Lion EA

I don't use a physical "swiper." I also don't pay a monthly fee as I process via Intuit and pay for QB each year. So, just the small % fee per transaction. If you take the time to email your client a QB invoice, your clients can pay by clicking a link on that invoice, and I think your fees are even lower if you use that method. Maybe a flat 50 cents for processing a "check." For your volume, there are probably some good discounts for you out there. Poke around on websites for Intuit, Square, Stripe, etc. Also, check with your friendly, local bank that has your biz checking account; they might process CCs and eChecks for you at a reasonable fee.

I accept checks, cash, and all major charge cards. I accept PayPal. (I also have education and a few other biz expenses that accept PayPal, so I leave a fair amount in my PayPal account.) I have one client who wanted to pay via Venmo, so I signed up for it. She's paid me via Venmo for about three years now. I do tell people I have it, but only the one taker so far. (I move Venmo to my checking account immediately.) The PayNow button on my website is processed by PayPal, and more and more clients use it. Otherwise, I process credit cards AND take e-checks via Intuit. Actual checks I deposit via my bank's iPhone app. I want to make it as easy as possible for people to pay me. And, easy for me to get the money in my account quickly. It's more than a 20-minute drive one-way to any bank from my home office, so I gladly pay any fees to do everything electronically.

H&W MMLLC taxed as a partnership/1065 is negotiating to sell about July this year. Any good, readable cites I should use to start my study? What items of their sale will be taxed as ordinary income? Capital gain income? Service business (job fair for summer stock theaters, talent, tech staff) with the only physical asset an electric piano. Outstanding repeat client list. Thorough contact list. Name recognition. Buyer wants a non-compete clause. Probably an installment sale. They purchased the biz before I was their tax preparer (DIYers for many years). I haven't had a biz sell for years, so I need to start from scratch. That's why I want to start with readable sources before getting lost in the tax code. They've asked their financial advisor to be their sales agent. Initial meeting between sellers and buyers was discussing 3X net profit as potential price. That's all I know so far.

MASEA offers a virtual SEE Prep course: https://maseaonline.org/event-4306436

Depends on the amount of UBTI... Are you the church treasurer? Stewardship chairman? An officer of any kind? Even if not, get the work to those that are: selling stock gifts upon receipt is a best practice.

It doesn't matter whether he received any Forms W-2, 1099-NEC, etc. All that matters is does he have taxable income? If the couple is working with an immigration lawyer, ask to be looped in. If they are not, recommend a good immigration lawyer to them. (Ask around your local networks.)

MFS with a dependent and paper file. MFJ with ITIN application mailed to Austin (? where ever the instructions specify). Is there any expediting of a SSN for a marriage? Have her speak to an immigration lawyer or an Acceptance Agent. She's twenty something and owns a home but never filed before? POA and eServices to see what's up re prior years.

Lisa Ihm of Brass Tax Presentations has a self-study course on Form 3115 for only $20: https://brasstax.com/other-on-demand-webinars#548450be-8c9e-4353-83e8-2cfe301cce8f Also, download her free spreadsheets for attachments to Form 3115: https://brasstax.com/practice-aids The form is about eight pages, but you're not filling them all out, just the appropriate pages to correct depreciation.

CATHERINE: Welcome to the Grandma Club, one of the most fun clubs around !! Your daughter and granddaughter are glowing. Did you squeeze Cordelia's cute cheeks?! We spent Saturday morning with my stepdaughter, SIL, and almost-two-year-old grandson Everett on his first visit to an aquarium. He was fascinated. If he saw lettuce for the turtles or anything that might be fish food, he'd point to a fish and say, "Eat your dinner!" MARGARET: I'll share Everett plus my two granddaughters with you any time. PM me your cell, and I'll send pictures from this proud Nana. Or meet us in PA when we visit the girls who live at The Inn at Starlight Lake.

Good point, Patrick Michael. Now you can check on CEs uploaded to the IRS. Which reminds me that I haven't done that in a long time and should do it. Of course, keep your paper/electronic certificates, also. Look for the CE inside a square and the words IRS-APPROVED CONTINUING EDUCATION PROVIDER when registering for a course. But as PM says, make sure you know the provider or look them up to be sure. Also, CE usually means IRS/EA CEs while CPE usually means CPA CPEs, but that's just a clue.

