Unread Content 30 Days

I developed my WISP by asking GROK to produce one. It was excellent. I did the same as others have - edited in my specific info, tweaked a couple of items, printed it out, and filed it away.

I usually don't like to set this up too close to the filing deadline. If eary on, I do it for a few client who request it. Most of my clients are ok with refunds being directly deposited but if they owe, they choose to send a check. We'll see how it goes for next year when they put through the new requirements (or change their minds).

I'm with you two. I just copied a doc I had showing the points needed. I made a few notes, wrote my name on top and put NA in a few places. That was my WISP. Like mcb39 said, if it's not good enough for them, so be it. Hey, it's a WISP.

Thanks for all the replies.

My credit union will cover from savings, but they won't transfer online from savings more than 3 times in 30 days. So if I have made transfers online, or they have had to cover another payment, the third time that month that this happens, they will refuse the transaction. They told me it was federal law - at least the last time I tried to make too many online transfers in one month which has admittedly been several years ago.

Drake does display a QR code as a part of the proceess to set up MFA. At first I resisted it, but eventually decided to set up MFA after reading about it on this forum. Now it’s a really seamless process that I’ve become comfortable with and I feel as though I’m protecting my client data with another level of security.

I made my own as well. Took it from the IRS prototype, changed it to meet my needs, and then made my employee/spouse read and sign it. Scanned copy in the folder somewhere - Where did I put that? Oh well, like all the 8879s that I sign that the IRS has never asked to see, I am sure I could do a search of my documents and find it if I need to. Tom Longview, TX

Best I can figure, he may be referring to the one-time setup of the MFA.

I wrote my own WISP; printed it and sealed it in plastic. If it's not good enough for them, so be it. I can step aside any time they want me to. And, of course, there is that unforgiving increase in the price of the program. ATX, as well and an email every other day reminding me that I should renew before the end of May. I have not even decided yet what I am going to do about next year. Pretty soon the phone calls will start.

While I use Drake (and have a WISP), I don't have anything set up that requires a QR code. I don't even recall seeing or hearing anything about such a thing on Drake. Maybe I've just had my head in the sand...

Judy, I printed this in the hopes that it would help me as I, also, have a December wedding that is overtaxing my clients. I have been struggling with this for weeks. I hope I see the light soon. Thanks a ton for all of your help.

No reciprocal agreement for nonresidents selling WV property. Taxpayer will need to file a WV nonresident return that will include the cap gain on the sale of the property and will calculate the total WV tax. Then the tax withheld on the sale will be applied against that. Here is the WV code sec: https://code.wvlegislature.gov/11-11-5/ Seller or settlement agent should have filled out WV form NRSR at the time of sale which calculates the tax to be withheld from sale proceeds. This form must be attached to the WV nonres income tax form. You should check the WV IT-140 instructions as to whether paper filing is necessary, but it may be possible to attach the form as a pdf attachment. https://tax.wv.gov/Documents/Withholding/nrsr.pdf The withholding at sale is claimed on the WV nonresident income tax form. It should be entered on WV IT-140, line 15. Your client will receive credit for that withholding against their total tax, and they may owe some if the withholding wasn't enough to cover what they owe, or they will get a refund if the withholding exceeds their WV total tax before payments and credits. You should read the instructions to line 15 to make sure the appropriate federal forms go with the WV filing. This link contains the IT-140 and its instructions. https://tax.wv.gov/Documents/PIT/2024/it140.2024.pdf

You'll want to wait for someone who works with MD/WV, but I do know that most reciprocity agreements are for wages only. So, do some research on the WV website while you wait. Good luck.

Do you know if a MD resident has to pay WV taxes when selling a WV investment house? I am going to file a non-resident return and I wonder if client will get full refund. Also, I believe I will have to paper file since the document I have for the withholding looks like a sheet vs a form.

Christian, only you and your farmer can decide whether to continue reporting farm operations or not. But as for stopping depreciation? I would keep a list of such equipment (plus land and timber) at remaining value. This give you a basis on all items, and information to report on a 4797 in the event of disposal. Remember also, breeding cattle and bulls are 4797 items too, because they are depreciable. Your list should also include original value as well as undepreciated value. This will prove incredibly valuable for beneficiaries in the event the taxpayer is deceased. The market will almost always support original cost of farm equipment unless it is obsolete or in bad condition.

And no, I didn't mean to say "WASP"... But all of you know what I'm talking about anyway. The increasing talents of the identity theft pirates mean that we must jump through more hoops every year to protect ourselves (and clients) from identity theft. This year we were supposed to have a "WiSP" Written Information Security Plan. I drafted a WISP from my seminar materials. I counted on Drake to provide the machinery necessary to bring about my WISP. When I contacted them, they showed me one of those weird rectangles with all those tiny dots. My daughter calls it a "QR" or something like that. I objected to Drake, as I don't want to deal with something that I don't what is doing, and apparently this thing is supposed to suck personal data from my cell phone, which has absolutely no tax information stored in it anywhere. I asked Drake for an alternate method and they said absolutely not. And of course, they are billing for renewal with an 8% increase. And no effective response for my WISP. I feel out of touch with this whole scenario, and I'm sure there are those among you who will chime in and agree. Why can't we concentrate on becoming better tax preparers and not have to become I.T. people? For what it's worth, I also subscribe to the Elon Musk belief that we are in danger of A.I. running our entire economy and taking personal decisions from us. This post may invoke all manner of comments. I didn't engineer it that way, at least not on purpose.

My bank has that option for certain accounts, but the account holder must set up that feature, kind of like setting up the online bill pay or online banking for statements. The account I have doesn't have that feature available, and I don't have a savings account there anyway because their products aren't worth investing in.

In the days before LLCs became the darling of corporate attorneys, many corporations, even small ones, were chartered in Delaware. Attorneys were saying there were liability advantages in Delaware for corporations. From what I could see, there were no obvious tax reasons to do so. I had a couple small corporations that I filed Delaware corporate returns. As chartered in Delaware, they could not be "foreign" corporations. But when I completed the schedule for state allocations, Delaware didn't even receive any taxes. Not even a minimum. Nowadays LLCs are so much in vogue that a new "traditional" corporation is rare. Beware, in Tennessee, an LLC is taxed as a corporation, whereas a simple proprietorship has no taxes. And the TN dept of revenue is notified from our Secretary of State whenever an LLC is created.

The bank or credit union has the option of doing so. If this had happened to me at my credit union, they would have automatically covered from savings. Ironically enough, "Bob" has the same credit union that I have. Go figure.

I find the request for "Income Verification" very strange. What's the point?

After income verification, they will want expense verification. Better have your client get everything ready. 4 or 5 letters and two years later it will be resolved.

Entered the amount rolled over in the rollover box on the 1099R screen.

Just need to know how to enter data so that the early withdrawal penalty doesn't get triggered.

I have used the upload toll before and it worked fine.

You already received the best answer is to have client use IRS' Direct Pay. About the above statement, don't ever assume that a bank or credit union offers overdraft protection or that the account is of the type that even has that set up.