Lion EA

I still have 15 big returns on extension, so I'm not pulling my policy out right now. From memory, the insurance reimburses me for expenses incident to a security breach. I don't remember a deductible, but I'm sure there is. The only person I know that's filed a claim is the owner of the first CT CPA firm that was hacked that spoke at NYCTATP and did a webinar for the IRS. His insurance company reimbursed him to his policy maximum, and he was very, very happy about that. He'd changed insurance companies and hadn't remembered that he had cyber coverage and was thrilled that he did. You can look up the details for the NAEA group plan online or any insurance company's plan that interests you. See if one of your professional groups has a comparison of policies. Do you want to be able to hire your own lawyer or use the insurance company's lawyer, for example? Nope. You can't undo it. All you can do is cover your out-of-pocket costs of dealing with it so you can spend time calming your clients, hopefully keeping most of your clients, and working through all the paperwork with your clients. The CPA above told us he'd have been out of business without the insurance reimbursement.

Have you networked with NY/CT-ATP, CtSEA, the CT chapter of NATP, and any other local professional groups to which you belong? Is your practice the type that will transfer best to a local firm? Or, is your practice mostly remote and can transfer to any geographical area? Is your practice a niche (clergy, expats, farms, business entities, whatever) and you could network with a trade organization in your specialty? I don't know if they are still acquiring, but Marks Paneth LLC acquired a CPA firm in Westport as their first CT location; maybe they still want to increase their CT customer base.

I think I got $250,000. I think my options were $100,000 or $250,000 or $500,000.

The IRS seminar and then the same speaker at my local NY/CT-ATP said $250,000 MINIMUM. By the time you hire a lawyer and a PR person and a preparer or two to cover for you while you deal with the security breach for weeks/months and credit monitoring for everyone in your database (H/W and two kids is FOUR; partnership with 5 partners is SIX, for instance) and maybe even new computers when Homeland Security seizes yours, you'll spend a bundle!

My E&O policy is part of a group policy via NAEA. The underwriters vary by state, but it's all via NAEA. I added the Cyber rider a few years ago. It does add a couple hundred dollars to my premium, but I sleep better at night.

CCH's Scan & Flow.

I guess my young client is one of the beneficiaries of that generous donor to the Yale School of Music. By the way, the Dartmouth/Tuck Business School program was an intensive program in business for music majors to prepare them for the business of music performance. So, I would've argued, if my client had wanted to take the LLC, that it was to acquire job skills. But, I laid out all the issues for her, and she decided against it. The knowledge on this site is amazing.

Heard back from my client with answers to my questions. Not surprised that she does NOT want to take any education credit for her son's summer program at Dartmouth. She IS going to use direct debit for the first time to pay her IRS balance due, because of the mail backlog. I give her payment vouchers and envelopes for her ES payments, but I'll also give her the IRS's DirectPay link and the CT link in case she wants to pay those online this year. Thank you all for discussing this with me. It helped me enormously to get it straight in my own head and then be able to lay out her options and what she could expect, explain it all to a very sweet violin teacher. Stay well.

I agree. I had the son calling Dartmouth and then Yale. I laid out the options to mother and to son together, including the IRS matching tuition credits with Form 1098-T. My suggestion is LLC for mother, because I know we can defend, more likely than not successfully. I think the mother is leaning toward NOT taking the Dartmouth tuition on either return, to NOT receive an IRS letter. I'm running numbers for the multiple scenarios this afternoon, so they can have full information to make a decision. Paper filing is a good point, Max. I don't know if mailing one set of returns will matter to them, but having the returns handled by a person along with more likelihood of being flagged for audit probably will cause them to NOT use the Dartmouth tuition.

She can be high income but still have too much outstanding debt used and available. Or, the corporation could have too high a debt to equity ratio. Find out who told her to pay off her other cars. Tell her to come to you for tax advice.

