.  My younger daughter sitting with me could not believe how few accountants were on the list of business students.  And we also noticed they were all guys.  In fact, the entire business school there is mostly guys.  Which is the way it was when I was there.  I think we squeaked out at least 12 accountants.  In 1990.  But I am telling kids all the time not to go into the tax business.  I don't want them to have this stress.  

I do a handful of nonprofits, some are charities.  Of course, this year the NYS Annual Filing CHAR500 is to be filed thru the online system.  Sounds simple enough.  My first go around with this is still in limbo because the signatures are sent to officers via docusign, and in this case the 70-something year old officer got totally confused with docusign and we can't seem to get her straightened out.  

The second one to set up had not set up their online account yet - cause like most NPs they have no clue.  So we went to set it up and the program said that the status had been cancelled.  I know for a fact that they have filed every year and they should be good.  Did a look-up in the system.  Turns out that the 6-digit NY registration number that they have used for the last several years is assigned to another organization.  I have records back to 2014 and we have done this return for longer than that.  Nobody in NYS has ever noticed.  SNAFU 

Wonder when IRS is going to start taxing money received from GFM as taxable income.  There are some out there that are living off GFM.

I worked for a regional firm as auditor for a couple of years after college.  (After interviewing at Pricewaterhouse, where I felt completely overwhelmed with their better than you attitude.)  We had a fairly large company that we audited.  They had a parent company with 4 subsidiaries.  I learned how money was laundered, how profit sharing was manipulated, and how this company's employees could steal money on the lo from the company and customers, as long as it was "immaterial."  My job was just to produce paper with checkmarks that indicated everything was good - or any impairment was immaterial.  Their fav word.

A local town had it's blue box set on fire.  

right - no foundation.  Probably a slab with tin on stringers. - I will take 15 years on these.  It's certainly not a commercial building.

A little pressed for time to have a system error......

Catherine- if the IRS would just use words like "poof" we would be able to do our research a little more efficiently!

My client is a NYS resident and gambles in Columbus.  The casino withheld state and Columbus tax.  I have worked thru the state return and have that all set.  Is there any thing I need to do for Columbus?  Or do I just claim the credit on the NYS return and call it a day.

I doubt I'm the only one doing farmers.

The fact that our efiles now go stale after 5 days drives me nuts.  I always create the efile when I do the return so I make sure I've got all my errors fixed and so it gets into the efile menu and isn't forgotten.  And lo and behold my client comes in on day 6. And then I even like to wait another day so I don't get the "oh i forgot to tell you" phone call. I waste so much time re-opening and re-creating.  GRRRRR grumble mumble.......grumble mumble.....

Client wants to make an initial payment with the 9465 - as required I think.  But on the 1040 EF info page I cannot figure out how the payment works.  Or will it just work with/thru the 9465.  

Does that question make sense?

I'm trying to break a record on most questions this year.

I had a client bring me some wine yesterday!  I never get gifts.  I'm so happy.  

pointless explanation is high on my list this year.

yes, I believe that is correct.

Early in tax season I took off for a weekend as my youngest daughter turned 21 and we went out of town for the night. 

Then my oldest daughter had some medical issues and I took off 4 days in early March. 

Then we had to go to a wedding out of town.  2 more days.

Now my aunt has passed.  I feel another day and 1/2 coming on.

Then it's Easter.  As much work as I have I cannot and will not work on Easter weekend.  I never have.

So what's that leave us........

More extensions than ever.  Ugh.

How's the rest of the gang doing out there?

(I feel like I'm asking a lot of questions lately...)

This trust is set up from an estate that funded the trust for the purpose of community development.  The trust funds are invested in stocks and had about 10K of investment income.  The trust did not spend any money because it really only got going in December.  (There are 3 trustee that are trying to write bylaws etc on how the money will be spent and how they will decide.)

So - since no money went out, does the Trust just pay the tax?  Presumably the trust will outspend the income in the next few years until all of the money is spent. 

And the trustees take no draws themselves.  In fact, they are not named to take any benefit from it.