ILLMAS

Imagine a client telling you this, "my friends that are in the same industry as me, pay very little tax (was talking tax preparer) and why do I always have to pay with you". I'll let this sink in.

Thank you

I have never heard or encountered this before, but can a TP that is getting divorce transfer/rollover a percent to the spouse retirement without any tax consequences?

Last week I called on behalf of business client, agent was telling me they have a new phone systems and he couldn’t figure out how to put people on hold lol, so put phone down while the POA arrived via fax, but he accidentally hung up, I called back and I swear that he answered again but he said it wasn’t him, he even gave me the same fax number again.

I have the same case, couple divorced in late December 2018, father didn’t move out until this year. I am not preparing the wife’s tax return but I am going to assumed she claimed HOH for two kids, father can claim one kid per divorce decree but will not live together, that’s just the arrangement. So no HOH for father in 2018 for the one child?

A wage and earnings report from the IRS should solve the mystery.

Still 50/50 owners, 50/50 per operating agreement, 2019 board minutes for 2018 okay the change, approved my board members change in profit %. Based on the research I have done, i am getting conflicting information.

I thought they were paid a appearance fee no matter if they win or lose the case.

Thinking disregard entity

Can a two partner 1065, reduce one partner share of profits to zero? 50/50 ownership, I just want make it’s not a problem and the business needs to be treated on Sch C. thanks

I am preparing form 8379, last time I prepared one was in 2004 or 2006 and I sort remember I had calculate which portion of the refund belong to each person. I am not seeing that now on the form, and my question is, will the IRS calculate what portion belongs to the husband and wife? Thanks MAS

About 25 or so clients have not contacted me or dropped (as of today) off their information like in prior years, I am starting to worry, anyone else is experiencing something different?

I remember in prior years there was a notes tab on top, I cannot seem to find it for 2018, anyone? Thanks

Wow, I always thought my brother-in-law was weird for saving his first payroll check, keeping the cup of my nephew first sip of starbucks coffee and having to buy a shipping container to store all the junks he holds on to

Thanks, I am looking into this, TP is not too happy with the financial advisor at the moment.

Myfax $10 a month: https://www.myfax.com/pricing FYI: Just once an IRS agent refused to send me TP transcripts because electronic faxes are not secured lines.

I am using ATX, I will look for that worksheet, thanks.

TP received two 1099R's: Box 1: 10,000 Box 2a: 1,100 Box 2b: Total distribution Box 5: 8,900 Box 7: 7D I see box 5 is the difference between 1 & 2a, however the second 1099R looks like this: Box 1: 25,000 Box 2a: blank Box 2b: Taxable amount not determined Box 5: 22,411 Box 7: 6 Right now, ATX is taxing the $8,900 and the full $25,000, however out of the $25K, TP kept $2,589 and the rest was put into a long-term care insurance + the $8,900 totaling $31,311. Since I can back track what should be taxable for the second 1099R, would I be okay putting the $2,589 on box 2a?

Just out curiosity, does it flow automatically to 199a worksheet? If not, how does one populate it to the worksheet?

I just order it for my clients that want it because they know they are going to need it, others don’t want to pay the $1XX + whatever the attorney will charge. I don’t prepare it.

There was a will left, TP is the executor and beneficiary to my knowledge, there will be no probate court because no one is contesting the will or is probate court mandatory?

Is there a special form required to be submitted with a 1040 for a trustee that will be signing for the deceased TP? Our state requires one, but I am not sure if the federal requires one. Thanks

I will be working on a 1120S later today or tomorrow, but I went ahead and took a look at the calculate basis box, but I don't see it, neither on the basis worksheet. Unless it's the box labeled "Check if special ordering election made", but if I check it, nothing populates. Thanks

Thanks

No, it was always the intention for the business to do well and recooperate the loans after profits, there are some assets but the potential buyer is interest in the shop for its location and existing customers.