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Lion EA

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Everything posted by Lion EA

  1. Wait until they receive a penalty letter and then try this: ABC qualifies for an exception to the penalty you charged under IRC Section 6698(a)(1), because all two (2) partners, XZ, 222-22-2222, and YZ, 333-33-3333, reported all their shares of income and deductions timely on their joint 2019 income tax return Form 1040. Therefore, the partnership meets the criteria specified in Rev. Proc. 84-35, which says in part: “A domestic partnership composed of 10 or fewer partners and coming within the exception outlined in section 6231(a)(1)(B) of the Code will be considered to have met the rea
  2. Did they have unemployment taxed on original returns?
  3. Here's a good instructor: https://www.bigmarker.com/tax-practice-pro-inc1/Cryptocurrency-Update-The-IRS-is-Closing-In?utm_bmcr_source=email&utm_source=Tax+Practice+Pro%2C+Inc&utm_campaign=6a8b861f03-EMAIL_CAMPAIGN_2020_10_26_12_54_COPY_01&utm_medium=email&utm_term=0_e8d6f6fd06-6a8b861f03-30289501&mc_cid=6a8b861f03&mc_eid=fa3d1fe03e If you see any Crypto courses by Knox Wimberly/Knox Taxes, Knox is really good.
  4. And, all those 'earned' bits go on Other Income (what is it now?) Schedule 1 line 8 or something. Can we really do one-line summaries on Sch D with non-covered stuff like Crypto? Just wait until Congress/IRS/whoever decides that wash sales apply to Crypto!
  5. Yes, as I said, if you use Crypto, you have to report it. You have a Schedule D sale proceeds, in your scenario $160,000. You have the $10,000 basis, that I think you meant. But depending on how/when you bought the coins and how/when you "sold" them, you might have several lines to report instead of just one on Form 8949. If you didn't go on your buying spree until January, you wouldn't have anything to report on the current year return.
  6. If your client does anything else other than purchasing cryptocurrency with real currency, then you're filing Schedule D for "spending" of any kind, including one type of coin for another type of coin, buying things, etc. &/or, your client has Other Income for earning cryptocurrency by any means other than purchasing with real currency, including mining, earning rewards for watching videos or tying up their crypto for a time period, or awards for just being on a particular platform at a particular time. I have one young client who purchased crypto with US$ during 2020, but she "e
  7. Sorry, I don't have any NY returns with EIC and read your post too quickly, I guess. Did you report this to ATX?
  8. Form IT 558 adjustment code A-011 https://content.govdelivery.com/accounts/NYTAX/bulletins/2ca9827 https://www.tax.ny.gov/pdf/current_forms/it/it558i.pdf https://www.tax.ny.gov/pit/ads/efile_addit558-2d.htm
  9. So they qualify for a higher mortgage?
  10. I have two who called me last week that they finally received their refunds. Filed about 20 February. Single, retired, over 65, SS, small pension w/withholding, standard deduction, received EIP1 & 2 so nothing on line 30 (IIRC), no unemployment. States sent refunds immediately. Luckily they were both pretty patient. One contacted me once and then waited. The other contacted me via email multiple times, but understood that I couldn't do anything; he just wanted reassurance.
  11. The IRS is not accepting e-filed extensions after 17 May, but you can paper file extensions for TX and the other states with later extension dates. (Check with your software for the latest information.) https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return "Victims in FEMA Disaster Areas: Mail Your Request for an Extension of Time to File To request an extension to file your federal taxes after May 17, 2021, print and mail Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. We can’t process extension requests fil
  12. Lion EA


    I don't use a physical "swiper." I also don't pay a monthly fee as I process via Intuit and pay for QB each year. So, just the small % fee per transaction. If you take the time to email your client a QB invoice, your clients can pay by clicking a link on that invoice, and I think your fees are even lower if you use that method. Maybe a flat 50 cents for processing a "check." For your volume, there are probably some good discounts for you out there. Poke around on websites for Intuit, Square, Stripe, etc. Also, check with your friendly, local bank that has your biz checking account; they might
  13. Lion EA


