DEO

I will appreciate if any one in the NY area who has done a HOA return can guide me into what tax forms has to be completed for NYS. It is a very small HOA with 4 units. Thanks in advance for any help. Deo

TP age 25, had health care coverage and received 1095-C from employer for plan starting in July. IRS held up her refund, requesting her to file form 8962 to reconcile the advance payment of premium tax credit. On further discussion, parents who are on extension, had obtain health care coverage from the market place, not only for themselves but for their daughter. They never rectify the health care coverage when daughter began working in February. They received form 1095-A showing themselves along with daughter(TP) as covered individuals. IRS has indicated that to the TP that they will either increase the tax owe or reduce the refund. How do I correct the above. Thanks for any assistance. Deo

Single SH of S-Corp often complained in the past of the high insurance premiums he had to pay decided in 2015 that he will test the market to buy his health insurance with his own funds. Used only his salary to buy Insurance. Did not include spouse income neither his profit from S-Corp. The 1095-A he received shows approx. $10,000.00 in subsidy of which he now has to repay every single dime. In past years, his premiums were included as wages and shown as a deduction on page 1 self-employed health insurance. My question is can he deduct as self-employed the premiums he has paid plus the repayment of the subsidy on page 1. By going this route his liability will be considerably reduced. Thanks for any help at this time. Deo

TP who is a citizen and a non resident were married in 2014. Citizen filed his tax as single for 2014. Spouse with a tax ID also filed as single. For immigration purposes, they now want to file a joint return for 2014. Is it possible to amend the 2014 return and how should I proceed Your insights is greatly appreciated Deo

New Client working at a hotel has tip income which was not reported to the hotel management so that SS & Med taxes could have been reported. How should I approach this issue and where do I include it on his return? Your response is very much appreciated. Deo

I have a question regarding salesmen car allowances at my regular job. In addition to the salesmen salary, they are paid an allowance for the use of their car. i.e. insurance, wear & tear, repairs etc. In the past years, they were given a 1099MISC with the amount in Box 7, non- employee compensation Is Box 7 correct or should it be classified as Box 3-other income or ?????? All other expenses were accounted and paid for, with no 1099 issued, e.g. gas, tolls. Your comments are greatly appreciated Deo.

I will appreciate any answers. TP and spouse went overseas early 2014 to have a surrogate mother bring forth their child. Child was born in December 2014 and paper work is process to bring child to the US. There were expenses incurred, travelling etc. My question is what expenses can be deducted? Since the child was born overseas and towards the end of 2014 and has no id as yet, can the TP claim the child since paper work is in progress. Your valuable insight is appreciated. Deo

Student parents paid her tuition direct to college overseas under the study abroad program. Would this payment qualify for the American Education Credit. Thanks for your response.

While on this topic, please advise what forms I have to file for NY and NJ. TP lived in NY with all income earned in NY, until he was married in June 2014, when he subsequently moved to NJ. In this case from my undersatnding we prepare part year return for both NY and NJ. However, his spouse is a NJ resident all year round, works both in NY and NJ. Do I have to do an additional NY Non resident return for the period that the spouse worked in NY. If that is the situation, it means that I will have to complete: NJ Personal Return NY IT201 NT IT 203 Your comments is appreciated

The bank info that relates to last year extensions that I had paid estimated taxes for both the state and local taxes. This info is not rolled over. If it was just for a couple of extensions it is no problem re-entering the name of bank , routing and account number, but when you have to re-enter more than 20, then it becomes a task.

I rolled over a couple of Corp tax return, to do my extensions which are due 3/15 However the bank info is not rolling over. Any one has a clue as to what I am doing wrong. Thanks for your input. Deo

Client has a two family house. Uses the upper level strictly for AIRBND. Provides breakfast, towels etc Receive a 1099-K for greater than $30,000.00 How do i treat this income, Sch E, Sch C or a combination. Thanks in advance for any assistance. Deo

I am not even able to open the program

This topic has been covered quite extensively in the past. I went through mostly all the post, but I cannot seem to find an answer. I have a stand alone computer and this past week this error has come up EVERY time I attempted to start the program. I have tried and re-tried with no success. Does any one have a solution. I have some urgent filings coming up to take care of.. Thanks Deo

I am preparing the Foundation 990-PF. As Rich had commented that the basis of the stock is the FMV date of the transfer is what I have recorded in the past. What confused me was that when the stocks were transferred to the Foundation, the broker showed the transfer at the donor's basis on the statements and not the FMV at the date of transfer. Thanks Deo

Your urgent help is appreciated. Situation is as follows: The foundation received a series of appreciated stocks and sold it a couple of days later. The broker statement is showing the donated stocks date of acquisition as that of the date it was originally purchased by the donor and not the date the foundation received the stocks, thus a long term capital gain. My understanding of donated stocks is the FMV at date of the gift, and not the original basis date when donor purchased the stocks. Am I wrong in my thoughts? How do I reconcile the date of the gift received along with the FMV with that of the broker statement showing the original purchase date and the original basis of the donor on the 990-PF return. Thanks in advance.

i created an e-file last night for a NYC corporation extension which is due 11/17/14. However, when I am about to transmit the e-file, I am only seeing the Form 7004 and the NYS CT5.4. I am not seeing the NYC EXT to transmit. Does any have a clue why I am not able to see the NYC extension Your urgent help is highly appreciated.

This is for an S-Corp extension

I created a federal, NYS and NYC e-file extension. When I am about to transmit I am only seeing the Federal and NYS. I am not seeing the NYC e-file to transmit. Can some one help me solve this riddle

Can ony one recommend a reasonable priced after the fact payroll program that I will be able to e-file both the federal forms-941, 940 W-2, W-3, New york State NYS-45, NJ-927 etc. I have a number of very small clients with employees ranging from 1 to 10 employees. Clients give me at the end of the month/quarter gross payroll, fica and withholding, I then pay the taxes and file the returns. Thanks for your assistance. Deo

I filed my son RI NR return on 4/15/14, received his refund on 5/8/14 Deo

Thank you for your answers. However, over the years the parent/child has never declared any income, no return was filed. How should this income be treated on closing the account, file return for the earlier years or ???/ I want to believe that the income for the earlier years were well below the kid's std deduction. This I will follow up. Thanks again for your input. Deo

Parent as custodian set up UGMA account for kid years ago. Kid is approaching 18 with an expected gain of approx. 9,000. Parent is contemplating withdrawing the funds before child becomes 18, or let fund sit and child pays whatever tax on gain. My question is how the gain would be taxed, interest, capital gain or dividend, and what would be more beneficial, kid after 18, with no income pays the tax or let the parent close the account and pays the tax. Your input is much appreciated. Thanks in advance. Deo

I just e-file a couple of personal returns, NYS e-file was rejected- State 007, The IRS submission ID referenced in the state submission must be that of an IRS return. I looked around but could not find a solution. Any help is highly appreciated at this time. Thanks Deo

Non-resident spouse of US Citizen has self employed income, filing a joint return. They have to pay self employment taxes. I know that they are not allowed to claim EIC. However, are the allowed to claim the CTC. I checked and cannot come up with anything that denies them the child tax credit. Any guidance is appreciated. Thanks Deo