schirallicpa

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.

This tax season has been taxing -

Thank you guys!

If the property is held jointly, they both get their half.  But why are you not filing jointly?  Is filing separately actually less tax?

I'm not sure if this is a dumb question or if I just need to go home and go to bed.

This year is the initial return showing a loss.  But - do I need a K1?  And does the K1 go to the child that the trust is for?  Or is it the trustee who is handling the trust for him?  

They are corporate returns.  But don't know if I can still efile this far out.

If I have to fill out 8867 and attest to anything I charge 90 more.  Ed credits and child credits counts as 180 more.  Sorry Charlie - I am not into attesting that I know all your dark secrets.

Do I still need to put each rental on a Sch E if they are in fact a business and used as primary source of income.  They own several rentals and definitely meet criteria to be considered NOT passive.

I have a client in the exact same situation.  He had a 1099NEC.  I put in on a Sch C and charged the SE tax.  It's considered a consulting fee and he does not have set hours.

OMG - I just have to share this continued mess up by NYS

I tried to set up an account for my client.  When I put in my email address it told me I already had an account.  Hmmmm - interesting.  So I clicked on the button that said they would send me info regarding this account I already have.  

And it came back to me addressed to my client.  And they gave me the username.

When I went to log in again with the username they gave me - it was entirely someone else's information that I have never helped set up an account for that my email should in no way be associated with.  

So somehow NYS has mixed up me, my client, and a stranger into a big ball of NYS wax.  

Thank you - 

We tried to call the NYS marketplace health insurance as well and they told us he hasn't had marketplace ins since 2017.  This guy is so mad about this it's not funny.  

yes - i understand what the error is.  I was not sure what the binary attachment for ACA explanation meant

Error code says this:

Client swears he's only had Medicare thru united health.  United Health shows only medicare.  Cannot find the 1095A that was supposed to be sent in Jan.  Cannot seem to get anywhere with United Health for pre-medicare information.  

Considered just putting in any ol number and waiting for IRS response.

So what's this binanry attachment that they speak of?

Nothing shows up in the task manager other than ATX so I don't know if there is other crap running or not.

And - as I mentioned - I had tried to change the memory configuration as directed earlier, but apparently, I do not have rights to it and cannot change it.  I don't know how to change that.  Why don't I have rights?  This summer I will look at different software.  I have been loyal to ATX for a long time, but I just don't have the time to re-boot over and over each day.  And as the returns get more complicated the worse ATX gets.

I have tried to go into the memory that was supposed to fix my problem with crashing.  But it has not.  Here I am at 10:30 in the morning crashing.  I find it happens regardless of having adobe or any other program open.  This is on a brand new PC.  I'm really disappointed in ATX for not getting this fixed.  I dealt with it enough last year but think it's worse this year.

I might hold out a little longer for the paperwork.  I have an elderly mother with the same situation - and guess what - it wasn't really rolled over.  It was just put in a bank.

Shout out - is what SO means BTW (by the way). (I'm UTD (up to date) with my texting skills with 2 young daughters.)

Remember when we had one big schedule E and we could just fill in the blanks and not have to go from one input page to another to another to another to another.  It just sucks when you have multiple properties.

I have a new client with property in NYS where they grow christmas trees to sell in VA.  They have only ever filed NYS returns.  I feel like maybe VA wants a cut of this.  I can't believe they haven't filed VA.  But want to confirm because I just cannot think on my own any more.

I have not had a single easy tax return yet this year.  

In this case, the Taxpayer adopted their nieces.  In the one case, the father is dead.  In the second case, their father is in jail.  Both from the same mother, the spouse's sister.  The mother has been ruled as incapable of taking care of her children and they - the state of PA -  was going to place the children in foster care.  My client stepped up to take care of them and has actually had them for the better part of 4 years.

Does this qualify for special needs, or do we need some special paperwork from the state?  

Last year the 1065 was 2 partners that were working on a solar project - they have successfully created a solar field with $320000 worth of panels and installation and will start generating power this month.

During the year 2022 they were able to bring in about 30 other people who will be basically just paying for their share based on their usage.

I'm thinking these 30 some partners will be "limited. " They are only part of the partnership so they can get cheaper utility bills, but not really making any decisions.

However, they have given voting rights to partners based on their expected usage.  So...maybe not....?.......

Yes, I am posting this knowing someone is going to tell me to look at the partnership agreement.  So far I haven't laid eyes on one.

I tell my clients to take pictures of everything they have that we put on the tax return.  When they buy it, when they have major overhaul.  And with vehicles a picture of the odometer at year end.  Or if its a pick-up truck, and has to haul trailers, take a picture when the trailer is on and loaded.

We had a logging company that had an Oscar Saw mill.  Any quick google search shows you it's a piece of equipment, but our IRS auditor who lives in NYC thought it was a building and wanted to depreciate over 39 years.  We sent a picture.  

"Down by the old, not the new, but the old mill stream..."  Nope.

If she keeps giving you a run around ask to bump up to the manager. 

My body can't wait to get away for a couple days.  My brain is having a fit about it.

1 hour ago, cbslee said:

This article in The Tax Advisor covers all of your options:

https://www.thetaxadviser.com/issues/2014/sep/tax-clinic-06.html

I think I'm going in bigger circles.......I'll have to revisit this on another day. 

Maybe I'm just going around in circles - 

The SCorp Taxpayer sold assets in installment sale in 2021.  All of the 453 reporting and pass-thru worked fine. 

Now - the SCorp wants to close up and report a final return for 2022.  Will all of the rest of the installment need to be reported now in 2022?  But that seems unfair as the term of the note is 10 years. The shareholder should be able to continue the deferment over the term of the note.  But what are the mechanics of reporting that?  

Does the corporation need to stay "open" for the rest of the term?  I don't think it does, but may make my work easier.