Lion EA

https://www.irs.gov/publications/p590a#en_US_2022_publink1000230357 Wages, salaries, etc. Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). A scholarship or fellowship is generally taxable compensation only if it is in box 1 of your Form W-2. However, for tax years beginning after 2019, certain non-tuition fellowship and stipend payments not reported to you on Form W-2 are treated as taxable compensation for IRA purposes. These amounts include taxable non-tuition fellowship and stipend payments made to aid you in the pursuit of graduate or postdoctoral study and included in your gross income under the rules discussed in chapter 1 of Pub. 970, Tax Benefits for Education.

PC but iPhone. The ones I hate the most are the ones that give you one giant corner but not the full page, maybe .jpeg. I tell clients to use one of the scan apps and upload to my portal. Each year I get another convert or two, but still have stragglers. At least with Scannable on my phone, if it's garbage on my screen, I can clean it up at this end. Unless it's one of those corner-only pictures!

I remarried, so my last name no longer matches my son's. I certainly have time to mail him a check. But, we just paid a balance due on his legal bill, so he's reluctant to have us do more. I'm waiting to hear if the unhappy couple dissolved their partnership in 2022 or if we have to wait for 2023 K-1s. If not, I think I have all of his info now and can file soon. I'll try direct deposit. If that generates an issue. I'll use DirectPay.

I try to get my clients to use Scannable, a free app that cleans up their scans, removes creases, changes that grainy gray background to white, straightens it out, etc. And, I try to get them to then email it to me instead of text, so I can save it in my computer to their file. Of course, first I tell them to upload to my portal, but as you say, if they can't do it quick and easy on their phone...

Grown son going through a divorce. He owes, not being able to claim his daughters, mortgage interest, property taxes, etc. I'll need to cover his income taxes this time. (Just sent him a new Form W-4 for 2024.) Can I put my bank info on his return for Direct Debit? Do I need to mail him a check so we can use his bank info for Direct Debit? Or, could I pay via DirectPay? Other suggestions?

Have any of you, or any of your staff, had a laptop stolen or lost out in the field or at the office?

Have a new client (and I'm behind) that I'm preparing his 2022 returns now. He and wife (maybe daughter) have IPPINs. Because I'll be e-filing these 2022 returns when e-file opens in 2024, I use the IPPINs that they just received, right? Even though they tell me the letter told them to use the new IPPINs for their 2023 tax returns? Use the new IPPINs for ALL returns we e-file during 2024? 2022 returns? 2023 returns? My first clients with IPPINs! Thank you.

Oh, darn, I just received a Form 1099-NEC with Boxes 6 & 7 for CA due to a small honorarium I received !! Now I get to add a CA return to CT and IL. I better remember to file a CA extension.

I added a Cyber insurance rider to my E&O policy via NAEA's group plan. Look at group plans from your professional organizations to save on premiums and for plans designed for our industry.

Hey, Catherine, I see you're teaching for John Sheeley's Tax Practice Pro now. You go, girl. https://taxpracticepro.com/featured

Sorry. It was a thought. It is what it is. Ask lots of questions to understand their situation. Then stand your ground. Don't let your clients or their investment advisor push you to report anything incorrectly.

If they're not selling until 2024-25, lay out the definition of primary residence for them, and they can make it fit -- or not. They can record where they sleep each night, adjust paperwork to receive bills and statements at that address, garage their cars there for insurance, pension check and SS are probably direct deposit anyway, truly move themselves for 730 (or is is 731 when a leap year intrudes?) days out of the five years prior to the sale date. If they are using one out of two houses as their primary residence, then they should be using the address of their primary residence on their tax returns.

Had a call today with Kirstie (named after Kirstie Alley) at Protection Plus. I'm going to try it out this year. I have more complex returns but not a lot of returns; it's just me. Most of my businesses have faded away, so I'm down to one S-corporation going forward (and a couple trusts that they don't cover yet). $10 per return (and $75 for that biz return) is a very, very small price to pay to offload IRS and state letters. Billing is monthly based on returns filed that month. I have an onboarding call later this month, so will know exactly how it works then. But, if a client gets a letter, they can file a claim on the PP website or via telephone. I think I might open their PP client portal and upload their return, if they request. That request would include a 7216. And, then hope my client can upload their letter and deal with PP without me. The only information PP gathers prior to a claim is how many 2023 returns are filed under my EIN. Their ID theft restoration also applies to shareholders/partners, as well as the business return. I'd be glad to share Kirstie's email with details to anyone who wants to know more. Or, Kirstie said to contact her: Kirstie Hutchins Territory Manager VT, NH, MA, CT, RI -- but she said anyone can contact her for info Office: (866) 942-8348 ext. 3605 Direct: (336) 726-3605 Email:[email protected] Website: www.taxprotectionplus.com

