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ILLMAS

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About ILLMAS

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    IL

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  1. New client wanted for me to run payroll for them, I charged them X amount to set them up and to input all the YTD information and be ready to process payroll. Now they come back and say they want to run payroll themselves in QB and need to set it up in their QB online, it hasn't even been a month of me setting up their payroll account and now this. Would you charge again? They already went ahead and subscribed to QB online after I told them the desktop version would be better to work with.
  2. ILLMAS

    Phishing email

    I did recommend for them to call the IRS and to explain what happened (actually happened today) and see if they qualified for a PIN.
  3. A client of mine received an email having them verifying their SS#, TP responded with the correct SS#, besides notifying the three credit companies, FTC, local police, should they notify the IRS even if there is no fraud yet? Also, if you can think of another department they should notify, I would share it with them. Thanks They will be notifying SSA too.
  4. New form should be fine, I used the new form for the 2nd quarter and all you do is leave part 3 blank. MAS
  5. Interesting.... Let's see if more people agree with this.
  6. I was envisioning more like a vehicle trade-in, not an like-kind exchange which will probably net the same results.
  7. TP delivers baked goods to all of their customer assigned to their route, TP paid $60K for the route and has taken amortization of $23K = $37K basis. The bakery they delivered for, bought back the route for $130K and resold the route back to the TP (minus a couple of stores) for $100K, TP received a check for $30K. Option One Original Cost $60K Amortization -23K Basis $37K Sales Price $130K Less Basis $37K Gain $93K New Route $100K on books TP pays taxes on $93K Option Two (trade-in) Original Cost $60K Amortization -23K Trade-in $40K New Basis $77K Sales Price $130K Gain $53K New Route $77K on books It seems option two is more beneficial to the TP, but can one do a trade-in on goodwill? Thanks MAS
  8. The best we can do is give them the 800-829-1040 and let them call for themselves, its very important for them to know what is happening is not within our control.
  9. If I remember correctly, you need to prepare a workpaper separately, then enter the figures on ATX or any other tax software.
  10. ILLMAS

    No BS

    I am going to say an a yearly election was never made, plus the house was never a rental, don't know if that makes a difference now? Thanks
  11. ILLMAS

    No BS

    “the attorney has provided the setup basis from 10yrs ago, and also has kept records of all the cost of maintaining the property over the years (will be capitalized and added to the basis). “ There was no expense deductions at all, everything will be reported in 2019.
  12. ILLMAS

    No BS

    Let’s say I put the house as an asset in 2019, it was sold in 2019, so the asset information disappears from the balance sheet: stepup basis: 200,000 2009 to 2019 expenses: 100,000 Adjusted Basis: 300,000 Sales Price: 290,000 Loss -10,000 cash in bank 5,000 Difference 15,000 Where do you plug the 15,000 difference to balance?
  13. ILLMAS

    No BS

    One more question, would it be okay just to prepare a short year 2020 final tax return (paper file) and/or do I have fill out form 3115 to request the short year? Thanks
  14. ILLMAS

    No BS

    As the above title says, would I have to prepare a balance sheet for this scenario: Multiple family members inherited a property, the estate attorney created a partnership about 10 yrs ago, the housing market in 2019 was great and they decided to sell, the attorney has provided the setup basis from 10yrs ago, and also has kept records of all the cost of maintaining the property over the years (will be capitalized and added to the basis). So in 2019 it will be an initial return just showing the sale, however the revenue/asset exceeds the $250,000, is it necessary to prepare the Sch L? Since they didn't close the bank account until 2020 and there was a small amount of interest, the final return will be in 2020. Yes or No on this BS scenario. Thanks
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