Lion EA

Where do you get these clients?! They're much more complex than my clients. I have no idea why a trust or an estate would form an 1120-S unless one already existed/was owned by the deceased. Some of the great minds here will jump in Saturday...

A year or so ago, I had to recreate basis for a couple partnerships that weren't always my clients. Luckily, they had all the partnership returns. Money in + income - losses -distributions etc. https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf https://www.irs.gov/pub/irs-utl/partners-outside-basis.pdf If you use CCH's AnswerConnect: https://answerconnect.cch.com/intradoctoc-document/tpz0209013e2c84a68b88

In general, retirement income is taxed by the state of residence. TP was an AZ PY resident and FL PY. If he had no AZ-sourced income after he moved out of AZ, then the AZ PY return will be his only state return.

Can she do it online? Tell her to keep trying and to be patient.

I have taken courses from the author of the AnswerConnect article. But neither the author nor AnswerConnect are authoritative sources for IRS purposes. If you're using CCH's AnswerConnect as one of your research tools, you can search for authoritative cites. But as Abby says, for understandable sites, you might want to start with other than the IRS.

CCH's AnswerConnect: https://answerconnect.cch.com/topic/4dfddcf47c6b10009e7290b11c18c90202/leasehold-improvements

I've heard of the payroll companies offering: Gusto.com, QB. And, sometimes handouts from classes as part of your course fee: AICPA.com, Spidell. (I don't have any.)

I haven't done anything to my listing, but I still get a couple calls a year that I send away. At my age, I should be retired and definitely not growing!

I am a member. For a national professional group, the dues are not too bad. For members, their education is very well priced, with at least one free course per year depending on your membership level. I have found their classes well taught and helpful. Their research service is good, providing cites with their answers; also one free question per year. Their Find a Professional directory is good if you're trying to grow your business. Great publications, via mail and a weekly tax update via email.

I make use of the group policy via NAEA. Renewal time was months ago and we're off (as soon as the hurricane/tropic storm passes) to spoil our grandson. I may pull out my bill if you don't get enough suggestions and I have time. I did ad cyber insurance as a rider. Check with your professional organizations for group plans. And, your friendly, local insurance agent for recommendations.

For the backdoor Roth, when qualifying to convert, but not to contribute, to a Roth: open up a non-deductible Traditional IRA (works best if you have no other Traditional IRAs), do NOT deduct it, and then CONVERT the thing into a Roth, hopefully before any earnings. Yes, it is because a Traditional IRA can NOT be deducted at high income levels. A non-deductible Traditional IRA with basis still DEFERS taxes on the earnings/appreciation. But there WILL be taxes on everything in excess of the basis. A Roth IRA ELIMINATES taxes on everything if used per the regulations. You can convert some or all of an existing Traditional IRA to a Roth IRA at any time, but having basis in some of your Traditional IRAs adds more computations. Someone will jump in to let me know if I should be using the term Roll Over instead of Convert, and explain the whole process better than I can. But the Back Door Roth has a place in retirement planning for high-income clients. Many want a mix of taxable and not-taxable income when they retire, or are trying for non-taxable Roths due to already expecting taxable pensions and SS, or want a non-taxable account to leave to heirs so their heirs won't have to sell things to pay the taxes or...

Well, IRS communication is at an all time low, but we all knew that. I tried to poke around Direct Pay to see if the ownership of the bank account had to match the owner of the tax return with the balance due. Can't really get that far without actually setting up a payment. Chat popped up. I asked my question and a rep was on in seconds. Her response was "see if it will let you." Duh. I can do that without you! Our tax dollars at work. Mom can make her own Direct Pay payment. Then try to pay for her kids. If she can't, why not have them open checking accounts at a bank that has no fee accounts? If the kids are 18, won't they be needing checking accounts/debit cards for college or jobs/direct deposit or just to buy stuff online? Direct Pay also has a credit card option that's via a third party, as cbslee explained above, that might let mom pay for her kids. Let us know if either option works.

That might be a bank question and not a tax question. Have your client talk to their banker. Or, use IRS's Direct Pay to make payments via checking account or credit card.

From Wednesday's e-News for Small Business Issue 2021-12: Employee Retention Credit updates Additional guidance to employers for second half of 2021 The Treasury Department and the IRS issued further guidance on the Employee Retention Credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021. These changes, made under the American Rescue plan, amplify prior guidance. The guidance also responds to questions received and covers reporting qualified wages and related health insurance costs. Gross receipts safe harbor for employers claiming the credit The Department of the Treasury and the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit.

Yes, easy peasy to do direct debit (or direct deposit) as you e-file a return. The 88-something form is if you want to split your direct deposit into two or more accounts: https://www.irs.gov/pub/irs-pdf/f8888.pdf

Thanx, Judy. I thought it went up, but a quick search still showed the old penalty.

Is it still $195 per partner per month for as many as 12 months? For small partnerships (10 or fewer partners) use Rev. Proc. 84-35 if it applies to your situation.

