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Yardley CPA

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About Yardley CPA

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    ATXaholics Anonymous

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  1. Yardley CPA

    Microsoft to charge monthly for Windows 7 updates

    What is meant by "Spataro confirmed these would only be offered to customers running Windows 7 Professional or Windows 7 Enterprise in Volume Licensing - aka large businesses." I run Windows 7 Pro on my stand alone desk top. I assume I'll still be charged a monthly fee? I plan on upgrading prior to this, but just curious.
  2. Yardley CPA

    Dell Computers - Good Bad or Indiferent

    I have a Dell T1700 that I purchased about three years ago. This will hopefully be my fourth tax season using the desktop. I normally replace my systems every three years but I'm going to see if I can get a fourth out of this one. Fingers crossed. It has treated me well. There have been no issues although I'm starting to detect a little slowness.
  3. Yardley CPA

    Children's Surrogate Account - Interest Income

    Thank you, All. The mother shared, the son is naturally born and received funds from an insurance company due to an accident settlement. The funds remain in this "surrogate" account until he is 18. My initial reaction was...It's taxable and I still feel that way. I appreciate everyone's input and thoughts. It's great to have this forum to turn to.
  4. Yardley CPA

    Children's Surrogate Account - Interest Income

    JKL...that's what I'm trying to determine. Not sure why she feels the "surrogate" impacts the taxability of the earnings. I asked her for additional info. I don't think that will make a difference but I would like to know more about the situation.
  5. Yardley CPA

    Children's Surrogate Account - Interest Income

    Thank you, Both. The 1099-INT is in the Childs SSN. Mother is listed under the child's name with GDN after her name. I assume that means "Guardian?" In any event, I've asked the mother for additional information on the specifics of the "surrogate account." I prepared the returns assuming all the children's income was taxable. The mother is questioning whether the surrogate account interest is taxable.
  6. Husband and wife filing MFJ. Their two children both have investment income in excess of $2,100 so I plan on preparing form 8615. One of the children has interest income from a bank that indicates it is a surrogate account. Should the amount from the surrogate account be included when determining the investment income?
  7. Yardley CPA

    CPE recommendation?

    No one from our ATX Community Family would ever do this though, John.
  8. Yardley CPA

    CPE recommendation?

    I've personally found the online, webinar or self-study to require more "concentration" than going to a live event. I've gone to many live CPE classes offered by the well known course providers, including CPA Societies. Many of the individuals who attend these live events are either doing personal work or surfing the Internet. At least self-study requires some type of validation, either through a test of some means of substantiating your participation. Anyone who wants to simply "buy" their CPE will do so whether they attend in person or purchase self-study.
  9. Yardley CPA

    CPE recommendation?

    Jack...wondering exactly how you spot these people in a group??
  10. Yardley CPA

    ATX Estimated tax not matching with IRS

    If your record shows you entered $4,700 into the ATX Program then something is obviously amiss. I'd call ATX and see what they say from their end before contacting the IRS on this. See if they can verify what you entered and what their system actually processed. If there is a difference they should provide some type of explanation as to why. This is good to know before connecting with the IRS. One more thing, verify with the client that their bank shows only $4,600 taken instead of the $4,700.
  11. Yardley CPA

    CPE recommendation?

