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Lion EA

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Everything posted by Lion EA

  1. You're welcome to stick around, working or not.
  2. For a taxpayer to change their residency, they have to leave the old state and "stick the landing." VA will look at her facts & circumstances, so you must, also. I just took a great FREE course from CPA Academy on State Personal Income Tax Issues Created by COVID-19 taught by Mark Klein, chairman Hodgson Russ LLP, but I see a couple of other FREE courses you might want to take on similar issues: https://www.cpaacademy.org/
  3. Form 8915-E and its instructions: https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf
  4. My clients are all long-term clients, often referrals from other clients, their family members. I trust them to mail me a check or pay via my website after their next payday or give me their CC info to charge on a certain date, that type of thing. During 2020 a few asked to pay me on installments, which I took. Two paid their last installments in December, which is not as late as it sounds because I was preparing returns through 15 October.
  5. I take all major credit cards, PayPal, Venmo, checks/e-checks, and cash. Clients can pay me in person (not since March!!), via a link on my website, or give me their CC or bank information (for e-checks) over the telephone that I then process via QuickBooks. My clients seldom get much of a refund, but I do NOT take my payment out of their refunds.
  6. I turn 74 this year, so I'm going to continue whining! But I agree that those youngsters don't know how good they have it. After I had my hip replaced, it struck me that ALL my joints are the same age as I am and must be as tired as I am! My stepdaughter used to say that I was the only one of her four parents that had all my original parts. That's no longer true, but I'm the oldest of the four so went the longest with only original parts and still have only one replacement (her mom had two new breasts, mom's boyfriend had a new knee and new hip, and her dad/my hubby had two new shoulders
  7. I've done it, too, skimmed above too quickly and typed the wrong name!
  8. I'm not going to send before the 12th. I can't count on no more new clarifications of laws, reprogramming, etc. In fact, the 12th will probably crash the IRS computers! I might e-file on the 13th. But, yes, you can send to your software company when they're ready for holding until the 12th. I will probably have two different partnerships shortly and two different S-corporations to keep me busy after I finish payroll taxes/W-2s/1099s.
  9. Gail provided the RRB EIN.
  10. Friday 12 February. (Business returns Friday 8 January.) Or, do you mean the ATX date? Do they send out period emails to tell you such things? (CCH does to ProSystem fx users.)
  11. Oh, but I love the Feral when it comes to anything IRS !!
  12. I agree it is Feral AGI !! And, I agree it's time to call ATX.
  13. I don't use ATX, but do you have an alternate data entry location? (In my software, I can enter the w/h in the same place that I enter SS benefits, for instance.)
  14. Did you make the appropriate entries on NYS Form IT-558?
  15. Yep, my proofreading skills improve after hitting Submit Reply! But my most common issue is getting a phone call as I'm rereading a Post, hitting Submit Reply in a rush, and then not getting off the call for ten minutes. Too late to fix that "now" to "not" or that stupid spelling error or the time I called Marilyn as Margaret or the other way around. But Judy is right to limit the editing time window due to the reasons she explained.
  16. I love the clients that say, "Can't you look up my [insert mortgage interest or tuition or...here] on your computer?" as if I know their personal bank records and stuff !!
  17. I know, I thought it'd disappeared but eventually realized it just has a really short open window before it disappears.
  18. The three dots ... menu in the upper right corner of your post has a drop-down menu if you click on it. During that short five minutes after posting, that drop-down includes Edit.
  19. Does that give an amount or only if/when disbursed?
  20. See where your software has a spot to enter 2019 earned income for a new client and if your software generates any comparison document/white paper. I don't use ATX, so don't know how it will appear. But, let your software do as much of the work as possible.
  21. And, once you opt in you need to get a new IP PIN each January until such time as the IRS adds an opt-out feature: "The IRS intends to offer an opt-out feature in the IP PIN program in 2022 if taxpayers decide it’s not right for them."
  22. The OP asked about PAYMENT deadlines during this pandemic. I hope payments are extended without I&P, because so many people are making less money. Personally, I hope the FILING deadlines are extended, also. E-filing doesn't open until 12 February, which is about the time I have to start preparing partnerships and S-corporation. That means I won't be preparing personal returns until after 15 March! I can't make a lot of money in one month, so I'll need to pause to e-file extensions. Last year's extension to 15 July worked great for my business model of working all year; I spent less ti
  23. If you use the same software, the calculation should be automatic. If you use a different software or have a new client, you should have a place to enter 2019 earned income. By the way, if married couple were not married last year or didn't file MFJ, you enter 2019 earned income so you have their combined 2019 earned income for both of them. Yes, you would use 2019 earned income if higher for both EITC and CTC/ACTC if, and only if, it gives a lower tax liability due to the combination of EITC/CTC/ACTC resulting in higher credit(s). That's the purpose of the law, knowing 2019 may've been a
  24. NECPA you have a lot on your plate, and family definitely must come first. For them and for your own mental health. Your clients will understand, the ones worthy of being your clients. Tell them to expect extensions this year to accommodate your family needs. If the deadline's extended again and more returns are done "on time," they can be pleasantly surprised. And, don't stress over a trust return, yet. There are preparers here that can help you with that, or you can refer it to a preparer you know there. I had a couple clients die this month, so I'll be researching later this year, but you c
  25. It's only the 2019 earned income that you can use in the 2020 formula for EITC and CTC/ACTC, if 2019 was higher. I think it's in the CAA of 2021.
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