Leaderboard

I am recommending payments NOW (whether via coupon-and-check, or Direct Pay), and e-file later.

In the same boat, but some owe. I'm giving clients a choice between mailing now or waiting until January to e-file. HOWEVER, I'm telling them to PAY NOW via IRS's DirectPay and the state's versions, so they have immediate confirmations of their payments. I'm open to better suggestions...

For tax season this year I want a summary page for all of the Sch E's. Thank you, Santa.

But they do have to do at least enough to justify their budget! NY, trying to ding me (years ago) for submitting junk data to a test only forms person (via mail) for approval to print the form. The data was unusable, with invalid EIN and SSN, but they still sent me a bill - and I did not send to the normal forms adress. Tax agencies who change just text on their form to cause new approval processes. Tax agencies who cannot use simple programming commands like trim, remove, etc, and reject good data.

Rather than creating a 1036 (which has not been used for a few years), the IRS added a spreadsheet to the draft 2024 15T as an "early release" of the 2024 federal withholding formula. Works great for me, as the sooner I get those figures, the less "when will you have the 2024 calculations?" type of message! One state has new calcs, which depend on whether or not a new state W4 is used, but they have yet to publish the new W4

I don't think this is correct. In 2022, he was employed and eligible for a subsidized plan from his employer. Under 162(l)(2)(B), he cannot take the deduction for any health insurance ("Paragraph (1) shall not apply") - that would include the wife's medicare and supplemental. LTC is considered separately, so LTC is deductible if there is no eligibility for LTC from his employer. In 2023, he was not employed. A former employer is not an "employer of the taxpayer". Therefore all the unreimbursed health insurance and LTC would be deductible.

I prepare my own engagement letter based on the one provided by AICPA. For additional information, I also have a cover letter where I remind people about FINCEN filing if applicable, my current year rate and other items. For many forms you can customize but I don't see that form/letter in the list. Perhaps someone else who uses it may reply.

Generally retiree health insurance benefits are not taxable. But in this case the reimbursements are not part of a group plan so the reimbursements are probably taxable income. Second SEHI is limited to Schedule C Taxable Income. The OP doesn't mention whether the clients Schedule C makes a profit. Also, how old is his wife is she still working and does she have access to group health benefits?