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About GraceNY

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  1. I don't understand what you mean by "delegate his participation to representative(s) or agent(s) Entity # 1 25% ownership and Entity #2 12.5% ownership This is a family operation with his oldest brother being responsible for managing/delegating responsibilities.
  2. Shareholder has an interest in 2 profitable passive S-Corp's, will he qualify for the QBI deduction? (1) Multi- Family Apartment Building K-1 shows Net Rental Real Estate Income of 25k. K-1, Box 17, Code V statement shows the rental income $25k, W-2 Wages 15k and UBIA of qualified property 75K. (2) Commercial Building K-1 shows Net Rental Income of $20k, K-1, Box 17, Code V shows the rental income of 20K and UBIA of qualified property of $2k. When I enter this in ATX, it calculates a QBI deduction. I am concerned about this because (1) the shareholder does not materiall
  3. My guess is that when you file the parent's return, the IRS will see that the dependent's SSN was already issued the $1,400 and therefore only give the parent's their $2,800 ($1400 +$1400). I would not send the dependent's $1,400 back. I'd wait and see how it plays out on the parent's return.
  4. LLC filing Schedule C.
  5. Would like to get some feedback on the following scenario. Self-employed TP has an office he rents in a nearby town. Last year, he worked from his "home office" 3 days a week starting in March and through the end of the year performing virtual sessions for clients in the mental health area. Also, used the "home office" to schedule and confirm appointments, respond to business related emails, billing, etc.. According to PUB 587 (while not an authoritative source), page 4, "The following activities performed by you will not disqualify your home office from being your principal place
  6. I saw a post on the official ATX community site that said week of 3/22. This was according to a poster that had contacted ATX support.
  7. Obviously not official. Would like 7/15, but will take 5/15 / 5/17. https://www.bloomberg.com/news/articles/2021-03-17/irs-plans-to-delay-tax-deadline-to-mid-may-after-chaotic-year
  8. Fiscal Year 07/01/2019 - 06/30/2020. Extension filed by 10/15/2020. 5 1/2 months = 03/31/2021. I kept thinking it was 03/15/2021. Just want to know if the 03/31/21 date is correct. Thanks. Grace
  9. GraceNY


    https://www.kiplinger.com/kiplinger-tools/taxes/third-stimulus-check-calculator/index.php Based on this calculator, $56.
  10. We also have to wait and see if states are going to go along with the first $10,200 in unemployment being tax-free. I know some states don't tax unemployment but others like NY do
  11. Yes. I have done this before. The 20k would be if there is only one beneficiary. If more than one, there is a special allocation. Also, if there is a final decedent return being filed and the deceased is utilizing part of the exclusion, you can only use the balance of the 20k. I'm leaving the office for the day. I can add more tomorrow after i pull the file where this was done. I can't recall off the top of my head the Form # and Codes. I think it's IT-225. Grace
  12. Thank you Lion and Pacun. FYI: Looks like their going to tighten up things in EIP #3: My understanding of the proposed 2021 stimulus payments in the House bill includes language that says that an individual is not taken into account more than once, including by different taxpayers and including by reason of a change in joint return status or dependent status between the taxable year for which an advance refund amount is determined and the taxable year for which a credit is determined. Grace
  13. I am questioning the following: New client. Has been receiving a W-2 marked as a statutory employee reporting renewal commissions. Former insurance agent. Retired on 2016. The previous preparer has been putting this income on Schedule C. Only expense on C is tax preparation. He has also been taking the Self-Employed Health Insurance deduction (Medicare and Supplemental Insurance) and having her put money in a deductible IRA. Maybe the IRA contribution is o.k. as W-2 is considered earned income? But the SEHI deduction? She's retired and has not performed any services or wr
  14. Is this correct? Unmarried taxpayers. Mother claimed dependent on 2018 tax return. Received EIP #1 of $ 1,700 ($1,200 + $500). Mother received EIP # 2 of $600. Father claimed dependent on 2019 return and I don't know what if any EIP #1 or EIP #2 he got as I don't do his return. Mother is claiming dependent on 2020 return and ATX is computing a $600 EIP #2 for the dependent. It just seems like a double dipping on the $600 EIP #2 for the dependent. Thanks in advance for your input. Grace
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