I'm not taking any farm courses. My only farm is my own. But, in following Sue Voth and Tom O'Saban and Tom's University of Illinois Tax School schedule, I noticed farm tax courses. Don't most state universities have farm tax courses? I think UCONN does, also. Does the University of Wisconsin? A quick Google search found: Farm Tax Seminar - MSU Income Tax School www.canr.msu.edu › taxschool › farm-tax-seminar Jul 22, 2020 - This course reviews IRS Publication 225, the Farmers Tax Guide as well as discussion of topics from the 2019 Agricultural Tax Issues book. University of Illinois Tax School taxschool.illinois.edu The University of Illinois Tax School provides high quality, low cost tax education to tax professionals. We are an ... Online Self-Study Courses. Clergy New ... FARM TAX ESSENTIALS Course | Northcentral Technical ... www.ntc.edu › courses › animal-husbandry › farm-tax-... Application of federal and Wisconsin income tax laws regarding farming are covered in this course. Understanding how taxes affect the financial picture in a ... Rules and Developments in Agriculture Taxation - OnDemand ... www.lorman.com › training › tax › rules-and-develop... Jun 28, 2019 - Gain a better understanding of the unique tax issues associated with agriculture.Agricultural producers and landowners have unique tax issues and rules that ... Our passion is providing you world-class training to help you ... Farmers Tax and Accounting Virtual Conference - Conferences conferences.calcpa.org › farmers-tax-accounting-confer... How Is California Agriculture Adapting to New Realities? COVID-19's impact is wide-reaching—and California's agriculture sector is feeling the effects. As the ...

Hubby was dean of his local chapter of the American Guild of Organists. The treasurer moved suddenly without any communication. No one else had the password. They established a new online account to file their Forms 990-N and moved forward. That was eight years ago.

She can choose mileage. Or, she can choose actual expenses. Either way, she needs to know the business mileage and total mileage. If the corporation owns the vehicle, it must include her personal usage on her W-2. If she owns the vehicle, she'll want the corporation to establish an accountable plan so she can turn in expense accounts and get reimbursed for business mileage. The reimbursements will NOT be income to her but WILL be deductions to the corporation. She can buy or lease a vehicle. The corporation can buy or lease a vehicle. WHERE did she hear that she has to pay off all the rest of her cars? If the finance company, maybe she has too much credit outstanding to get a good loan on yet another car. How many cars does she have?!

I'm taking ALL virtual classes, live webinars and self-study and everything in between. IL has ALL of their Tax School as virtual webinars, including the Farm courses, by the way.

I didn't hit Submit on the above until I noticed it sitting there just now! Jim makes a good point. I'll ask. But, I think I'll worry more about the lack of a 1098-T if we want to use the AOC than if we use the LLC. Yes?

I have so few of these. Kids have aged out or parents have income too high. And, I had read something about AOC not being available but misremembered why not; it's the lack of a degree program and not the lack of a 1098-T. Son has R&B much higher than 529 distribution, so that takes care of those earnings. And, his excess scholarship is not a big hit at his low tax rate. Just reading everything I can about using the Dartmouth tuition for mom, especially without a 1098-T. She paid plenty out of pocket to maximize the LLC. No double dipping; no expenses being used to gain more than one benefit. And, no LLC (or AOC) on son's return this year (AOC only on mom's 2017 return). I warned mom she might receive an IRS matching letter looking for a Dartmouth 1098-T. But, we have Dartmouth's invoice that breaks out tuition, scholarships/financial aid, and mom's payments;and we have mom's canceled checks ($1,000 deposit and $3,000 final payment). We have only Dartmouth's verbal assertion that they are not required to issue a 1098-T due to the program not qualifying toward a degree. Have I done my due diligence?

What Lynn said. "Languishes." My bank has only gotten as far as sending us all a video re what documentation to gather, what to do WHEN they start accepting forgiveness applications. They tell us to get ready, but to WAIT. Although, if your clients were on an eight-week window and DO qualify for 100% forgiveness AND are willing to pay you for your services AND you have time now, go ahead. I'm not touching those applications until after 15 October, even my own.

