I’m positing because the company I work for, Nuvance Health, is looking to fill a tax analyst position: https://careers.nuvancehealth.org/jobs/16668884-tax-analyst. They will consider an EA.

We work mostly with 990s, Connecticut property tax reporting, and New York property tax reporting. I’m guessing that we’re not a big four salar…Read more

I very vaguely remember the guy. His voice mail told me that he was in a Hartford hospital after an accident and that he has multiple broken bones. I looked up the hospital’s number on the i…Read more

Is anyone else getting feedback from clients that the IRS and CT DRS are being slow in debiting amounts scheduled to pay for filed tax returns?

I think this is a yearly thing, but it would be great if I could tell clients it’s not just my software.

Thank you,
Amy

Our friends at ATX also said it was an IRS issue that was resolved yesterday. They hope to have a fix in later in the week. I’m calling Monday if there’s no update by Friday.

Due to Mom’s illness I missed this year’s updates.

Can someone confirm that the 8283 has changed and we need a signature for all property donations reported on that form?

Thank you!

https://portal.ct.gov/-/media/DRS/Publications/TSSB/2024/TSSB-2024-2.pdf

FYI, Mom was unable to stand a week or so ago. This meant another trip to the ER, she was admitted, she has had a laminectomy, and is now in rehab. I find out on Monday how long they expect her to be there.

Meanwhile, I’m still trying to finish up with extensions. A client moved from NYC to Hoboken, NJ on 4/1/2022. The client then moved…Read more

Did any of you know that due to IRS Section 266 taxes paid on unimproved/unproductive land in 2022 can be added to the basis?

Regards,
Amy

Apologies for this. Mom has been rotating between rehab and the hospital. Between trying to keep track of what’s going on with her, working a full-time job, and taking care of the tax clients, etc. my mind has fled. I did try looking this up, but I think my reason and patience have left also.

One of our clients owned an investment…Read more

They may have incorporated in PA. You can contact the Secretary of state. If it’s your software you can try using the Federal ID with “000” at the end.

Regards,
Amy

That may not apply in this case. NYS will tax some folks who don’t work in their state and CT doesn’t necessarily let you deduct it.

You probably can’t change the W2. I’d probably bounce this off NYS Taxation and CT DRS to get their takes, but your client may have to pay taxes in both states without foreign state credit in either. NYS is aggressive and this has been happening.

Could you be running into a perfect storm of employee vs contractor and the convenience of the employer rule?

https://smartasset.com/taxes/convenience-of-the-employer-rule#:~:text=The%20convenience%20of%20the%20employer%20rule%20allows%20some%20states%20to,they%20may%20be%20taxed%20twice.

The only time I remember backing this out was…Read more

Isn’t it amazing that after the client called to yell on Wednesday and I explained how the W2 said 1 of 2 pages and explained why we needed the second page (NY wages are on it) AGAIN, the client came up with the…Read more

We’ve got a client who worked for CSC Holdings in CT and NY. He was only sent the first page of his W2. I pretty much believe his story, I’ve seen idiots send out only the first of multiple pages before. CSC Holdings has been taken over by Altice. I cannot get through to HR for Altice. The client doesn’t want to know from anything he pays…Read more

I don’t think you can claim the daughter for QW because the daughter is not technically a child. Pub 17, https://www.irs.gov/pub/irs-pdf/p17.pdf, lists the tests for Qualifying Child on page 27. The daughter fails the age test unless she’s permanently disabled.

The daughter might pass as a Qualifying Relative for HOH. Look at Relatives…Read more

Should they follow “Not Rented for Profit” in pub 527 and claim the “rent” on Schedule 1, line 8i, then claim the expenses up to the amount of “rent” on Schedule A…Read more

A client’s 2019 inheritance in Japan has dragged us into new waters. Can anyone answer the following?

1. When you have to file an FBAR and 1040, can you file the 1040 first or does the FBAR need to be filed first because you state it was filed on the 1040?
2. When you file an FBAR for a client, who is liable if the client doesn’t giv…Read more

Here’s what we came up with. About half the overage was the amount paid to the client while he was still working out of the CT office but lived in NC. The other half was his bonus which was earned while living/working in CT but paid while he was in NC.

Both parts were taxable in both states. NC did give him credit for taxes…Read more

We’ve got a holdover from 2020 we can’t quite figure out. We feel like we’re missing something basic, but neither of us can come up with it.

MFJ, 1 dependent.

They moved from CT to NC in 2020. One spouse kept working for the same company, but eventually moved from the CT facility to the NC facility.

They physically moved 9/2/2…Read more

Thank you for this!

Mom and I are fighting again.

A client has a Schedule C and is in a specified trade or business, but UNDER the income limitation for this year.

I’m saying we can take QBID. Mom says no QBID due to specified trade or business.

Anyone care to weigh in?

I swear I’ve heard this sort of question addressed either on this board or at our meetings. I did try searching the board but didn’t find the answer.

A client bought a house in 2000 jointly with her mother-in-law. The client/husband moved out in 2015. The MiL continued to live in the house until it was sold in 2020. The client let MiL…Read more

I went to tweet at (ex)mayormark since he’s now in charge of CT’s DRS. I found this on his Twitter feed:

“The Internal Revenue Service (IRS) informed DRS today of a temporary interruption of service for certain returns filed electronically. DRS is working with the IRS to resolve the issue. We apologize for the inconvenience &…Read more

ATX support has no clue so far, the only thing I find online is the same listing from a published error listing for e-files.…Read more

Found this on LinkedIn:

IRS Issues Revenue Ruling 2021-02 Allowing Deductions for Expenses Tied to Forgiven PPP Loans

A confusing client is back and wants us to prepare 2017, 2018, and 2019 returns. He’s a Schedule C business.

He had about 89,000 in labor costs for 2017 but didn’t issue 1099-Misc forms. Can we claim the labor cost even though he didn’t issue the forms?

I see some articles that say I can, but most are 2014 or prior.

Thank you,
Amy

I’m looking at Primerica and was wondering if any of you had experience, good or bad, with them.

Thank you,
Amy

I went through this myself recently.

When the client files for her weekly unemployment she should answer the question about getting additional monies “yes” (have her read the questions, it will be obvious which one). The hard part will then be getting a hold of someone at the CT DOL to let them know if the severance affects her…Read more

We have a client who worked as in an education assistant in a summer program for the Danbury School System. They paid her on a Purchase Order.

The P.O. states:

Item 1
Quantity 1
Description 108 Hours of Kindergarten Summer Skills Service
Unit Price 1,629.00
Total Price 1,620.00

Have any of you seen anything…Read more

We have a couple who has come back after a couple years, bringing their 2018 data for return preparation.
• They were foreclosed in 2018 and have a 1099 A from Ocwen.
o Box 1, Box 2, Box 4 and Box 6 are filled in.
• No 1099 C.
• The town assessor still lists the couple as the property owner, with a notation of forec…Read more

I was on the wrong website.

For those of us who remember the tornado that hit Brookfield, parts of Danbury were damaged in the same storm. I can’t find where this storm is listed as qualified disaster. Does anyone have firm information one way or the other?

Thank you,
Amy