Lion EA

Don't think so. So, you're off the hook for the 706.

We finally put in a generator. Love it. Best decision we ever made. Don't know why we didn't do it years ago. Worth every penny. Even when we don't need it, it reduces my stress and worry because I know it's there and I won't be out of work for 11 days during tax season every again.

You may want a 706 to make the portability election. At least inform your client and get in writing if he chooses not to file a 706.

I love extensions, and even the people who can't get it together until October or November or the next year, so I can work all year long and make money all year long. I almost never let someone jump my queue. I have done some quick ones ahead of their spot in line when they were nice about it and long-time clients and had a one-time need (first FAFSA is one example) and charged them a $100 rush fee or even an additional 50%. I had one this year who needed a prior year done for a mortgage, and I said No at first because I never prepare prior year returns during the main tax season. But, he's a nice guy who's been with me a long time and had everything in perfect order and offered to pay whatever I wanted; so, I charged him double. As I told him, and he was fine with it, I might lose a client for good that gets pushed farther back in the line, so I need to cover myself. $1,620. Probably worth it.

My filing instructions state, "If after three weeks you have not received your refund, you may contact the IRS at 1-800-829-4477." And, I highlight it in yellow along with the amount. I still get calls. But, I like to think fewer calls.

I do have to keep the stacks separate, not let papers from one client slip into another stack. And, you should see the stacks on my floor with the cross-leaved clients when I have to get everything out of site for a client's arrival. My 2015 TTB and JK Lasser are on top of the printer that doesn't work, because I haven't cleaned out my bookshelves to make room for the current year. I have reading glasses all over with at least two pairs on my desk and another in my briefcase and maybe one on a bookcase. And, that picture showed just the client end of my L-shaped desk that was once a computer hutch, but I needed the space and took the hutch off so I could spread out more. And, the file cabinet that I just cleaned off since a client's coming now.

This is taken from my chair so you see the stacks on my desk before you see that bookcase!

No. Both forms for the husband had the exact same full month amount for October B which would've doubled it. I could've prorated each October B, but since they all get added together anyway, I just zeroed one October out, leaving the full October on the other; so when the software added the two Octobers together, column B was right. The husband had the same amount in October B that repeated in November B and December B, which was also the amount for September B and August B and back to July when wife went on pregnancy Medicaid and husband remained on the Marketplace insurance. I understand why he had a January-June 1095 with wife but don't know why he had both a July-October and a October-December when his didn't change again after wife left Marketplace in July. (Wife had Marketplace 1095 for January-June and Medicaid for July-December; baby had Medicaid for October-December.) Medicaid did not double up October for wife and baby the way the Marketplace doubled up October for husband. I don't know why. Wife remained on pregnancy Medicaid for a certain number of months after giving birth. So, in 2016 I can look forward to how Medicaid might present her change from pregnancy Medicaid to regular Medicaid. And, husband then qualified for regular Medicaid, so he'll have forms from both the Marketplace and Medicaid for 2016. Oh, jov!

Done. Thank you, Pacun, for the reminder. Thank you, Eric, for keeping us up and running.

Me, too!

Oh that was just a shot of a bookcase. It's out of my reach, so isn't overflowing, yet; well almost. And, the file cabinet just holds my Jolly Ranchers and pens for clients as they arrive &/or leave. I think I've posted my mess before. I'll add a pic here again soon.

Except that it's snowing here!

You can see the print on top of the 6' bookcase. Office door is to the far right. In front of the double sliding closet doors on the left are my two client chairs. So, clients do walk past the print, but it's over their heads and they are never really facing directly in that direction. It does get a chuckle now and then.

Why do the parents need to amend their return?

I found it at an art show one year. It's leaning atop a tall bookcase with my clients facing away, so it's not in-your-face or even at eye level. But, it's definitely visible right next to my NY Tax Preparer Certificate and a clock on top of that bookcase. I like it. A couple of clients have commented on it. As you say, they're often stressed and that's why they're here and not doing it on their own.

