Lion EA

Do they show up on e-Services?

Love all of it !!

Unions brought more employer-paid (partial) healthcare into our lives via contract negotiations. A large corporation (think GE) picked up a percentage of healthcare for those union members and eventually had to do the same for their non-union employees to keep them. The same with teacher unions negotiating healthcare benefits, and then the towns had to offer healthcare to the rest of the town employees. Now we have HDHPs and HSAs. I see employees paying ANY percentage toward their healthcare via payroll withholding, but still the group plan is usually a saving over trying to buy your own plan. Combined with a pre-tax flexible spending account, premiums are even less expensive via a group plan and guaranteed to each employee participant. That in itself can be worth any amount of money to a family with a member with diabetes, heart issues, or other chronic issues. Have your client start with reading his company's plan and bringing you a copy. It may give you cites for how his plan is regulated.

For the operating company, run the numbers to see if they want to be a S- or C-corp. With the new, lower 21% flat corporate tax rate for C-corps, an S-corp might not save them any money, depending on their personal tax bracket. And, with the new QBID, they might benefit by remaining an LLC or sole proprietorship. A lot of moving parts, so run the numbers. For the building without personal use, LLC.

Does the LLC own an S corporation and another LLC (taxed as what? a sole proprietor? partnership?)? Or, did the LLC elect to be taxed as an S corporation and the original LLC/S corporation owns another LLC?

Don't put a building in a corporation.

Check the state laws of each relevant state. Many states have gone to Sales only to apportion income, and therefore income tax filing requirements. However, the payroll regulations of the state in which the employee performs work still rule for payroll taxes.

Most of your professional organizations have 1040 webinars &/or live courses. Check their websites for locations near you or webinars. (I'm assuming since you're asking this question that you don't have a good teacher on your staff.) If your staff is large enough, check on bringing in a teacher, perhaps basic 1040 for your newbies and 1040 update for all. Tailor it to fit your firm's needs.

Amen!

If you're at all suspicious about his "tossed" 1099s, then make sure you keep/scan/whatever mode his P&L or his written/emailed statement of income received so you have documentation that he told you his revenues were $ X, just in case he gets that CP2000 a couple years from now. If he's sitting at your desk and saying his income was $ X, hand him paper and pen to write it down "for your file."

My first grandson. Saturday we go to PA to visit my second granddaughter. Two grandbabies in six days in two states. Most kids just throw a party for their parents' 24th wedding anniversary, but our kids got together to present us with a grandson and a granddaughter! Even the babies cooperated by arriving earlier than their due dates to make their appearance in June. Or, the babies &/or their mothers are very competitive...

The tie-breaking rules come into play if BOTH parents claim the child in the same year. Then, the IRS will apply the tie-breaker.

Amen!

This fall I need to buy a new desktop. And, hubby is probably buying a new desktop sooner. (I was going to do that last fall, but got a new hip instead.)

My Win7 is now on 3.2.2.119. Had problems updating and discovered some other updates I needed. Thanks all for posting this.

Thank you all. Found it in Control Panel 2.2.0.253 so time to update.

Sneaky. It says "Version: " so that I can't tell what version I have! It's having trouble finding updates. Should I just uninstall SupportAssist?

Just to be clear, you are talking about Windows 10 ONLY? I have 7 on a Dell, and it has SupportAssist. Is this version for Windows 7 safe?

And, an expansion of OUR Due Diligence requirements?!

An accountable plan is very fair to everyone. Reimbursements are not income to your client. Reimbursements are deductible by his employer; although, in this case not needed by his employer.

Going forward, suggest your client negotiate an accountable reimbursement plan with his church.

NY decoupled from the TCJA similar to CA: https://www.tax.ny.gov/pdf/memos/income/m18-6i.pdf

I also compute the percentage of tax to taxable income, but I have a lot of investors and others that have income without withholding. So, I calculate what percentage their withholding must be from employment to cover ALL their income vs. what percentage they now are having withheld. Sometimes, that gets their attention. Sometimes, they make changes. (Working out their W-4 to make the changes is a real pain, though.)

I've always felt that there should be no withholding, and taxpayers should write one (plus one more for each state they're connected to) big tax check with their tax return. Actually write the checks. Then they would know how much their government is costing them and could weigh the costs/benefits and vote accordingly. Until then, I highlight the Tax Liability lines on summaries to point out their taxes, not refunds or balances due.