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Lion EA

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  1. We had Thanksgiving dinner at my stepdaughter's with SIL and 2-year-old grandson Everett who requested I sit next to him and gobbled up his dinner. We then returned to the little inn where we stayed for a few days. We had no refrigerator there, so couldn't take any leftovers. But hubby planned ahead and ordered the Stew Leonard's Thanksgiving dinner for pick-up today, so we can eat turkey and stuffing and all the sides all this week. My son and his wife live at her mother's inn in PA; DIL is the executive chef. She's been on her feet for over a week now. Usually she starts with "Bah Humbug" about the Thursday before Thanksgiving. This year she's been wishing everyone a "Thanksgiving" and if questioned, tells them she did NOT forget the "Happy." We don't visit them until the week between Christmas and New Year's when the inn empties out. We'll try to get the granddaughters on FaceTime.
  2. Lion EA


    What tax entity is the farm? Partnership? (Any other partners besides H&W?) Form 1040 Schedule F? Other?
  3. I tell my clients NOT to use my mailbox. I have a large mail slot in my front door for clients to drop their tax folders into my locked entryway. I once found my badly beaten mailbox, without mail, in the yard of a house a mile away on another street.
  4. He's not providing any service to the grantor. "...you will retain ownership interest in your Project while participating in the XYZ MegaGrants program, including the ability to publish your content on the platform of your choice." He's not working for XYZ. XYZ will own nothing. Virtual reality for disaster resilience. Duke had offered to run the grant, memorializing a contract back to 2020 when the funds were distributed, but my client turned them down. He's reopening that discussion.
  5. Yeah, I'm getting SE from their wording, and just received the grant letter so will read it now. Apparently, Duke offered to run the grant, but one of the two researchers was not hired by Duke, so they decided to run it themselves. With Covid, very little work/very little expenses during 2020. I'll probably be back after I read...
  6. Form 1099-MISC Box 3 Other income $50,000 to an individual. He tells me it "was a grant he was awarded (one time payment) to do work/research. He hasn't used hardly any of it yet...COVID stalled everything." Self-employment? Schedule C? or Other Income? with or without SE?
  7. Was 2018 the start of the 80% limit? Maybe check The Cares Act.
  8. https://brasstax.com/shop/ols/products/form-3115-line-by-line-correcting-depreciation
  9. In this case, a very small estate with no need to file an estate return. Probate courts are still closed to in-person transactions, so very far behind. No court-appointed rep. But the will named daughter to deal with paying bills, filing taxes, distributing assets, etc. I think I did what was both correct and expedient. I did not mail anything with 8453. And, in my rush, I forgot to attach the signed 1310 as a .pdf; although, the 1310 within the return itself has the daughter's name printed on the signature line. And, I have the e-file Jurat for the 1310, signed by daughter, with the 8879. I think the main reason we'll hear from the IRS is that daughter could find no EIPs received by her deceased mother, but mother's 2019 income suggests she should've received both EIP1 and EIP2 in full. My next one may have different facts & circumstances. It's November and been two very long, run-on years. I think I served this client best by e-filing and not letting it sit in a mail truck for months. I'm doing my best.
  10. Yeah! Thank you all for sharing what worked (and didn't) for you. I just received an acknowledgement for an e=filed return for a deceased client with a refund going to her daughter. And, I have another I'm trying to e-file by the 20th. That family is out-of-state, so handing this electronically is huge. You all are amazing.
  11. Oh, yeah, 2-3 acre zoning, wells, septic tanks, no sidewalks, mailboxes on a post on the road. I have two giant propane tanks and a generator. Weston does have 1 stoplight now (didn't when I moved here). Didn't have lines painted on the roads when I moved here in 1978. 30 minutes or more to get to a grocery store, pharmacy, doctors, etc. Compared to NYC only 50 miles away, we are in the boonies. Heck, compared to Westport, CT, on Long Island Sound, just 30 minutes away, we're in the boonies!
  12. Out here in the boonies, people steal out of mailboxes.
  13. Parent1 filed a gift tax return, and Parent2 filed a gift tax return, right? How many family members own the farm? At the start of the transactions? Right now? When they finish the transactions? "3rd brother is wanting to cash out" Cash out of what? Does he own the farm now with his brothers? Did he own it earlier with his parents?
  14. Did the parents gift their farm to two brothers and file a gift tax return? Did each of the brothers gift cash to the third brother, each of the first two brothers filing gift tax returns if over the exclusion amount for that year? Is your client the third brother? Sounds like he received a gift. You'll want to read all the documents. Follow the money. If the third brother actually had an interest in the farm at any time and traded his interest to his brothers for cash or received 1/3 of the profits or...
  15. I don't know about ATX, but the IRS announced Saturday 20 November 11:59 pm as the Individual e-file shutdown: Timeframes for Your Planning In this announcement, the IRS requires CCH, as a transmitter, to stop sending submissions at 10:00 PM EST. Therefore, you must release your returns so they are in Transmitted status no later than 9:59 PM EST on Saturday, November 20, 2021. However, to ensure all federal, state, and city returns are in transmitted status by the deadline, you should release returns as early in the day as possible. We recommend you release your returns no later than 1:00 PM EST. This is particularly important for the scenario in which states and cities are linked to the federal return. We hold the state/city in status Ready to transmit - Validation Complete until the federal return is accepted. The acceptance of the federal return could occur several hours after you release the federal return.
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