Lion EA

Isn't it 2022 software for returns beginning in 2022? (My brain's fried right now, but giving you something to research.) And, I don't use ATX, but I e-filed Form 7004 in ProSystem fx.

I use whatever the group plan is by NAEA, their E&O plus cyber rider. They've had various companies in different years, and by state. Can't remember if mine (in CT) is currently AON or Calsurance or... Check with your professional organizations for group rates for our profession.

NY/CT-ATP Annual Tax Update Seminar Thursday 30 November - Friday 1 December Danbury CT off I-84 Ryan Reichert/Brass Tax Presentations We INCLUDE the printed book! 3-ring 2-3" binder with hundreds of pages (last year's was over 500 pages) Continental breakfast, sit-down lunch (NOT buffet), morning & afternoon break snacks each day. Cocktails 5-6:30 pm Thursday with hot & cold appetizers & 1 free drink included. https://www.nyctatp.org/event/annual-tax-update-seminar-2/ Ethan Allen Hotel group room rate $109 + taxes.

I'm glad I have no clients with rentals. However, as I age, my clients age, and I'm thinking about those personal residences, how to find out how they're titled, what will be the adjusted cost basis if a surviving spouse sells. Or, if one of my clients is a kid/heir to parent's personal residence, and sells it. Or rents it out for a couple years before selling! Had a long-time client who inherited shares of her mother's investments that included 3 rental real estate partnerships, as well as other complex investments. I told her I would no longer prepare her returns. (Divesting myself of CA clients, so that gave me a reason to tell her to find someone local to her sooner rather than later.) Client had moved from CT where I am to CA to care for her mom; went from a W-2 to a 1099-R to inheriting 1/3 of apartment building partnerships and other complex investments with no depreciation tables and no CA K-1s and her HRB-employee sister and her TurboTax sister telling her how to report things. She would never accept my price increase to account for my time and research and listening to her arguments from her siblings. She wanted me to prepare her taxes one more year before she found a local tax preparer. I refused to spend my time setting up her new situations now for her new preparer next year, and told her that THIS is the year for her to begin with a new preparer. Hated to lose her, but knew she wouldn't be happy with the fee I needed to charge for my time -- especially since she's comparing my fee to her siblings' TT price and HRB-employee probably free returns.

So, what document do we need to see if the property on a joint return was held in a joint tenancy with the right of survivorship or tenancy by the entirety? What other ownership structures are available? What would be the outcome for those other structures? What ownership structures would result in 1/2 step-up basis and 1/2 original basis/depreciation? Will the new basis for depreciation always be the same as the new basis for sale?

I haven't researched it yet, but QB has a new ledger that has limited transactions at a lower price. I don't see it posted rn. I'll add a link when I see it.

An email I received Monday 16 October: Dear Partners, Just in case you missed the notice on the EFTPS website when logging into EFTPS, as of October 19, 2023 multifactor authentication will be required to log into EFTPS. See the notice from the EFTPS homepage below. Notice to EFTPS Website users: What is happening? Fiscal Service is requiring Multifactor Authentication (MFA) for system access. The new authentication process supports Executive Order 14028, requiring all federal agency applications to implement MFA. This will provide an additional layer of security, protecting against unauthorized access threats. EFTPS is partnering with third-party credential service providers Login.gov and ID.me for MFA services. When is it happening? Secure sign-in via Login.gov or ID.me will be required on October 19, 2023. How do I register? Upon logging in to this site, you will be prompted to register and/or authenticate with either Login.gov or ID.me, prior to the normal process of inputting your EIN or SSN, PIN, and password. Where can I go for help? For assistance with Login.gov please call the Login.gov help desk at (844) 875-6446. For assistance with ID.me visit help.ID.me. Attached are instructions to the two ways taxpayers can validate their identities using ID.me. Please feel free to distribute this information to your membership. Sincerely, Joseph McCarthy CPA IRS Senior Stakeholder Liaison

What TexTaxToo says sounds about right. But, don't you use Sch 1 for SEHI, income allowing, with only the excess going to Sch A? And, can he use Sch F for premiums paid for an employee & her family? Yes, to the circular calculation if a PTC is in play.

If a Sch F is similar to a Sch C, and if my memory is not too fried tonight, a self-employed person can provide health insurance to his employee/spouse for the employee's whole family. It's deductible to the SE taxpayer, I think on Sch F, because it's for the employee. The SE taxpayer's own Medicare premiums are deductible as SE health insurance on Sch 1 line 17, income allowing, with any excess to Sch A line 1. But, don't trust me on the above! Two more complex returns to get done, and not much sleep last night, or for the last week or more or...! So, research more yourself or wait for someone to jump in with cites for you to rely on.

I'm so very sorry. It's hard to lose a furry family member, and an office staffer, too. I'll miss seeing his pic. Hugs to you.

I've been trying to convert my clients that insist upon mailing checks to use IRS's DirectPay instead so they get an immediate confirmation. CT has a similar system; although, not as user-friendly as DirectPay. Most states I prepare have something similar. Of course, I strongly encourage Direct Debit with e-filing, but sometimes clients have to move funds around before they can pay, or we're dealing with ES during the year.

