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BulldogTom

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About BulldogTom

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    www.trctax-ea.com
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  • State
    TX
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    Male

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  1. Client paid contractor via Quickbooks payments (Contractor Payments for those of you who use QBO). Who is responsible to send the 1099 NEC to the contractor? I think it is QB since they are the payment processor. Just like Venmo or PayPal. Am I correct? Tom Longview, TX
  2. Turning off your anti-virus software is like walking outside naked....no one wants to do it and no one wants to see you do it. Turned off my antivirus and restarted my services and everything is fine. I guess if I only have to go through this every 3 years it won't kill me. Tom Longview, TX
  3. @Abby Normal Any chance you can give me a primer on how to stop and start the database? In my defense, it has been 3 years. Tom Longview, TX
  4. April 22, 2021 I had the exact same problem and made a nearly identical post. The error message is exactly the same. Thanks for helping out Judy. Tom Longview, TX
  5. @Abby Normal What is the process for fixing this error? I know you posted about it before and it worked for me but I can't find your post. Lucky, this is on my laptop. I fired it up because I am going out of town for a couple days and I wanted to bring it along. If I need to, I can uninstall and re-install. I have some time. Thanks
  6. Sounds like a good client - or like you have decided they are a good client. Back to the original post. FMV of the items on the date contributed to the partnership is the Basis of the Fixed Assets. Depreciate under the normal rules for used equipment. Most conservative approach is to get an appraisal. If they want to be a little less conservative, use Garage Sale or Craigslist pricing for used items of similar value. If they insist on using the amounts they say they paid for them (and if you believe them), get them to write a letter to you signed and dated that says this is the value of the property they contributed to the partnership. It does not have to be confrontational, just explain that you are there to protect them from audit risk. and the riskiest way to go is take their word for the basis of the property. Tom Longview, TX
  7. Just curious about the 2022 return. Any Sch C Painting work on that return? Seems that this guy was already a painter before he started this business. Was he calling it a hobby, side gig, hustle or some other term that on the street means "I get paid in cash and I don't have to tell anyone". The part about "paid cash" is I think what has all of us looking at it twice, because cash is so easy to put in your pocket instead of into your bank. Tom Longview, TX
  8. Oh....I love that. Is that your own or is it a quote from someone else. I am stealing that line. Tom Longview, TX
  9. I remember taking payments to the bank with the voucher. Then it was the call in to the IRS and we had a "cheat sheet" that told you what you were supposed to enter at each of the prompts. Ahhhhhh......the good ol' days Tom Longview, TX
  10. Follow up, my clients informed me that there was a known data breach at the college. No proof that was how the child SS# was obtained by the perp, but it seems reasonable to suggest that is what may have happened. Tom Longview, TX
  11. My approach on rental deposits has always been that the amounts received are income (because the IRS says it is for cash basis taxpayers) and the return of deposits to the tenant at the end of the lease is an expense. I put it on the other expense section of the Sch E as "refunded deposits". That looks like your second option. Tom Longview, TX
  12. Doesn't that fall under "legally placed in the home". I am doing this from memory, but I thought that was a specific line in the relationship tests. Tom Longview, TX
  13. Whoa - not so fast.... You MAY have a LKE on your hands, but double check the rules were followed. Tom Longview, TX
  14. Did the estate distribute the house to the heirs? "took possession" is theft if it is owned by the estate. Who is named on the title of the real estate? If it is the estate, then the estate is the only one who can sell the property. If the estate distributed the real estate, then the heirs owe the estate for the repairs the estate paid for. I would put a timeline together of the transactions, because this sounds like a cluster in the making. Tom Longview, TX
  15. I urge all of you to check your AMT form on the 1116. That is where I had my issue. You have to enter the AMT carryover manually on that form. That may or may not be your issue, but it was for me. Tom Longview, TX
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