Lion EA

Hot ON the presses: Cards are at the printer. Fingertip Tax Facts owners expect to ship 16 January. Also, last year's customers will receive an email this week.

If the income passes through/lands on Form 1040, such as on a Schedule C, and the other requirements are met, then won't the 20% deduction apply? Even if the business is a SMLLC? Or even something more complicated of a H&W in a community property state? Where did you find the distinction between a sole proprietor and a SMLLC for the deduction?

I remember a wedding in the 60's with a potluck reception and chili. We were all starving college students. The student who brought the chili said "chuck." It was woodchuck.

Are we going to have a beans vs. meat debate?! And, what kind of meat?

It's soup and warm bread for us tonight. Saturday is a really, really big bonfire at church, burning Christmas trees with our volunteer firefighters in control, and the proceeds going to Weston Warm-up Fund to help our neighbors with heat this frigid winter. Chili and all the fixins inside. I'll watch the bonfire from inside, I think!

Lots of wind. My commute is just down the hall. No stairs. Although, all my clients know I must be snowed in so are calling me! I haven't changed my phone from the away message I left while visiting my granddaughter, so only pick up the calls I want.

Why isn't the student a dependent?

This BB goes bonkers when I try to start a new topic, so maybe one of you can cut/paste this into a new subject line... Issue Number: IR-2018-1 Inside This Issue 2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17; Help Available for Taxpayers WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15. Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds. The IRS set the Jan. 29 opening date to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns. The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return. The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are using a tax software product for the first time will need their adjusted gross income from their 2016 tax return to file electronically. Taxpayers who are using the same tax software they used last year will not need to enter prior-year information to electronically sign their 2017 tax return. Using an electronic filing PIN is no longer an option. Taxpayers can visit IRS.gov/GetReady for more tips on preparing to file their 2017 tax return. April 17 Filing Deadline The filing deadline to submit 2017 tax returns is Tuesday, April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 17, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation. The IRS also has been working with the tax industry and state revenue departments as part of the Security Summit initiative to continue strengthening processing systems to protect taxpayers from identity theft and refund fraud. The IRS and Summit partners continued to improve these safeguards to further protect taxpayers filing in 2018. Refunds in 2018 Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects more than four out of five tax returns will be prepared electronically using tax software. The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers. By law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February. This applies to the entire refund — even the portion not associated with the EITC and ACTC. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if those taxpayers chose direct deposit and there are no other issues with the tax return. This additional period is due to several factors, including banking and financial systems needing time to process deposits. After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving Presidents’ Day may affect their refund timing. The Where's My Refund? ‎tool on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers in late February. Taxpayers will not see a refund date on Where's My Refund? ‎or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund. IRS Offers Help for Taxpayers The IRS reminds taxpayers they have a variety of options to get help filing and preparing their tax return on IRS.gov, the official IRS website. Taxpayers can find answers to their tax questions and resolve tax issues online. The Let Us Help You page helps answer most tax questions, and the IRS Services Guide links to these and other IRS services. Taxpayers can go to IRS.gov/account to securely access information about their federal tax account. They can view the amount they owe, pay online or set up an online payment agreement; access their tax records online; review the past 18 months of payment history; and view key tax return information for the current year as filed. Visit IRS.gov/secureaccess to review the required identity authentication process. In addition, 70 percent of the nation’s taxpayers are eligible for IRS Free File. Commercial partners of the IRS offer free brand-name software to about 100 million individuals and families with incomes of $66,000 or less. The online fillable forms provide electronic versions of IRS paper forms to all taxpayers regardless of income that can be prepared and filed by people comfortable with completing their own returns. Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) offer free tax help to people who qualify. Go to IRS.gov and enter “free tax prep” in the search box to learn more and find a nearby VITA or TCE site, or download the IRS2Go smartphone app to find a free tax prep provider. If eligible, taxpayers can also locate help from a community volunteer. Go to IRS.gov and click on the Filing tab for more information. The IRS also reminds taxpayers that a trusted tax professional can provide helpful information and advice. Tips for choosing a return preparer and details about national tax professional groups are available on IRS.gov. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

January 29th.

