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gfizer

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    KY
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  1. Word of caution on at least some newer HP laser printers....I have an HP LaserJet MFP425 that is an absolute workhorse and I dearly love it. I can get generic toner online from Amazon very cheap (4 high yield cartridges for around $50). I needed a new printer for another computer in my office so I decided to move the current printer to that computer and upgrade to what I believed to be a newer model of the same printer - it's a MFP428. Mistake! I love the printer and it works great but the toner cartridges have a proprietary chip which so far I have had very little success in bypassing. I've had to buy OEM cartridges for it and the high yield cartridge is about $200! Needless to say, it's been moved to a location that sees very little use. I was able to purchase a lightly used Lexmark xm3150 which is a commercial all in one for little of nothing from a local business machines supplier and so far it's working out great.
  2. I am working on finishing up extensions and just noticed on current return I am working on that the unemployment exclusion that was automatically populating as a negative figure on Form 1040, Schedule 1, Line 8 is no longer automatically populating. I had to manually enter the negative number. Anyone else noticed this?
  3. After speaking with the attorney and reviewing the trust documents with the trustee, we determined that the trust did qualify to be taxed as a 4947(a)(1) non-exempt charitable trust. I looked through my file and it looks as though I simply filed the 990-PF for 2008 marked as an "initial return." I can't find that I did anything else to make the switch. The trustee never received any correspondence from the the IRS and we've been filing the 990-PF ever since. That being said, I'm not sure if or how that would work today. When my situation occurred we were still filing the 990 series on paper. Now that those forms are required to be filed electronically you might (and I expect you would) get a reject code showing that the entity type doesn't match the entity type listed on the EIN application when you try to electronically file the return. I wish I could be of more help. Good luck.
  4. I have a retired client who decided it would be a good idea to withdraw $70k from his 401k to purchase a new pickup truck. He received advance premium tax credit payments amounting to almost $10k. The additional retirement income throws him over the 400% threshold. Is it really true that he won't need to repay the $10k thanks to the cares act? Seems too good to be true.
  5. Paypal allows you to send and receive payments for goods and services which are subject to Paypal fees and payments from friends and family which are NOT subject to Paypal fees. Both types of payments are reported on 1099K if they meet the IRS thresholds. That being said, I would be surprised if it were questioned by the IRS. Venmo and cashapp are also popular in my area.
  6. Yeah. Kentucky used to have separate returns for general partnerships, LLC partnerships, corporations, and s corporations but decided this year to consolidate them all into this PTE form. It should've been named the PITA in my humble opinion.
  7. The LLC will have to file an extension and remit the Limited Liability Entity Tax on KY Form 41A720SL. The partners will also have to file individual extensions if they are required to file in KY. The PTE form is new this year and looks worse than it is. It is due on May 17th this year (Kentucky doesn't use the March 15 deadline like the Feds).
  8. No local return required if all you're dealing with is local income tax withholding on a W2.
  9. Enter as interest on 1099-int worksheet
  10. Just received this response to an email I sent to KY DOR yesterday. I think I will go ahead and make the adjustment as an addition back to AGI on Schedule M and turn loose of the ones I've been holding on to. The natives are getting restless. "RE: Income Taxes Inbox DOR WEB Response Individual Income Tax <KRC.WEBResponseIndividual@ky.gov> 9:40 AM (8 minutes ago) to me Kentucky has not adopted legislation at this time for the $10,200 of unemployment not being taxed. If that legislation is passed, it will be posted on our website. As of now the income will need to be added to your Kentucky return as taxable on the SCH M. Thank you. XXXXXXXXX XXXXX, Section Supervisor Department of Revenue, Office of Income Taxation
  11. I just received the following response from Kentucky DOR to an email I sent yesterday: RE: Income Taxes DOR WEB Response Individual Income Tax <KRC.WEBResponseIndividual@ky.gov> 9:40 AM (8 minutes ago) to me Kentucky has not adopted legislation at this time for the $10,200 of unemployment not being taxed. If that legislation is passed, it will be posted on our website. As of now the income will need to be added to your Kentucky return as taxable on the SCH M. Thank you. Section Supervisor Department of Revenue, Office of Income Taxation
  12. Client has decided to sell her principal residence to her church to be used as a parsonage. She has agreed to transfer the property to them for her basis in the home. The home has appreciated in value and is worth (she believes) $15-$20K more than her basis. I'm thinking this is a bargain sale and that she can obtain an appraisal from a qualified appraiser to substantiate the current fair market value, thereby giving rise to a charitable donation for the difference between the bargain sale amount and the FMV. Thoughts? Opinions? Am I missing something? Thanks in advance. You guys rock!
  13. Ditto. I can't believe KY will exempt it. Just patiently (NOT!) waiting to see what happens here.
  14. Thanks for the offer, Catherine. They only have wage income and no rent. They are going to file separately so only his income will be included on the MA return. I think I show their combined Federal income and AGI on page 1 though, correct?
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