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Lee B

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Everything posted by Lee B

  1. Lee B

    IRS UPDATE

    A touch of gallows humor
  2. Lee B

    Coinbase

    If you think of bitcoin as an investment similar to buying shares of a mutual fund, then you are on your way to understanding bitcoin.
  3. jbelle, you have one more year in our profession than I do. I am still pushing forward on a part time basis
  4. Ah, an assistant. A brokerage should this clearly referenced. Ask the assistant for a copy of the brokerage guidelines. Although I remember an Investment Advisor for my bank who had never heard of a QCD.
  5. If ATX follows what they have done in prior years, they will announce after Veterans Day with a shutdown date for Form 1040 sometime in the week before Thanksgiving.
  6. PUB 560 page 6 "Deadline for setting up a SEP. You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year."
  7. While Form 8822 B is used for the change in a responsible party, it is not used for a change in ownership. Unfortunately the IRS guidance in this area is not as clear as it should be.
  8. When employees are involved and their is a complete ownership change, I believe a new EIN is required. The reason for this requirement is that EINs cannot be transferred to a new responsible party. In addition, the old owners need to close the old EIN in order to protect themselves.
  9. Well, since my last tax return's efile was acknowledged on the 6th, I can let it rip.
  10. Doing one tax return with K-1s prorated does not apply your clients specific situation. No you cannot file one 941. In your client's specific situation: 1. You will need to file two short year returns 2. Since there are employees involved your clients are required to obtain a new EIN.
  11. It's anybody's guess, but if you can extend 2020 until 3/15/22, I would wait for 3 months ?
  12. You could make that statement about almost every every tech company with an online presence.
  13. Several more active serious security exploits have popped up so there is another unscheduled update! "Chrome is up to date Version 94.0.4606.81 (Official Build) (64-bit)"
  14. Lee B

    Printers

    I do live payroll processing, so I have to have a laser printer to print the MICR code on my client's checks. In addition, if you need to print any bar codes or qr codes, many inkjet printers are not precise enough.
  15. Lee B

    Printers

    Back when HP earned it's reputation as a reliable workhouse, the internal components were made by Canon, HP stopped using Canon components some years ago, so HP is not quite as good anymore. Some of the higher volume generic toner suppliers are able to bypass the proprietary chip. I buy from supplies outlet.com. ( See my post in the Off Topic category) I currently have both an HP and a Canon and while my HP works fine the Canon is clearly a higher quality well built printer.
  16. Replace a Lost or Stolen Card If you have misplaced your Economic Impact Payment Card, you can lock it by logging in online at EIPCard.com to prevent unauthorized transactions or ATM withdrawals while you look for it. If your Card is permanently lost, it is important that you call Customer Service at 1.800.240.8100 (TTY: 1.800.241.9100) to report your lost or stolen Card immediately. Your Card will be deactivated to prevent anyone from using it and a new1 replacement Card will be ordered. Fees may apply1. Please refer to the material in your Welcome Packet or see your Cardholder Agreement for more information
  17. I remember years ago when my wife was a Girl Scout Leader ( we had 3 daughters ), she was calling a girl's mother to ask her to help with something. All of a sudden right in the middle of the phone call, the mother yells , "Dog Fight" and hangs up!
  18. Since I had never heard of this kind of entity, I did a little bit on online self education. What I found out was that these entities are somewhat rare and a bit unusual. Since you asking what appears to be a fairly basic question, that suggests that these entities may not in your area of expertise. I have learned in recent years to stick to my areas of expertise.
  19. D I continue to be astounded by the variety of clients that you have and the unusual issues that arise I am so thankful for the clients I have.
  20. Lee B

    IRS UPDATE

    "The Internal Revenue Service is inundated with the volume of returns yet to be processed and phone calls for assistance, and is working hard to remedy the situation. While there are many factors contributing to this, it is overwhelming to the agency, according to Stephen Mankowski, tax chair of the National Conference of CPA Practitioners, who attended a recent IRS meeting for stakeholders. “The National Taxpayer Advocate reported they are working to remedy this in multiple ways. The level of service is at its lowest historically, with more calls coming in daily than ever,” he said. “Hiring and training take time. The automated callback program has been successful, but the number of people in the queue is limited to the number of assistants available,” he said. “The number of calls coming in, particularly regarding the Child Tax Credit, are exacerbating the problem.” “Paper returns have piled up — there are 5.5 million Form 1040s and over 4 million business returns that have been opened but not processed. The goal is that by year-end, the paper returns will be processed. However, there are an additional 4 million returns anticipated by mid-October,” he said. National Taxpayer Advocate Erin Collins is empathetic, Mankowski commented. “She truly feels our pain. She understands the taxpayer issues that exist, and the problems getting through to the IRS. She’s dealing with a lot of calls from practitioners and taxpayers trying to get resolution on issues. It’s just a matter of not having enough bodies to do the work." It will be a miracle if the IRS can get anywhere near normal operations this coming tax season
  21. The carrying costs you are referring to relates to "Investment Property". Unfortunately your clients do not have "Investment Property" Your clients avoidance of the FL sales tax is the classic case of "cutting off your nose", because they will lose the deduction of all of the related expenses.
  22. Due to several more current serious exploits, Chrome has released an unscheduled update. Chrome is up to date Version 94.0.4606.71 (Official Build) (64-bit)
  23. See IRS Notice 2020-75
  24. https://www.irs.gov/newsroom/medical-loss-ratio-mlr-faqs
  25. Copied from Forbes: "By requiring banks to report highest balances and aggregate deposits and withdrawals, the American Families Plan will effectively close off the option of underreporting gross receipts or revenues for businesses and self-employed taxpayer." The proposal does not require the reporting of individual transactions.
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