Thank you, Judy and gentlemen. I have so few of these. Kids have aged out or parents have income too high. I had read something about AOC not being available but misremembered why not; it's the lack of a degree program and not the lack of a 1098-T. Son has R&B much higher than 529 distribution, so that takes care of those earnings. And, his excess scholarship is not a big hit at his low tax rate. Just reading everything I can about using the Dartmouth tuition for mom, especially without a 1098-T. She paid plenty out of pocket to maximize the LLC. No double dipping; no expenses being used to gain more than one benefit. And, no LLC (or AOC) on son's return this year (AOC only on mom's 2017 return). I warned mom she might receive an IRS matching letter looking for a Dartmouth 1098-T. But, we have Dartmouth's invoice that breaks out tuition, scholarships/financial aid, and mom's payments; and we have mom's canceled checks ($1,000 deposit and $3,000 final payment). We have only Dartmouth's verbal assertion that they are not required to issue a 1098-T due to the program not qualifying toward a degree. Have I done my due diligence?

I was nervous about claiming AOC without a 1098-T, so was going to claim LLC instead. I'm not, as you said, trying to claim education credits on son's return AND on mom's, just on one -- and it's more beneficial to mom and son is definitely her dependent (under 24, full-time student, didn't have a job in 2019, lives at home when not in dorm, I'm preparing both returns so I KNOW son is NOT claiming himself, etc.) and mom paid the R&B and books/supplies/equipment (music major) and the Dartmouth balance due while the scholarships took care of most things at Yale except for health insurance and books/supplies/equipment and a chunk of R&B, which we're using to cover the 529 earnings. I have all the bursar's statements and the Yale 1098-T. But, Dartmouth says no 1098-T. We used AOC on son's return his freshman year/fall semester. Last year, scholarships were too great for any education credits. 2019 would be the same except for the extra semester at Dartmouth with less generous scholarships, so I want to use whichever credit on whichever return it does the most good. 1. Is it OK to use the Dartmouth tuition on mom's return when the Yale taxable scholarship and the 529 distribution are on son's? 2. Is it OK to use the AOC without a 1098-T? Mom is the type of client who will stress out over an IRS letter.

I have a single mom and college son who is a dependent/full-time student. Son finished sophomore year at Yale and has a 1098-T with scholarships in excess of tuition; I know how to handle that. And, a 1099-Q but lots of non-tuition costs to cover the small earnings. Son did not work during 2019. My question is that he also took a summer certificate (not degree) program at Dartmouth. This had $11,000 tuition, $7,000 scholarships/financial aid, and still $4,000 that mom paid out of pocket. Dartmouth tells us they do NOT issue a 1098-T when it's not a degree program. Can I claim LLC on mom's tax return? All other items are on son's return, right? His name is on the 1098-T and 1099-Q. His name is also on the Dartmouth documentation, but mom paid. There is NO education credit on the son's return at this time. Can mom use the $4,000 she paid for the LLC on her return?

If none of your clients complain about your fees, you're not charging enough. If only one complains, you're still not charging enough. I provide better service than HR Block, so I make sure I charge more. (I know, because I worked for them for 11 years.) But, I haven't checked their fees in a couple of years.

Plus/minus 2018 K-1 items. Did the partnership “close” books at 2019 buyout date or does he get a pro rata share of 2019 Schedule K items?

Unless Congress acts, the PPP expenses are not deductible. Profit is larger. Taxes are higher.

Drake will exile 17 August, but you can transmit to Drake to hold until then.

CA is not my specialty. But, look for a CA-3115-type form and read its instructions as a starting point. Perhaps it has cites to the CA tax code. If there is NO CA-3115-type form, then you need a different starting point. Does Spidell give cites to the CA tax code? Does Spidell have an on-demand course? Spidell is certainly the CA expert.