Lion EA

Form 1120 (2024) Page 5 Schedule K Other Information (continued from page 4) 13 Are the corporation’s total receipts (page 1, line 1a, plus lines 4 through 10) for the tax year and its total assets at the end of the tax year less than $250,000? . . . . . . . . . . . . . . . . . . . . . . . . . Yes No If “Yes,” the corporation is not required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during this tax year $____________________

Use the IP PIN received in January 2025 for all e-filing during calendar year 2025, no matter the tax year. The IP PIN belongs to the current calendar year.

Yes, I think of the IP PIN as belonging to the calendar year. Use it for anything you e-file (current and 2 prior tax years) during this calendar year. You enter the IP PIN on a tax return for whatever tax year, but it belongs to the calendar year in which you're actually e-filing. So, it will NOT be from a prior tax year, because you're e-filing a prior tax year return in this calendar year. We spend our work days in tax year 2024, or earlier: what were the tax laws that year, how much was that credit, etc. We don't spend a lot of our work days in 2025: ES, planning... So, an IP PIN has very untax-like rules to belong to 2025 e-filing but for 2024, 2023, and 2022 returns.

My inkjet all-in-one (that's old and not printing right now) was for anything that wasn't a tax return: copies, quick scan to paper or .pdf to give to client, color printing, faxing a piece of paper when I didn't have it as .pdf, etc., and it talked back and forth with my computer. At the time I bought it (2nd printer I owned), I had a color laser printer (1st printer I bought decades ago). The color laser didn't die; a non-HP cyan toner exploded inside it. At that time, it was so old that I wasn't going to spend time trying to clean it or pay money to clean it, if it was even possible (it was a LOT of toner). By that time I also had a fast black-only printer for tax returns. Margaret makes me think that my next all-in-one should be a laser, so it truly will do everything but tax returns, but could be a backup for tax returns. Two printers are enough, if both of them are laser. Thank you, Margaret, for telling me about your backup laser printer!

My Brother is HL-L2370DW. I love all the same things about it as Margaret. The only downside is that the bypass door is too shallow to hold a page of labels securely enough to feed straight; but I can put a sheet of labels in the paper drawer for better results. The bypass is fine for feeding an envelope, though. Or, card stock.

The "switch" has been my experience, but I might have only 3 printers of all kinds at any time. In the 90s, I quickly moved from Bother to HP and stuck with HP for decades as they lasted and lasted. Now my workhorse is the Brother that prints returns, thanx to my IT guy's recommendation. My IT guy's experience, servicing hundreds of clients a year, has him recommending Brother printers now. I'll be adding 1-2 more Brothers this year. One of my clients worked for HP for years (no longer) and told me HP bought technology from Canon, so he uses Canon in his home office.

So the spouse without APTC has lower income? Maybe your client does qualify for more? Surprised, but I don't have a lot of clients using the marketplace so haven't run into this scenario. Keep us posted on how this works out.

I've had a lot of old HP workhorses since I went into biz. I had one after another Brother fax machines that broke down fast when I started, so switched to all HP for anything that prints. My current IT guy told me that he still recommends the high-end HP models, but for small offices like mine he prefers Brother in my price range. I now have a Brother, small/fast/B&W, for printing tax returns. Probably going with a Brother all-in-one after tax season to replace my old HP all-in-one that served me well for years/decades but that's giving me fits re not using HP cartridges when HP no longer makes cartridges for this very old printer.

If MFS and low income (less than 400% poverty level?), there's a cap on repayment of APTC that can keep the amount owed lower. There are exceptions for spousal abuse and living separate and...,so make sure you answer all the requirements correctly. I would NOT expect another $522 in PTC if MFS and living together.

Decades ago when I was at Block, they told us the SSN + 1st 4 letters of last name -- and for CHILDREN (dependents?), birthdates. The only reject I ever had for birthdates was for children: new client with 2 kids, and I switched the birthdates. Reject. Made the correction and e-filed.

I've heard the IRS prints them out and puts them at the bottom of the stacks of returns to hand process. All you save is the mail time.

Ouch!

Doesn't SSA "payback" happen via reduction in future months that are direct deposited anyway, so not very noticable if it's a small amount each month and Medicare's being deducted anyway and maybe FIT.

I called it the wrong name; it's not a Cap. Form 8962 uses the name Repayment Limitation.

Unless her income is low enough that there's a cap on her repayment.

I've actually used UNKNOWN for address lines and a zip in the state. Anything that makes it efile!

A church has an EIN to pay its employees, including its clergy.

From IRS.gov: What if I am not eligible or unable to apply or revise a payment plan online? If you are ineligible for a payment plan through the Online Payment Agreement tool, you may still be able to pay in installments. Individuals can complete Form 9465, Installment Agreement Request If required in the instructions, please attach a completed Form 433-F, Collection Information Statement. Mail your forms to us If you prefer to apply by phone, call 800-829-1040 (individual) or 800-829-4933 (business), or the phone number on your bill or notice If you are unable to revise an existing installment agreement online, call us at 800-829-1040 (individual) or 800-829-4933 (business). If you have received a notice of default and cannot make changes online, or you received an urgent notice about a balance due, follow instructions listed on the letter and contact us right away.

Does he have a Form 1099-Q also?

Does he have $3,200 in taxable scholarships? Or, are any of the scholarships usable against room & board? Or does he have any required books/equipment/etc.? Would it be to the family's advantage to use any scholarships available for R&B to free up $4,000 of tuition for AOC? Did he report the Starbucks scholarship to financial aid?

The final interim final rule...

Doesn't that feel good?! I love when I can work out, for instance, education benefits to make the most of tuition, scholarships, 529, AOC, etc. to keep the tax liability lowest for the family as a whole.

Sell to a costume company, theater, that kind of thing.

Oh, I block them and delete them. But the spammers keep changing emails, so blocking probably does no good. It also doesn't take me much time, so I block &/or report them every time before I delete.