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Lion EA

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Everything posted by Lion EA

  1. Had one today. He's over 59.5, worked for a private company, $$ in Boxes 1 and 11, so can exclude $20K which is more than enough this year. So glad this thread was here. You all saved me some time proofreading this return!
  2. I'm still not sure. And, I had a client call this week that inherited her mother's IRA and asked me. She'll have to wait until after 17 October. I really can't remember everything that's passed over the last three tax seasons, especially which IRS regs are final. And, so little published since Covid, just FAQs!
  3. Where did you read that? I have some late 2020s that I'd love to wait 'til after 10/17.
  4. My "upper corner of CT" guy might know someone. He's on vacation in the Rockies right now, so not always in communication. I'll reach out to him, just in case...
  5. I don't know if your S-corp can change to a fiscal year. (Does it have to have the same year as its shareholders?) If it does change to a fiscal year, your individual client remains on a calendar year. The only difference is that his 1040 will include the K-1 that ENDS in the calendar year.
  6. https://brasstax.com/ for free COD worksheets (practice aids) as well as reasonably priced self-study and webinars on your topic. Lisa Ihm and Brass Tax Presentations do a lot on cancellation of debt.
  7. Inherited is Long-Term by definition. If everything is in your client's SSN, you could include everything and then a line to subtract those reported on the 1041 with an appropriate description, including the tax ID of the 1041. Your software probably has a preferred method, a best practice.
  8. If it's not a Kardashian selling RE, then I don't think he's an SSTB. Brass Tax Presentations has good 199A Specified Service Business chart (pdf) at... https://brasstax.com/
  9. Brass Tax Presentations has a great flowchart: https://brasstax.com/practice-aids-account
  10. Thanks, Kate. As my commuters age, this will pop up for me any day now, so I appreciate your explanation.
  11. My chronically-ill sister collects guardian angels, so I have to buy a couple from you! Maybe a whole angel choir.
  12. But it's embarrassing to fall asleep in a live classroom! And, I have to shower and put on real clothes with shoes. And, pretend that I'm not crabby. And, it's always too hot or too cold. And, the highlighter I take runs out after two pages...
  13. Wow. I've gotten so scared of someone suing me! I know that just the time plus a legal retainer would destroy my biz. I pay a bundle for E&O and Cyber insurance, have an umbrella policy via my homeowner's insurance re OIH, and am paying someone to beef up my security re the IRS's new WISP requirement over and above what I've been doing re biz security for years.
  14. 41-year-old son spent yesterday in bed (wife moved their daughters to her mother's) "in a dark place" which I find frightening, because he always, always paints a rosier-than-reality picture to me. I know some of you are in PA. All recommendations for divorce lawyers are gratefully accepted. Son is in a sparsely populated area in the Moosic mountains in the NE corner of PA where the closest town is across the border, Hancock, NY. He's about half-way between Scranton, PA, and Binghamton, NY. A PA family law attorney is needed quickly.
  15. Thank you all for the advice and cites. I'm a bit shaken. Just saw happy, smiling vacation pictures on Facebook, but yesterday changed everything. I want to make sure that anything I do/don't do has solid backing. Now to calm down enough to read the cites!
  16. Lion EA

    Bitcoin

    No is correct if you only bought cryptocurrency with fiat currency. https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions Q5. The 2020 Form 1040 asks whether at any time during 2020, I received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency. During 2020, I purchased virtual currency with real currency and had no other virtual currency transactions during the year. Must I answer yes to the Form 1040 question? (updated March 2, 2021) A5. No. If your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the Form 1040 question.
  17. Some quick help needed; please point me in the right direction. DIL has been having me upload returns to my portal for the last 10 days, supposedly needed for Medicaid. Yesterday she served my son with divorce papers and gave him until the end of the week to clear out of the house. I'm sure he has no idea where tax returns are. Partnership: DIL 51%, son 49%; DIL PR/partnership representative or whatever the new name is for TMP/tax matters partner. Can I give my son copies of the partnership IRS, NY, and PA returns without DIL's permission? Joint returns: can I give my son copies of their joint IRS, NY, and PA returns without DIL's permission? I've been preparing their tax returns FREE for years. What do I need to know now that they're divorcing? Obviously, they'll be MFS for 2022. I would prepare my son's MFS return but not DIL's, right? What about the partnership, IF she wants me to prepare the 2022 Form 1065. There are two granddaughters we haven't seen since last Christmas, because DIL told us that our son acts out when we visit. We'd like to support granddaughters. We don't want to upset DIL and make seeing our granddaughters impossible or unpleasant. I'm not getting any work done! Son is texting me, saying he's in a dark place. Of course, no way to find a lawyer until his day off Wednesday. Most lawyers in the boonies of PA are customers of the Inn owned by DIL's mother, so not likely to take on my son as a client. I have such a headache! Thanks all for letting me vent...
  18. Thanks, Eric. Hubby mentioned it last night, but I'd forgotten. My old iPhone is updating now.
  19. Decades ago at HRB's preseason training, they told us to think of something about ourselves to use to open with each client, something personal for a client to know us better but preferably something about our life as a tax preparer to lead into tax prep. I'd earned my EA that fall, so I had my opening: explaining what an EA is, the studying/classes and 2 solid days of tests, and how it benefits my clients. Since then, I would talk about the classes I took about new tax laws -- as opposed to talking about just the new tax laws. Or how enthusiastic an instructor I had was about how a new tax law can help me save my clients on their taxes. How what I learned can save clients money. A spin that talks about my education benefiting them. I try to do this. I also have not been increasing prices fast enough and have been thinking that a near-universal 10% increase is due for next season. I have too many complex, getting more complex, needy clients (most of whom are appreciative) and will not mind if some go elsewhere. Are you sending out communication prior to tax season?
  20. See page 1 of the 1120-S instructions for your 3 options, and the Rev. Proc.: https://www.irs.gov/pub/irs-pdf/i1120s.pdf https://www.irs.gov/irb/2021-49_IRB#REV-PROC-2021-48
  21. Make sure you communicate to your clients how your time, effort, and money spent on your education benefits them! They can't appreciate what they don't know. PS: I also like NATP, even though the state chapter events are a bit far for me to travel. But NATP has lots of webinars.
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