I find five, older than today, when I search. For example:

Staying safely inside. Haven't lost power yet, but we installed a generator after multiple hurricanes and don't have to worry about that now. Total white out. Doctor called yesterday to reschedule today's appointment. Have an education committee meeting for NY/CT-ATP on Friday, but someone offered to pick me up.

Update this morning: They are mostly done, just working on a few final details. They should post an anticipated ship date soon. http://www.fingertiptaxfacts.com/

Do we know about Schedule F pass-through income?

Yes, they were waiting for the Law to be signed. I'll check with them on their mail date.

Doing long division on the paper and pencil they provided -- hadn't done that since third grade. Two solid days at a site far from home. Waiting months for results. Good thing I passed all four parts on the first try, because I'd already decided I'd never do that ever again!

I got summaries from CCH, NATP, and Tax-Mam.

My CCH SiteBuilder website includes a basic portal: FileShare. Clients can upload documents to me; I can upload their returns and signature forms to them. Each year, more clients give it a try. You might already have what you need via your tax prep software, email software, website, Adobe, or have modules available at more modest cost for modest needs. Ask them what they offer.

Someone will jump in here to tell me if I am wrong. The capital loss belongs to the husband, if the property was in his name. If the husband passes away, the capital loss is gone. You might want to research if they did commingle the property and created a joint loss, if the wife "owns" any of the capital loss, in case she survives her husband.

Some years back, I had a new client come to me; and in reviewing his prior years returns, I had him explain a Schedule E, page 2, Unreimbursed Partnership Expense that appeared on one year and not others, with no MMLLC line, just the UPE line. He'd had the situation above and called the IRS (back when the IRS answered phone calls). They told him to use Schedule E, page 2, as if the MMLLC was still open, as he would for any UPE. So, he'd done that for that one year the partners personally paid an expense after they closed the LLC. Now, with K-1 matching, that might generate an IRS letter. I haven't had an occasion to look into it. Keep researching to see if you can use that method for your client.

Our local property taxes are due 1 January 2018 (for my town, half; for some towns, one quarter). Except for my clients deep in AMT, most would be paying this month, December 2017. The tax is for property on the rolls as of 1 October 2017. So, is that a tax IMPOSED in 2017 allowed to be deducted on our 2017 income tax returns? What's the definition of Imposed?

I got a letter and found out about the IRS needing to access my credit report, authentication questions when phoning in, etc., all things that made me wait. Not going to get done before New Year's and then not unless the roads are clear and I have time to drive the one-hour one-way trip to an IRS office to prove who I am!

I was getting "technical problem" which was actually that they could not verify my SSN with a credit agency because of my freezes. I'm reluctant to unfreeze, but it is temporary until someone -- hopefully the IRS and no one else -- checks or you can set a time limit. Still not going to do it until other things are cleared up. For instance, I always fail those knowledge based questions, because a lot of my ex's and his second wife's info is mixed in with mine. I don't know what street they lived on in Syracuse, and they're not about to tell me! (My kid was way too young to remember.) Our Mastercard changed our address to TX at someone's request and notified Experian who notified all the agencies. We had trouble getting anyone to talk to us, because we couldn't provide them with a "current" address. Eventually, the fraud unit at Elan Bank or where ever the card came from tried to fix the reports, but they didn't change our address back. Our new cards went to the thief in TX !! We are having all that trouble with our accounts frozen. I do not want to unfreeze, even for a minute.

Oh, yeah, and IE. I'm going to pull the covers over my head and get some sleep.

My cell with AT&T in my name since the beginning won't work for the IRS: IRS says AT&T tells them it is NOT in my name; AT&T says it IS in my name. Until that is solved, I refuse to unfreeze my credit report, which is also a requirement to register. And, I have no Forms W-2 nor 1099-MISC in my social security number, also a requirement. (I am not an employee but do have 1099s in my EIN, not SSN, and one that should be in my SSN for farm rent, but he makes a different typo every year!) I will have to drive an hour to an IRS office with lots of ID to prove who I am. Maybe in January. Or, maybe never. This takes entirely too much time.