Lion EA

How many people get a job in their preferred field right out of college? Daughter wanted to get into nonprofits and now does develop the international seminars for a professional society of international studies academics. But she started in a nursery school and did a lot of diaper changing while job hunting. Good for your client's son for working for a few months and not just sitting in mom's basement watching Wayne's World. I'd put it on Schedule C.

It doesn't sound like a hobby. If your client thinks he should be an employee, there are things you and he can do. But if he wants to continue working as is, then Schedule C. It also doesn't sound like he's in a Specified Service Trade or Business: https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs Q5. What is a qualified trade or business? A5. A qualified trade or business is any section 162 trade or business, with three exceptions: A trade or business conducted by a C corporation. The trade or business of performing services as an employee. For taxpayers with taxable income that exceeds the threshold amount, specified service trades or businesses (SSTBs). An SSTB is a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading or dealing in certain assets, or any trade or business where the principal asset is the reputation or skill of one or more of its employees or owners. The principal asset of a trade or business is the reputation or skill of its employees or owners if the trade or business consists of the receipt of income from endorsing products or services, the use of an individual's image, likeness, voice, or other symbols associated with the individual's identity, or appearances at events or on radio, television, or other media formats. The SSTB exception does not apply for taxpayers with taxable income at or below the threshold amount and is phased in for taxpayers with taxable income within the phase-in range. For taxpayers with taxable income above the phase-in range, no deduction is permitted with respect to any SSTB.

It's been my favorite way to e-file extensions for clients who need to pay -- have them do it themselves!

Thank you for the reminder.

I've learned how few clients have printers and almost none have scanners. They take pictures with their phone to text me. I try to get them to download the FREE Scannable app. My cell is broken, won't hold a charge, can't receive texts or anything. No time to get a new phone now. CCH's eSign has been a great tool, especially during this pandemic. But I have clients in 13 states, so virtual began before the pandemic and will last after. I do have a few older clients who to to their local Staples/office supply store to print, sign, and fax or upload back to me. Sweethearts to go to all that trouble, because it's easier for them than learning a new process.

Rettig has been adamant that the deadline is NOT being extended. It's such a waste of time to have to break stride to get extensions out. If we didn't have to compute what they owe and gather signatures for payment or talk them through DirectPay and none of the states online are that easy -- for another month (I really, really liked the 15 July deadline best) it would be heaven for me. Any preparer could close at any time. But I like to work year-round and have enough clients to do that. I barely begin personal returns when I have to switch for a month to prepare entity returns. Then try to pick up speed for one more month of personal returns. This year, there was little I could complete prior to 15 February, so really didn't get more than a couple of personal returns out for signature until after 15 March. Every. Single. Return. I started had a missing form or a glitch in that state or something I had to wait on. Put it aside. Try it again after every software update or "clarification" from the IRS or Congress. Put it aside again. When I can finally complete a return, I'm proofreading it for at least the second or third time. Huge amount of time spent on Every Single Return. Easily double. I can't charge double; although, I'm raising my rates. I read a preparer commenting that he could've gone away on vacation for all of January and all of February and still be in the same place today, not being able to complete returns until March. Think K-2/K-3 fiasco. Letters 6419 and Letter 6475 still arriving as recently as last week. Forms SSA-1099 not mailed as of 9 March. I'm still waiting on a CA form for my second client. My first client was SC and couldn't e-file until 4 March. But I have to break up this most productive month to prepare extensions.

Good price. How long have you been using it? MFA on the portal? Do your clients have any problems using the portal? Any problems verifying their identities for signatures?

Verified signatures?

I agree with Judy. Their combined cost basis the day before the property settlement due to the divorce is then her basis. She can add capital improvements after that date, of course. The $200,000 doesn't change her basis. Been there, done that.

Regular & exclusive use?

