Gail in Virginia

You said suggested fee. Did you have to pay the fee to be able to access the "entertainment?" Then I would say there was a benefit but I am not sure how to value it. If you could access the entertainment without paying the fee, then I don't see the benefit. Just my opinion - no research done.

When my parents were alive, we burned the files in their wood stove. Now, i mostly shred in office with a small shredder but it does take considerable time and we do tend to go through shredders more frequently than I would like. There used to be a recycling operation in the large city we are closest to that would allow us to take shredding there and watch it actually go through the shredder. My husband did that sometimes for the bank he used to work for, but I have no idea how expensive it was or if they will still allow you on site to watch. My personal shredding we do take when the local news channel has a shredding day, but since they just load everything in a truck to take to the shredding plant, I am reluctant to do that with client files I am sure they would not have the time or inclination to look through the documents, but I would hate for something to blow off of the truck that contained my client information.

Sorry, Michael, i switched years ago also and did not have a problem Good luck! Conversion is always the most nerve-wracking part.

Depending on overall situation, have you considered Roth IRA contributions? That should not affect the RMD for future years and should qualify for the same investment opportunities. The difference would be the destructibility of the contribution, which might or might not be significant.

Congratulations, Terry! As far as joining NAEA goes, it depends on what you are looking for from a professional organization I joined primarily because of the local chapter of the state society. Pre-Covid, I found it a wonderful networking opportunity. Now, not so much. The education opportunities are also excellent, and i have attended some of the events sponsored by the NC state chapter since I am not too far from the state line. Whether the difference in the member/non-member price is worth it to you, or receiving another publication/email that you have difficulty finding time to read, is a decision you have to make so as Sara suggested you might want to try it for a year at the reduced price and see what you think. I will warn you that it increases your CE requirement from the IRS required 24 hours per year to a 30 hours per year requirement by NAEA.

If the law and regulations are structured such that either parent may claim the child, and the EITC/CTC regardless of higher AGI, etc. and I don't allow the parents to maximize the tax savings WITHIN THE LETTER OF THE LAW because I know that one has more income and therefore provide more support than the other and my personal opinion is that it is wrong, then I think that is unethical. Congress can, and does, change the law anytime they choose. My responsibility is to my client as long as I obey the law as it is written and not as I think that it should be written. I looked at the Quickfinder example you cited,, and it clearly says 1)mom, dad and child live together 2) Mom's AGI is $8,000 ad Dad's AGI is $18,000 3) Mom and Dad both claim the child on their returns. This example for the tie-breaker section clearly references both parents claiming the child.

Can you please identify where you are looking at the tie-breaker rules? My understanding was that the tie-breaker rules only applied if both parents claimed the child, or if no parent claimed the child.

Maybe now that we can use FAQs as a source, the ITA will be a source and we can just ask it our questions instead of doing any research. Easy-peasy, right??

I would love to find someone like that!

I agree with Catherine and Yardley. I will accept the information, but not discuss it, from their hairdresser or whoever. However, if they want to have that same person come in to pick up the completed packet I will need a signed disclosure form for that. i see a difference between them choosing to disclose and me disclosing. And of course, if someone else is going to sign the return that is another kettle of fish entirely.

I love the quote you used under these tax court opinions!

I thought one of the worst things about it when I took the exam was that you had no access to a calculator. I was used to working on scratch paper so that was only so bad, but it did slow down the process and cause me to stress about finishing in time. On the other hand,, there were a few questions that were identical to previous years' tests that I recognized and could answer without any work at all. My understanding at the time was that the curve existed so they could control the number of EA's admitted to practice in any given year. Basically, they decided how many new EA's they wanted, and then set the passing score accordingly. And I think at that time you had to pass two of the four parts, and get within so many points of passing the other parts to avoid having to take it all over again. And testing centers were at IRS offices, proctored by IRS employees. I don't know which way to take the exam is harder - just that it is different now. Here's to your success, Terry D!

It is hard to argue with people who believe dis-information. Not sure where he got his facts.

I don't think there is an "adjustment." Withholding taxes are treated differently on the 2210 than estimated tax payments. Estimated payments are counted in the quarter they are paid; withholding is treated as though it is paid evenly through out the year regardless of when the income was received or the tax was withheld. I use my Christmas "bonus" this way so that the withholding on my December check will cover the extra payment for any other income during the year - profits, dividends,stock sales, etc. Sounds like what you do, Margaret. I think Christian is just saying that he can adjust what he has his client pay in estimated taxes by having a larger amount paid in from the RMD in December.

I believe you are overthinking this. I think the 2019 could be used in 2020, but has no bearing on 2021 even if it was used to calculate the 2020 return. I think.

A 709 is for gift tax returns. Once the person is deceased, they can't make gifts- the property would transfer by inheritance. The basis would have been reported on the 706 the previous year, even if it did not transfer until this year. Not may area of expertise, so if someone knows different I am willing to learn something new.

I would not touch this one with a ten foot pole, and that includes the spouse. However, the penalty for the withdrawal from retirement accounts will occur in the year in which the withdrawal occurs. So if I were his spouse, I would not file a joint tax return with him in that year, or ever again for that matter.

If he has legal custody of the child, I don't think this is even be a question. If he has court approved physical custody of the child, I again don't think there is any question. But in any event, Taxmann seems pretty certain that the step-child relationship is still in existence.

I think (although could be wrong) that you can continue to use the same EIN but you have to file an 8822-B indicating a change in the responsible party if the shareholder who was the responsible party is no longer involved for whatever reason.

The difference is that before you could look up such information with only a minimal amount of identifying information. Now, you can still look it up but you have to do it through your IRS account and it requires a lot of shared information to be able to establish your identity OR you have to wait for something to be mailed to you to establish your access. So that makes it less accessible and useful to us, but more secure for the taxpayer. Life is just full of these little trade-offs.

I am not sure how clear it was that the card was from the IRS. It is an actual bank card, although I forget the name of the bank. I don't often see actual credit cards in the mail as a solicitation to open a new credit card account, but I used to and I suspect other people did as well. I always shredded those, so I could see myself shredding this also.

Is there any way to round or truncate basis on something so that $1 of income is carried to the front of the return? I think that would allow you to e-file without making a tremendous difference in carry forwards.

Thank you. It appears we are still waiting on guidance for that part of the law. And apparently it is income to me since i deducted it. First time it has ever been more than a couple of dollars for me.

I received a refund check from the health insurance company that serves almost everyone in this region because the premiums collected were more than the benefits paid by more than the allowable amount. This is not income to me, but I assume that it does reduce the amount that I can claim as an itemized deduction or SEHI on my taxes. My question, really, is for those who pay no premiums because ACA completely covers their insurance. Is this a taxable event for them when they get back money they never paid in the first place?