New York/Connecticut Association of Tax Professionals | Emmet Gemme | Friends Activity https://www.nyctatp.org/members/emmetg/activity/friends/ Activity feed for Emmet Gemme's friends. Fri, 01 May 2026 01:45:48 -0400 https://buddypress.org/?v= en-US 30 hourly 2 27333574a9ca30b31cbc330bc509ed25 marjorie mullen replied to the topic PPP Loan Forgiveness reporting in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ppp-loan-forgiveness-reporting/#post-15364 Tue, 02 Feb 2021 23:43:11 -0500 Thanks Arthur. I may attach the forgiveness notice to the return as well.

]]> 698a7f220f4cbc5707c5b8269ab69a75 marjorie mullen replied to the topic Stimulus payments in the forum Tax Discussion https://www.nyctatp.org/forums/topic/stimulus-payments/#post-15361 Tue, 02 Feb 2021 21:48:56 -0500 Here is a site I have used
https://www.irs.gov/coronavirus/get-my-payment

Marge

]]> c87ff5468fa8cd3768c05fa914af6a0c marjorie mullen started the topic PPP Loan Forgiveness reporting in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ppp-loan-forgiveness-reporting/ Tue, 02 Feb 2021 18:24:18 -0500 My client received PPP Loan forgiveness in the amount of $20,800. They are self-employed with no employees and are filing a 1040. Is there an additional form to file to show the forgiveness? Or is it it just left off the income of the Schedule C?

Thanks,
Marge

]]> 0a708b4ef9929c3d8696661296fd0b58 marjorie mullen replied to the topic PPP Loan Forgivenesa for Self Employed in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ppp-loan-forgivenesa-for-self-employed/#post-15342 Tue, 26 Jan 2021 12:47:37 -0500 A client has been forgiven for a PPP loan, when filing the 1040 with Schedule C, is there a form that needs to be filed, possibly I may need to attach the loan forgiveness form from the IRS?

]]> cecec65ccd7f840becf2fb99de5fa975 marjorie mullen replied to the topic PPP Loan Forgivenesa for Self Employed in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ppp-loan-forgivenesa-for-self-employed/#post-15338 Mon, 25 Jan 2021 22:28:05 -0500 Even though the Schedule C doesn’t show 100K for 2020, as long as it showed 100K for 2019 and they received a loan forgiveness for 20,800, they are not taxed in this income.

]]> 307ebbfbf563dc4126476f5353bcce32 marjorie mullen started the topic Cares Act in the forum Tax Discussion https://www.nyctatp.org/forums/topic/cares-act/ Fri, 17 Jul 2020 01:39:41 -0400 I have a client who needs his 1040 amended and when I input the information the amount due in the voucher is less then the amount on the tax return. I think this has to do with suspending his liability based on the Cares Act. I have not made myself familiar with these new law yet. If anyone knows more, please let me know.

Here is what my…Read more

]]> 1b955c3e00eef33490014cb77157b8ae marjorie mullen replied to the topic PPP Loan for Self Employed in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ppp-loan-for-self-employed/#post-14209 Sun, 03 May 2020 22:57:49 -0400 I had the same question and will following any answers. What I read said that only employees of that sole-proprietor and not owners salary was covered under loan. Makes no sense. But it might cover a SEP Payment as long as it was figured in before 2/20?

Marge

]]> 6951a831eeb7c6c813845138559765fd marjorie mullen replied to the topic Stimulus Money in the forum Tax Discussion https://www.nyctatp.org/forums/topic/stimulus-money/#post-14199 Mon, 27 Apr 2020 21:54:03 -0400 Tom,

My client can claim his daughter Married Child
“You may claim your married child as your dependent as long as she doesn’t file a joint tax return with her husband – unless they file the return solely to receive a refund, not because they owe taxes.” and by doing so, my client did not receive a stimulus check because he earned too much, but…Read more

]]> 88ccd4e2035194abcd46eb1159414f18 marjorie mullen started the topic Stimulus Money in the forum Tax Discussion https://www.nyctatp.org/forums/topic/stimulus-money/ Mon, 27 Apr 2020 20:25:48 -0400 I have a client that deducted his daughter who was married that deducted herself as a joint return with her husband. I am going to amend my client’s return. His daughter did not receive the stimulus money, but her husband did. After this amended return will she receive her stimulus money? Has anyone run into this scenario?

