Catherine

Possi has it correct; NR for Mass. If any tax needs to be paid for MA then there should be a NJ credit. Probably close to the dollar amount for MA since NJ taxes are even higher.

Facts and circumstances. Compensatory damages should not be taxed. Appearance fee is "other income" (formerly Line 21) as the person is not in the business of appearing on the People's Court for profit.

2-partner LLC is on a 1065 no matter WHAT percentage of profit and loss is agreed upon. That second partner has to have SOMETHING not at 0% or it's not a partnership. If there is only one, THEN you have an SMLLC which can go on Sch C.

Just because 4-point font sizes EXIST does not mean you should USE them!

August 12th at the earliest.

We have over 60 from whom we have heard nothing. About half of these will call on April 14th with some variation on "I *really* thought I was going to get you my stuff on time *this* year but I guess not so please put me on extension" and the rest either surface in July-August (to ask about "second extension" again, forgetting that those no longer exist even though we keep telling them). We start preparing extensions next week, so that they're all ready to go in early, then we contact the ones we know/suspect won't contact us. The "regulars" we'll just put in - you could set your calendar by some of these folks!

Partners can agree on just about anything; partnerships are very flexible that way. I dunno why anyone would agree to that, but that's not my business.

If those are common to the units, I'd use 50% of cost as basis and depreciate as rental unit appliances. Seems to me that's about as fair as you're gonna get.

Yup; same here. Client this year sold a mixed bag. Doesn't know squat about any of it, and brought in a dozen or fifteen pages of printouts she'd gotten from ??? over the years. Took me an hour and a half, with all sheets spread out on our BIG conference table, to figure out what shares were what, what basis was (if any), et cetera. There were NQSOs, ESPP, and RSUs, *and* a few ISOs too. She'll be paying for that time!

I have recently been heard to threaten a $10 fee for EVERY staple I have to remove. And yes, I have one of the good staple removers. I still have to stand/sit there and remove them!

We keep a spreadsheet of Work In Progress (remnants of my days as an engineer). we have about a hundred with no papers (some we have heard from, some not). Next week we start on extensions. First for all clients underway of that we've heard from, then for the ones we haven't heard from. Those we'll wait to send in until we have word.

MA won't take W2s with more than four Box 12 entries. I've been deleting one entry, transmitting MA, restoring the one, then transmitting fed.

Thank you BOTH - Eric for making this forum possible, and Judy for being such a terrific moderator!

Almost every entry field in Drake will support a worksheet/statement. Click in the field, hit Ctrl-w, and see if you get a break-out list box. Those all print, and (I believe) they all transmit.

I don't think so, because the exchanges don't actually exchange anything but computer bits. It's not like having cash in a savings account in Denmark. But it's a good question, and perhaps that may come in to play as these exchanges mature.

I will second @JohnH's excellent idea. This whole area of concern is a Circ230 weak spot and minefield, and we get caught. On the one hand, you cannot let this client sign a return in her increasingly confused state. On the other, technically you cannot reach out to the daughter. If you do have any recollection of mention of a POA, then JohnH's suggestion is an "out" for you. I have had similar instances. One recent case, the son-in-law contacted me after laboriously convincing f-i-l he needed "just a little help" with his (many years of back) taxes. I had not yet accepted him as a client; we just had our initial meeting. Using that "out" (non-clients on all sides) I told s-i-l it was high time for the man's daughter to get a POA while he was still competent to grant it. He's *fine* is you're just talking to him about the weather and the garden - but oh dear heavens the papers. I've seen it too many times. The multiple xerox copies of the same things, the notes running in seven different directions on one piece of paper (also copied), the important pieces intermingled with junk intermingled with charity solicitations, all jumbled with multiple years. Dementia. Just saw early signs again this morning with an existing client - who fortunately told me of her own volition about her grown child who now has a POA. (And I have an address in my files from something or other some time ago...) I will be reaching out for a copy of that POA.

That doesn't follow working from home. The client MAY be a statutory employee, where a Sch C is appropriate. See their employment contract.

Nope, I must disagree with Margaret. With a Roth IRA, once the account has been in existence for five years you can take your basis in the money out free of tax or penalty. So yes, subtract the basis from the distribution, and the balance is taxable. There should be a field on the 5329 about what amount is subject to penalty.

I bought ESPP shares back when I was a young engineer at GTE (Labs). I still have all my basis paperwork. LOVE your chart @Roberts !

Married filing singly double jointed as long as spouse is filing separately.

Solid documentation being IRS code, not pubs. But their own code - now THAT they would have a very hard time arguing with!

We use iDrive, where we can configure what backs up - including networked drives. It also can (checkbox; simple) send you an email for any backup hiccup - which can be as little as one file not being accessible. A colleague uses BackBlaze, and found out the hard way (drive failure) that it only send you error messages that backups have failed after TWO WEEKS of consistent failures.

RitaB would remind us that it is OK to kill these clients. I would recommend putting them all on extension. Training to give ALL the documents next year.... tell 'em since this is new information, the returns need to be re-done and you're going at the bottom of the queue. Extension, and next year give me everything the first time (as if they'll do that, hah). I get less forgiving as time goes on.

There is a difference between what is technically correct, and what is as close as one can come given a particular set of circumstances. What is likely to happen - at most - is a tentative suggestion from employee to boss saying some version of "my accountant says next year this should go through payroll" with no request to change it for this past year.

I have bitcoin trading clients. I used to use a spreadsheet for tracking, and had the client provide me a list of all his buys (very few) and sells (more, but not tons until last year). A year or three ago, he signed up for one of the basis-tracking services. Since then, he provides that spreadsheet for me. I rework a copy of the spreadsheet for a bit (getting the columns in the right order, and the date in US style rather than Euro style), then import (into Drake).