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GLJEANNE

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  1. Jigsaw puzzles, watching the (hopefully) baby bunnies from our backward residents, lots of time at the pool. And starting to catch up on everything I let slide around the house in 2020.
  2. Congress has been under-funding the IRS for so long, I usually give them the benefit of the doubt when they screw up. I'm glad the administration wants to fund the audit department better, but I hope they also increase the general funding. Meanwhile, i have a printer I'm not using....
  3. Usually, for those that come in after March 31st in a normal season. But I've been so burnt out this month I forgot all about it, so I only charged a couple of PIA folks.
  4. OMG yes, I have 1 Ohio return and it drives me nuts every year. Between SD, RITA, and which ones do or don't allow Direct Debit. Usually I feel spoiled, being in MN. Not this year, since we're STILL waiting on the Legislature to pass a tax conformity bill for last year. Gave up, today I've been emailing all clients I held.
  5. It's deferred, but the issue is that thew partners have to pay interest on the deferral. MY issue is I'm not sure if it's interest on the deferred proceeds, the deferred gain, or if I actually need to do a 6252 to come up with it all, in which case I need a lot more info. I was really hoping someone here would have dealt with this situation, but I guess it must be uncommon.
  6. According to everything I've found in a few hours of researching, they have to be reported. That's why I was hoping one of us on here would have experience with this type of situation. It can't be that unusual, just not one I've seen.
  7. New situation for me. Client is a passive partner (less than 1%) in a venture capital firm that sold off a couple companies last year, in installment sales. K-1 Line 20 P shows only the name of the companies, date of sale, and "Your share of Deferred proceeds" and "Your share of Deferred gains." The amounts are big enough that I do want to defer them, but everything I've researched says I would need to file a 6252 for him (which seems a little crazy that every partner would have to do that), or maybe just report the endgame, Section 453a(c) interest of 3%. I feel like I need a lot more info, but I have a bad habit of overthinking these things and driving myself nuts. So is there actually a simple answer to this, like all I need to do is report the Gain times the interest rate on Sch B?
  8. And we have a property tax refund return here in MN. I wish they would rollover that info! But no, we have to re-enter address (the return only applies to your home, so they truly could use the same address from the 1040 and the state), Property ID number or landlord info, county, etc. Sure, there are always a handful of folks who have moved, but come on. Can't even count how many times I've asked for that......
  9. Sorry, just now getting back to the board, crazy week. Got the whole thing figured. No, Mom's alive and well, but after a lengthy phone convo, there were a lot more factors, and I think we're finally on the same page.
  10. NOT today, probably not even tomorrow (I think I'm collapsing for a long weekend) but next week I have to deal with a client whose mom quit claimed the house to her kids, who sold it. They think it's not taxable. "But it was an inheritance!" Um, no, it was a quit claim! I suspect the basis is going to be really low, unless there were a lot of improvements over the years. So.much.fun.
  11. Used to be at least 90% of them. But so many new people last year and this who I couldn't meet with, so at best I've seen them from a distance with a mask. I'm really hoping to be able to meet more of them next year! I'm lucky, by and large I adore my tax clients. Most have been here for years, I've seen their kids grow up, etc. Many of them don't come in after the first year or two, but the ones who do I enjoy chatting with. I had an accounting client who closed down last year. Lives about... 75 miles or so away. Referred by a mutual friend. Worked with this couple for 20+ years, never met them. Had another similar client, but there I had met the husband several times years earlier, by the time the wife came on board we were doing everything by mail, so never met her.
  12. So not alone! As soon as the IRS moves that deadline, clients relax. This year was better than last year, but still a lot of laggards who haven't come in. And such a scramble to get the estimated taxes for everyone! I think I got them all, but at this point it's on them if they haven't given me anything and I forgot that they estimateds. Had one client I just gave up on this morning. I've been nagging, he's been promising... emailed him vouchers this morning for the same amount as we paying last year. Told him it's only a guess. Meanwhile, everyone else thinks today's a fine day for questions. Spent most of the morning on emails.
  13. In the House bill, PPP up to $350k, and the UI exclusion. And expansion of the renters credit. Those are the 3 2020 items I heard, but there could be more. I listened to the House Tax Comm discussion 2 days this week. They've now passed it out of committee, and it has conformity for both those items in it. I have no idea if they've also conformed to the stupid $300 deduction, or the 3-year spread for distributions. BUT - this is only the start, they still have to duke it out with the Senate (though the GOP does strongly support the UI and PPP provisions). Because they rolled conformity into the Omnibus Bill, it's in peril as the GOP hates a lot of 2021 provisions. Maybe just a scare tactic, but the GOP members were saying it could take until July to agree on a bill. They're pissed that conformity isn't separate. So, I'm holding all mine with PPP and UI a little longer. Basing estimateds on current law. If we get close to 5/17 and the legislature hasn't made progress, I'll give clients a choice of how they want to deal with it. Might make sense to file without paying the tax on those 2 items, and hope that they pass.
  14. Bizarre! Worst case, put both premiums under the t/p's business, it doesn't really matter.
  15. And are both businesses listed at the top of the Line 16 worksheet - Business 1 and Business 2?
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