Be careful if it looks like one house is their principal residence, but they told their state &/or locality that the other house qualifies for a homestead credit or senior tax relief or.... Is this a new/potential client? If so, you might want to decline if you don't feel they are giving you the whole story. If this is a continuing client, you probably have a good feel for which is their principal residence. What address was on their tax returns? Other official documents? Mailing address for important things like bills? Does their insurance company list a principal residence and a second home; an address where their cars are garaged? How far apart are their houses? Do they go to doctors, church, recreation near one house. Which house has their good furniture, artwork, photo albums, near & dear stuff? GLG gave you the code section.

I've been dealing with a letter for a client on and off for over a year, mostly hold time, waiting for the call backs that never come, etc. Yes, I could've done $500-1,000 in other returns during that time, probably 5 times that. I do NOT like to deal with letters; they break the flow of my tax preparation, have deadlines unknown until the letter arrives, etc. I have a call with Protection Plus on Friday to explore. A colleague asked me if what we provide to Protection Plus goes against our WISP and other data protections issues? Anyone know? Does PP get info upfront, when filing, or not until a letter arrives and I tell them to take it off my plate?

Is the NP paying a production company to produce a marketing tool to promote the NP or a book they own? That would be an expense, not a donation. Is the NP then selling the book? If to provide funds for the NP's mission, isn't that still allowable income? I don't think it matters that the production company is for-profit. My church hires a for-profit printer to print our letterhead and bulletin covers, all items we use in the administration of our mission. You'll want to read the TE organizational paperwork, such as Form 1023, and their bylaws, as well as the contract between the NP and the production company. Take it step by step to see if it results in any Form 990-T type business income. But that's not forbidden, it just requires tax reporting.

I'm interested, also. A rep was a vendor at a tax seminar I attended in December. It sounded interesting, so I took a brochure. I've scheduled a call with her for Thursday. I'm a sole proprietor and seeing more letters go to my clients, often just plain wrong, but requiring responses. It's just me, so finding time to handle issues is becoming a problem for me. That's why I'm going to explore Protection Plus. What do you think about them?

I use the group plan via NAEA for E&O + Cyber insurance. Check with your professional organizations for group plans designed for our industry.

Haven't tried any yet, but I think it opens the 10th.

Ask them to give you whatever they gave Paychex to prove their qualification. Or, ask them for P&Ls for all the relevant quarters. I think very few, if any, third-party ERC claim providers explained that amending the Forms 941/claiming ERC meant amending Forms 1120-S and 1040. Maybe small print someplace to CYA, but our clients only heard $$$ from claiming ERC and nothing out-of-pocket to the ERC preparers (ERC preparers kept a % of claims). Now they are angry they have to pay tax and pay for amendments.

Again, the sticky part is not reducing wages on an amended 1120-S. The sticky part is determining if your client qualified for ERC in the first place, or for that amount of ERC. If he did not, then tell him about the Voluntary Disclosure Program: https://www.irs.gov/coronavirus/employee-retention-credit-voluntary-disclosure-program#:~:text=You need to repay only,is not taxable as income. If he did qualify, then amend his 1120-S.

Did you prepare the original Forms 1120-S for those years and know that your client had the appropriate decrease in income for those quarters? Like anything else, if you know (or should have known) or have any doubts about your client qualifying for ERC, you have to ask more questions, ask for documentation, dig deeper until you're satisfied. Paychex was probably qualified to amend Forms 941 based on your client's word that his income decreased the appropriate percentages, but Paychex had no working knowledge or your client's income. The fact that you're asking suggests you're not sure you have all the facts and circumstances.

Are you familiar with the firm who generated the K-1? Or the preparer of that return? For a prospective client, I'd probably say we're not a good fit. Goodbye. For an existing client that I like and respect, I'd dig a little deeper.

Try this link: https://www.tax1099.com

https://www.tangiblevalues.com/category/w2-1099-aca-forms-envelopes-and-software/215 I've gone through QB. And, I've used a few of the services, such as tax1099.com that eFiles Forms W-2: Early Bird Sale - IRS Updates and Tax Reporting Guides, Tips 2024 (tax1099.com)