I try to print everything they'll need when I'm gone, and everything they need to understand their return. Return, 2-year comparison, depreciation schedules, filing instructions including next year ES payments, privacy statement, the sheet with next year carry forwards, my invoice, and select lists/reports/statements/worksheets but not on separate pages, saving paper. I have a lot of investors and small businesses, so lots of 8949 pages and depreciation schedules. My returns tend to be no thicker than the ones they bring me from prior preparers, unless that preparer didn't print depreciation schedules!

My software has a setting for using a font that fits, and I haven't had any rejects.

Do you have the option to use smaller fonts when needed to fit?

Thank you for sharing that. The FTC used to have a free magazine/workbook-sized book to hand out to clients with identity issues, a thorough to-do list with large print, pictures, and step-by-step instructions with links and phone numbers. That great book is now obsolete. I think they have a smaller pamphlet. And, as Slippery listed, a wealth of information on their website.

My client's Coinbase Gain/Loss report says None for Total gains/losses. She sent me that plus two .csv files that I mentioned earlier: GAINLOSSCSV which is blank except for column headings and RAWTX. She seems to have downloaded everything available from Coinbase, because she also had 5 different forms in the W-8 series that she uploaded to me! Which brings up another question: Because Coinbase had available for her download W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY, are her coins held overseas, giving her FBAR and FATCA filing obligations.

I have a new client with Coinbase. Her GainLossReport is empty. Her .csv spreadsheet GAINLOSSCSV is blank except for the headings. Her RAW data .cvs file has Buys, Rewards, and Convert. The Buys are not a problem until she sells and has to match up her basis. What is Reward? Is it Other Income? Interest? From earlier webinars, I thought a Reward is taxed as Other Income (although, the way they described it to me, it feels more like Interest). But I had a webinar last week and asked about Rewards, and the instructor compared it to credit card rewards that aren't taxable income but more a reduction of basis on the items you bought with your credit card. So, now I'm more confused instead of less. What needs to be tracked, what does the reward reduce? Or, is it increase? What is Convert? It includes US$ 898 ETH Convert and US$ 898 ETH2 as two separate lines, each labeled Convert? The grand total in the Cost Basis column includes both US$ 898 amounts. Did she convert US$ 898 of ETH to $898 of ETH2? Did she just double her basis? Is that taxable?

Bursar's statement will have dates and amounts.

Staples is advertising printers, including all-in-ones, today: https://www.staples.com/Printers/cat_CL167883?cid=EM_OPT_P_954858POS-01_P1&utm_medium=Printers_XC&utm_term=19999PRINTERS&utm_source=A79BE28B895DAA540894D08E0B79BA8B_FRIDAY_P_DOTCOM_CONS_BUSN&utm_campaign=954858P7A&utm_content=POS-01_P1

My hand-me-down all-in-one is HP Officejet Pro 8500 Premier. I do love it. Look for whatever their newest version is. I've had Brother all-in-ones in the past, all of which died young; but my IT guy feels Brother has improved a lot over the years, especially in the more affordable price ranges.

Start the SOL running by filing.

Do you really get to deduct the old loan payoff from the sales price in an exchange? If you just were selling a house, it'd be sales proceeds - adjusted cost basis/some selling costs. You wouldn't subtract the loan from the sales proceeds.

I've always used HP printers. They've been my workhorses for decades. But my current IT guy likes Brother, saying at the lower price points Brother is better than HP. So, I have a Brother laser, very fast, black & white printer for tax returns. I still have a very old HP color multi function machine for everything else; it was actually a freebie from a client who upgraded. See what prices you find on Amazon and what sales you find in your local Staples/office supply stores. By the way, my oldest HP, which still was going strong, had an off brand cyan toner explode inside it. It was from the mid-90s so didn't seem worth the time to clean it out or the expense to have it professionally cleaned/repaired. I've gone back to HP and Brother toners!

Do those "taxes" get deducted on Schedule A or anyplace?

Huh, I have one I'm holding for CA , but the federal has her repaying some PTC because her income increased in November. Are you saying that's not correct?

Did he have any unemployment benefits in 2021?