Lion EA

Until this year with this IT guy, I have not stored anything on the cloud -- for similar reasons to what you state. Because this guy was doing this for other tax professionals that I know and doing it for years, I had him use his preferred three-prong back-up procedure, with one prong being in the cloud. I figure no one would waste time trying to get my little bit of data off one computer out here in the boonies. But, people are probably always trying to hack into the big cloud storage companies. Yes, I worry about that. I haven't gone to the cloud with my tax prep software, not for data security reasons, but because I don't think I'd have easy access to prior year data if I changed software. With my new IT guy and his three methods, I might make the move next season, because I'll have other back-ups.

I paid $71.99 through my IT guy who has multiple licenses. YMMV

I used Parsons years ago for my own and my son's returns. Parsons sold to Intuit, and Intuit offered me a cheap price, maybe matched the old Parson's price, maybe for three years. I did use TurboTax for at least one year. Then I was a controller in a small firm with an outside accountant, so I went into his office for a day each year to bang out our returns on his pro software, Pencil Pushers, maybe. Then, my father's estate got added into my mix, plus IL, and I married a teacher with employee expenses. I decided to take the HRB course and learn what I needed to know. Joined HRB for a decade and prepared all our returns on their TPS. We used ATX for all the entity returns. Went out on my own with ProSystem fx.

Deciphering my IT guy's invoice when he set up my new computer, it looks like Carbonite may've been 71.99 for one year. If so, I consider that just fine for the peace of mind it brings me for my business. (If that wasn't the price, then that invoice might be sitting in my 2019 stack instead of my 2020 stack!!)

Ogden CAF Unit is open and receiving faxes at: 855-214-7522 (Memphis is still ringing busy) Per the IRM anyone in the US can fax to either CAF unit: IRS IRM 21.3.7.1.3 (09-13-2017) Audience-Processing Sites (CAF Function) 7. The CAF Function that receives the authorization is responsible for processing to the CAF, regardless of the state mapping.

The forgiveness is spelled out pretty well in the 11-page application with directions and definitions. But, it is tedious with multiple qualifying periods and multiple calculations by hand on the worksheet, on the schedule, and even off the app. I'm not working through calculations yet for myself or anyone, because we know it has to change at least once to move to the new Flexibility dates. Those dates will remove a LOT of the computations for most borrowers. I don't thing anything has changed for Schedule C borrowers under Flexibility (I've only skimmed it). It's just 8/52 of their 2019 Sch C line 31.

I use what my IT guy tells me to use, which is Carbonite. But, he has multiple licenses and might have my computer on one of his... I got this new computer plus new IT guy about six months ago, so haven't had any renewals yet. Except for Norton Security which had a trial bundled with my computer; IT guy came in and updated and charged me $20 and now my expiration date is a year from now. I found IT guy through another tax preparer with a larger office and multiple computers. IT guy works mostly for CPAs and us tax preparer types and other financial types. My colleague has used him for over 20 years, so I do what he says.

That's how it should be!

She may not be a dependent, but for private insurance -- yeah, I know, the marketplace doesn't have to play by the same rules -- kids can stay on parents' policies, even though no longer dependents, until under 27 or some age like that. I have seen APTC on Forms 1095 as "household" members, but grown child files own return (or ex-spouse). You do have to allocate. But, it can be any allocation that works for your clients.

At this time, it's a long-term loan. Down the road, it might be forgiven in all or in part.

We've been giving HUGE tips when we pick up food and to the UPS/FedEx/mailman who deliver to our house, etc., to show our appreciation. We paid our house cleaner to NOT work. The size tips we give each Christmas, but we'll still tip big at Christmas. My hairdresser opened up this week, but I'm not ready to go yet. I've set aside big tips for her and for my nail lady when I'm ready to go out.

There are people who know more about this. But until they jump on -- from memory -- as long as she's a tax resident here, her reporting is pretty much Schedule E from her standpoint. However, the property being out of the US gets some depreciation differences, maybe no MACRS, straight-line only, longer life (40 years or ADS life?). It's the overseas property that might be different.... I'm sure you've looked at FBAR and FATCA and banking rules on transferring monies into her US account, if she's doing that. Yeah, if she and her sister get along, letting sis report it and paying your client her profit less a property management fee is a good thought.

Years ago when I worked at HRB, I had ONE client who'd tip me. He was a state policeman. Actually, he'd bring his mother for her tax return and tip me on behalf of her, also. I do have clients who bring me flowers sometimes and have had some food from time to time. But, not often, not often at all. This year with no one coming to my home office, I haven't received anything. But, I don't remember receiving anything last year, either. I have colleagues tell me they get a pricey bottle of their favorite liquor each year!

