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About joanmcq

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    ATX Supreme Guru
  • Birthday 08/24/1960

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  1. Optimizing education credit effect on state tax

    Even with the increase in CA tax, it's still better to take the LLC. but I was hoping I could make it a lot better. Never hurts to ask around.
  2. Client is grad student whose entire tuition was paid by scholarship. I put the info into ATX's education credit worksheet and hit 'optimize' just to see what happened. And what happened was that the client benefits by including all of the scholarship as income and taking the Lifetime Learning Credit. However, he owes for CA. I'm wondering though, if I could exclude the scholarship income for CA, since there is no CA benefit. Or do CA statutes require conformation?
  3. where to enter basis?

    The basis worksheet says to enter a partner's basis info on the K1 input sheet. But I can't find anywhere on there to enter it. Anyone know?
  4. Foreign Exclusion - Local Hoax?

    Sorry, Roberts, but you are wrong. You don't have to pay taxes to the foreign country to get the exclusion. You are thinking of the foreign tax credit. Your clients would get the exclusion on the first $103,000 (depending on the year), and then could take the credit for taxes paid if their pay was more than the exclusion amount. You don't need to meet the bona-fide residency test, you just have to be overseas for 330 days in a 12 month period that may or may not correspond with the calendar year. I have a client that works for the UN overseas. The US is the ONLY country that taxes UN income, so she pays no taxes where she works, but does pay US tax on the amount over the exclusion. another client is a bona-fide resident of the UK. He pays UK tax, takes the exclusion and gets the FTC for the dividends he is also paid. Your Australian couple now has a foreign trust. Have you been filing the 3520 & 3520-A? For the question above; it is a SCAM!! I wonder if the 'poster' is in the break room or something - put up by an employee, not the company.
  5. ATX MAX up $ 500 ?

    I got special pricing on the advantage package last year too. I will guess it is up to negotiation. Does multimstate, education optimizer, auto state tax calc for the NIIT and more user licenses. Plus the concierge care picks up the phone
  6. American Health Care Act

    Under the proposed law I believe that since the coverage for preexisting conditions goes away, one can't 'game the system by only buying insurance when they get sick'. You wouldn't be covered for that condition AT ALL.
  7. Am I missing something?

    To the republicans a 'small business' is anyone in an s corp or p'ship. Sole props aren't even on their radar.
  8. New Jersey 630-V

    I have a bunch of NJ clients this year. Unless the payment is over a certain amount, the payment has to be electronic. I'm having anyone that owes pay on the NJ website
  9. DONE!

    I'm still filing extensions. Rick is going through my checkbook tallying the 2 home offices so I can do my return tomorrow.
  10. Bad News

    Ok, old friend contacts me to do her taxes, simple but she has 2 states this year and she forgot to change her withholding to the new state. When I gave her the news that she owes 6k to D.C., but was getting 7k back from the IRS, and most of her withholding from RI, she was ecstatic! You mean I even out?! THANK YOU! that was a nice surprise.
  11. Virus Intrusion

    I had to exempt my CCH software from the malware scans just to keep that box from constantly popping up. One of my browsers hates intelleconnect. Firefox, I think.
  12. DONE!!!!!!!

    I hate you rfasset. Well not really. I just started the extensions, and I'm working on clients I met with in Sacramento in late February. Of course, that week which was really 9'days what with the driving & all, I got exactly one return done, and that was for my hosts. I'm really unmotivated.
  13. CA Filing Info

    No, but they might get their refund faster if you put the info I
  14. Packing it in

    I use web pay and eftps. Don't send checks anymore!
  15. Client refinanced their home and since it was late in the year, the full amount of real estate tax for the second payment was withheld to be paid at the time of closing. But the lender goofed and didn't pay. Client notified lender and the payment was made today. So...deductible in 2016 or 2017? Per constructive receipt, the funds left the clients hands in 2016. So I'm tending towards 2016.