ILLMAS

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.

New form should be fine, I used the new form for the 2nd quarter and all you do is leave part 3 blank. MAS

Interesting.... Let's see if more people agree with this.

I was envisioning more like a vehicle trade-in, not an like-kind exchange which will probably net the same results.

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

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.

If I remember correctly, you need to prepare a workpaper separately, then enter the figures on ATX or any other tax software.

Patiences

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

“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.

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?

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

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

Has the IRS or government made any mention if they still don't have money when the payroll taxes are due, that there is no penalty and not to worry about not having the money when the time comes?

Update, I was able to get the penalty removed for reasonable cause.

Back in early March there was some back and forth in the office building as wether to stay open or work from home and they were asking people to stay home if they felt sick. I had a sore throat and started to loss my voice because many clients started working from home and had plenty of time to call me , due to fact I had a sore throat I was sent home and I missed filing an extension, does anybody know if they are being a little more soft due the pendamic? I did get my throat checked out but until late June when they started taking appointments.

Why not kill (no pun intended) two birds with one stone Is this our friend Rita’s business?

I just looked up the software they are using and it seem it's build for facilities, so the only software I can recommend is called Fund-EZ, it has a feature for medical billing, and they are based in NY. I've been using their software since about 1996 for non profit clients.

What would be a reason (pros/cons) of delaying RMD to 2021? In the case I am seeing, maybe it would be paying less taxes on social security, that's about it.

Check your local laws, our state and city has something: https://www.chicagotribune.com/coronavirus/ct-cb-worker-protections-coronavirus-20200327-gm4b6vf3cbearh5yqn5jhc646y-story.html

Do a mental note and under other income "Loss on disposition of asset" write down the amount in negative.

Just in this past IRS nationwide tax forum, a tax preparer shared her experience on the attack her business went through, scary thats all i can say.

It seems a good percentage of people didn't watch the news or forgot when their preparer told them "your tax situation from 2017 to 2018 will be different and you are slowing getting your refund in your payroll etc...") Now as for technology, as we get older we will continue to keep the clients that are not computer savvy, but I can picture the young whipper snappers doing their own returns using their smartphones.

This is the only thing I found regarding code W, to simply not to include it on the tax return, has anybody encountered this before? ATX gives me an error if put zero on box 2a. https://ttlc.intuit.com/community/retirement/discussion/re-a-1099-r-that-you-receive-with-code-w-in-box-7-should-not/01/1615218#M106396

Just this past Friday I tried using the SOR from the IRS and it was quick receiving the information. Here is what I did, I faxed in my POA after calling in to the tax practitioners hotline and within minutes my clients transcripts were transferred into my account. Also, this very important, you need to use internet explorer when logging into your account, learned this from another member here after having no luck logging in.