This topic is about post-season activities, and mine are still preparing returns on extension and taking webinars. I've been enjoying meeting and learning from tax preparers all over the country. That's how I manage working in a home office by myself, interacting with all of you and others online. But, I did want Sara to know how much I enjoyed meeting online and learning from VASEA members, such as Knox, Eric Duncan, and others, and hope she takes time to meet them at live functions now that she's in VA or even online.

Gee, I'm up here in CT and have taken multiple VASEA webinars these last two years. They do a great job. I'm a fan of Knox Wimberly. That's been a benefit of this long-lasting pandemic, that there are great instructors, great courses, being offered online. So, we can take a class that might be too far away &/or too expensive (hotel room, meals, travel, etc.) if it were held in person, learn from an instructor who might not travel to our area or be too expensive for my budget. Over the last 15 months, I took courses where I wanted the topic but knew little about the instructor; but I was willing to give it a try for the small price (sometimes free). I've found instructors that way who I really, really like, great teachers with great handouts and great at reading all the pages of new laws and outlining them so I can understand. Knox Wimberly, Kathy Morgan, Tony Nitti, John Sheeley and any panel he gathers.

But they don't do that for personal income tax returns you e-file, do they? I don't put payor EINs on Schedules C, B, D, F, etc., just totals or a list, as appropriate.

That's because the payor files Forms 1099-NEC with the IRS.

If your client is reporting less income than the total of all his Forms 1099-NEC, he will get a letter. Enter his total income.

https://www.irs.gov/newsroom/irs-treasury-announce-families-of-88-percent-of-children-in-the-us-to-automatically-receive-monthly-payment-of-refundable-child-tax-credit

TN and WV are beautiful. TX has a lot of variety, but it's hot and humid. Visits to NV don't have me wanting to move there. And, I know nothing about ID.

That pretty much sums it up for me, too! Stay well.

Yep, $150,000 cliff for every return. So, if one or both spouses can get below $150,000 by filing MFS, then one or both spouses can exclude up to $10,200. Of course, then they pay you for two sets of returns and pay the higher MFS tax rates and could lose a tax credit or two, so you have to run the numbers (and charge them for your research!) to see what gives them the best overall family outcome. This is one of the many reasons that it's taking me more time to prepare EVERY return this year!

1041 returns and extensions were due 15 April. Only the 1040-series was postponed to 17 May. If it's a first-time estate (not trust) will choosing a fiscal year help in any way? Maybe first short year had no income/expense and no filing requirement...

If the IRS used their 2019 filing and it qualifies them for EIP1-2-3, then what more do you want? Did they receive EIP3 yet? If not, you might want to wait to file 2020 if 2020 income will disqualify them from EIP3. What are you saying will "be included in his income"? Not EIP1 or EIP2, no claw back. Don't think we have all the details yet of EIP3 being reconciled next year. Not unemployment benefits, if they qualify for the exclusion.

If he qualifies, he can make a pre-tax IRA contribution or after-tax IRA contribution or Roth IRA contribution through Monday 17 May 2021 for tax year 2020. He can do the same for tax year 2021 through next 15 April 2022.

https://www.irs.gov/pub/irs-pdf/f4852.pdf If your client took all the steps possible to obtain his W-2, I'd probably do whatever I could to e-file and keep very, very good notes.

And, I can get the $800 the client expects using the IRS method. Sometimes it's NOT a blessing to have smart clients! Using what CCH told me (use a biz % override) I can get no closer than $799 or $802. I already have a note to preparer in return that will roll over next year and a piece of paper in their paper file and opened a client2021 folder in their computer folder with a note. I'm finishing proofreading this afternoon and sending to them to eSign. Thank you all.

I was including "simplified method" in everything I could think of, such as OIH simplified method for part year and simplified method OIH for less than one year, that kind of thing, and just getting IRS articles about using the sq ft no more than 300. Prorating the sq ft seemed like a clunky workaround, but it works; and knowing the IRS cites the average for the taxable year means I'm comfortable with the method and have no problem with this client who'd worked out the total to use in his own way. I'm alerting him that he'll see 160 on the worksheet instead of 240. And, I'll get this off my desk for him to eSign Saturday.