Lion EA

Yes, a nondeductible IRA. It still defers paying tax on the earnings. Form 8606 to report their basis. Maybe convert to a Roth...

I know. I'm not using IntelliConnect to its fullest. I try to take a course each year. And, I signed up for the weekly emailed tips. I do get a little better and faster each year. I have the free mobile version on my iPhone also.

http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&discussionID=97150427&gid=3961485&trk=eml-anet_dig-b_nd-pst_ttle-cn&ut=0zTHethsLqlB81

Research Faster With These Tax Season Tips Taking advantage of these 10 IntelliConnect features will help you work smarter and more quickly Technology | February 2012 The busy season can take its toll on even the most experienced accountant or tax preparer. One way to gain an advantage is to tap into IntelliConnect’s powerful features. Tina Rajski, Product Manager for IntelliConnect®, offers 10 ways to unlock the full potential of the platform — giving you faster answers and better results: 1. Go mobile. The ability to access answers anytime, anywhere can boost productivity. You can view optimized content directly through a dedicated app on an iPhone or Android device. Download the iPhone and iPad apps. Download the Android app. 2. Use Information Buttons. Speed your research by clicking on an “i” button and viewing a brief description of what’s contained in the actual publication or the branch of the tree. 3. Take advantage of Citation Searches. The IntelliConnect search bar offers enhanced search capability. Type the citation reference number you’re interested in and view results with the full text of the citation along with documents tied to the citation. 4. Save searches. Ensure that you always have the most current information available by saving your common searches. You can also customize a search by giving it a name. 5. Use customized news feeds. Keep up with the latest news and industry trends by setting up custom alerts in Tax Tracker News™. “The feature allows you to search for a particular topic or phrase,” Rajski explains. Then, once you have identified the desired search, you can create an alert whenever any news on the topic appears. 6. Tap into Document Paths. When you open a document in IntelliConnect you can view the path (the source of the document) when printing, emailing or exporting the file. You can also link to the document within the save file by clicking the “Click to open document in a browser” link. 7. Access cross-referenced documents. Even if a citation isn’t hyperlinked you can still look it up. Simply highlight the cross-referenced text, drag it to the Search Box and choose “Go.” “You will seamlessly gain access to answers you need,” Rajski says. 8. Search Within Your Search Results. You can narrow your search and pinpoint answers by choosing the drop-down menu on “Search” and selecting “within results.” These results appear in the Search Results pane. 9. Email directly from IntelliConnect. Share documents and information with colleagues or clients by emailing from within the application. Choose the “Save/Email menu” and a message pops up. 10. Get Better Connected. Use the LinkedIn social media tool in IntelliConnect to post questions, assist colleagues, share best practices and broaden your circle of knowledge. The tool connects to LinkedIn without leaving IntelliConnect. “It’s a powerful tool for the digital age,” Rajski points out.

You can limit to Explanations or Tax Code or specific types of publications. You can use the Libary View that gives you the top three in each category. Once you have results, you can further search withing those results. Free online training is available, too. Or, just start with the Help button to find resources such as http://cchgroup.com/...onnect/Training

Read the letter from the state.

You use the codes and adjustment columns. But, check on the 1099B as it probaby has "gratuitous" reporting to client and not to IRS; then you just report your true basis as always.

We miss you and your skills, especially your laugh of the day. Hope you have someone providing some R&R and humor relief to you now. Hugs to you and Don.

I always ask my clients to give me the amount of their unreimbursed medical expenses for the year. If possible, I ask via email so they answer me that way and I have a hard copy.

When I have a NY credit on CT, I have to keep a NY copy here. When I have a NY credit on PA, I have to fax PA the NY copy. Read your state's instructions for how they want you to send them the nonresident return. It will probably be something you or your client do and not something your software does. You will efile all states as usual. (If you do paper file, then attach the copy.) It's just the copy you need to check on. Let us know the states involved.

You are comfortable with your 1040 pricing. You can compute your hourly fee. You know how many hours you spent on the 1120S. Work out your fee for the 1120S based on your hours. Don't be alarmed if it's more than their CPA charged. After all, they weren't happy with him. Sometimes I try to come in a little less, but your clients weren't happy; I would charge a little more. Probably a lot more for two stores, good revenues, lots of assets, etc. Don't cheat yourself.

No support test for qualifying child for EIC, if that's what you're really asking. Prepare almost no returns with EIC, so you'll have to confirm that the tests are met.

The LLC is not a federal entity; it's a state by state thing. At the federal level, an LLC defaults to sole proprietor if one member and to partnership if more than one member -- to either of those entities a biz would send Forms 1099. If the W-9 says the LLC is taxed as a corporation, either S or C, then a biz does not have to send Forms 1099, but it can. There are other subsets, such as attorneys and healthcare providers, but that wasn't the question on this thread. And, a biz can always send Forms 1099 to all of its consultants if it chooses.

You could efile entities for some years now via MEF. But, individual returns had only a handful of forms available to qualify for MEF in prior years.

Did you try the knowledge base? I've worked with software where you check a box for foreign address and get a pop-up to enter info and software where you used FA in the box for foreign address. Don't remember how ATX handles it. And, have no idea about an EIN work-around.

I'll be there with my boat shoes on! Have a great tax season.

My number begins with a P. I've had it since the first time they were available. SInce that time, I have become an EA. Now that we have to pay to "refresh" our PTIN, I received my same old number back.

Agree.

$1,500.

RIght now it's Sudafed for my head cold and stuffed sinuses!

How would the institution know it was funded with after tax dollars? Her preparer has "notified" the IRS over the years using Form 8606. Now you use Form 8606 with her return.

For Kiddie Tax purposes, the IRS defines Investment Income as everything that is not specifically excluded, and not much is excluded. I think you can find out what has to be included or can be excluded in the instructions to the form. (I think unemployment counted as investment !!) Off to a client's site or I'd look it up.

Page 3 has the exceptions and code numbers to use: http://www.irs.gov/pub/irs-pdf/i5329.pdf

Don't know how to report. But, do know that guaranteed payments should be designated in the operating agreement, something like $/month, or cost of health insurance, or 5000 miles on company car, or.... So, maybe distribution to partner. Probably have to use actual expenses and not SMR. Does partnership own vehicle? If partner owns, then an accountable expense plan and partner could use SMR.

The firm (Concierge Choice) giving a presentation to us patients said that a fee to be eligible for concierge services would not be a medical deduction as it's an administrative fee. However, if the annual fee covers, for instance, a physical exam or other medical services only offered to concierge patients, then the fee is a medical deduction. Not that I'd trust such an administrative service to prepare my taxes, but their nationwide legal department provides a jumping off point for futher research.