Lion EA

I ask them. Had one "Domestic Diva" once. Often it's Homemaker. Sometimes Unemployed. More and more Retired, even those younger than I am. As has been mentioned, often the most recent occupation if they're looking or on a maternity leave or temporarily ill or....

I've had a huge problem of this type all year, worse on some sites, sometimes blue or red with underlining. Sometimes it goes away for a while or disappears on some sites but not others. Use antimalware and antivirus software. Don't seem to have it here since my return Sunday night from a couple of weeks away (Appalachia Service Project in VA).

And, is he asking fair rental value for the location...

Our church uses ACSTechnologies at the strong suggestion of our Diocese (Episcopal), but I'm only the assistant treasurer who pays bills online via our bank and has no access to the software. Our treasurer and another assistant who does the bookkeeping use ACS. It is designed for churches. The monthly fee entitles us to support, and the treasurers have been happy with the support as well as happy with how it creates exactly what we are required to report to our Diocese.

I'm sorry for your loss. Our pets are part of our families. Your new chapter with kittens will entertain you and your clients. Enjoy!

Is there a spouse? Spouse may benefit from the portability election.

The final 1040 is for the part of the year the decedent was alive. Then the first 1041 begins and can have a calendar year (short for the first year) or a fiscal year ending on the end of any month less than 12 months after DOD.

When I type in Thomas R. Carlson, I get some guy in Sweden. Do you use another variation on your name in LinkedIn?

A CPA charges my church $3,500-$5,000 for a compilation every two years to report to our Diocese. She works with a firm but does this job on the side, supposedly to give us a lower price than her employer would charge. My church is in Fairfield County, CT.

I bank with a state bank (well, now I guess it's regional) instead of the big national banks. Great service. Business account with no fees due to fewer than 200 transactions per month and a credit card and a debit card. (Also, have my personal accounts there and mortgages and loans and credit cards.) Deposit using my smart phone, so no travel involved. Also use their payroll service for one of my business clients. Hubby was with a local credit union before I married him, town or school employees or something local. As they merged with other CUs and became larger, he was less satisfied with their services. He took out all his accounts a couple of years ago and moved them over to my bank.

Our daughter found $1,500 in my husband's name and her name. Apparently a savings bond that hubby bought with college in mind when his daughter was born, and thought he'd moved all when his broker moved. Daughter's almost 27 and was checking the CT site for everyone she knew. We'd already put her through college, and would've welcomed the money to help us with college loan payments. But, since she found it, we're splitting it with her. There was NO money in my name! But, do check every few years.

If you/employee in ATX get the same 2013 results as the former preparer in UT, then you have a level of comfort before next tax season. If you get different results on a return or more, you know you need to delve into those more, maybe call the taxpayers in for a pre-season interview with their tax folder. Or, do you have the original documents and client notes scanned, electronically available in what you received from the prior preparer, and his notes too?

Being over 65 disqualifies EIC only if no qualifying children. But your client's problem is earned income. Gail's method works. But, only for a small number of years, so tell them to increase their profits!

Yep, employees came and went but now same employee for 3 years. Decision time. (And, then Miller time?!)

Very true. Income has been a bit cyclical, trending upward, and not huge numbers. The SEP came about as income rose and was chosen due to the late deadline (can be opened up to the filing date including extension and contributed to up to...). No employees back then. Now an employee. Will compare when I prepare 2013 which is on extension, but the SIMPLE may be better in some years than the SEP with no extra leaving the company for the employee who's not interested anyway. I'll provide full info for an informed choice before 1 October for 2014.

But, I posted "NO employees contributing," so someone skimming might miss the last -- very crucial -- word that explains why the employer wants to stop the SEP and start a SIMPLE.

Yes, you see that wall as you're approaching it and it just keeps getting bigger as you walk and finally looms over you. Enjoy your day!

Sorry, was being skimpy with words. No employees want to contribute.

I do charge this couple a lot. Partnership return and personal and a couple of sons who sometimes have returns if they earn enough that year. As a family, one of my priciest invoices. At least in the top five. It's up a bit this year already, because they added NY back into the mix, two states now. Yep, price increase for them.

This was an (a). His wife usually sends me his check stub in the fall, because one year his company stopped withholding for CT at some point. The 401(k) was fine on the check stub she sent last fall, but he'd had two high-paying jobs earlier in the year. I knew he quit a job and consulted for awhile, but didn't know he was an employee earlier in the year. Sigh.

Thank you, Catherine, for taking some of the bruises on this! Hadn't had this come up before, and the penalties are big so wanted to do lots of reading before I talk to the client. He will get a double whammy by being taxed again when he takes it out in retirement, right?

I think her state requires weekly payroll for hourly employees. A waiver might be available to pay every two weeks. I also talked to her about paying her payroll taxes each pay period.

Thanx, Catherine. That was what I was thinking, but the legalese was making me go around in circles. Your plain English helped. He was thousands over, but not more than double. He can eat that up during 2014. And, if he's over what's left for him to contribute in 2014, he CAN take out the excess now while it's still 2014, yes? So, no 2014 penalty. But, there'll be a 2013 penalty no matter what, right? He'd had to have taken out the excess prior to 15 April to avoid a 2013 penalty, yes?

Exactly. SEP prior to this year when an employee would be eligible. Employee does NOT want a retirement plan at this "second" job. SE owner will not have to make the 3% match for non-contributing employee with a SIMPLE IRA.

Client worked for three companies during 2013 (on extension). At the first two, he contributed to their 401(k) plans and far exceeded the limit. No longer at either of those companies. I understand the penalty/form/etc. Is there any advantage to taking out the excess at this late date? Does it get penalized again in 2014 if he does NOT take it out? Does it all go away if he contributes less in 2014? The more I try to read the more confused I get.