Lion EA

Now, I understand your/Eric's reasoning behind the 5 minutes. Thank you for that explanation. It does make sense, especially during the heat of the season when we're all reading/posting/asking/answering hopefully quickly to help or be helped. And, I'd not thought about copy/paste as an option instead of quote prior to hiding. That will be a handy technique to use. Thank you, Judy. It's been particularly frustrating to edit away and then when rushing to click on Save getting the message that my edits are not accepted. Now that I know an alternative to editing, I won't rush as much.

Like most people, I can't proofread until I've looked away/thought about something else for a few minutes. By the time I read another post/answer that phone call/whatever and realize I left out a "not" that changes the whole thing (or whatever my error was) and return to this message board, 5 minutes have usually elapsed. Sometimes I realize as soon as I click Submit Reply. Sometimes it takes stepping away from the topic before what I typed vs what I meant to type sinks in thoroughly. But I do catch most of my misstatements within 15 minutes, or 10 or 20 minutes.

I've called each brokerage's tax department or asked brokers I know, if I know that they understand wash sales. I also have clients that include every piece of paper when they give me their tax information, so I have their purchase confirmations and can see their purchase cost and compare to the adjusted cost basis on their 1099-B. I once had a broker client who did not get the comprehensive reporting package that his clients got and did a LOT of trading with a LOT of wash sales. I told him what I needed from him. He chose to pay me thousands for a few years to take his spreadsheets and adjust the disallowed wash sale losses into the adjusted basis of each respective purchase. It was a great income stream for me for about three years until he was fired and no longer trading.

If she does not qualify to be the dependent of someone else during 2020, she can have RRC1 and RRC 2 on her 2020 return. Those are 2020 credits available to her if she herself did not receive EIP1 and EIP2. She'll get EIP3 sometime after she files; that will be a 2021 credit that she gets in advance. Make sure she's not a dependent, not a student, income, etc.

The disallowed wash sale is added to the basis of the purchased stock that created the wash sale event, the timing. He might still own that stock. When he sells it with its higher basis (from the previously disallowed wash sale amount from the stock that sold that was paired with the stock purchased to create the wash sale) he will have a larger loss/smaller gain and essentially be able to use that disallowed loss finally. It's disallowed until the last stock in the chain is sold, which might be in a future year. So, what you have to watch for is -- Is the disallowed loss from this stock added to the basis of the stock purchased, so that you have an accurate basis when that stock is sold?

RRC1 and RRC2 are 2020 credits on the 2020 income tax return.

I met a woman at a Mensa meeting who was on full disability for a mental disease. She was very clear about never going back to work, because then she wouldn't get free health/dental/vision, free daycare, and maybe even free public transportation and a few other goodies that made me tune her out.

Charge her a bundle for the IL return each year!

CT does that too. If a taxpayer is on CT unemployment when they move, they have to continue filing a CT return while they're on CT unemployment. It's CT-sourced income.

IL will tax the full amount, because it's issued by IL. However, they go along with the federal exclusion of $10,200, taxing only what appears on the federal return. The unemployment benefits continue to be IL-sourced income if they are from the IL Dept. of Employment Security or if they qualified for benefits due to employment in IL. Only if TN also taxed unemployment would you need to be concerned with which state was the resident state for how long. No 75% of anything unemployment related. IL doesn't care where you live re IL unemployment benefits; it's all IL-sourced income.

Yes. And, the Q&A states that UC that's "included in your federal AGI..." I was responding to your question about 75% IL residency. It's IL residency OR from IL Dept. of Employment Security.

I think IL unemployment benefits are IL-sourced income and reported on the IL return, but you may want to look deeper than just a Q&A. https://www2.illinois.gov/rev/questionsandanswers/Pages/101.aspx

I used to hit Staple's back-to-school sales for my tax folders at $0.05 each. We'd go after Sunday brunch when both kids were with us, each grab the maximum (25ish) in my color of the year, and check-out in four different lines. I'd add some fatter vinyl folders in my stack, and be set for the next tax season. I think hubby got a teachers' discount by showing his union card, also.

I let my clients choose between 15 April direct debit or use IRS's DirectPay at their convenience through 15 May. (I give them a payment voucher as a reminder, but write the link on it with a note to pay via DirectPay by 15 May and NOT mail a check.)

Just saw a Staples ad for Hammermill 10 reams $29.99

These family situations can go around in circles...

(Yes, I put this CT S-Corporation on extension by the 15th.) It works primarily in CT with a lot of time in NY. Received CA Form 592-B with $415.56 Total income subject to withholding and $29.09 Total nonresident tax withheld (excluding backup withholding) AND from the same Payer Form 1099-NEC for the same $415.56. CA Form 592-B lists the Type of Income Subject to Withholding as I Other NON-RESIDENT CORP. What would you do? What will CA do if the S-corp does NOT file a CA return? The S-corp bookkeeper did NOT allocate any 2020 time in CA. Travel expenses show January 2020 flights to/from FL and Amtrak re Washington, DC. And, how will this flow or not to the personal return, which is prepared by another preparer? Every. Single. Return. has something new this year! Please help! PS Just noticed that the 1099-NEC breaks out amounts as CT EARNINGS. Would you let CA keep $29 and make the case for it all being CT earnings?

Leasehold improvements?

Parents still own the building, not your client?

I've had good luck with Staples delivered, but the last three cases I got were pre-pandemic. Haven't seen any under $30 anyplace.

The IRS hasn't updated payment dates for e-filed returns. Probably few states have, either. Use a payment date by 15 April. Or give your client amounts and the link to IRS's DirectPay and your state's equivalent. Or, payment vouchers to mail in, as a last resort.

I don't tell them what to put in an operating agreement. I tell them to work with a lawyer so they can have an operating agreement that meets CT state law. I don't think anyone mentioned an LLC except for your mention of an attorney and an LLC. Lawyers have a strong lobby in CT, so I suggest a legal advisor to every biz who isn't a sole proprietorship. I also suggest a biz develop a good relationship with a friendly, local banker. And, a broker or someone who can administer a retirement plan. And, an insurance agent(s) for health, liability, etc. And, a professional organization in their industry. But most importantly, to keep me in the loop!

Was the partnership actually open for biz, available to do what it's in biz to do? Or, still getting it's location ready or certificates applied for or other pre-opening requirements?

Does she want it to do everything, because she'll be able to understand how to do everything? Then she can demo almost any payroll software to see which one works the way she works. Or, does she want it to do everything, because she does NOT understand or have time to train to do everything? Then, she should talk to payroll services who will do it for her. It's like a taxpayer choosing tax software or a tax preparer.

That's why I like the import. It includes everything, ties out to the 1099-B, isn't a problem to proofread, and looks impressive to justify my hefty fee! But a summary with your .pdf attachment would do the same thing. Those brokers on our clients' managed accounts make a ton of money, so I should get a piece of that. Love when a client complains about my $600 fee when they paid $1,500/Q to their brokerage. When I point out that my fee is only 10% of their broker's, they usually stop talking.