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Found 7 results

  1. Hi Everyone, In need of help about the following issue. A Texas based S Corp which owns and rents houses. 3 of the 4 properties are in Texas. Its fourth property is in New York City and collected rent from it in 2021. Does the corporation needs to pay "General Corporation Tax" (on from NYC-4S) for all its profit (including profit from properties in Texas)? Or only profit made from the NYC property? In ATX; NYC-4S is bringing Federal Taxable Income (which includes income from Texas property) from NYC-ATT-S and calculates tax on it (8.85%). In addition, its charging .04% on average total net capital of the company. My question is, shouldn't the company pay tax to NYC on income earned only in NYC and pay tax on capital that is held only in NYC? Any suggestion is appreciated. Thank you in advance.
  2. Hi everyone, I will highly appreciate any thought on the following issue. Thank you. In ATX Payroll software using the amendment option I have amended a couple of 1099 Misc. I clicked to create amendment file and the software included all 30 original 1099s in the file. Then I changed two 1099s among the 30 1099s in the amendment file and transmitted it. Now I am confused whether IRS will count the other 28 1099s twice (since they are same as the originally filled and doesn't have "corrected" box checked).
  3. Hi everyone- I am looking for a copy of New York State 1998 S Corp Tax software for a one time use by my accountant; I was recently served Notice by the State that I haven't filed a variety of years including 1998 (I assume lost somewhere in Albany); I have paper copies of the others in question ; can anyone help? Not sure what platform is possible either, but can solve that later thank you David Johnson archstudio.dj@gmail.com
  4. rblord


    Individual tax preparer in the Bay Shore area has been ill and would like to refer clients to a tax professional in the area to complete current year tax returns. Please let me know if you can accommodate.
  5. I have a client that was below poverty level thru the year, but received a K-1 from an estate that put him in +401 bracket, and the program is telling me that he owes back 11M in premium credits for 2015 - I can not seem to find anything on constructive income in regs, instructions or program - any ideas?
  6. I've used ATX for years. I e-file several family members returns for no compensation. Since NYS is a mandatory efile state, I use my ERO to efile, but I don't enter anything in the Paid Preparer section - since I am not being paid. This year (for the first time) I am getting an error. It says: "NY will reject any return that does not have a Preparer Name and SSN/PTIN. If the Paid Preparer is also the ERO, enter the SSN or PTIN on the 'Preparer Manager' on 'Preparers' tab." Is there anyway around this?
  7. I'm not a lawyer, but I play one at least once a year in my little office off main street. I have a new client. His mother passed away recently. In 1996 paperwork was filed with the county office to convey house to my client and his sister. James is my client, Kay is his sister, Eloise is mother who died. Here's how the forms read: "Excepting and reserving to Eloise XXX a right of possession of the above described premises for and during her natural life. It being the intent of the grantor to convey to the grantees a one-half undivided interest as tenants in common with the grantor leaving the ownership in the premises as tenants in common as follows: James xxx and Kay XXX (1/2); Eloise XXX (1/2)." Okay - so now he and his sister have whole ownership. And now he wants to buy out his sister. First question is - what is the tax ramifications of all this. Now - I understand capital gains and all. - I think. But, he thinks that the house didn't become his (and sis's) until mother died. And it sounds like it was half his (and sis's) 15 years ago. No money transferred in 1996. Where do I start in calculating a cost basis? I appreciate anyone's help. Thanks!!
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