Maybe the SSA has the wrong spouse marked as deceased. Or, the IRS computers flagged the wrong spouse. I've seen other preparers say the IRS requested a 1310 when it was not needed in the situation (such as MFJ). Good luck.

I think it can get into how the property was held, also. But, I can't give you any details about the different ways a couple can title property might or might not make it community property in CA. You might need to talk with the family's lawyer about that specific legal title.

You're NOT filing an inaccurate return. You're reporting what the biz did last year. Not what it should've done, because it didn't do what it should've done. The BIZ was not accurately following the regulations for an S-corp if it wasn't paying reasonable compensation. Circ 230 tells us to explain to the client what they did wrong and the consequences. We do NOT have to repair their prior acts, unless they engage use to do so.

Sound like November clients to me, especially if they're getting a friends & family discount.

https://www.irs.gov/pub/irs-pdf/p5709.pdf Also, IRS Pub. 5708

Form 2553, if you're going that way. But now you have the dissolution of a corporation for 2022, also.

So, the business dissolved at the end of 2022? Or, ceased any further business activity? First & last return?

I take a LOT of courses that do NOT earn me CEs to retain my EA. I take classes on CT, NY, MA, PA, CA, and other states, and also technology, and classes from instructors/topics I like that might give CPE but not CE. My NY/CT-ATP group includes an hour of NY tax updates and an hour of CT tax updates each year and two hours of non-federal tax law classes (we've done SS, Medicare, retirement planning, multi-state issues, financial aid/paying for college, and office security years before the IRS approved it for CEs).

Well, it has to be IRS-approved CE. EAs must look for the square IRS logo that IRS-approved CE providers use and the IRS-provided course number. Only federal tax law qualifies, including ethics and updates. No state tax topics and no tax-adjacent topics, such as SS, Medicare, office management, technology, (although, IRS has now approved security-related topics).

I've had classes from Bob Lickwar on other topics and like him. And, have heard good things about Surgent; but their constant emails have been about courses I don't need (specialized trusts, for instance) or CPE only and not CE, so I haven't stopped to check out their schedule. I should do so. NY/CT-ATP has a rental real estate track planned for October with Kathy Morgan that I'm signed up for (6 CEs + 2 CEs ethics).

I don't think anyone else is an idiot. I do feel that I'm an idiot for not being thoroughly educated in tax-adjacent topics, such as SS, Medicare, retirement saving, investing, crypto, planning for like-kind exchanges, STR, vacation rentals, anything I haven't had to study in the past, etc. I know I don't have the knowledge or the time to give my clients the consultation they need -- but that there are people who can. I do talk a LOT about SS to my clients, but remind them I don't know any more than I'm telling them, that I gained my little bit of information by taking courses from experts in those fields, and suggest they consult experts in each field, that we can all work together to help them plan. I thought I was agreeing with kathyc2 that we need to help our clients plan (in my case, with my limited knowledge, help by recommending consultants that I've learned from) for retirement -- using SS as just one of their resources. Who do you all recommend that I take classes from to up my SS game? Any courses you recommend scheduled for November-December 2023?

Until I can figure out how I copied a slide... Waiting until 70 is only one way to increase SS benefits, but won't be successful unless you live to about 90, so NO, failing to wait was NOT how people left money on the table. Not working out what their goals are for retirement and being honest about their situations (health, for instance) and looking after their own finances via private investing &/or working and NOT relying on our inefficient government were topics he discussed.

Back in 2018, he charged those of us at his class and our clients $750. I think that may've been half price. At that time, he was one of a very, very few speakers on SS; and our NYCTATP group had looked hard for a couple years before finding a speaker. I would think more have joined that niche as we baby boomers have aged. He spoke to us for only 2 hours, so we didn't cover more than 67 filing options! To keep working in his niche, he must have documented the options. He took us through many to show us how optimizing over a lifetime, taking into account more than just SS, was better than just looking at how much SS benefits could be received. Single? Divorced? Married? What if the older was ready to retire first? Younger? What if there were minor children? Are their living expenses already covered, so they can take advantage of investment opportunities? Do they need money sooner for other reasons, such as healthcare? Those types of questions to adjust each scenario beyond just ages: 62, FRA, 70, and everything in between. Way more than I have time to generate from scratch when it's not my core expertise. After taking us through one set similar to the above, here are his summary slides: (can't figure out how I copied a slide above; I'll try on a new post below)

Ash took us through examples of maximizing benefits vs optimizing benefits. So many differences in a person's or couple's needs. Perhaps health/non-working requires more benefits sooner. Or health/ancestry + minor children suggest starting benefits sooner to preserve them for children/spouse. Or market rates are predicted to out perform the 8% from waiting. Or... If you know when each spouse will die, the calculations get much easier!! The SSA even offers a couple of Do-Over options. But, limited. There are courses available that cover a multitude of scenarios. Or, a calculator/spreadsheet can help you sort out possibilities for a specific client situation. I send my clients to Ash Ahluwalia. Some clients already work with their financial advisor, so we work together to make sure the tax implications are taken into account before, not after, making financial decisions