Lion EA

My E&O (NAEA group policy via Calsurance) said they are NOT covering preparers for this -- at this time. They did say that IF reporting BOI becomes a core service for tax preparers in the course of their biz, that they would consider covering in the future. From Megan Killian/NAEA: "As of right now, Calsurance will not cover this under their E&O policy, and the consensus has been that most other providers will not be either. However, I suspect that this will change over time once it is more established and it is also demonstrated that this will be a core service offered by many tax and accounting professionals." I do NOT want to report BOI for my clients. My biggest worry is that clients will forget to notify me of changes in ownership until next tax season, missing the short deadline for reporting changes. And, create new businesses without telling me until next tax season. I don't think I could charge enough for this. Wresting true ownership info from clients will take time. Penalties are high. I can make money by preparing taxes all year long. Why break my stride to jump out of my tax software over to FinCEN and also spend the year making sure no client has made any ownership changes?! I will make sure all my biz clients know about it this summer. I hope to steal a 1-pager from someone who creates a thorough how-to flyer.

Does she qualify to be a dependent of her parents? https://www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent

Both. The property was in Kentucky, so Kentucky wants their tax, probably on a NR Kentucky return. Wisconsin will tax his worldwide income while a resident, so it'll be on a PY Wisconsin return, taking a credit for taxes paid to Kentucky on that same gain from the sale. But, I don't prepare returns for either state, so can't tell you if Kentucky has a NRPY return as one return. Read the instructions on their website. Someone will jump in here who knows about a Kentucky NRPY return.

He is adorable!

I need pictures! What is a Morkey? What do your cats think about your dog?

Use the LLC. Save the AOC for his 4 most expensive years. I think it's for post-secondary education only, so I guess that means he has to have completed secondary ed...

Can you personalize each clay pigeon?!

I found it !!! Can't tell how full the bottle is, though (dark under your desk).

But then we're waiting on signatures to direct debit payment to the IRS, and especially to the states where so many require payment to accept the extension. I've been sending these late ones to DirectPay and their state equivalents. Then they call/email me with questions, but I can go only so far in the states to tell them each step. I'm tired. And, cranky!

You're a natural teacher!

Wait a minute! I don't remember you under your desk with a bottle of whiskey. (Full or empty?) Was that in my handout?!

Is this a DIY project for a tax payer, or does it require an unbiased third-party cost segregator to break out the land from the fences from other land improvements to depreciate? Like getting a qualified appraiser.

Any Form W2-C exist for this employer to this employee, that used along with the W-2 you have would solve the mystery?

Yes, we held Catherine's previews at the NY/CT-ATP September Super Session last year!

Did the employee contribute his full wages to a 401(k) or 457 plan, health/dental/vision insurance, flexible spending accounts, or retirement and tax deferred savings plans? Is that even allowed?! If so, his contribution would NOT appear in Box 1 but would be taxed in Boxes 3-6.

I tell them they can lower the amount if they want, but to write it down on the list I gave them &/or make a copy. I push DirectPay and the state equivalent, because they get instant confirmation. I tell them to save the confirmation AND to send it to me each time they pay an estimate. That way I have amounts and dates. If I haven't gotten 3 confirmations from a client by December, I remind them and adjust their 4Q amount if needed. I also strongly suggest the 4Q be paid by 15 December (instead of 15 January the next year) so when they look for all their 2024 expenses, that 4Q shows up as 2024.

If he has a daughter who assists him, you might ask her to use DirectPay and your state equivalent. Instant confirmation.

Kiddie Tax on taxable scholarships or no?

I think each school is required to provide the information based on whatever, % of their cost, geographical area, I don't know how formula is created, but I've seen such info on college websites back when our kids were students. https://www.glassjacobson.com/blog/529-off-campus-housing/

Even when no one else fits in the vehicle, the driver might stop to pick up the dry cleaning or a gallon of milk on his/her way home or attend his kid's game after school or go to the dentist during the work day or...

The state where the house is located will want their taxes, too!

Awww. That's a letdown!

Yep, hadn't thought to look there at first, because I'm giving the now-former client away and NOT preparing a tax return for her. I do get my biz ELs from TTB, so I should've gone there first. Thanks, everyone!

No, I'm firing clients, telling them to pick up their folders if they don't want extensions! (I do have a local guy with availability who'll pay me for clients, if I'm in a mood to make a referral.)

The worst I've had is cigarette smoke. But I did have one year where the envelope the client dropped off included one of those perfume samples that are small, porous cards attached inside magazines. Really strong after being enclosed.