Lion EA

CT is definitely one of the states where the CTDOL has a reciprocity agreement with the federal DOL. In fact, the DOL turns CT and other states loose to pursue misclassification of employees and then acts on the results (turns their leads over to the states to pursue first). From what I remember from a seminar, CT's regulations are similar to DOL's but the penalties are much stiffer. I think the labor-law specialist that spoke re the "audits from hell" was Eric L. Green, Esq., Convicer & Percy, LLP, in Glastonbury, CT: 560-657-9040 or [email protected]. Tell him you heard about him from a CtSEA meeting. Good luck.

They are beautiful. And, such long fingers; they'll be great on the computer keyboard and texting!

Twins?! Congratulations to your wife and you!

And, remember it counts ALL gifts to that individual during the tax year. So, if you give your relative/friend/stranger $13,000 but also gave him/her birthday/holiday gifts, you'll be filing a gift tax return.

The $10,000 has been adjusted for inflation since 1998 and is currently $13,000. The pre-2001 rules are scheduled to return beginning 2013. Gift-splitting between a donor and spouse has been around even longer. Start by reading the instructions to Form 709, then Code Sections 2501 and 2501 re domestic gifts and tax rates and their changes due to EGTRRA. Look for a good seminar on Forms 706 and 709, Estate and Gift Taxes.

IntelliConnect has been adding/changing/updating with great frequency. I can now filter by Explanations, for example, as well as by Relevancy and Most Recent. And, they really listen to feedback. A real person actually contacted me, unsolicited, after I took a survey to understand how I wanted to use a certain feature.

I was noting the string of fires following Bonnie! However, I'm glad Catherine brought up insurance. As she says, contact your home owners' insurance to discuss what you need with a home office. I ended up with a rider for electronics (still doesn't cover much, but more than the plain vanilla homeowners') as well as increasing our umbrella policy, and the homeowners' policy now states that I have a home office. I had an electrician put in a couple of dedicated outlets for my electronics and recessed lighting in my office (former bedroom). My office is on it's own circuit now, so someone with a faulty blow drier doesn't shut me down in the middle of something.

You might increase your fire insurance!

I have old hardwood floors that have lost their finish, very porous. When people walk in with snow or rain on their shoes, you smell wet wood. So, after a couple of seasons I finally bought runners on sale at Kohl's to make a path from my front door, entry way, hallway, office to the clients' chairs. Vacuuming has kept them good for a couple of years now. A nice side effect is that people can find their way out by following the rugs around three turns instead of landing in my master bedroom!

I have had someone wait in my living room, but I space out appointments. Most are only drop offs or review/signing, so not a frequent problem.

This is all great help, reminding me of what to discuss with them. Thanx, everyone.

The best thing I did was to put a mail slot in my front door. I also have drop-off points at my chiropractor who's upstairs from my old office in one neighboring town and my Curves in another town. People mail me things, FedEx, upload to FileShare on my web site, email, stuff through mail slot, etc. I meet by appointment only. I use a spare bedroom with furniture borrowed from all over the house and purchased on Craigslist. I paid my daughter and a girlfriend to move furniture to set up my office and relocate what had been the guestroom. The paint is still a bright peach, but I did replace the old curtains and shades with wood blinds and added four recessed lights. I hung (actually, it was my daughter's Christmas present to me to hang pictures) pictures rather high on the walls to draw the eye off my stacked floor, desk, file cabinets, etc. I have a separate telephone line. I love the commute. My husband loves that I can take time for him over dinner before returning to work. We both love that I'm not driving in snow and ice in the wee hours of the morning. Good luck!

I know. It's a whole 'nother issue she'll have to consider if they rent for several years and then sell or rent for just a couple of years and still qualify to exclude as sale of primary residence. And, if they marry, boyfriend will have to meet the use test to qualify for $500,000 exclusion. She hasn't gotten me cost info, and they're leaving on vacation Thursday. I'm at clients' sites Wednesday and Thursday. I hope they don't rent it furnished !!

Thank you. At this point, I'm just doing a "what if" for the client as they decide if it makes sense to pay to move, rent a smaller place for themselves, and rent their large house vs. staying put until it sells. So, I can finalize the years later; not a huge difference since rented only a few years in the past. She's gathering the info so I can calculate basis and expenses. I just couldn't find this situation where the same house with one of the same owners was rented during two distinctly differents times during a long ownership.

Married clients rented their primary residence after living there for many years. After a couple of years, they returned, moved back in, renovated, got divorced. Wife is now my client, owns the house, has been living there for years with her children, finished a "bonus" room, and tried to sell. She's receiving offers to rent. If she rents her home, do I pick up where she left off on her last depreciation schedule and add lines for renovations since that time? Or, do I start a new incidence of rental for 27.5 years? I understand the basis calculations. It's the time I'm unsure of when there's a lengthy break between rentals. 27.5 years or 27.5 minus the years rented in the past?

http://www.irs.gov/newsroom/article/...241931,00.html

I take lots of free credits from the IRS in teleforums and inexpensive credits from Tax Talk Today and my local chapter meetings of NY/CT-ATP, NAEA (CtSEA), and NATP. Sometimes my software company offers free credits. At the national level but conveniently on my computer, NAEA and NATP offer inexpensive credits. I was paying for those both before and after earning my EA, so that cost has not changed.

If you're counting on some liability protection in an LLC or other entity, do NOT comingle business and personal funds. As has been mentioned, if biz vs. hobby could be an issue, do NOT comingle. If your purpose is airline miles for you and your family, that is NOT a business purpose. Get a separate account for your business. Or, get a separate card for you business linked to your main card.

172(b(3) Election to waive carryback. Any taxpayer entitled to a carryback period under paragraph (1) may elect to relinquish the entire carryback period with respect to a net operating loss for any taxable year. Such election shall be made in such manner as may be prescribed by the Secretary, and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss for which the election is to be in effect. Such election, once made for any taxable year, shall be irrevocable for such taxable year.

Get fingerprinted by Prometric when you get tested; two birds with one trip. By the way, why not go for an EA instead of an RTRP? Not that that choice has anything to do with fingerprints.

Hope Don isn't saying he still has the 1040A copies he filed for his clients in 1918 !!

I don't use ATX anymore, so my terminology is probably off. You use something like Return Notes (as opposed to Preparer Notes that I think stay with your copy and don't get transmitted or printed for the client) to include information with the return. If that's wrong, someone will jump in my Wednesday morning!

The plan administrator does not have proof of disability, so codes the 1099-R 1. You include Form 5329 to claim an exception from the 10% penalty by using code 03 on line 2. Obviously, have your client keep proof of his disability in his files.

Sounds like hobby income. Do be careful to deduct only expenses he paid out of his own funds. (Probably mom and dad already deducted son's expenses in their farm, but let's hope not if they're your clients also.)

I received it, also. And, had been informed (by NAEA maybe?) that the IRS would be sending out surveys. Don't have 30 minutes available until I get out about a dozen ES recalculations. Maybe more, because CT raised their tax rates retroactive to 1 January!