Abby Normal

https://www.irs.gov/e-file-providers/electronic-signature-guidance-for-forms-8878-and-8879 It seems doubtful that many of the esign options fully comply with IRS standards. But how 'verified' is a handwritten signature on a form we emailed or sent thru a portal to a client.

That's called a 'durable' power of attorney.

Yikes, so any override on Sch A is not included in the totals. Can we get a red error, ATX?

ATX has a drop down at the top for donees, but only if the client had an 8283 last year. We keep suggesting a payer database for this form along with 2441 and colleges on 1098-T. Maybe one day!

People should always die owing money. So much easier. If someone calls for a single decedent or close to death client who was making estimated payments, I always advise them to not pay any more estimated, in the hopes the decedent will owe and we can efile.

I'm a fan of macros/scripts. I have AutoHotkey running all the time and have used it for macros in ATX, but if I had 4 or 5 different locations for Goodwill, I would still lump them into one Goodwill donation. Our rules is if there are more than 5 donees, the 5th one is listed as a donee "& others". Our reasoning is if it doesn't change the tax and it would survive an audit, it's a waste of time to do.

In master forms I added 4 records for a total of 5 and customized each record as shown below. You have to restore the FMV field when you're done, but that was the only way I could get the 'Were goods or services exchanged...' question to appear. I guess the programmers think they're doing us a favor by making parts of the forms hidden until we make entries, but I hate it!

I wouldn't put any on Sch A if I could take it on 1040 above the line. And I don't see any reason to paper file either.

I think instead of iterative you can do the calc just once, which would give you the full amount of premiums before PTC as SEHI, and some PTC as well.

If someone knows the resolution to this, I'd appreciate a link. MAGI over 400% of poverty level so has to pay back all of the APTC. Taxpayer is self-employed so APTC is added to SEHI amount. Increased SEHI puts taxpayer under 400% of poverty level, qualifying for some PTC. Subtracting the new PTC from the SEHI puts taxpayer over 400% of poverty level. And around and around we go. I've googled and not been able to find an answer but this can't be the first time this has happened. I feel like claiming just enough SEHI to put them under 400% and letting the PTC be what it will be might be the best solution?

I can add that! I could do it in a Jeopardy! format just for laughs!

We haven't made any reservations yet but we're really looking forward to it. I've made a few notes about ATX letters, but I have a lot more work to do to fill the 3 hours Jack has alloted. If I went on for 3 hours, you'd all be so drunk you'd start throwing things at me.

I use ATX and just use the worksheets built into it. Can usually get it to $1 but I had one odd one that $5 was the best I could do.

You should consider an incinerator that generates electricity so these people can contribute a little something to society on their way out... besides just fertilizer.

That can be a mixed blessing.

MD realized they had a windfall due to fewer people itemizing for federal purposes and decided to keep 2/3 of the windfall and only give us a minor break. They increased the standard deduction by 500 per person which at an average state/county rate of 7.5% is a whopping $37.50. Meanwhile they're keeping about 200 million per year, supposedly in reserve for future education needs. It's the first time in 30 years the standard deduction has been increased, but they did at least index it for inflation going forward. As the federal standard deduction has increased over the years, we've had to start calculating whether it's better to force itemized on federal to save MD taxes. And also whether it's better to force sales tax instead of income tax to save MD taxes. When you force sales tax for a MD taxpayer, it increases MD itemized deductions and makes the state tax refund not taxable for federal the following year. It's a lot to think about!

Part-year MD resident came to us in April and put on extension. Going thru all of his records (lots of 1099Rs, several brokerage 1099s, etc.) just trying to get federal straight first and I come to his notes where he's broken down every item of income between the 2 states for me! Almost brought a tear to my eye. I hope he's a repeat client and didn't just come to me for the transition year. I want to give him a hug! (and not a Rita hug)

The IRS only checks that last name on the return (only the first 4 letters actually) so you can put any first name on a return that you want. I'm guessing return was filed under mom's Social Security number and last name but daughters first name. Sounds like a horrible preparer.

You have to report what actually happened, lawyer be damned. Did the lawyer provide you the final accounting for the estate?

I hope you told them that wouldn't make them any safer... unless you were doing paper and pencil returns.

I usually elect out of bonus and just use 179 because MD does not allow bonus but does allow some 179.

This is why I always push for direct deposit.

Never mind, it's the LLC annual fee that's $200.

Great! Thank you sooooo much JohnH! I hadn't even thought about the annual report. Wait a minute. Is the $200 franchise tax in addition to the $200 annual report fee, or are they one and the same?