Glad I can pay it back once in a great while!

Your son knows your size from doing your laundry and was concerned that you might not own enough to be properly covered until laundry day or end of tax season, whichever comes first.

It would be a gift if less than FMV, and a related-party transaction, too.

CT has only one real across-the-board-applies-to-anyone-who-owns-a-car-or-house deduction, and they were trying to penalize everyone by reducing it yet again. But, they goofed on their tables and now want it back!

The Form 1099-R must be from the CT Teachers' Retirement Board to qualify for the subtraction of 10% on the Form CT-1040. And, the pension must have been included in gross income for federal income tax purposes, as well as be received from the state teachers' retirement system. The percentage is due to increase each year: 10% for 2015, 25% for 2016, and 50% for 2017 and each year thereafter. http://www.ct.gov/trb Trying to compete with NY and MA retirement benefits, not to mention FL.

CT goofed on the property tax and now admits it: http://www.ct.gov/drs/cwp/view.asp?Q=578316&A=1436 ERROR AFFECTING SOME RESIDENT STATE INCOME TAXPAYERS BEING CORRECTED For Immediate Release: Friday, March 18, 2016 Hartford – Connecticut Department of Revenue Services (DRS) Commissioner Kevin Sullivan issued the following statement. “Late Thursday, DRS discovered that certain information provided to some resident income taxpayers claiming property tax credits was in error. The error does not affect single filers claiming a property tax credit but does affect some other filers claiming the credit. As a result, about 7% or approximately 120,000 of all resident income tax returns processed to date may have resulted in a higher credit to their tax liability. When we make a mistake, we own it and fix it immediately. In this case, we did not correctly inform taxpayers of the additional phase down of the property tax credit enacted by the General Assembly in the 2015 legislative session. This year the DRS will process 1.6 million resident state income returns and while this affects a relatively small number of income taxpayers, I apologize for our error and the inconvenience to those taxpayers. Affected taxpayers who have already received refunds or whose tax payments were completed before the error was discovered will be notified in writing by DRS. Those with a resulting underpayment will be billed without penalty or interest for the balance. Those who already received a refund will be given the option of making repayment now or as an offset when filing for the next tax year, also without penalties. Those whose returns were not processed prior to March 17th will either receive a reduced refund or notice of additional tax to be paid.” Additional Background and Information: The Department of Revenue Services has discovered a miscalculation in the Property Tax Credit applied to the resident Personal Income Tax. For certain filing statuses in the 2015 income tax year, it is anticipated this miscalculation has resulted in about $11 to $12 million in underpayments of personal income taxes across fewer than 7% of income taxpayers. As part of the biennial budget, there was a change to the Property Tax Credit as it applies to the Personal Income Tax, which reduced the income thresholds at which the credit would begin to phase-out for all filing statuses. That was due to take effect on July 1, 2015 and apply to the 2015 income tax year. However, DRS’ system was only applying the change to the resident Property Tax Credit to individuals filing as Single. As a result of this miscalculation, individual taxpayers who file with the statuses of Married Filing Joint, Married Filing Separate, Qualifying Widower and Head of Household, who fall within the affected income thresholds, would either be underpaying or filing for refunds in amounts higher than they should have received. The Department of Revenue Services has stopped processing income tax returns that fit this criteria until the error is fixed.

Paper. Maybe both 1120 and 1120S, including the rejection notice.

Yes, I went through that for a client. (Baby born in October, so family size increased during that month. Two 1099-As, one ending October and the other beginning October.) You don't want to increase column b. I adjusted October - b and my software did all the other math (there were also pre- and post-June forms to account for "pregnancy" medicaid for the mother; four forms in all).

Compared to us on this board, you're one of us! But, then, they don't let me go out into the outside world much during tax season to compare with the general population.

I do know it's pretty specific occupations. But, even if one of those (insurance agent, for instance?) I don't know if being an S-corp shareholder/employee trumps statutory employee. Are you an NATP member? This might be a good use of your annual free question with cites.