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Showing content with the highest reputation on 12/09/2018 in all areas

  1. First question is WHY is he getting a W2 from a partnership he owns? He should be getting "guaranteed payments" on a K-1, subject to SE tax. At first glance there are more problems than merely "does this get the reduction" going on.
    1 point
  2. There are a number of cross-border tax preparers. Here are two of them with offices in the US and Canada. Buffalo Cross Border Tax Preparation & Accounting | Marlies Y ... https://www.hendricksusa.com/cross-border-tax-preparation-accounting Cross Border Tax Preparation & Accounting With Marlies Y. Hendricks: Who Files U.S. 1040 TaxReturns? ... USA (NY):, (716) 694-3500 ... 65); married filing separately $4,050 (any age); single dependents if dependent's unearned ... While they are also subject to Canadian taxes on the same income, the foreign tax credits ... US Tax Services www.ustaxservices.ca/ US TAX SERVICES: A Toronto-based company that successfully helps ... priced below competitive market rates for expert work and in Canadian dollars. We also ... Cross-border tax analysis and planning ... Toronto's "local" Social Security office Niagara Falls, NY & ONLY the SSA record name/TIN must be on a tax
    1 point
  3. Just an update, yes they are that good. Fresno State finally, for the first time since the blue turf was installed in 1984, won a game at Boise State and won the Mountain West Conference Championship. Ranked 21st in the final CFP poll. 'Dogs will play AZ State in the Las Vegas Bowl on Dec. 15th. You can watch on ABC @ 12:30 Pacific Time. Tom Modesto, CA
    1 point
  4. Excerpted from a long article in the CPA Journal : https://www.cpajournal.com/2018/12/06/icymi-the-equifax-data-breach/ Why Is This Breach Different? "Over the past decade, over 3 billion people’s personal information has been hacked from email providers like Yahoo or retailers like Target. The Equifax breach, however, is the first in which the “big four” personal security identifiers—name, address, birth date and Social Security number—were stolen from so many at once. These are the security authentication foundations for many commercial and other purposes (Robert Lemos, “Identity Verification Becomes Trickier in Wake of Equifax Breach,” eWeek, Sept. 11, 2017, http://bit.ly/2yMVLOu). Possession of these identifiers may increase two forms of identity theft: new account fraud and account takeover. In new account fraud, a criminal uses the identifiers and possibly other information to open new credit accounts in a person’s name; the target does not find out until his credit rating is wrecked after the bills go unpaid. The aggravation, costs, and time spent on the resulting credit repair can be significant. In account takeover, the criminal uses the four identifiers to impersonate someone for various purposes, including creating fraudulent transactions. To CPA firms, one of the more familiar frauds of this type is the filing of phony income tax returns to steal tax refunds. In some cases, local CPA firm computers have been breached, enabling thieves to successfully perpetrate this type of fraud. Recently, account takeover has been used to steal cell phone numbers, which can compromise multifactor authentication (MFA), an important cybersecurity best practice (Nathaniel Popper, “Identity Thieves Hijack Cellphone Accounts to Go After Virtual Currency,” New York Times, Aug. 21, 2017, http://nyti.ms/2jws7dq). MFA requires providing authenticating information in a manner different than the initial authentication; for example, some websites will, after the user has inputted her password, send a second verification code via text message that must also be inputted to log in. Another MFA method requires that the initiator make a call from a predetermined phone number; unfortunately, such a phone number can be imitated, and the security of the MFA rendered ineffective. Weak MFA approaches could lull CPAs into a false sense of security. Many accounting software programs rely on two-factor authentication for sign-in or to reset forgotten passwords, and an increasing number of these programs enable the electronic transfer of funds from bank and investment accounts. With this type of account takeover on the rise, it may be wise to revisit the use of cellphone text messages for MFA, as well as explore more secure approaches. In previous major breaches, the public attitude has generally been to accept the risk as the price of convenience. The Equifax breach, however, has taken public frustration over weak cyber-security to unprecedented levels (Ron Lieber, “Why the Equifax Breach Stings So Bad,” New York Times, Sept. 22, 2017, http://nyti.ms/2jvZvkT). The breach is beginning to instill general fear that the cybersecurity underpinning electronic commerce cannot be trusted." Recently, I talked to an Investment Adviser with Key Investment Services who was no longer allowed to email clients for any reason. Any emails sent to him had to go thru a security review process that significantly delayed his receipt of emails from clients. I have also read several articles where more than one highly regarded IT Security Expert said that he had stopped using email due to all the hacks and scams that are everywhere. Another article estimated that in a another year or two that in excess of 80 % of all emails worldwide will be generated by scammers & hackers. Be very careful out there, the world has changed. We will have to adjust.
    1 point
  5. Call support on Monday morning. It may be that your anti-virus program is blocking it and that you need to list Drake as an exclusion or indicate that it is allowed.
    1 point
  6. In the first line, of the first post, it mentioned over 3 BILLION hacks.. The Equifax heist gave them all the keys. There will not be a system that can't be compromised.... It will just be a matter of time. This year, MFA. Next year.. MFB and the year after that, MFC, Etc. We should be lobbying Congress to change the rules to remove liability from folks that get hacked for less than, say, 10k records. If you have between 10k and 1 million, your liability is this, and above that, then your liability is TBD. I am not that worried about my practice being hacked, yes, I could be one of the unlucky ones, but, I think it is much more likely that ATX or CCH gets all our client records hacked... Rich
    1 point
  7. On my Charles Schwab account, voice pattern authentication is now being offered and encouraged. How it works is a password phrase is repeated 3 times and recorded. From that point forward, you have to repeat that phrase in order to authenticate who you are . It sounds promising, but if hackers could access the servers where those phrase recording were kept, then even this could compromised.
    1 point
  8. I wish she had been the one to get out and start swearing and yelling.
    1 point
  9. Contact Drake support at 828-524-8020 and have your efin # ready to provide the support person.
    1 point
  10. I must say, you gave your buyer a fantastic deal .
    1 point
  11. Since I did not want to work another season, the purchase price was 20% of 2018 estimated gross plus a referral fee of $100 for each of my 1040 clients who transferred to buyer plus another 15% of the billings for the bookkeeping clients for 2019. He is happy and so am I. I will do the 2018 tax returns for the business clients and he will pick up the bookkeeping for 2019. I office at home so equipment or supplies were considered. Basically, sold client listing. We will meet at the first of each month to settle up.
    1 point
  12. Your guru must be older. We cloned all of our hard drives to SSDs with no problems. Well, a lot of programs like QuickBooks detected the hardware change and ask us to re-register, but that wasn't so bad. It used to be that windows got 'arthritis' and it was often better to start fresh and reinstall, but that hasn't been a problem for awhile.
    1 point
  13. My daughter who will taking over soon so I can retire is in a learning curve. She has not learned where all the different boards are and how they post items.
    1 point
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