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  2. Sounds about right. NY does not recognize bonus depreciation. So the $25K is adding the bonus depreciation taken on the federal side back in and then subtracts out the depreciation that is allowable in NY.
  3. Of course, I'd charge. It's your time. If you're going to work for free, take a vacation instead! Charge them your top hourly rate, plus a PITA fee (I tend to label it The CARES Act or something appropriate on the invoice). And, when they run payroll themselves in QB and call you with questions, charge them your top hourly rate, minimum one hour (or, if you're feeling generous, 15-minute increments) billed monthly. Don't forget to charge them for all the clean-up (bookkeeping on your invoice) you'll be doing for them before you can prepare their tax returns next year. Stop work when an invoice is unpaid. They are going to suck up your time, so start by charging them now. If they don't complain, raise your rates.
  4. New client wanted for me to run payroll for them, I charged them X amount to set them up and to input all the YTD information and be ready to process payroll. Now they come back and say they want to run payroll themselves in QB and need to set it up in their QB online, it hasn't even been a month of me setting up their payroll account and now this. Would you charge again? They already went ahead and subscribed to QB online after I told them the desktop version would be better to work with.
  5. Today
  6. That is perhaps due to some Americans not recognising the value of professional work being performed. It's as if they are treating professionals and lawyers who are CAAs as something similar to the US notary transaction. I am an American but have been living in the UK since 1999 and thankfully it's not like that here. It's fairly rare to have that happen with British clients - or American clients who have lived here for any stretch of time.
  7. So at the risk of sounding uninformed, what do you do with distributions in excess of AAA? I have been showing the amount as loan to shareholders.
  8. I've gotta amend this piece of that last post. About that movie on Netflix that they're carryin' on about so much (yeah; that one); well I haven't actually seen it but they played a few clips on the news and I was so flabbergasted that I'm cancellin' my subscription. And here's where this turns into a non-(N/T) question: I don't actually have a subscription to Netflix, but my tech-savvy granddaughter who lives off from here does and somehow I'm gettin' the movies on her card, code, cosmos, or whatever. Is there a deduction (AR allows schedule A) in there somewhere for sacrificing for "the greater good" (some of those movies are just terrible)? Or is my six months of watchin' them for free (never knew Bruce Willis and so many other aging actors were on it) a taxable line 21 item (after all, where else could you put it?)? I think I already know the answer, but if my luck holds (I won a cakewalk when I was eleven years old), who knows?
  9. It was actually not that hard after I fiddled around with it. Actually, I duplicated the return and fiddled in that one until I had it right. I prepared the 8824 first, then went to fixed assets, disposition tab, type exchange. Once I completed the disposition a new asset was created, but I was able to edit the activity. Everything flowed smoothly through to the Sch. E. It is pretty slick. Reminds me why I stick with ATX. This was one of those transactions I don't do very often, so I needed a quiet time to play with it. Tom Modesto, CA
  10. Have them send Form 14039. There you can check that you don't know if anyone filed taxes for you but that you are a victim. Then explain the circumstances. I did this for one client who was involved in a big data breach and hadn't yet experienced adverse consequences but was worried. He was given an IP PIN. The same for another client who had his cell phone shut off when someone bought a new one with his account info.
  11. Yesterday
  12. ILLMAS

    Phishing email

    I did recommend for them to call the IRS and to explain what happened (actually happened today) and see if they qualified for a PIN.
  13. jklcpa

    Phishing email

    Because your client has not yet had a confirmed case of theft, he or she will only be eligible if a resident of one of the designated areas listed on this IRS page: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin If eligible, I'd encourage him or her to apply since he/she did fall for the phishing scam and gave out the SSN.
  14. A client of mine received an email having them verifying their SS#, TP responded with the correct SS#, besides notifying the three credit companies, FTC, local police, should they notify the IRS even if there is no fraud yet? Also, if you can think of another department they should notify, I would share it with them. Thanks They will be notifying SSA too.
  15. Dept of Defense and military personnel have the deferral.
  16. The House, Senate and the Supreme Court have decided not to participate int the Payroll Tax Deferral.
  17. My experience has been different, but maybe the IRS has fixed eservices. What happens when I fax a POA sign by the personal representative/executor along with supporting letters of appointment or POA, it lets me download the transcript but instead of the info being there, it's just a message that the info is unavailable.
  18. Last week
  19. Here is a very informative reference I have used for ISO redemptions. Tere is probably a similar site for NQSO's also. https://www.thebalance.com/incentive-stock-options-3192970
  20. Max W

    NEW YORK IT-225

    Correction. It was form 398, not 399.
  21. I too filed an amended return in April. FWIW, I spoke to an agent on practitioner line (who could not find the return), and he said to expect an additional 16 weeks from August 1st. Hopefully the client will have a Happy Thanksgiving, as will I.
  22. Actually I have loaded transcripts for deceased taxpayers IF I have a POA from the executor/CTA for the estate. But the POA signed by the taxpayer is no longer valid once they are deceased.
  23. New form should be fine, I used the new form for the 2nd quarter and all you do is leave part 3 blank. MAS
  24. There are certain circumstances where distributions can reduce AAA even if it's already negative. Possibly, if there were capital contributions during the year. I don't really know what AAA is for, so whatever happens with it, I just accept and move on.
  25. When the IRS flags a taxpayer as deceased, certain features of IRS websites are blocked. You may never see it on 'where's my refund'. I know for sure you can't download transcripts for deceased taxpayers, which really sucks. If I see an obit for a client and I have a POA for that client, I immediately login and download all the latest transcripts before the IRS cuts me off.
  26. I'm not sure I understand everything here but it sounds like a letter of explanation would be the better approach. Explaining the co which hasn't been processed yet, include copies of appropriate pages, etc.
  27. Max, in my case, the original was efiled and accepted. An amended return was paper filed in May. Now with the recent ability to efile an amended return for 2019, I'm wondering if I could efile the amended return before the paper amended return gets processed. I think that's what Etax847 is also wondering about.
  28. I want to switch gears a moment. TP file 2016 with refund being carried over to 2017. Service has not processed 2016 as it was paper filed on time. Now service sends TP backup withhold letter for 2017. It took them 32 months to process 2015 to get the correct c/o to 2016. Do I prepare a file a 2017 showing the c/o from 2016 knowing that the service is not going to see that c/o until they process 2016. TP will get notice saying his payments are not correct. More letters to come. What to do? In meantime For above post I would not file an amended return.
  29. If an amended return is filed before the original is processed, the amended return will get held up as well, as there will not yet be any information from the original for the amended date to be applied to. Better to wait until the original is processed, otherwise the amended could be shunted off to electronic limbo and the changes never applied.
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