gfizer

As I'm sure most of you have seen the state of Kentucky was granted a Federal disaster relief extension of time to file and pay until November 3rd, 2025. Should I also file a form 4868 for these folks? I don't want to file 4868's and then find out that the filing of a regular extension interferes with the penalty abatement on tax due granted under the disaster relief extension.

It is individual coverage

Anybody figured this one out yet? Have a client, age 66, with W2 showing $5700 for employer HSA contributions but ATX isn't calculating any tax on the excess contribution.

Kentucky is slower than molasses when it comes to debiting payments. I encourage as many of my clients as possible to utilize direct debit for payments, mostly because my confidence is the postal service is declining rapidly.

I have a client who started a new business with a friend in 2024. They opened a vendor mall where they rent spaces to local crafters and such. The two of them run the shop daily and all sales are run through the main register. My clients collect and remit all sales tax and then pay each vendor their net sale amount after sales tax on a monthly basis. They do not collect a commission on sales so their only income is the space rental fees. They also do not own the building they operate out of. Am I thinking correctly that this is a non-passive activity and that the income and expenses would be reported on page 1 of the 1065? What are your thoughts?

No. Only the lot was used to secure the mortgage.

Thanks. I will take a look at that code section. The lot is just protection to keep someone from building right on top of them.

Client purchased an unimproved lot that adjoins their principal residence property. Would the interest on the mortgage for the unimproved lot be deductible? My gut says no because there is no qualified home on the lot but then I think is it an "improvement" to the home? I know I'm probably overthinking it but what are your thoughts?

I had this form show up in one of my SE returns for the first time today as well. In my case, I had used the worksheet linked to Schedule 1, Line 17 to enter the amount of the premiums and then when I saved the return this form showed up. As I understand it from a quick google search, it is a new form for use in calculating the self-employed health insurance deduction and according to ATX should be attached as a pdf to the e-filed return. I haven't seen it in any of my non-SE returns....yet.

Whoever claims the dependent will claim the education credit regardless of who pays the tuition costs. You will just enter 2 1098T forms on the education expense worksheet.

You can also use the "Status" column in the return manager. Just type into the field a short description. For example, I use this column to indicate when "ready to pu", "done", "awaiting info", etc. You can type in whatever works for your office

I usually have a few stragglers every year. I always file them and (knock on wood) we've never seen any penalty notices related to the late filings.

This is the first year he has had employees.

943 is filed at the end of the year, not quarterly. They are H-2A agricultural employees.

I used it last year and renewed again this year. I had one client who received a letter from state taxing agency disallowing her charitable contributions, which were, in part, related to a large carryover from 2022 (I didn't use PP in 2022). The client also happened to be a good friend so I used her as a test case. Turned everything over to PP. They communicated directly with my client and sent me copies of all correspondence along the way so I was kept in the loop. It was a very positive experience and the matter was resolved in favor of my client. I did raise my fees by $20 last year to cover the cost. We explained the benefits to each of our clients at pickup and almost no one complained about the increase - only 2 or 3 out of about 700 clients.