Lion EA

And, everyone who goes away for spring break goes on extension. If I have to work, I'm not going to work on your return while you play in the sunshine! Actually, it's more because you told me today that you need your return before Friday, because you're leaving town for a couple weeks.

Yeah, did upgrade printer a couple years back. Takes me time to stuff all their stuff and return in a folder and upload signature forms/return to my portal and package it for mailing or call them for a pick-up time (well, I try via email as it takes less time than talking to them on the phone). Semi-retired hubby goes to PO and makes deliveries for me. He knows nothing about taxes, but I put flags when signatures are needed. But, as of this morning, I cannot connect to internet, update my software, transmit returns, receive/send emails, etc., from my desktop computer. Hard drive is failing. And, I'm waiting on the techie. Doing some work on my much slower laptop (and I miss my three monitors). And, continuing to prepare returns my desktop and backing up often as Windows keeps shutting down. I was hoping to nurse it through a couple more weeks, but not to be. So I got one out the door Saturday, took Easter off, and now am just adding to the stack of almost finished returns. (Wish I hadn't taken Easter off, as computer was still behaving before church.) In the meantime, I'm starting to get the calls about people leaving for spring break by Friday or Saturday and will their returns be ready. No. So, they call back to ask how much they'll owe. Um, if I knew.... I think I'll just say $7,000 federal and $2,000 state and hang up! I'm stopping taking calls, and will return via email each night. It'll save me enough time over the weeks to prepare another couple of returns. My prior techie quit without letting me know (a feud with my son or something I was unaware of) so I have a new guy who's the IC Dell sent to install the new hard drive, and he seems to be one that can clone my old hard drive before it dies to the new drive. Hope he can get me back online, too.

I had clients that received letters from their banks with the mortgage insurance premium amounts instead of corrected Forms 1098. I can see clients ignoring the letters.

OK, one partnership is still at a loss. Gotta look at other NY returns to see if I missed anything. Probably did.

The part that is a first home counts, but not the part that is a rental or not the taxpayer's residence.

I don't have any now. Isn't there a loophole re first quarter income? My NY businesses are partnerships and S-corporations, so that lets them off the hook, yes? My brain is too fried to know what I've done!

I attach the appraisal as a .pdf to the return. But, you can mail with the 8453 within 3 (?) days.

Yep. I get a lot of DIY clients who end up getting NY letters and then wanting to amend CT (CT's an easy return but a bit of a pain to amend) who stay with me ever after. Only if you work outside NY for the employer's convenience, visiting clients, training, etc., are you "out of state." If working from home for employee's convenience, he's still under the control of his NY employer, could've performed those duties at the office. It's not logical; it's the law. You should've tried an allocation, two allocations really, when NYC came into play for out-of-state residents!!

Accountants have to multitask during tax season!

Our cheeses arrived today. We ate some Ewemazing tonight. It's well named !!

I'm working today and Saturday. Church Sunday with an egg hunt/coffee hour. Hubby will make dinner (a nice client provided the ham as a Christmas present, frozen since then until this week). There will probably be naps involved. I've reached a procrastination stage, not a good stage to be in right now. I have about nine returns that don't need a lot of work, just proofreading, printing, uploading to my portal, packaging for mailing, that kind of thing. And, a LOT of returns to start. Just had a client email that she's going out of state to help her daughter move 8 April and won't return until after the deadline; hope she doesn't mind an extension! Happy Easter, everyone; and pause to give thanks for all we have, including this forum!

Yep, I saved this thread to her computer folder while talking to her on the phone. Saving the links now, also, separately. Max: your link doesn't go anyplace. Would you please upload it or type in the link. Thank you.

That is all very helpful, Judy & Max. So many flavors of stock options! Just had a call with that client (she's in CA; I'm in CT) and think we have all locked down now. For 2018, she'll have some prorated shares due to her retirement, and be selling most to consolidate her monies. Luckily, she's in finance so knows what to save and is organized. Hope my memory doesn't fail me by next year! But, that's why all of you are my safety net.

I get cranky. Almost lost my biggest client last year.