]]> c765d8950b22e0a43b3b9c0fae316ab4 marjorie mullen started the topic form 8962 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/form-8962/ Sun, 23 Feb 2020 15:20:17 -0500 My client’s contribution amount is incorrect on the Premium Tax Credit. Line 8b shows her contribution $200 less than she paid. Has anyone else run into this problem? Or are there other factors involved that would make this number appear lower than it should, such as interest? I may have her go back to the Connecticare and correct form 1095-A.

]]> ee9715721be82c692f0ff723edb6d55c marjorie mullen started the topic decreased refunds on CT returns in the forum Tax Discussion https://www.nyctatp.org/forums/topic/decreased-refunds-on-ct-returns/ Tue, 11 Feb 2020 02:26:54 -0500 Is it just my clients or are your clients receiving hundreds less in their CT income tax refund too?
Marge Mullen

]]> 8feb28511d60a88f60d8cf46176a26cc marjorie mullen replied to the topic police deductions in the forum Tax Discussion https://www.nyctatp.org/forums/topic/police-deductions/#post-13981 Sun, 09 Feb 2020 05:49:16 -0500 Thank you for the quick response Emmet.

]]> 607aba7a8153e3456b4ceb9a2d557ea7 marjorie mullen started the topic police deductions in the forum Tax Discussion https://www.nyctatp.org/forums/topic/police-deductions/ Sun, 09 Feb 2020 01:44:21 -0500 Do police officers get unreimbursed employee expenses? Are they considered a fee-basis state or local government official?

Thank you,

Marge

]]> e2fe75b156c516f9298234b4721c7519 marjorie mullen started the topic look-back in the forum Tax Discussion https://www.nyctatp.org/forums/topic/look-back/ Wed, 28 Aug 2019 16:47:00 -0400 A client has dementia and wants to gift her children the money before she needs to go into a nursing home. I know the look-back period is five years, but is there anything else she can do with the money so it is not lost?

Marge

]]> d04eee7b7719961f501072bdb2653bf0 marjorie mullen replied to the topic Tax Software in the forum Tax Discussion https://www.nyctatp.org/forums/topic/tax-software/#post-12329 Sat, 13 Jul 2019 13:41:14 -0400 Thank Donna, does it allow you to partially block the social security/tax ID’s of clients? I will look into this.

Marge

]]> fcd05317a38477467e5cf1cd483fcdcd marjorie mullen started the topic Tax Software in the forum Tax Discussion https://www.nyctatp.org/forums/topic/tax-software/ Sat, 13 Jul 2019 00:42:47 -0400 I’m looking to switch my tax software program. I have used ProSystem Fx in the past, but that is a bit pricey. I currently use ProConnect Tax Online, but it is terrible. Do you have any suggestions for an easy to learn program that is not too expensive? Thank, Marge

]]> f19fb46fcd6b8ac515a18eb568ef4875 marjorie mullen replied to the topic Looking for annuity expert in the forum Tax Discussion https://www.nyctatp.org/forums/topic/looking-for-annuity-expert/#post-12175 Fri, 14 Jun 2019 17:36:22 -0400 I just saw how investing in annuities is not a good idea right now. Check out this article.
https://www.forbes.com/sites/alangassman/2019/05/31/here-come-the-annuity-sales/#216e8bfb628b

I also saw another article, but can’t find it. It went into the changes that are occurring.

Marge

]]> dbb1aa2e6be79baca7da9603bf76b386 marjorie mullen replied to the topic Shareholder Loan in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-loan/#post-6254 Fri, 26 Apr 2019 12:01:06 -0400 Thank you

]]> d42128644e903bc289cdb33de6455db6 marjorie mullen started the topic Shareholder Loan in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-loan/ Wed, 24 Apr 2019 18:08:23 -0400 My client has loaned his 1120S company a total of $53,000 by the end of 2018, the balance at the beginning of 2018 was $26,000 which the IRS requires he has an official note for that loan. But once a loan is set in place all contribution will go toward an additional paid-in contribution and loan repayments will be ordinary income. Is this…Read more

]]> c42f11aa68f27600cc296589f03b6c23 marjorie mullen replied to the topic Home Office Form 8829 Line 11 Worksheet in the forum Tax Discussion https://www.nyctatp.org/forums/topic/home-office-form-8829-line-11-worksheet/#post-5494 Mon, 25 Mar 2019 22:35:37 -0400 Thank you Tom for catching this. I’m going to make changes.

