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TaxCPANY

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  1. A UK pension received by a US "tax resident" is taxable on Form 1040. Enter it on the "FECWKST" -- the Foreign Employer Compensation & Pension form -- an annoying form that requires what seem to be duplicate addresses and treat the taxpayer as still being overseas. The bigger fight might be with US state treatment. It should qualify for most state's exclusion of all or a portion of a 'private'/non-governmental pension (unless it indeed is from a government but I haven't handled one of those). But I have had to fend off a couple of states that took issue with the lack of an EIN as well as monthly amounts that varied because of foreign-exchange fluctuations. Good luck!
  2. I'm having trouble matching the font of the all-caps letters used by ATX to display information input on New York State forms POA-1 and TR-2000 -- i.e., my input and not the form's fonts. Has anyone managed to do that? The client returned a copy of his signed POA-1 that I belatedly noticed lacked his apartment number, so I want to simply add that to the PDF before submitting it. I've gone through almost a dozen fonts -- playing with boldface and various sizes -- and am about to just settle for the near-miss of 9-pt "Mongolian Baiti" that I've never heard of before and don't even know how to pronounce.
  3. Sorry about the link which even I can't get to work now -- yet it's still viable in the post in TaxTalk where I first found it. I'll now try to attach the PDF to which it led. NYS Pass-thru Entity Tx FAQ.pdf
  4. Parker Tax Research made it a matter of less than 3 minutes to find the attached pages 141-143 from the Joint Committee on Taxation's "General Explanation of Tax Legislation Enacted in 2015". Basically, Regulations pertaining to IRC Sections 168(e)(3) and (6) lay it out. (I don't know whether it's just me that takes longer to find the most authoritatiive answers via AnswerConnect.) Lshld Imp lives.pdf
  5. Here's a link to a 10-page New York-centric FAQ I've found most illuminating -- and includes remarks about Connecticut, New Jersey and Pennsylvania residencts: https://s3-us-west-1.amazonaws.com/groupsioattachments/45544/85380483/359553/0?AWSAccessKeyId=AKIAJECNKOVMCCU3ATNQ&Expires=1630956802&Signature=Z6meD91kXv%2BsPHjRoSKlqqbg0ow%3D&response-content-disposition=inline%3B+filename%3D"New+York+State+Pass-through+Entity+Tax+-+FAQs+-+August+2021.pdf"
  6. I must disagree, Ken: I have several New Yorkers receiving both federal EIC and UCE, and for all those clients ATX indeed boosted their New York AGI by the UCE before testing whether IT-215 permits the state credit. Might you be looking at a IT-203, in which I have no clients meeting the initial test? Or, in all cases where you see NY EIC being permitted incorrectly, are both Forms IT-201 and -215 the proper versions, and was IT-558 included which -- ATX's oversight -- is not included automatically for everyone? Else I believe the illusion of a mistake stems from ATX's 'bunny jump' from IT-215 line 10, as that's what your reply to LionEA implies; it does go to Form 1040 line 27, as if federal AGI were accepted uncritically. But following the green arrow from IT-215 line 9, instead, leads to IT-201's line 19a (and its worksheet illustrating the addback).
  7. I've favored FireFox for several years now because it's offered far more privacy than Chrome -- and I cannot recall the last time I had a 'sticky window' like that. The following link offers a very good, recent overview of browsers. https://www.zdnet.com/article/best-browser-for-privacy
  8. TaxCPANY

    Venmo

    I'm on the verge of signing up with Venmo, too -- gotta have a digital payment scheme of one sort or another now. I really luvved Google Wallet/Pay but last month it transmogrified into the worst method of all -- see the raft of aggrieved reviews in Google Play Store for how mistreated its previous users feel. I would have gone with Zelle as that's being promoted by my credit union, but its EULA requires users to consent to robocalls. What the h*** is wrong with fintech, that commodifying our behavior isn't lucrative enough but it's got to spam us too -- and in the most obnoxious way possible?!
  9. Well, it worked inasmuch as MeF accepted it tonight. Besides attaching two 8865 K-1's, I input their ordinary income on Line 8 of Schedule 1 with the legend "Form 8865 Schedules K-1" and the partnership names, input the same amounts (fortunately) on the supporting schedule to Line 2 of Schedule SE and the detail schedule feeding Line 1a, Part I of Form 1116. Foreign tax withholdings ended up on Line B of Part II while Line A was empty but it doesn't look too bad, and it's just there to be carried over as the client had insufficient taxable income -- only self-employment tax. No ordinary tax also meant I didn't have to wrestle with Form 8995 which initially looked to be the most difficult to work around. After Tax Season I'll email a request to MeF to make 8865's acceptable. This wasn't fun. Reminds me that Schedules C free of self-employment tax (due to totalization) also necessitate paper filing. That seems a much simpler form to allow the e-filing of and yet . . .
  10. Has anyone successfully e-filed a 1040 with PDF'd Form 8865 K-1's attached? This has got to be the worst year possible to tell a client to paper file a return!
  11. Per IRC Sec. 195 upto 5K of "business startup costs" can be deducted; amounts exceeding that must be amortized over 15 years as Sec. 197 intangibles (ignoring the 50K cap on startup costs), beginning the month in which the business begins. But for no business having yet begun startup costs otherwise would have been deductible as ordinary and necessary expenses. Also, per Rev. Rul. 81-150, expenditures that otherwise would have been capitalized such as those in constructing a capital asset, are not startup costs. Based on the client's assertion that the 11.7K were 'mere' repairs and maintenance I wouldn't saddle the business with a depreciable-lived definition but take the 5K deduction and amortize 6.7K over 15 years.
  12. From the horse's mouth https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline
  13. My usual shortcut of duplicating the prefigured, dummy return in Return Manager won't work today. Three times I selected the return named "AA" (to keep it at the top of the client list) and typed in the new client's name; three times ATX "had to close" -- even after I'd rebooted the whole system. Anyone else had this?
  14. So the IRS wants the FULL amount of UI paid on Line 7 of Schedule 1, matching the 1099-G, and the exclusion amount showing with "UCE" on Line 8. As for the effects on AGI and how to adjust that -- e.g. Forms 8962, 8917, whether the taxpayer's AGI is 150K -- which, by the way, is a CLIFF and not a phase-in -- IRS is scrambling to provide guidance "in the next day or two, give or take two days." Today's conferees also heard the IRS request us not to amend as it was considering adjusting already-filed returns itself -- to which proposal voices were raised: how would DIYers, states, and even we preparers know what the revised AGI had become? These and other hot, current issues receive postings on one of IRS' sub-pages which I cannot find and copied the wrong address for, which it sounds like we should be paying very close attention to, something about "form changes/post-release" which informally was referred to among the conferees as the IRS' "product pages."
  15. E-file treatment of UI is the subject of this (Tuesday) afternoon's "production call" conference of IRS MeF software developers, transmitters AND states; so I'd anticipate ATX and others' rollouts to ensue shortly afterwards. Note too that this topic was announced a week ago; its treatment has been in the works a good while since the legislation emerged.
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