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ILLMAS

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  1. TP is in construction and in late 2021 they received $100K for work to begin January 2022, under cash basis can this money be classified as a client deposit or advance and reverse it 2022? Thanks
  2. TP received two 1099-C, one was for a foreclosure on a rental property and the other one was for deceased spouse debt and because of the foreclosure, they now have a capital gain on the disposal of the property. I know the foreclosed property is treated as a sale (Form 1099-A was not issued, but sales closing statement was provided), but can the gain be excluded on form 982? TP is insolvent and not in bankruptcy.
  3. TP said way less now after new roof and rafters because there are so many empty spaces and buildings for sale in the area, (like in many different places, businesses didn't re-open after COVID) they can ask for $200K or more if they want to sell it, but what ever is selling is going for 20-30% less than the asking price. TP also mentioned that in a refinance appraisal, the new roof might increase the value, but not if they wanted to sell it. I know the area and have other clients with businesses on the strip.
  4. The new roof does make my client better off in case they wanted to sell the building, the building's value did not change and more likely the value of the building is less than it was worth last year. The building is located on a one-mile strip of nothing but retail businesses, high vacancy rate, high property taxes and very low rents. I see it as they were made whole, not better off knowing their circumstances.
  5. TP commercial building roof was leaking and a claim was made with their insurance, insurance company denied the claim because the roof rafters had sagged due to age. The whole roof top had to be torn down and rebuilt at a cost of $25K, plus the insurance company was ready to drop them if they didn't get it fixed, does this sound like a major repair or improvement? Thanks
  6. Look up the companies annual report in your home state website (secretary of state) and send them a copy of the annual report.
  7. Can someone confirm if PTC excess amount has to be repaid for 2021? Thanks
  8. EIC should automatically populate first, then form 8867, have you entered the new data that would qualify the client for EIC?
  9. Gets your hands on a older version of QB, I have client that is still using 2010 version.
  10. I kind of remember a story about a CPA firm that sent a voice to text message to a accounting department "Send the documents to the Feds" and it was transcribed as "Sent the documents to shreds", I think they are no longer in business.
  11. Have you asked if the production goals are duties under his/her supervisor roll?
  12. TP developed land and many years later the county reassigned a new address, is there special form to let the IRS know the rental property address changed or would it be okay to just to change it and continue as is? Thanks
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