ABC qualifies for an exception to the penalty you charged under IRC Section 6698(a)(1), because all two (2) partners, XZ, 222-22-2222, and YZ, 333-33-3333, reported all their shares of income and deductions timely on their joint 2008 income tax return Form 1040. Therefore, the partnership meets the criteria specified in Rev. Proc. 84-35, which says in part: “A domestic partnership composed of 10 or fewer partners and coming within the exception outlined in section 6231(a)(1)(B) of the Code will be considered to have met the reasonable cause test and will not be subject to the penalty imposed by section 6698 for the failure to file a complete or timely partnership return, provided that the partnership, or any of the partners, establishes, if so required by the Internal Revenue Service, that all partners have fully reported their shares of the income, deductions, and credits of the partnership on their timely filed income tax returns.” We trust that you will remove the penalty due to reasonable cause for small companies.

Yeah, I might be having my hip replaced, so need to watch from rehab.

...2014 award date...

I think what you had is what I have. No code V, though. (C, D, W, DD, as usual for this client) They appear to be in her W-2 Box 1, I'm guessing due to the fact that Xerox calculated tax on her FMV and withheld enough shares to withhold that tax. The shares withheld, they do NOT count as sold? Yes, not vested until 2017 from a 2014 award date. Released shares at Vesting, and withheld enough for taxes. Plus a few dollars more -- anything to be done with her Residual Balance? Two groups vested last year, but less than $15,000. So, she's already being taxed as ordinary compensation. No other adjustments need to make re either AMT nor Schedule D, right? Thank you, Judy. I have a couple clients with RSUs, but the Xerox reporting seems to be more cumbersome to wade through. [Sorry, Chrome stopped responding while I was trying to edit, so two replies.]

I think what you had is what I have. No code V, though. (C, D, W, DD, as usual for this client) They appear to be in her W-2 Box 1, I'm guessing due to the fact that Xerox calculated tax on her FMV and withheld enough shares to withhold that tax. So, she's already being taxed as ordinary compensation., No other adjustments need to make re either AMT nor Schedule D, right? Thank you, Judy.

Xerox Performance Stock Shares. Awarded 2014 and released 2017. Taxable compensation ~$7,000. Not sold; however, quantity withheld to pay taxes ~$2,500. Does any of this get added for AMT? No 1099-B, but does any of this get reported on Schedule D?

...contribution, possibly deductible, possibly not, possibly excess... Why oh why don't they call us before trashing their retirement savings?!

Tag Team Tax Services, LLC

In my software, 999999 prints as VARIOUS. I almost always have the real sold date. I use the real sold and acquired dates when I have them. If I'm missing acquired, then it's 999999, marking L if true. In the rare case without real sales date, it's 123117, marking L or S if needed.

Yep, Ohio, New York, a few more that I don't remember until I get the diagnostic! FDNY, I do work late instead of getting up early. I seem to get more time without emails popping up or hubby sitting down in my office, and the phone is not ringing (even though I let it go to voicemail during the day, if it's not a client I need to talk to/get info from). And, when I email a client for more info, they do see it when they get up; so I usually have a reply by the time I get up.

Yeah, here I am with not one of the five family returns complete; although, I have emailed them for DL info and a couple of other questions. One of them moved to Utah! I never met anyone who lived in Utah. Is there anything I should know about Utah? But, I have heard from two that I emailed yesterday. A couple of kids with kiddie tax, but I don't prepare parents' returns. Dad emailed me info tonight. Then mentioned his son received a 1099-MISC for opening a bank account, $50 deposit from the bank. Darn. Is that Line 21? Haven't had that before. And an couple who confirmed bank accounts, but will send me DL info tomorrow! I'm trying to work faster, but I'm getting answers slower, like pulling teeth. And, when someone faxes their NY DL, those teeny, tiny DCN are unreadable; so I have to email them to type out the numbers for me. I hope these DLs are doing some good, because they're a real pain to deal with. Rant over. Will try to flesh out the five returns before I sleep. At least the phone isn't ringing and almost no one is emailing me now. If hubby stays out of my office, I'll be good.