Lion EA

A cot in her office might negate the "exclusive & regular use" of an OIH. Is her tax home in TN for telehealth, but in OH for in-person visits? If she has a tax home in OH, them travel expenses are not deductible. You have lots of questions to ask. Read about OH's definitions for things like Domicile. Facts & circumstances.

My response is then, "That makes your deduction $0." Except for 4. and 5., when I ask for their detailed P&L. I need clients less than they need me, so disengagement comes sooner the older I get.

Or, they only send you the odd numbered pages!

13 January 2025 per NATP in my email 8:34 pm tonight.

The two dissolutions I was involved in were years ago, but I'm pretty sure I had to call to request the paperwork from DTF. I don't remember how long it took, but everything takes even longer today. https://www.signnow.com/template/instructions-for-voluntary-dissolution-of-a-new-york-corporation-tr-125 Please Note: The Certificate of Dissolution requires the consent of the New York State Department of Taxation and Finance. The telephone number, fax number, and address where you can call or write to request the consent is as follows: New York State Tax Department, Corporation Tax Dissolution Unit, Building 8, Room 538, W. A. Harriman Campus, Albany, NY 12227 Telephone number: (518) 485-2639; Fax number: (518) 435-2995

If NYC, add a step: If the corporation has done business in and incurred tax liability to the City of New York, it must request written consent to dissolve from the New York City Commissioner of Finance. Additional information is available on New York City Department of Finance’s website.

written consent from the Tax Department (Form TR-960, Consent to Dissolution of a Corporation) https://www.tax.ny.gov/bus/doingbus/tr125.htm

Remember that the W-2 wages were reduced before FIT, SIT, FICA, and Medicare. So, even if the childcare exclusion gets added back to wages (because they don't qualify or don't qualify for it all) that they still save the FICA and Medicare. Depending on their tax bracket, they might do better taking the credit instead of the exclusion. If the non-working spouse is a student or is job hunting, they get some benefit. Covid rules were more generous. [Most of my clients have grown kids, so I rarely use this exclusion/credit anymore, so forgive me if I didn't report the most current rules.]

I keep .pdf copies of the "accountant's" copy automatically, separately from the program files. The client receives an electronic copy along with his eSign. I put a client copy .pdf in my portal upon request. I will be printing even fewer paper client copies next season. If a client needs a later copy, ProSystem fx asks me if I want any changes before I can open that client, so I can print or make a .pdf as originally filed.

I ended up calling in the IT guy I have on retainer. It took him mere minutes!

The 2 out of 11 that note "(paid subscription may be required)" talk about advanced features, such as automatically entering the authentication code, keeping devices up-to-date, etc. Read about all the authenticators that WK says have been tested with their software to see if you need or want the advanced features.

I searched on "CCH + authenticator" and found Home > Knowledge Base > Article > Article Number: 000280864 https://support.cch.com/oss/ml/kb/solution/Multi-Factor-Authenticators-for-Customers "Multi-Factor Authenticators for Customers Objectives Any Time-based One-Time Password -capable validator will work with Multi-Factor Authentication (MFA) and your Wolters Kluwer application. The list below is collected from popular, secure Wolters Kluwer and third-party authenticators to help you in selecting the one best suited for your needs. Environment All Wolters Kluwer Applications Windows OS iOS or Android Details [Then a nice table that I don't seem to be able to copy with 11 different authenticators, links to get them, and which work with Mobile, Windows, &/or Browser.] The list of authentication providers has been tested by Wolters Kluwer and have been determined to be compatible with our systems. However, please be advised, Wolters Kluwer does not endorse or recommend any individual provider, and each firm/user is advised to conduct their own due diligence to select a provider that is appropriate for their business needs."

Probably what Judy said. I seem to be able to use BitWarden as my IT guy set it up/scanned the QR code for prior year software up through 2023. Perhaps I'll need to scan a new QR code when I download 2024 (which I didn't want to do yet until I was able to use this new authentication thing for the rest of my late 2023 returns). Or, 1 January 2025. Or,... Glad I have my IT guy on retainer!

ProSystem fx (also WK) has a list of recommended authenticators that are supposed to work with my software. I started with the WK Authenticator, thinking it would be the most efficient with WK software. Not. Tech Support couldn't get me working. Techie liked the MS Authenticator, so I downloaded that. Support moved me up to the next tier. Still locked out of my very expensive software. Third tier support was supposed to call me. I called in my IT guy. He likes BitWarden. Got me running in minutes. (He took the other two authenticators off my phone.) I can finally get into my software, prior years too. Don't know why they have to make it so hard for us old ladies who grew up long before PCs and smart phones! I know it's NOT hard for the hackers.

From memory, a SFR is NOT an original return, so you file an original return. Someone will know for sure and cite.

Morgan Stanley pays 4.24% with NO minimum balance, just under 5% for different MMs &/or balances. (Accounts way out of my reach pay even more.)

How much does mother pay toward her own support? How much does daughter pay toward mother's support? Who pays more than 50%?

I too have my tax prep software set to use all caps. I usually remember to hit the caps lock key, also. I find it's easier to proofread if my data that I entered is in all caps; data in caps stands out from all the smaller text on the forms/schedules. For correspondence and everything else, I prefer this usual upper & lower case. I'm old and I still struggle with using all caps and going back and forth. If I'm entering tax data and hit the shift key, I see the initial letter as small on my screen briefly; but as soon as I move off that field, the software converts any small letters to caps for my viewing pleasure. And, yes, I often start an email to a client in all claps, but luckily Outlook changes that for me!

Wow!

If you're going to invest half in stocks, why not stocks within her IRA instead of in a fully taxable investment account? Same returns but tax deferral. Or pay taxes on half to convert to a Roth IRA and the other half rolled to a Traditional IRA. Or, 1/3 - 1/3 - 1/3 Roth, TIRA, taxable account, maybe even some in an emergency fund in something very liquid like a MM. Does she own her home; is she likely to sell and downsize? Is she likely to get a part-time job or start a biz? Do you think her tax bracket will increase or decrease during her retirement? You know the tax consequences of all her possible choices. Brainstorm with your client and her financial advisor about all her options to move her funds.

That article was perfect. Thank you, Judy. Don't know why it didn't show on my search last night, maybe Time Share vs Timeshare. The linked article was very thorough. Depreciation! I didn't even think about depreciation, because they own the right to use one unit for a set time as opposed to owning the actual building.

I seldom have clients with time shares; their biggest problem is getting out of them. This year I have a client with a time share who rented out their whole time (2 weeks?). They gave me the 1099-MISC form Marriott Vacations. My question is if we can deduct their yearly maintenance fee on Schedule E? No personal use.

Prior years directly via BSA website. Bank Secrecy Act https://www.occ.treas.gov/topics/supervision-and-examination/bsa/index-bsa.html

Do you have to be registered with FinCEN or have a PIN or...before you can file a FBAR for a client? Do you need an 8879-type of signed permission to prepare &/or e-file a client's FBAR? What proof or due diligence do you need to do to know you have ALL applicable financial accounts? You are charging for this, right?

https://www.irs.gov/individuals/innocent-spouse-relief https://www.irs.gov/individuals/injured-spouse-relief