    I signed up for a couple of webinars through my Pennsylvania Institute of CPA's membership. I've always found they provide high quality programs. Here's the webinars I'm taking part in:
  12. One of the many articles that have been and will be discussing the new tax form... https://money.usnews.com/money/personal-finance/taxes/articles/2018-08-07/everything-you-need-to-know-about-the-new-tax-form Everything You Need to Know About the New Tax Form From deductions to withholding tables, there are plenty of changes to expect on the new 1040 tax form. Before the tax law overhaul, the Trump administration and Republican-led Congress touted a postcard-size income tax return form designed to simplify filing your taxes. In June, the Internal Revenue Service and U.S. Treasury Department released a draft copy of the new 1040 income tax form. However, critics say that while the tax return is shorter, it may actually be more complicated than ever. If you want to start thinking about taxes, the new draft copy offers a glimpse of what's in store for the 2019 tax-filing season. Read on for a primer on what changes to anticipate in light of the Tax Cuts and Jobs Act, which was passed last December. The size of the form is bigger than an actual postcard. "There is no postcard, just a shorter Form 1040," says Steven Weil, an enrolled agent, president and tax manager at RMS Accounting in Fort Lauderdale, Florida. He adds that while the form is shorter, it requires a taxpayer to use extensive schedules, or forms the IRS requires filers to prepare, along with the tax return when they have certain types of income or deductions. "Take a look at the new form, and you will find it covers a half page on the front and a half page on the back. If it were truly a postcard, it would have room for an address and return address, as well as a stamp on one side," he adds. It's good that the IRS isn't actually sending tax forms on an actual postcard, Weil says, emphasizing that it would be a gift for identity thieves combing through mailboxes. "Most returns today are filed electronically, anyway," he says. Despite the hype, the new form may not make it simpler to file your taxes. "It will no longer be possible to just copy this year's information on the return, using last year's return as a model. When you consider the change in the form, the change in the rules – as to what can no longer be deducted when itemizing, for example, the lack of exemptions and a higher standard deduction – most of us in the tax business expect to see lots of new clients that are more confused than ever," Weil says. Abby Eisenkraft, an enrolled agent and CEO of Choice Tax Solutions in New York City, agrees. "The form reduces two pages to one page but necessitates six additional schedules," she says, referring to additional paperwork that the taxpayer will need to calculate things like deductions. "And this does not include the additional schedules one needs to report self-employment, rental real estate, sales of securities and so on," she adds. Kelly Wright, director of financial planning at Pinnacle Advisory Group, a Columbia, Maryland-based wealth management firm, also thinks the tax form looks more complicated. "No one wants more taxes. However, reducing the size of Form 1040 will not make tax preparation more simple, nor does it affect taxes due in any way. A postcard[-size] 1040 form will simply be a shorter, more confusing form, based on many of the same taxes and deductions that still exist," Wright says. That last part troubles Wright. "Many available deductions and credits are not listed on the IRS draft form," he says. "The IRS simply removed many of the helpful steps that guide people in preparation of their taxes. As much of that direction is now absent, it is possible some will simply think it does not apply to them." Tax withholding tables are different. In February, the IRS changed the tax withholding tables that determine how much income tax should be taken from your paycheck, calculated by the number of allowances you claim and how much you earn. If you haven't reviewed what's in withholding since the new tables came out, now is an ideal time to check. If not enough has been withheld, you could end up owing taxes. Your state taxes may increase. "The standard deduction has increased substantially for federal tax but not for many states. This means state taxes will increase dramatically for many taxpayers, one of the hidden caveats of [the Tax Cut and Jobs Act]," Wright says. Many deductions will disappear. Many deductions will vanish next year, including the personal exemption, the alimony deduction and the deduction for moving expenses. Miscellaneous deductions have also been eliminated, which means that unreimbursed business travel and mileage will be gone, along with the home office deduction. Some deductions will remain, however. The standard deduction will increase to $12,000 for individuals (from $6,350 under the previous tax law), and $24,000 for married couples filing jointly and surviving spouses (up from $12,700 from the 2018 tax-filing year). And head of household filers will see an uptick in their standard deduction to $18,000, up from $9,350. And there is a new qualified business income deduction, which has to do with noninvestment business income, which has caused a lot of confusion, Eisenkraft says. "The new tax act left more questions than answers, with tax professionals waiting for the Congress and the IRS to clarify. We are eight months in and still don't have answers," Eisenkraft says. "Unfortunately, this is not simplification at all, and many tax professionals will be increasing their fees because of additional education requirements, staffing and the complexity of the requirement reporting."
  13. Dell T1700 desktop recently had it's Bios upgraded. Since that upgrade, I'm noticing mouse click issues. whenever I navigate within ATX, whether that be within the main ATX menu screens, or within a return, either the mouse is super sensitive or it does not recognize the click at all. I understand this is probably worthy of a call to Dell support. One question though, when you click on a return at the Return Manager page, do you need to double click on it or only click once to open it? I'm finding its super sensitive and opens returns when I don't want them to be opened. Is there a way to require a double click in order to open a return?
  14. Yardley CPA

    NT It has been real!!!

    Congratulations on your retirement. May it be filled with good health and good cheer!
  15. Yardley CPA

    Open letter to Microsoft about Windows 10 update problems

    Jack...I think people were saying you were crazy, but it had nothing to do with you not wanting to use WIN 10.