Lynn EA USTCP in Louisiana

Is the 2014 tax year program disc in your computer? If it is, remove it, try again.

I think the W/H was given as a red herring.

I used CFS Tax Tools Module - ACA Individual Mandated Health Insurance Penalty - to calculate this. I don't know how they came to the answer, after answering the questions on their worksheet. The annual penalty is the greater of 1.0% of income above the filing threshold (determined to be $20,300), OR $95 per adult (half for children), capped at 3 adults ($295). So, $65,000 less $20,300 equals $44,700 x 1.0% = $447 2014 penalty

NECPA in Nebraska, then file the first and final 1065 with all zeroes. Avoids IRS correspondence and penalty assessments that must be responded to. Charge a fee, even a nominal one, since the client did this before consulting his tax advisor.

John Sheeley, EA just last week presented 4 hours' webinar on the ACA, which is now available on-demand. I think it's $99 or $129, at

1065

Yes, I did.

No, you are not missing anything. I had a hard time installing the Payroll program, and once I did the preparer info was not populated nor available for rollover; nor was I able to rollover my clients. On attempting to rollover clients received the message that I needed to update forms. But there were no forms available for update. I downloaded ATX Max without any problems (or so I thought) but when opening the program had to enter my installation codes and now (at 6 pm) it's installing 524 form updates. I am able to see all clients in the Rollover Manager, and was able to rollover and open two of them (mine and one of my son's). Now the system wants me to download over 3000 forms, a task for tomorrow. Lynn

Sometime in 2014 they changed the PIN rules. Now instead of waiting for the 10-digit PIN number to arrive in the mail, it is a 5-digit self selected PIN. I use the client's zip code for that.

Catherine, do you send the engagement letter with your 'checklist'?

Catherine, is your document checklist customized for each client? Or generic for use with all clients? would you share your letter and checklist? I am looking for other ways to gather client data, instead of sending the organizer. Thanks, Lynn

I try to send them about the time they will start receiving their official tax documents. For the late filers whose 'current year' info is received by the time the tax organizer is available it is printed and given to them in a separate envelope along with their current year tax return. Some complete it, others do not. But they all sign the engagement letter - if it is not signed and dated when I receive their materials it is scanned and sent to them. No work is done until the signed and dated engagement letter is received back in my office. I use the tax organizer as a worksheet, no matter what the client uses it for.

To gross up for just the social security and Medicare tax, divide the net by 0.9235, which results in the 'gross'. On OldJack's worksheet set the federal and state w/h % to -0-. Lynn

Nor Louisiana. Income tax calculations start with federal AGI in Louisiana. Lynn

Yes

My system is at the same version, but I do have the 'short' organizer. It has one ACA question, #32 'Was there any month in 2014 where the individual health insurance mandate was not met for you or your dependents?'

Courtesy of the NAEA Forum: thanks to the efforts of NYSSEA and David Silverman, EA, enrolled agents are exempt from all of this.

Right

It depends on the amount of his interest and dividends reported on sch B. my understanding is if the amounts combined are less than $1500 then those questions may be ignored.

Lion, there are no separate rental taxes, no city or parish taxes or school district taxes. LA starts with federal AGI. If your client is a nonresident of LA be sure to use the nonresident form so that only the wages earned in LA are taxed by LA. I expect his resident state will give credit for the taxes paid on the LA earnings. Send a PM if you need more assistance. Lynn PS LA trivia - parish taxes are sales taxes imposed on retail purchases; 63 of the 64 parishes impose a parish sales tax, each requiring a separate parish sales tax return in addition to the state sales tax return. But those are not a issue for your w2 individual income tax filer.

Jack, I was not part of this year's beta testing either, and I received an email last night with the activation codes for 2014. Lynn

An allocation for the personal use needs to be shown on the employee's W2. I allocate $3.00 per day. Lynn

I get that same error message - Win 7 Pro - and I do have Windows Media already installed. I clicked on the link to watch on a different format and chose flash. No problems with the flash choice.

Karen, the CPE requirements depend on the person's credentials. If an EA, then they must have 24 CPE hours per year, of which 2 must be in Ethics. If they are also a member of NAEA then they are required to have 30 CPE hours (total). I do not know what the requirements are for CPA's or attorneys. Anyone without credentials has no CPE requirement, as far as I know.

Yes, if it is an LLC and they meet the requirements for an S Corporation.