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This stuff is nauseating.

But Our Judy cannot be Our Judy without Eric. It is a ying/yang thing.... Tom Longview, TX

Copied from the Journal of Accountancy: "A federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required." The FINCEN website has not posted an update at this time.

Those children under a guardianship are considered foster children for this purpose. See this IRS page under "What Are the Eligibility Factors" where it starts by saying "Parents and Guardians" https://www.irs.gov/newsroom/grandparents-and-other-relatives-with-eligible-dependents-can-qualify-for-2021-child-tax-credit And this congressional page: https://crsreports.congress.gov/product/pdf/IN/IN11853 Look on page 2 under "Relationship page where it says this:

Scan down the options under other income on Sch F. Check item #7. Has anyone every reported "illegal federal irrigation subsidies?" Asking for a friend.................

Last week, the House unanimously passed H.R. 736 to delay the deadline for existing companies (started before 2024) until Jan 1, 2026. It is not clear when/if it will be considered by the Senate, where a similar bill S.505 has been introduced.

Copied from The National Law Review: On February 18, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) released a notice that announced the following key updates: "Unless subject to a later deadline, the new deadline to file an initial, updated and/or corrected BOI report with FinCEN is now March 21, 2025. Before March 21, 2025, FinCEN may “further modify deadlines” for entities that do not pose significant national security risks. If FinCEN does so, it will provide yet another update “recognizing that reporting companies may need additional time to comply[.]” Importantly, “FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.” This is the strongest signal yet that the current Administration will seek formal amendments to the BOI Rule, although no details regarding proposed changes have been publicly released."

New update on FINCEN BOI: "With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies."

DIL is included in relatives that don't need to live with you. However, if she didn't it will likely be harder to meet the support test.

It depends. See Pub 501 for qualifications to be qualifying relative. https://www.irs.gov/publications/p501#en_US_2024_publink1000220939

In my state PTET is filed as a separate tax return and yes entering it is awkward and a pain in the butt.

Many times the problem with things like this isn't the software or its vendor not providing the service or form. It is that the state hasn't integrated it into its e-file system or for some reason wants it done another way. Lee's post above is a good example.

This is great information. Thank you for taking the time to respond!! I know it's the busy season right now. It sounds like I have my bases covered when creating an image with SPX or Macrium. I'll include a script to run to stop/restart the ATX Server task also (didn't know about this trick!). Along those same lines, is the ATX Server task the same process for Payroll or does it to have an independent 'Payroll xxxx Server'? I'll have to check his computer and see if a similar task is running but for Payroll. Any additional insight as to how this applies to Payroll would be appreciated. ~N

It's not a tax question. It's a legal question and I'm not stupid enough to practice law without a license.

The Fair Labor and Standards Act administered by the U S Dept of Labor Fact Sheet: "Employers, Including Managers and Supervisors, May Not “Keep” Tips: Regardless of whether an employer takes a tip credit, the FLSA prohibits employers from keeping any portion of employees’ tips for any purpose, whether directly or through a tip pool." "A manager, supervisor or owner may keep only those tips that they receive directly from a customer for the service they directly and solely provide. For example, a restaurant manager who serves their own tables may keep their own tips from customers they served but would not be able to receive other employees’ tips by participating in a tip pool."

That is the greatest passing of the buck on a tax/legal question ever. You know the client won't go to the lawyer because he expects the lawyer to bill him. Tom Longview, TX

https://www.irs.gov/businesses/small-businesses-self-employed/information-for-industries-where-tips-are-customary https://www.irs.gov/pub/irs-pdf/p3144.pdf https://www.irs.gov/pub/irs-pdf/i8027.pdf https://www.irs.gov/businesses/small-businesses-self-employed/tip-recordkeeping-and-reporting https://www.irs.gov/businesses/small-businesses-self-employed/fica-tip-credit-for-employers

For K-1s from estate 1041s, it is the trust year-END that is within the individual's tax year that dictates what year to report on the individual's return. In your client's case, the K-1 year ended on July 31, 2024 so the activity from the K-1 flows to the individuals 2024 return.