Lion EA

As a wild guess, your $30 for register is probably earned income now. Does that mean once you report it and pay taxes on it, that your basis increases by $30? Certainly, if you sell the coin or use it to pay taxes or to buy something, it's a taxable transaction. How do you track which coins you spend, which partial coin might be left? And, your wallet registered in El Salvador, that's subject to FBAR, etc., right? I'm going to take some classes this fall...

Thank you, thank you!

I've done CT for a while now. If they've exceeded the $10,000 SALT cap, it's often worthwhile. My only NY partnership runs at a loss and never exceeds the SALT cap. However, I have a CT S-corp that does a lot of biz in NY. I don't file their personal returns to know if it's help. I guess I better contact them/other preparer now. How does a CT S-corp that files a NY return opt in? Online? A form to fill out. (In CT it's mandatory.) Just efiled my last return for the day, so need to get to these things I postponed !!

John Sheeley/Tax Practice Pro did a webinar, which he usually then uploads as an on-demand course (maybe when he comes up for air after today's deadline). He's good about including examples. https://www.bigmarker.com/tax-practice-pro-inc1/The-New-Pass-Through-Entity-Tax NY/CT-ATP's 2021 Annual Tax Update On Demand Seminar will have an hour on NY updates and an hour on CT updates (both states have a PTET) as well as 14 more hours of federal updates: https://www.nyctatp.org/event/2021-annual-tax-update-seminar/

Luckily my client's Earns are 2021 and can be pushed off a year! That gives me time to take some courses. And, to convince her to use a tracking service.

So, the Buy does or does not get reported on D/8949? Not if bought with real currency? Yes if bought with other cryptocurrency? What about the Earns? Schedule D? Or, Other Income? SE or not?

I have a coinbase report from a young client. I'm confirming that her Buys were all purchased with US$ and not another cryptocurrency. My question is about her Coinbase Earn which she says she received for agreeing to "lock up" her coins for a set time. She had about 8 like that, each in the $2.00 range. My understanding is that is earned income. So, if she received a little over $16 in coins, she has $16 Other Income? Not SE? Then she'll have $16 basis when she sells/uses those coins in the future? Trying to get a handle on this all before she uses her coins for something! Any suggestions for a tracking program for her?

I got my hopes up there for a minute!

Thank you, everyone. Love argumentative broker assistants in October!

Perfect. I thought I skimmed that, but not thoroughly enough. Thanx! Oh, wait a minute. He set up his SEP years ago, so "set up" is not the issue. What's the deadline for contributing to his already-existing SEP? Broker claims 15 April/17 May. I'm saying 15 October, but can't find anything that says contributions can be made through 15 October for extended returns.

The whole state or just federally-declared disaster areas? Hurricane Ida, for instance.

Anyone have a link to a readable IRS Pub, Notice, something readable, that says the SEP contribution deadline for a SE person is extended if the Sch C/1040 was extended? Have a long-time client talking to a new employee at his long-time brokerage telling him that it's too late for a 2020 contribution. He makes monthly contributions but maxes out his SEP every year after we complete his returns. We wasted all today talking to her.

They smear if you touch them too soon. They smear if you use a highlighter. Even on things I print for my records, such as a client email with some tax info, I like to highlight the tax info buried in a rambling email. Smear. If I look at it days later, can't read the smeary numbers. Want to highlight something FOR a client; don't even think about it. I do have an inkjet all-in-one for my personal use, but won't use it for any biz printing at all. Even then, won't print out church bulletin when I'm a liturgical assistant, because I like to highlight what I lead.

We have received new updates on New York Rejection: R0170: ***Important Update - Posted 10/8/2021 3:37PM EDT*** We received communication from the State of New York (NYS) reporting a temporary fix which resolved the R0170 reject. According the NYS, you can now resume transmitting returns, and NYS will resume pulling from the IRS previously transmitted returns. Returns in Rejected status for R0170 can be re-uploaded and released without calculating. Returns already in Transmitted status will be acknowledged when NYS pulls the files and processes them. Please refer to article for more updates: https://support.cch.com/kb/solution/000060402/000060402

I have great HP laser printers. All are still in service. I've bought a new one from time to time when the speed increases, and use the older one for back-up or give to hubby for his biz or to the kids for their inn/restaurant/bakery/food truck businesses. The only HP I ever tossed out was because an off-brand toner from Staples exploded inside. I never was going to get all the cyan out from all the nooks and crannies. I always was going to risk random blue smudges on random pages at random times. My IT guy loves the current pricier HP laser printers and loves the older HPs, but says the less expensive models have gotten more cheaply made, lately. So, this year when I wanted to buy a faster model, he suggested Brother. I've had Brother in the past, but they never lasted long. He assures me they're better built now, sturdier. My current, newish (this tax season) Brother is HL-L2370DW series. And, my current HP (used for years and years) is LaserJet P2055dn. Both are black & white, stand-alone, small footprint, quiet, and fast.

https://www.irs.gov/charities-non-profits/charitable-organizations/private-foundations is a starting point and should reference more authoritative sources.

No, but wait till next year with ACTC and EIP3 and probable tax changes in December.

I started one last night that'd been angry that it wasn't completed yet. She's SE and artistic. But she usually gives me a stack of 1099s and a messy spreadsheet of expenses. This year, one 1099 for $500 and nothing else, not even car tax or a Goodwill receipt. I wrote her before I slept with a long list of her usual clients and expense categories from last year, and told her today or I prepare in November. She wrote this morning that she signed our engagement letter, but she didn't send it to me. Nothing else. She will rant for a month when I can't complete her returns. I'll brace myself. By the way, she sent me the one above (that one I charge a LOT). So, I'll probably lose both of them after spending time on both of them -- but next year will be more pleasant.

Amen. What does the divorce decree say?

From Wolters Kluwer/CCH: State of New York 1040 Return Reject Code R0170 – UPDATED 10/06/2021 at 3:15PM EDT. On 10/6/21 at 3:15 PM EST we received communications from the State of New York (NYS) with an updated status about eFile returns. Currently, NYS is not pulling e-file returns due to an issue with the SSNValidation Status between the NYS and the IRS. This issue results in rejected returns with a Reject code of R0170. We will update you as we receive new information from the State of New York or the IRS. Please hold these returns and do not re-submit them until we receive additional guidance.

I've been telling people November. So far only one has raised a fuss. She sent me 30 pages for her bank statements to find her EIP1 and EIP2, not sending me any 2021 pages where EIP2 might be. And, her 1099-B is dozens of pages long; I hate to use summaries (prefer importing) but it'll be summaries if October. Is your back 40 getting crowded? I own a few acres in IL, so I could start my own land of former clients. Does it help increase the yield of corn and soy beans?

The EIP1 and EIP2 letters were sporadic at best. But, the IRS has said they'll send a letter. CNBC described it as... Finally, the IRS will send Letter 6419 in January 2022 detailing the total amount of advance CTC payments that were sent to each household during 2021. It's encouraging recipients to hold on to that letter in case they need it when they file their 2021 taxes next year. Jul 16, 2021

My messy, hard, voluminous, international, dead, and anxious clients are left. And, our own with two SE spouses, IL, CT, IRS, etc. Thank you all for sharing your knowledge. I second Donna: please stop in each day through the 15th.

I didn't throw any out. However, they look just like all the offers I get for credit cards, for AARP and other memberships, and for so much junk mail that includes a plastic card. I'm not surprised that people tossed them out thinking they were junk mail.

I have some for her to plant !!