Lion EA

I think what they're telling you is if you don't have an EFIN then do NOT use a business name. If self-employed, use your personal name and SSN. Your business name will not match your SSN, either. Maybe!

Usually the transmitter does all the heavy lifting with the IRS, which usually accepts the date stamp of your submission as the date filed. I use ProSystem fx, and it was not receiving very briefly last night. Although my extensions from last night now say Transmitted, it gives today's date and only the earlier two say Accepted. I really tried sending all my extensions a week ago, but kept getting interrupted by "urgent" client phone calls so kept postponing. I'd even written it in on my calendar. Next year I'm writing it in even earlier, letting the phone go to voice mail, and pounding out extensions at least a week early! I can return calls that evening. Good luck everyone! Get through today and enjoy a long weekend.

I'm just guessing that you pair up your firm name with its EFIN or else your personal name with your SSN. But, maybe it's some other combo! It does say your can use neither.

It's a pretty short list of exceptions to the penalty. Go down the list and see if anything can help. Was he unemployed, had to pay his own health premiums, medical greater than 10%, etc. IRA or 401(k) or...? First-time home buyer or qualified education expenses or...? Why do they come to us after doing this. He could've split part of his account into his ex's name as part of the divorce settlement and let her withdraw or whatever. Or, set it up for substantially equal withdrawals. Or, borrowed money on a home equity loan or even maxed out his credit cards and have less of a tax hit. But, no, we stay up late researching and trying to clean up their messes! Installment agreement will lower his interest rate (do it on line to lower the set-up fee). Next year will be better. Put a positive spin on it for him.

Okay, Catherine, you've lost it entirely now!

A very :bday:

A very to this board and to the birth of our family here. A huge thank you to Eric and to KC. Thursday night I'll drink a toast to many more years together!

A very to one of the people who keeps us all functioning throughout tax season!

I wouldn't mind looking like that tall leggy female CPA in the dark pantsuit and bright blouse with the sultry dark eyes and long hair. In fact, she's my twin sister. Yeah, that's it. That's my story and I'm sticking to it.

Congratulations, Margaret! B)

A real groaner, Rita! :spaz:

I have a home office. I'm NEVER as well dressed as they are. Right now, I'm in my exercise clothes. In a minute, I'm going to be working in my jammies.

You did get a bull involved, right?! Why is it that if the bull doesn't do his job, he gets to stay; but when your cow didn't keep up her end of the bargain, she's outta there? You're not getting rid of a kid or two, too?!

A conversion happens the date it happens, converting all or part of prior contributions. So, now would be a 2010 conversion. He can make a 2009 contribution now, limited to his situation on his 2009 tax return and 2009 contribution limits. Some people who don't qualify to make 2009 Roth contributions are making non-deductible traditional IRA contributions for 2009 and then converting all their traditional IRAs into a Roth now that it's 2010 without the AGI limit on conversions. If you took a tax update course, now would be a good time to review your notes about the changes for 2010 and also 2011/2012 to discuss with your clients.

Did they have to sell more than the usual amount of their herd this year due to weather conditions? They might be eligible to defer some of their sales.

Have client call the IRS to ask what type of entity is their EIN. What they put on their SS-4. And, tell them to start a permanent file to keep things like their SS-4.

It doesn't matter. It's April; do what's easiest for YOU. I was told by an IRS liaison (after a client had sent in ES payments using the second name listed on the return) during an NAEA/CtSEA meeting that the IRS computers do a search on the primary SSN on the return to match up documents, ES payments, prior year balances due, etc., and then they do a second run on the secondary SSN. After all, they have to match the spouse's W-2s and other documents, also. You're probably more likely to confuse people (than computers) at the IRS if the names are in a different order in different years and you're calling about a carry back or forward. Besides, if this is their first year MFJ, then one of them was primary last year but will be secondary this year, no matter which way you list them!

Back many years, SSNs also appeared on health insurance claims, checks, and other documents. With POA, try for a joint return on e-Services.

She could check with the state to find out what type of entity they organized as.

I would suggest you open emails from IRS during tax season especially!

A conversion is based on when it's done (not like a contribution that can be made the following year for the tax year before). He can convert as little or as much as he wants and pay 2010 taxes, or for this year's conversions only, he can choose to include the income from his 2010 conversion evenly on his 2011 and 2012 tax returns instead. The $100,000 ceiling on AGI for conversions is removed. He can recharacterize his conversion as late as his filing deadline including extensions. So, if he converts now and next tax season his account is falling, you can put him on extension so he has until 15 October 2011 to recharacterize his 2010 conversion back into a traditional IRA so he can convert again (30 days or next tax year, I think) when his account is lower and he'll pay less tax. He can segregate into separate accounts, if one type of his investment is likely to drop while another rises. Read up on the techniques available on the IRS site and through your trade organizations such as NAEA and NATP. If he expects his tax rate to be lower in 2010 due to unemployment, he may want to pay the taxes for the conversion on his 2010 return. Or, if he's in one of the top two tax brackets expected to rise in 2011. This is a huge opportunity. Our clients have heard about his; although, sometimes from their barber or mechanic, and will be asking or be doing without telling us. It's a great chance for us to be their heroes, save them some taxes overall, set them up for the future, etc. Read up on this fast. I don't see some of my clients until this time next year, so I've been talking with them when I have them face to face so they don't do something they don't understand or miss an opportunity. Many of my clients expect their income to remain lower in 2010 with no bonuses. Their IRA accounts are starting to rise again. Talk to your clients sooner rather than later.

I was wondering more about the requirement to use it regularly. If they have nine rent checks to deposit each month, how much time could that take in the office filling out the deposit ticket?!

A very Wait a week to celebrate!

Understanding boys you have there, Marilyn.

Beautiful !! (We need an empty pocket smilie!)