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TaxCPANY

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Everything posted by TaxCPANY

  1. I recall having no problem using any client's business account for them, whether they're a mongo corporation (N.B. their own) or a sole proprietor such as myself. I flinch only when the bank is Citibank because it's failed to honor over a dozen clients' debits in just the past decade, no matter how ample the funds and long-standing the banking relationship.
  2. I must disagree: one does not get "the same suggestions". My experience accords with Pacun's: UNIQUE problems surface upon attempting to efile a return which are not divulged merely by checking the return. That some small number of returns have been efiled prematurely is the lowest but not common denominator to which I do not feel compelled to stoop.
  3. 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!
  4. 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.
  5. 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
  6. 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
  7. 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"
  8. 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).
  9. 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
  10. 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?!
  11. 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 . . .
  12. 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!
  13. 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.
  14. 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
  15. 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?
  16. 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."
  17. 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.
  18. 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."
  19. 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.
  20. 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.
  21. 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.”
  22. 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.
  23. The only problem I have with Form 114 is the apparent incompatibility of BSA's site with Nuance PDF Pro; I must revert to Adobe Reader to complete the return online and so I keep that application on a computer separate from my main ones -- but only because Adobe insinuates itself into other applications to become the default PDF reader. How is inputting Form 114 online substantially different from preparing and e-filing other tax forms? My clients pay me for the time it takes me to do that, are sent a copy of the form to review and must return a signed & dated copy of Form 114a. The BSA site allows me to save and print a copy of the form, and sends two acknowledgements of e-filing, one at once and the other later. Even better, no extra form is required to request an extension of time to file past April 15. I may have been lucky to have begun my career in the international tax department of a firm which trained me to monkey around with lots of different forms, but don't law changes throw that at us every year? Form 114 is simpler than 8938 and 2555 and 1116, for instance, and providing it helps keep clients who've posted overseas or have non-US accounts from before. I regret only that the demise of TDF 90-22.1 probably cost my ol' hometown some nice jobs -- all too scarce in the wake of globalization.
  24. You two luckily must not be insomniacs. Not knowing a wholesale way to clean up Payer Manager I indeed have gone in there time and again, usually late at night, and deleted duplicates. At least you can delete a whole row/entry with a single click. Having begun computing with a Commodore Vic-20 with a whopping TWO KILOBYTES of RAM, I've always felt it vital to keep programs and data ultra lean in every way possible. Maybe that doesn't matter at all anymore with Gigabytes of RAM and Terabytes of storage, but doing it's very mind-pacifying.
  25. Well, I actually got a call from Edna and after 43 minutes we got the Organizer Letter loading. She's independently researching how to get the Org Engagement Ltr back as well; so I'm much more hopeful of having this on my weekend plate now. I took AbbyNormal's advice years ago and got Nuance Power PDF with which to make organizers both digital and fillable. A couple of clients every year can't get it to work and either print it to input, send me the paper or scan the pages; but that's the only problem I've had ever since -- and I totally agree with you that reminding clients with the Questionnaire is perhaps the biggest plus. Fingers crossed this all works out by the end of the day. Still, I think I learned patience this year: my SSD hard drive stopped booting on its own in February so I ran the next 262 days off an Emergency Disk before I could take the time and find the right program with which to replace it without losing all my programs & settings. (Macrium Reflect, that was.)
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