ETax847

If the taxpayer's driver's license info required this year for federal filings?

that makes sense to me! Thanks for your help!

My client is a financial advisor.  In 2019, he shared staff with a partner.  He paid the other advisor $11,019.50 directly in exchange for the help of the staff person who was on his payroll.  How should they each treat this staff member on their business taxes.  Should my client get a W-9 from him and issue a 1099-Misc?

Thanks guys! Appreciate the help.

Is there a new tax form where Cryptocurrency is to be reported? I thought there was something new with the reporting of it for the 2019 filing season, but cannot seem to find any info on it.

Great tip! Thanks for passing that along!

from IRS news release 1/6/20:

WASHINGTON ― The Internal Revenue Service confirmed that the nation’s tax season will start for
individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and
processing 2019 tax year returns.

The deadline to file  2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.

While taxpayers may prepare returns through the IRS’ Free File program as well as many tax software companies and tax professionals before the start date, processing of those returns will begin after IRS systems open later this month.


 

I would not waste the time or the effort. 

Are planning on raising your prep fees for the upcoming filing season, and if so, by what amount? I know we are all in different markets so a % increase may be more helpful.

Will do.  Currently in transition, but I'll keep you abreast of any issues to hopefully save you some headaches.

I am setting up my new computer ahead of tax season and when I go to import previous years' returns, I get the following error message, "The program was unable to load fixed asset data.  Please try import fixed assets to add them back to the return."

Does anybody know what this means and what the implications are?

Thanks!

Hey team.  I had a prospect walk into my office today who is a pro ice skater and has been for the last 4 years.  She has not been profitable for the last 4 years including this year.  Should she be a Sch C?

Has anyone heard the news that form 1040 is undergoing another face lift?

Here is the article highlighting the changes:

https://www.forbes.com/sites/kellyphillipserb/2019/07/15/everything-old-is-new-again-as-irs-releases-form-1040-draft/#36f6b1f42f75

Client lived in IL for 6 months and moved to CA for 6 months.  W2 shows income split between 2 states.  50k IL and 50k CA.  Does CA tax just the portion of income earned in that state for a part yr resident?

I have a client who has a partnership k-1 that is allocated to many states.  All of the states data has come through except for California.  Does anyone know where the inputs go for CA Sch K-1 (568)? The detail tab does not allow for any inputs and the k-1 1065 data is not being linked to it.  Please help

Big or small, they go after everyone.  I get phishing emails at least once a day trying to get me to click links or open attachments.  The schemers are getting more and more advanced.

I'm not sure if anyone saw this story, but here is the latest on another data breach:

A data breach may have exposed personal client information that advisers store on Redtail Technology's client relationship management software, according to an email the fintech firm is sending to affected advisers.

https://www.investmentnews.com/article/20190521/FREE/190529989/redtail-crm-data-breach-exposes-personal-client-data?fbclid=IwAR1PqdjCyRL_WDS435YbcKtXTToB3oFbm1QKhxRXcjFnKI9xY-1KgnYSYr4

My ATX rep still has not even communicated any information on this to me. 

Just checked and it's still down.  This is beyond frustrating

Is november the best time to buy? I have no problem waiting, thanks!

After 6 tax seasons with my current desktop computer, I now need to replace it.  Any idea of what specs to look for in terms of brand, memory, processor etc?

Thanks for a wonderful tax season!

I was told the early bird renewal discount ends next month

I have added the CA Sch S to a client's return and completed the input tab, but the info is not flowing through to page 1 of the Schedule.  Any idea what input may be missing?

Has anyone else received an ATX renewal notice? I just got mine yesterday.  Is this truly the best deal and why did they send it out so early this year?

Check the bottom of the 1099R to make sure the fields are not overlooked.