    I accept checks, cash, and all major charge cards. I accept PayPal. (I also have education and a few other biz expenses that accept PayPal, so I leave a fair amount in my PayPal account.) I have one client who wanted to pay via Venmo, so I signed up for it. She's paid me via Venmo for about three years now. I do tell people I have it, but only the one taker so far. (I move Venmo to my checking account immediately.) The PayNow button on my website is processed by PayPal, and more and more clients use it. Otherwise, I process credit cards AND take e-checks via Intuit. Actual checks I deposit via
  14. H&W MMLLC taxed as a partnership/1065 is negotiating to sell about July this year. Any good, readable cites I should use to start my study? What items of their sale will be taxed as ordinary income? Capital gain income? Service business (job fair for summer stock theaters, talent, tech staff) with the only physical asset an electric piano. Outstanding repeat client list. Thorough contact list. Name recognition. Buyer wants a non-compete clause. Probably an installment sale. They purchased the biz before I was their tax preparer (DIYers for many years). I haven't had a biz sell for years, s
  15. MASEA offers a virtual SEE Prep course: https://maseaonline.org/event-4306436
  16. Depends on the amount of UBTI... Are you the church treasurer? Stewardship chairman? An officer of any kind? Even if not, get the work to those that are: selling stock gifts upon receipt is a best practice.
  17. It doesn't matter whether he received any Forms W-2, 1099-NEC, etc. All that matters is does he have taxable income? If the couple is working with an immigration lawyer, ask to be looped in. If they are not, recommend a good immigration lawyer to them. (Ask around your local networks.)
  18. MFS with a dependent and paper file. MFJ with ITIN application mailed to Austin (? where ever the instructions specify). Is there any expediting of a SSN for a marriage? Have her speak to an immigration lawyer or an Acceptance Agent. She's twenty something and owns a home but never filed before? POA and eServices to see what's up re prior years.
  19. Lisa Ihm of Brass Tax Presentations has a self-study course on Form 3115 for only $20: https://brasstax.com/other-on-demand-webinars#548450be-8c9e-4353-83e8-2cfe301cce8f Also, download her free spreadsheets for attachments to Form 3115: https://brasstax.com/practice-aids The form is about eight pages, but you're not filling them all out, just the appropriate pages to correct depreciation.
  20. CATHERINE: Welcome to the Grandma Club, one of the most fun clubs around !! Your daughter and granddaughter are glowing. Did you squeeze Cordelia's cute cheeks?! We spent Saturday morning with my stepdaughter, SIL, and almost-two-year-old grandson Everett on his first visit to an aquarium. He was fascinated. If he saw lettuce for the turtles or anything that might be fish food, he'd point to a fish and say, "Eat your dinner!" MARGARET: I'll share Everett plus my two granddaughters with you any time. PM me your cell, and I'll send pictures from this proud Nana. Or meet us in PA when w
  21. Good point, Patrick Michael. Now you can check on CEs uploaded to the IRS. Which reminds me that I haven't done that in a long time and should do it. Of course, keep your paper/electronic certificates, also. Look for the CE inside a square and the words IRS-APPROVED CONTINUING EDUCATION PROVIDER when registering for a course. But as PM says, make sure you know the provider or look them up to be sure. Also, CE usually means IRS/EA CEs while CPE usually means CPA CPEs, but that's just a clue.
  22. This topic is about post-season activities, and mine are still preparing returns on extension and taking webinars. I've been enjoying meeting and learning from tax preparers all over the country. That's how I manage working in a home office by myself, interacting with all of you and others online. But, I did want Sara to know how much I enjoyed meeting online and learning from VASEA members, such as Knox, Eric Duncan, and others, and hope she takes time to meet them at live functions now that she's in VA or even online.
  23. Gee, I'm up here in CT and have taken multiple VASEA webinars these last two years. They do a great job. I'm a fan of Knox Wimberly. That's been a benefit of this long-lasting pandemic, that there are great instructors, great courses, being offered online. So, we can take a class that might be too far away &/or too expensive (hotel room, meals, travel, etc.) if it were held in person, learn from an instructor who might not travel to our area or be too expensive for my budget. Over the last 15 months, I took courses where I wanted the topic but knew little about the instructor; but I w
  24. But they don't do that for personal income tax returns you e-file, do they? I don't put payor EINs on Schedules C, B, D, F, etc., just totals or a list, as appropriate.
  25. That's because the payor files Forms 1099-NEC with the IRS.
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