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TaxCPANY

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  1. 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).
  2. 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
  3. 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?!
  4. 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 . . .
  5. 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!
  6. 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.
  7. 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
  8. 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?
  9. 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."
  10. 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.
  11. https://www.ghacks.net/2021/03/10/march-2021-cumulative-updates-cause-printing-bluescreens-on-windows-10-devices/ is the story in ghacks.net that explains just what's up. A commentator to the story posted 3 hours ago that only "corporate printers such as Kyocera, Ricoh, ebra, Sato, etc." were affected, and "No issues with HP, Canon, Epson, or Lexmark."
  12. In a different practitioners' chat t I ran across the following fix: "When the omission of health insurance from a shareholder's W-2 is discovered, a (second) W-2 is prepared, showing the health insurance as wages in Box 1 and Box 14 (indicated as S Corp Med Ins). All other boxes are -0-. This way Notice 2008-1 is complied with." Works for me.
  13. But don't neglect those states that "decoupled" from TCJA such as New York, where a state-only 2106 can bolster itemized deductions even yet. And not just teachers; I've filed several clients who'd become remote-only employees last year and so, newly qualify for the office-in-home deduction. Asking whether such folks have upgraded their Internet and/or wifi and/or hardware, increased their bandwidth to accommodate more/faster video, simply bought a rug to improve acoustic, setc. has yielded more of a deduction, as well.
  14. Augh, yet one more misuse of "comprise" which is synonymous with "include", not "compose"! From Words on Writing (by Erin Hart): "When using the word comprise, follow these five guidelines. Comprise is a stand-alone verb—it does not need a helping verb like “is” or “was” or a modal verb like “will” or “might” to create future tense. Prepositions like “of” do not grammatically follow comprise. Comprise is a transitive verb and must be followed by a noun or series of nouns. Going from large to small is essential when using comprise—the whole comprises the parts. Comprise can be interchanged grammatically with “contain” but not with “compose.”
  15. If you've got any information returns among the client's documents, do any of those show truncated or abbreviated names or portions of the names? Take your lead from those and ask the client whether they agree with the treatment shown. I've got several clients from cultures that appoint multiple names and so far have found that they're accustomed to using fewer names to fit in -- literally -- with various bureaucracies.
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