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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

    Summer Gathering Video

    Great video!!
  2. Yardley CPA

    Abby & SoNot's Excellent Adventure

    Thanks very much for posting this, Abby. What a great recap and awesome pictures to boot! Looks like it was a fabulous time.
  3. Yardley CPA

    1040 PostCard

    As with any change, adapting will take time. In the case of the new "postcard" 1040, I anticipate the coming tax season to be very challenging. Time will tell if it will become routine, but a quick review of the forms JKL includes above makes me think more people will initially seek to have their returns prepared by a "professional" versus completing it by themselves.
  4. Yardley CPA

    ATX Letters Seminar Video

    What a terrific instructional video. Thanks very much for posting it. Your customized letters provide so much more detail. I'll look to play with this during the off season. Thank you again.
  5. Yardley CPA

    Depreciation Recapture - Former Rental Property

    Pacun...I very much appreciate your reply. I assume this is handled on Schedule D and can be listed as nonqualified gain?
  6. Yardley CPA

    It's time for a new printer

    I'm currently using a Lexmark T644 and have been for the past 5 years. It's been a true workhorse for me. With the exception of replacing the toner every couple of years, it just provides printed sheets one after another after another. It can only be purchased used but there are other Lexmark models that are comparable. Good luck!
  7. Would appreciate your insights on this situation: Domestic partners purchased a vacation home in May 2000, each owned 50%. They rented the home from 2000 through October 2012. Home purchase price (not including land) was $199,900, land valued at approximately $70,000. Rental income and expenses were split evenly on their individual returns. Each depreciated $99,950 and Accumulated Depreciation through October 2012 amounted to 45,880 for each of them. They married in November 2012 and moved into this home, utilizing it as their primary residence from that point on to the present date. They have now put the home up for sale, asking price of $489,900. Assuming they receive $450,000 as the selling price, what if any depreciation recapture needs to be dealt with and how? This is my first time dealing with recapture and I have been investigating it but would appreciate your thoughts. I believe recapture will be involved, how do I account for it? Thank you.
  8. Yardley CPA

    Gift Tax - Crypto Assets

    FDNY...I agree. Since I don't have much gift tax experience, I didn't know if there was a way to accomplish what he is asking. Since he is going to receive the 1099, I assume he's on the hook for the tax. Regardless, it sounds very messy to me as well, on many levels.
  9. Yardley CPA

    Gift Tax - Crypto Assets

    Would appreciate anyone who has experience with gift tax, as my experience with the topic is limited. I received the following email from a client: I wanted to ask your opinion on some investments I've been dabbling with. I have been investing in crypto assets for family and friends and recently cashed out a large amount for them. I understand and am aware that money is on the hook for short term cap gains tax since I was invested in it less than a year. Since the money was invested through my investment account, am I responsible for all of the taxes or can I give pre-tax money out to my family and friends and advise them to pay taxes on their own? I optimally would like to give them pre-tax money and tell them to pay on their own, but I wanted to know your opinion first before dividing up the cash. I can prove a paper trail of where certain individuals gave me money to put into this, but I was generally given money through Venmo or cash itself. Let me know when you can. I never professed to be an advisor, but in this case the question seems fairly straight forward. Thoughts?
  10. Yardley CPA

    ATX Client Portal

    In follow-up to Rich's quote, I would appreciate more information on exactly what the portal provides. Is it's main function the ability to communicate with your client's and share information? I assume both you and your clients can post to the portal. Are there any other features we may not know about? Is it similar to having a corporate webpage where you can post articles and information for all clients to view? As far as signatures are concerned, these products allow for e-signatures? Obviously, if a client has the capability of printing a form, such as an 8879, that I post to the portal, they can sign and scan the signed version back to me by placing it on the portal. I assume these signature programs allow clients to sign the 8879 (or any form) electronically? What does the client need on their end in order to accomplish this? I guess I'm showing my ignorance a bit here, but would appreciate any information.
  11. Yardley CPA

    ATX Client Portal

    Can someone using ATX Client Portal give an overview of the product? How is it working for you? Pros and cons? Approximate cost? I'm considering it but wanted to get an idea of how it works for others?
  12. Yardley CPA

    Summer Gathering

    I too would love to attend but will be spending that day at an orientation for my son's University in Virginia. Please post some pictures and have a terrific time!
  13. Yardley CPA

    Forum upgrade inbound!

    Eric...thanks very much. Appreciate you continuing to make our community better! <~~ This is a good one
  14. Yardley CPA

    THE END.......

    This was a challenging year but I'm so very happy to have the opportunity to ask questions and seek advice from the group of professionals on this forum. It makes the year much more bearable and I truly appreciate having the opportunity to learn so much from each of you. Have a good "off season!"
  15. While I recognize this is not the Efile forum, I thought it was important enough to post here as an FYI: It's tax day — and the IRS is experiencing technical difficulties. The service that taxpayers use to file online is partly down, according to Acting IRS Commissioner David Kautter. "On my way over here this morning, I was told that a number of IRS systems are unavailable at the moment," Kautter said at a Congressional hearing Tuesday morning. "We are working to resolve this issue and taxpayers should continue to file their returns as they normally would." In a statement, the IRS confirmed that the problem is ongoing. Tuesday is the last day for taxpayers to file their tax returns. It's also the final day to pay any additional money they owe to Uncle Sam for 2017. — CNN's Gregory Wallace contributed reporting http://money.cnn.com/2018/04/17/news/irs-tax-filing-problems-tax-day/index.html