Lion EA

Good point. I did prepare two S-corps. Gotta count again.

I'm an EA and have filed 66 returns to date per my records; only four of those were within the last month. But, the IRS has 0 returns listed for my PTIN. Zero.

I thought the OP asked about getting through on the phone faster, so I thought points 5-7 straight from CT's IRS liaison might help. If I have an occasion to speak to him, I will pass along your comments. (I think he spoke to our group about a year ago.)

Maybe my clients get them because they usually remain with the same NY employer but move to CT or PA. I have seen fewer NY letters since 9/11 when NYers fled to CT; but most of their employers also moved to Greenwich or Stamford or other CT cities.

"Testing the waters" may not qualify as a NYC nonresident. Read the NY code and apply your clients' situation to see if they are residents or nonresidents. Have them document, document, document. NY's usual response to a resident moving to CT is to request a copy of the CT resident tax return. For a state like FL, they will demand proof and more proof.

NY is pretty tough on residents trying to establish a new state as their residence. You have to move and "stick the landing," prove you have closer ties to the new state. Not selling the first home hurts their case. If they can show it's for "vacation," such as on the LI shore or in the mountains/ski areas of upstate NY or a tiny apartment in Manhattan for the theatre or.... They need to show they actually live in FL: doctors, church, friends, hobbies, recreation, part-time job, etc. Have them keep a log. Read the NY residency and domicile definitions in the instructions and in the code.

The attached is from CT's IRS liaison as handed out at a NY/CT-ATP dinner meeting. Go to pages 3-5, especially points 5-7. 2014-05 IRS Small Business Outline & Handouts.docx

Twilight Zone. In more ways than one.

Our NY/CT-ATP meeting this month was on Cyber Breach. Our speaker was a CPA with a small firm, two offices, maybe 1,000 returns but 800 individual returns. His firm was the first in CT to be breached. Hacker extradited from Bulgaria and in a NJ federal prison. More arrests are expected in Bulgaria and our tri-state area. But, this began in 2011-12. Hacker got in and spent about five months cracking his password. Then made a backup of his tax returns. 2013 tax season was his worst nightmare with about 40% of his clients having fraudulent returns filed; 2014 only half as bad; 2015 down to single digits for fraudulent returns. He suggests at least $250,000 in cyber breach insurance. He said (after working with the FBI, Secret Service, Homeland Security, and probably more) that the hackers don't know how big you are or what you might have of value; they just look to get in. Then they can take their time looking around your data to see what they can use. (I'm saying this from memory, but his IRS webinar is archived, so you can hear it from the horse's mouth.)

I friend used GoFundMe to raise money to remain in Indonesia where she's working with agencies educating children, etc. But, I don't know anything other than I gave her some money through that. I've seen people use Facebook and other social media to spread the word and get people to a page set up to tell about the person, their need, etc. Likes help keep the message out there and Shares really help. I'm guessing the link was a PayPal link when giving on the recipient's special home page. Twitter can drive traffic to a FB page.

Check your professional organizations for a group rate. I switched to the policy NAEA publicizes as it was cheaper than my former policy for the same coverage. I think I pay around $300 or at least less than $400, but it's been awhile since I renewed so don't remember. I think my underwriter is Calsurance, but the NAEA policy uses different insurers depending on your state's requirements, licenses, etc.

Tonight's topic at the NY/CT-ATP dinner meeting was Cyber Breach taught by the first CPA in CT to have his system breached. The thief was extradited from Bulgaria and is in a federal prison in NJ, but his colleagues are still in Bulgaria and our tri-state area and continue their trade. Expensive. Scary. One of his tips was to add a cyber breach rider to our insurance. (He had very luckily just changed E&O carriers, and his new policy had $100,000 for cyber breach.) He suggested at least $250,000 plus $1,000,000 "third party" for that client who decides to sue you when they lose that mortgage when the IRS sends their bank the fraudulent return instead of their actual return. The IRS had him give a webinar.

You get to charge for a 1065 and a 1040.

Hubby made us scrambled eggs and bacon for brunch.

No reporting on the individual's 1040. But, depending on the levels of UBTI on all the K-1's owned by an IRA, there may need to be reporting by the IRA. Tell your client to take them to his plan administrator to combine with the other IRA investments.

Sometimes in QB it's faster to export to Excel and then combine lines as needed. Don't know if that would help you in Sage.

Report Post is really, really faint -- until I move the cursor over it, which I wouldn't know to do since I can hardly see anything's there. But, I seldom want to report a post; so it's not a big deal.

I do love your new version of your shell.

Fujitsu, definitely. They're the workhorses of the scanner world. Then the model that fits your needs and budget. FI-5160Z is great, small footprint.

Your shell is a spiral; don't center it in a circle.

OK, I've read every IRS "clarification" about this and all your comments. Think I've got it. It's a lot of money for this client, so wanted to make sure he can put his early April distribution back in within 60 days no matter what he takes out in the future. Hopefully, he has enough sources of funds to get him through until the new job starts. Talked with client and his broker and emailed broker the various IRS links also. Some of the IRS info was old info that was edited after the one-per-year clarification, so reads rather awkwardly and a bit ambiguously. With a lot of money at stake for my client and my rep at stake with the broker, I didn't want to get this wrong. Thank you very much to all of you.

But, you're OUR dufus!

Thank you all. I was remembering something like that but not searching well to find it. Maybe the broker and I can keep him from taking the second distribution or making it smaller. So, he can take one distribution and put it back in 60 days tax free. If he takes a second distribution, it will be taxable. Does a second distribution make his first distribution taxable also?

Client loses job, rolls 401(k) into an IRA, takes a lot of money out of IRA at beginning of April. About to take more out now. Broker/client call me. Client due to receive good severance and also has new job due to start soon, so will be able to replace some or all funds in his IRA. Can he do this twice? 60 days to replace from time of each withdrawal, right?

Thank you, Eric!