Lion EA

No qualifying dependents for HOH, right? MFS is the default; MFJ is a choice that must be made by both. Will she sign a MFJ return? Sounds like your client is MFS. Unless AL has a legal separation, maybe based on abandonment. He can afford a lawyer to explore his legal options. But, you said he will NOT divorce her.

I read that individual e-file opens 29 January 2025.

The Tables are near the back: https://www.irs.gov/publications/p590b

Just received a large paper packet in the mail from USDA re Tenure, Ownership, and Transition of Agricultural Land for some farmland I inherited in IL. Very detailed and intrusive. But I inherited the land which for a while was owned together with my cousins who live in IL and farmed the land, so I knew little except to receive my K-1. It was divided at some point, but I continue to rely on the counsel of my cousins, plus we're all old now and use sharecroppers so I get a check as well as corn and soybeans which I sell where they suggest. This "mandatory" 12-page packet with at least 3 pages of instructions will be a time suck. Worse than the short-form biz census forms, maybe about as bad as the long-form biz census which I worked on for a client a couple years ago. I wish the government would concentrate on raising income and spending less instead of making us citizens give intrusive details about our lives.

I just got out of an NAEA Update webinar with A.J. Reynolds where he touched on RMD for IRA Beneficiaries. Long answer is... https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries Notice 2024-35 extends the temporary relief from RMDs for certain inherited account holders. Short answer: ROTH owners always deemed to die before the RBD, so no RMDs required in year 1-9 for beneficiary; drain account by end of year 10 (planning might suggest a lump sum is not the most tax advantaged way to distribute). Responsibility of beneficiary to take year of death RMD if not yet taken by decedent. [Note: this paragraph based upon beneficiary being a non-spouse person, and not an estate.]

Snow storm?

I'm sleep-deprived this week (medical appointments) so bow to Danrvan's clearer thinking that the client has one principal business. Is more time spent on her TN biz? Or, does the in-person OH biz have higher revenue? I don't think Margaret specified whether her client's travel to OH was primarily for business when she talked about the friends and socializing she does in OH, so I still think Margaret should ask more questions before she concludes how much of her travel/lodging to/in OH is biz related.

If it's two businesses, it's possible. Margaret needs to ask lots of questions to understand her client's business model. I don't see that all the questions about the itinerant life have to do with this client. She obviously has at least two places of business, one in TN where she does telehealth and one in OH where she sees clients in an office. Her question is if her personal rental in OH is a deduction due to being away from her office in TN. I think it rests upon if her only tax home is in TN so she's away when working (not visiting) in OH, or if her in-person biz is a separate biz in OH only, so an OH tax home for that biz.

A cot in her office might negate the "exclusive & regular use" of an OIH. Is her tax home in TN for telehealth, but in OH for in-person visits? If she has a tax home in OH, them travel expenses are not deductible. You have lots of questions to ask. Read about OH's definitions for things like Domicile. Facts & circumstances.

My response is then, "That makes your deduction $0." Except for 4. and 5., when I ask for their detailed P&L. I need clients less than they need me, so disengagement comes sooner the older I get.

Or, they only send you the odd numbered pages!

13 January 2025 per NATP in my email 8:34 pm tonight.

The two dissolutions I was involved in were years ago, but I'm pretty sure I had to call to request the paperwork from DTF. I don't remember how long it took, but everything takes even longer today. https://www.signnow.com/template/instructions-for-voluntary-dissolution-of-a-new-york-corporation-tr-125 Please Note: The Certificate of Dissolution requires the consent of the New York State Department of Taxation and Finance. The telephone number, fax number, and address where you can call or write to request the consent is as follows: New York State Tax Department, Corporation Tax Dissolution Unit, Building 8, Room 538, W. A. Harriman Campus, Albany, NY 12227 Telephone number: (518) 485-2639; Fax number: (518) 435-2995

If NYC, add a step: If the corporation has done business in and incurred tax liability to the City of New York, it must request written consent to dissolve from the New York City Commissioner of Finance. Additional information is available on New York City Department of Finance’s website.

written consent from the Tax Department (Form TR-960, Consent to Dissolution of a Corporation) https://www.tax.ny.gov/bus/doingbus/tr125.htm

Remember that the W-2 wages were reduced before FIT, SIT, FICA, and Medicare. So, even if the childcare exclusion gets added back to wages (because they don't qualify or don't qualify for it all) that they still save the FICA and Medicare. Depending on their tax bracket, they might do better taking the credit instead of the exclusion. If the non-working spouse is a student or is job hunting, they get some benefit. Covid rules were more generous. [Most of my clients have grown kids, so I rarely use this exclusion/credit anymore, so forgive me if I didn't report the most current rules.]

I keep .pdf copies of the "accountant's" copy automatically, separately from the program files. The client receives an electronic copy along with his eSign. I put a client copy .pdf in my portal upon request. I will be printing even fewer paper client copies next season. If a client needs a later copy, ProSystem fx asks me if I want any changes before I can open that client, so I can print or make a .pdf as originally filed.

I ended up calling in the IT guy I have on retainer. It took him mere minutes!

The 2 out of 11 that note "(paid subscription may be required)" talk about advanced features, such as automatically entering the authentication code, keeping devices up-to-date, etc. Read about all the authenticators that WK says have been tested with their software to see if you need or want the advanced features.

I searched on "CCH + authenticator" and found Home > Knowledge Base > Article > Article Number: 000280864 https://support.cch.com/oss/ml/kb/solution/Multi-Factor-Authenticators-for-Customers "Multi-Factor Authenticators for Customers Objectives Any Time-based One-Time Password -capable validator will work with Multi-Factor Authentication (MFA) and your Wolters Kluwer application. The list below is collected from popular, secure Wolters Kluwer and third-party authenticators to help you in selecting the one best suited for your needs. Environment All Wolters Kluwer Applications Windows OS iOS or Android Details [Then a nice table that I don't seem to be able to copy with 11 different authenticators, links to get them, and which work with Mobile, Windows, &/or Browser.] The list of authentication providers has been tested by Wolters Kluwer and have been determined to be compatible with our systems. However, please be advised, Wolters Kluwer does not endorse or recommend any individual provider, and each firm/user is advised to conduct their own due diligence to select a provider that is appropriate for their business needs."

Probably what Judy said. I seem to be able to use BitWarden as my IT guy set it up/scanned the QR code for prior year software up through 2023. Perhaps I'll need to scan a new QR code when I download 2024 (which I didn't want to do yet until I was able to use this new authentication thing for the rest of my late 2023 returns). Or, 1 January 2025. Or,... Glad I have my IT guy on retainer!

ProSystem fx (also WK) has a list of recommended authenticators that are supposed to work with my software. I started with the WK Authenticator, thinking it would be the most efficient with WK software. Not. Tech Support couldn't get me working. Techie liked the MS Authenticator, so I downloaded that. Support moved me up to the next tier. Still locked out of my very expensive software. Third tier support was supposed to call me. I called in my IT guy. He likes BitWarden. Got me running in minutes. (He took the other two authenticators off my phone.) I can finally get into my software, prior years too. Don't know why they have to make it so hard for us old ladies who grew up long before PCs and smart phones! I know it's NOT hard for the hackers.

From memory, a SFR is NOT an original return, so you file an original return. Someone will know for sure and cite.

Morgan Stanley pays 4.24% with NO minimum balance, just under 5% for different MMs &/or balances. (Accounts way out of my reach pay even more.)

How much does mother pay toward her own support? How much does daughter pay toward mother's support? Who pays more than 50%?