Employee Retention Credit Thu, Aug 19, 2021 · 1:00 PM · Eastern Time (US & Canada) This is an invitation reminder to register for Employee Retention Credit with Knox Wimberly. We hope you can make it, but if you can’t, register anyway so we can send you the recording. Webinar details: Link https://www.bigmarker.com/taxaroo/Employee-Retention-Credit?bmid=94311e8be5b1&source_from=invitation About: There has been new guidance released as recently as 8/10/21 that provides clarity on how to accurately help your clients with the Employee Retention Credit. We will cover all of the latest nuances including the eligibility of shareholder employees, what is included in gross receipts and the Recovery Startup Business Credit which is worth up to $100K in payroll credits THIS YEAR! 2 CE/CPE provided. Looking forward to seeing you, Knox Wimberly [email protected] Knox Wimberly 6226 University Park Dr Ste 3406 Radford, VA 24141

This webinar was recorded and is now available on-demand. I do not know the on-demand price. The Employee Retention Credit, Updated for Notice 2021-49 WEBINAR DETAILS Originally passed as part of the CARES Act in 2020, the employee retention credit has been revised twice since then. The ERC was first revised by the Taxpayer Certainty and Disaster Relief Act (Division EE of Consolidated Appropriations Act of 2021) – referred to as “Relief Act” on December 27, 2020, and then revised again in March of 2021 as part of the American Rescue Plan Act. The program will: 1. Review the ERC qualifications and present examples of the calculations 2. Discuss concerns related to Payroll Protection Program forgiveness and the successful maximization of the ERC. 3. Discuss both what to do if the PPP forgiveness application has, and has not, been submitted. 4. Review guidance issues in Notice 2021-20, Notice 2021-23 and Notice 2021-49. 5. Define and Discuss Recovery Startup businesses under IRC 3134(c)(5) and provide examples 6. Define and Discuss Financially Distressed Employers under IRC 3134(c)(3)(C)(ii) 7. Heavy discussion and examples of the related party guidance of IRC51(i)(1), then as amplified under Notice 2021-49 with IRC 267(c) 8. A discussion on correctly errors made on pervious filings. 9. Questions and Answers This 100 minute course offers 2 IRS CE & 2 NASBA CPE. Tuition - $79 $47 a month unlimited CE subscribers are automatically registered for this course. This program will be recorded and available for replay. OPEN TO Everyone FEATURED PRESENTERS Nicole Ramos Director of Continuing Education Nicole comes to Tax Practice Pro with a wealth of experience that makes her the perfect fit. After graduating with a BS from the University of Maryland, College Park, and a wealth of multimedia presentation experience, she found her way into the... John Sheeley, EA Founder Chester, New York based John Sheeley, EA began his career in the tax industry in 1987, passing the IRS special enrollment exam in 1995. His career includes 13 years as a multi-unit franchisee of a national tax firm and 5 years as a tax manager at... HOSTED BY Tax Practice Pro Inc Tax Practice Pro, Inc., is a nationwide provider of live and webinar based continuing education. You can call us at 800-943-1750. Our website is www.taxpracticepro.com. You can e-mail [email protected]. For CE/CPE certificates or related issues, [email protected]

Just saw a FREE book on Amazon mentioned on Twitter: Stephen L Nelson CPA @SeattleCPA 3hAmazon is giving away thru Kindle Unlimited free copies my "Maximizing Employee Retention Credits" book. Not sure how long that lasts but here's link: https://amazon.com/dp/B09CNRXMPR/ref=sr_1_3?dchild=1&keywords=maximizing+employee+retention+credits&qid=1629037968&sr=8-3… PS Acknowledgements page thanks @danchodan @edzollars @nittiaj for ways they helped us all learn ERC. Maximizing Employee Retention Credits: Qualifying for, Claiming and Collecting Giant Employee Retention Credits amazon.com

Just saw a FREE book on Amazon mentioned on Twitter: Stephen L Nelson CPA @SeattleCPA 3hAmazon is giving away thru Kindle Unlimited free copies my "Maximizing Employee Retention Credits" book. Not sure how long that lasts but here's link: https://amazon.com/dp/B09CNRXMPR/ref=sr_1_3?dchild=1&keywords=maximizing+employee+retention+credits&qid=1629037968&sr=8-3… PS Acknowledgements page thanks @danchodan @edzollars @nittiaj for ways they helped us all learn ERC. Maximizing Employee Retention Credits: Qualifying for, Claiming and Collecting Giant Employee Retention Credits amazon.com

I saw an on-demand course offered by John Sheeley/Tax Practice Pro and a course by Knox Wimberly/Knox Taxes. I'll see if I can find links.

Congratulations, Donna!

Tom, you're right. I think ALL my clients had large changes this year: unemployment, taking more from savings, residency issues (they think they don't have to file in NY, for instance), more than one with a parent that passed away and left them investments (&/or the parent's also my client), kid was home from college, grown kids returned home, loss of jobs & job searches, new SE work, etc. And, few of them were ever stable in the past and none simple. That's why we need each other!

I know. They've been a great family of five returns: 2 trusts that were almost identical and only investments, 2 kids but dad's a banker/lawyer who organized all the paperwork for all 5 returns, and the parents who were W-2 and not much else. 2020 everyone had major life changes; some beginning in 2019 when 1 trust distributed to older son, and younger son dropped out of college to move around. 2020 is so different for the whole family! Thank goodness, Dad is still a great organizer and researcher who can track down answers to my questions. Sons are responsive, also. And, mom is really sweet. If they were not nice people, I'd have fired them this year! I've been moving so slowly this year with constant tax law changes. I have more people on extension then ever before. Trying to take Sundays off. And, we just visited PA for the first time since Christmas before Covid to play with our granddaughters all last week. Thought I was rested and ready for work this week, but as cbslee described it, it's a really tangled web. When I get through this family, I think I have more normal returns left. I hope!