Lion EA

Call Drake. Ask them where to input. Let the software "flow" the amounts for you. And, charge the client even if you use a short cut. Let them see on your invoice your price for K-1s. They pay plenty for those investments, especially if they purchased via a broker who told them it's just like owning stock! So, let them pay you for the tax reporting consequences of their decisions. Some of them have multiple activities that must be reported separately. And, wait until they make partial sales of their shares and you have to work with basis adjustments and ordinary income. Explain to them that it's not stock or a mutual fund; it's a company and they are a partner. Charge them now and explain to them why, so when you need to charge them even more for partial sales, for instance, you've prepared them.

And, if (that's a big if) you do know when a bond matures and report it properly, the client will get a Form 1099-INT when he cashes the bond years later. You can try "in and out" on his return, but he's going to get an IRS letter re unreported income. You'll be writing letters in response and printing his return from the year of reporting to attach. And, he'll think you did something wrong! I don't lose sleep over a 1099-INT in a current year that matured earlier. I do ask and I do try to help clients in low-income years find things like Sara explained. But, what the IRS requires as reporting on tax returns and what they require of banks as reporting on 1099s is different and one of many things that make our jobs harder. Just another example of the people passing the laws not reading the laws.

Hubby has played with both the "IRS" and "MS" before today's call, and been cussed out by the callers. We had a friend at church who played with the caller, and then he received 3:00 a.m. calls for several nights running.

Call came to our home from a # we didn't recognize, so let it go to voicemail. When hubby checked, it was the IRS telling us they are filing a lawsuit. Retired hubby decided to call them and play. They wanted him to tell his name, though, so he hung up.

I prepare ALL individual returns on Form 1040, even those that qualify to file on EZ or A. It's easier for me, knowing where everything belongs, where to look when proofreading. And, it doesn't make a bit of difference in efiling or to the IRS. I, too, make things easy on myself. I do want to get as far along as Randall. I'm not sending enough returns elsewhere. Doing only a handful of trusts, an occasional estate, a few S-corps, etc., slows me down. But, they come from existing 1040 clients who create a trust or spouse opens a biz or.... I'm old and have a baby granddaughter in another state and want to spend less time on each return, not more. Gotta work on this!

You will have to look to each state for it's own regulations. And, they can be very different. In my neck of the woods, CT taxes work performed in CT while NY taxes work performed in NY &/or under the control of a NY entity. So, an employee of a NY company working from home in CT could be subject to tax in both states on the same income and might not qualify for a credit for taxes paid to the nonresident jurisdiction. (If the NY employee traveled to clients in CT for the benefit of his employer, that would be work performed outside NY for NY tax purposes, but that's not what you asked.) Look on the CA and NV websites for their laws and explanation &/or read the instructions.

It's not an ATX thing. It's an IRS thing. At this time, the IRS does not accept efiled amended individual returns. No plans for it in the near future, as far as I've read.

Summer isn't ready to wane around here! 90s at the coolest; humidity meets or exceeds the temperatures.

Daughter can preserve her carryover losses while filing as a dependent. If daughter paid more than half her own support, she is not a dependent child. If mother did not pay more than half her daughter's support (plus meeting other qualifications), then daughter is not a dependent relative. Redo the worksheet next year to test. And, if mother is paying anything for daughter, have it be medical expenses directly to the healthcare providers so mother can deduct even when she does not have the dependency. Get mother/daughter to call you before selling daughter's investments, so you can calculate how much to sell in a year to preserve the dependency deduction -- if that is the goal. Or to pay the least tax for the two of them -- if that is the goal. Remind them that you could have helped them BEFORE they made financial moves but that options are much more limited afterwards.

Glad my software does the math and iterations, but going through them line by line to make sure.... By the way, discovered sometime along the way, the box for full-year healthcare coverage unchecked itself so changed some things. Fixing that helped the outcome.

Is the $47,000+ that daughter spent on her own support all in one year, and is it more than half her support for the year(s) in which she spent it? You may have to fill out a support worksheet with them. Probably want to, to keep in your files no matter which way it works out. (Here in pricey Fairfield County, CT, especially with any medical costs for the daughter paid by the mother, $47,000+ could well be less than half the support.) Even if daughter is not dependent for a year or more, mother can deduct medical payments mother makes to healthcare providers on daughter's behalf, yes?

Thank you. Those are tedious worksheets.

SE with profit. 1095-B for three months, about $600, terminated. 1095-A for 9 months, subsidized. I got the $600 to flow as SEHI on line 29. But, she made more than the prior year and is repaying $488 that was subsidized. Do I get to add that to her $600 as SEHI? I hate Obamacare. (Yeah, spreadsheets made lots of iterations already.)

Self-rental. Can she lower her SE profits/taxes by treating her business as a separate entity instead of a disregarded entity? Why aren't her expenses on Schedule C instead of E?

Off to a doctor's appointment, so no cites for you. But, I always heard it was trade date. With my aging clientele, I'll be interested in the answer, too. (Not that I'm getting any older, though.)

I'll pay the about same either way, because EA renewal fees went down to account for PTIN fees. And, those fees are small compared to software, computer upgrades, education, etc., each year. I, too, am optimistic enough that maybe PTINs might help track abusers. I resent those that tarnish our profession.

There are online options, such as People's United Bank's Encore Online. Does their bookkeeping software have a payroll module, such as QuickBooks? The large providers have small-company specialists: Paychex, ADP, etc., where they can go online or telephone to submit payroll. Their bank may have a connection with a payroll company.

I think you get to it from the EA renewal page. (I'm on my way to Knott County, Kentucky, with Appalachia Service Project making homes warmer, safer, and drier.)

I have clients that use Paychex and are happy. I've also used the People's United Bank payroll called Encore Online that is really Sage. And, for clients already on QuickBooks, the QB payroll has some advantages but keeps going up in price.

I had a long-ago client with a Keogh plan with both a Profit Sharing Plan as well as a Money Purchase Plan component. I think it was a Keogh. She was self-employed. (Left for cheaper preparation.)

So sorry. Prayers to all. A client's brother in his 20s, similar story. Way too young. We need to work on mental health for all.

Yes. (Often, the free versions of software are for home use only.)

Yeah, paper. Let the IRS argue with the ex if they want.

Bitdefender, CCleaner