ETax847

My thought is with the gift tax exemption amount being so high, it's a moot point. Agree?

Great advice! Thanks Lion!

If a married couple gifted their child 90k in 2019, and plans on making no future gifts, when it comes to filing a gift tax return, is there any benefit to them splitting the gift? If so, do they need to both file a Gift Tax Return? Are there any tax consequences to be aware of if they split the gift or not?

I too find helping clients fill out the new W-4 form to be somewhat confusing.

I still add it in both places to make sure if I need to discuss the return with the IRS, there are no issues.

I have read these credits have been extended through 2019, however, there is nowhere to claim them on Form 5695. Any idea what the official word is on whether these credits can be claimed? I've posted below, two conflicting things ive seen online: 1) Nonbusiness Energy Property Credit Important: The tax credit below cannot be claimed on 2018, 2019, and later Tax Returns. 2) Taxpayers who upgrade their homes to make use of renewable energy may be eligible for a tax credit to offset some of the costs. Through the 2019 tax year, the federal government offers the Nonbusiness Energy Property Credit. The renewable energy tax credits are good through 2019 and then are reduced each year through the end of 2021. Claim the credits by filing Form 5695 with your tax return.

Thanks guys!! I love this community in how helpful everyone is.

What line on the CA (540NR) do I back out the non resident income? I have it open as we speak. Sorry for the trouble

I have a client who lived in Indiana for the first 9 months of the year and then moved to California. When completing the Part Year-Resident CA return, on what schedule do I back out the non-resident (Indiana) income?

I use the Client Portal provided by EMoney. Very user friendly with 2 factor authentication

Great suggestions!

ATX does not seem to be rolling the info over. Any idea why or what I need to enable?

If the taxpayer's driver's license info required this year for federal filings?

that makes sense to me! Thanks for your help!

My client is a financial advisor. In 2019, he shared staff with a partner. He paid the other advisor $11,019.50 directly in exchange for the help of the staff person who was on his payroll. How should they each treat this staff member on their business taxes. Should my client get a W-9 from him and issue a 1099-Misc?

Thanks guys! Appreciate the help.

Is there a new tax form where Cryptocurrency is to be reported? I thought there was something new with the reporting of it for the 2019 filing season, but cannot seem to find any info on it.

Great tip! Thanks for passing that along!

from IRS news release 1/6/20: WASHINGTON ― The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline. While taxpayers may prepare returns through the IRS’ Free File program as well as many tax software companies and tax professionals before the start date, processing of those returns will begin after IRS systems open later this month.

I would not waste the time or the effort.

Are planning on raising your prep fees for the upcoming filing season, and if so, by what amount? I know we are all in different markets so a % increase may be more helpful.

Will do. Currently in transition, but I'll keep you abreast of any issues to hopefully save you some headaches.

I am setting up my new computer ahead of tax season and when I go to import previous years' returns, I get the following error message, "The program was unable to load fixed asset data. Please try import fixed assets to add them back to the return." Does anybody know what this means and what the implications are? Thanks!

Hey team. I had a prospect walk into my office today who is a pro ice skater and has been for the last 4 years. She has not been profitable for the last 4 years including this year. Should she be a Sch C?

Has anyone heard the news that form 1040 is undergoing another face lift? Here is the article highlighting the changes: https://www.forbes.com/sites/kellyphillipserb/2019/07/15/everything-old-is-new-again-as-irs-releases-form-1040-draft/#36f6b1f42f75