And, you have the potential issue of how much he earned, if the non-profit paid him or if the non-profit's paying all his living expenses while away counts as earned income. I was just brainstorming. But, for $60,000 your client might pay for you to research further. Are you an NATP member with a free research question available? They'll provide you with cites. And, their fee is only $35 or so if you've used your freebie. Could even be worth the membership fee, if you charge your client for research. David and Mary Mellem answer tax questions at a very reasonable price, something around $15 for 15 minutes of their time. But they have an amazing amount of cites on the tip of their tongues.

Is it possible the parents paid more than half their son's support while he was on his missionary year? Was it a temporary absence? Was he gone a full calendar year, or was it a school year? Is it possible the parents qualify to claim their son for 2019 as a qualifying relative?

Thank you, John and Medlin.

It's coming to Disney in June! https://kidsactivitiesblog.com/141875/schoolhouse-rock-disney/?fbclid=IwAR3sAPqU_ZF38R-oreZlcJ2-sVtE8NG9h02m7fw7LjxIg5BzcQEWF4tNMB0

From the NAEA FaceBook page: More than 10,000 IRS employees have been told to report to offices in Kentucky, Texas and Utah on Monday. They will focus on mail and return processing, taxpayer refund claims, depositing checks, income verification requests, customer service and telephone assistance, the report said. https://www.politico.com/news/2020/05/29/paper-tax-returns-irs-290112?fbclid=IwAR3ajV2V02gQD-1iWfO9UpFM0hwv9ePMD3GoOh1L50wuOKWg3coxl2tzmFk

I hate texting. I can't write/edit/proofread on those tiny keys and tiny screen. I'd phased out my cell with clients (It was my only biz phone when I went out on my own, but quickly got a great rate for a second line in my home office) but, as you say, many younger clients want to text. Now I have my cell back on my biz cards, web site, email signature, etc. But, I'll often write them an email reply and then text them to check their email. And, the quality of the pictures of documents they send me is sometime unreadable. I even have a couple of clients who Private Message me on FaceBook. John: how do I save a text? I have an old iPhone 6+. I think I figured out a way when a client texted his signed 8879, but I don't try to save often and can't remember (another fun thing about aging).

I once sent a prospective client to a large CPA firm because he was a shareholder in a corporation that was a holding company for other entities. He wouldn't provide organization documents and BSed like a salesman and told me how he wanted the return(s) to turn out. I didn't want him for a client and didn't have time to see if he could be trained.

I researched SE for a director on a board of directors of a bank who received Form 1099-MISC and found that his director's fees were SE income. (Later cases classify director's fees as employee income, but you're not arguing that.) It sounds a lot like your committee member of a union. A couple of things from my notes: On the self-employment tax issue, the IRS ruled in 1972, that director fees are self-employment income subject to self-employment tax. Rev. Rul. 72-86, 1972-1 CB 273. Richard E. Blodgett, Jr., and Ora L. Blodgett v. Commissioner. U.S. Tax Court, Dkt. No. 9449-11, TC Memo. 2012-298, October 24, 2012.

If you pay weekly or biweekly, you can align your 56 day window with the start of your first regular pay cycle after funding -- the Alternate pay cycle. That Alternate 56 days is for payroll only. Your normal day 1 is the date funded, and that 56 days is for all non-payroll items. If you pay less often than biweekly, remember the Incurred part to be able to count payroll incurred but not yet paid at the end of your 56 day window -- as long as it's paid by the next normal payday. But, wait until June and it will change again.

Christian, the logging requirements are for the Safe Harbor only. Take a webinar or more on rentals. Soon. This could be a great niche for you. Just like keeping a mileage log, we have to educate our clients into keeping "books" and tracking time. Some tradesmen are getting onboard with listing their hours on their invoices; they've been doing it all along when billing hourly labor charges. Otherwise, train your client to ask and have vendor write it in on the invoice. Or, make his own note "2.5 hours per Joe via tel" on the invoice. Keeping all his vendor receipts is a great start. Have him hand out W-9s (mail them now for 2020 services already provided) and prepare the Forms 1099-MISC for him in January. I'm sure he knows his rental income and has the deposits to prove it and his notes in whatever form to track who's late.Give him a green ledger sheet for each rental for each year for tracking income and expenses.

There's the safe harbor: if it works for your client, then he's presumed to be conducting a trade or business for his rental(s). Otherwise, does it rise to the level of a trade or business/does he treat it like a trade or business? Someone will have cites on the tip of their tongue (I'm in a webinar now).