]]> 4eb6192f476c0d610e84d7214a636864 marjorie mullen replied to the topic Home Office Form 8829 Line 11 Worksheet in the forum Tax Discussion https://www.nyctatp.org/forums/topic/home-office-form-8829-line-11-worksheet/#post-5493 Mon, 25 Mar 2019 21:54:40 -0400 I use ProConnect Tax Online, and the Critical diagnostic says “since this return is not claiming itemized deductions, you must check the box in the business use of home input screen to (allocate all mortgage interest and real estate taxes as excess when claiming the standard deduction).” When this is checked it brings the full amount of real…Read more

]]> 4ca821785100517aa2f998718e854baf marjorie mullen replied to the topic Sale of PA Home in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sale-of-pa-home/#post-5273 Wed, 20 Mar 2019 21:52:28 -0400 Emmet,
My client is a CT resident, so what you are saying is that he can get a credit on the real estate tax he paid for the closing on his PA return? It’s not put toward the cost basis of the home?

Marge

]]> cf3eb1e047ffb1f5cb8ba897a1f7f9b8 marjorie mullen replied to the topic Sale of PA Home in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sale-of-pa-home/#post-5259 Wed, 20 Mar 2019 14:04:33 -0400 Thank you

]]> d89ce11c2cfdaae3f5979a083cd37867 marjorie mullen started the topic Sale of PA Home in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sale-of-pa-home/ Wed, 20 Mar 2019 13:34:30 -0400 My client is filing a 1040 and has ownership of a home in PA which he sold in 2018. He owned the home, but had his mother living there. Question: Do I need to file a PA return even though he made no gain over $500K? A 1099-S was reported. When the question is asked if you used 2 out of 5 years, does this pertain here? He never collected…Read more

]]> ed56fa1da71fda67c66f033cee54a255 marjorie mullen replied to the topic Bill to Extend Tax Season Introduced in the House in the forum Tax Discussion https://www.nyctatp.org/forums/topic/bill-to-extend-tax-season-introduced-in-the-house/#post-5167 Thu, 14 Mar 2019 15:59:02 -0400 That’s just torture to extend.
Marge

]]> 9bde8352884c72ddce0f095dfe8b4bf0 marjorie mullen replied to the topic Qualified business deduction in the forum Tax Discussion https://www.nyctatp.org/forums/topic/qualified-business-deduction-2/#post-5143 Wed, 13 Mar 2019 16:10:38 -0400 If you look at Publication 535 Page 50 middle of the page under Athletics, it says coaches, but this is contrary to everything I’ve heard. Weird.

Thanks,
marge

]]> 06f1b43ab49868119b3106ad9d63ed7d marjorie mullen started the topic Qualified business deduction in the forum Tax Discussion https://www.nyctatp.org/forums/topic/qualified-business-deduction-2/ Wed, 13 Mar 2019 15:40:27 -0400 I wish there was a list of who was a qualified business and who wasn’t. If you know of one, please forward it to me. Does anyone know if a tennis coach is a qualified business. Some websites say yes, but I think it is not based on our prior meeting. Please let me know you thoughts.

Marge

]]> 607505439a4f2d20ddbbc5bf9f5cb8ea marjorie mullen and Thomas Bridgman are now friends https://www.nyctatp.org/activity/p/691/ Mon, 11 Mar 2019 22:13:48 -0400 0 eff17f71b941e398c951030f91877d4e marjorie mullen replied to the topic Shareholder basis in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-basis/#post-5028 Fri, 08 Mar 2019 14:09:32 -0500 Apparently that $25,000 was an old article. It is $10,000.

Marge

]]> 7778836315d7c370bbc62faa0bf6775b marjorie mullen replied to the topic Shareholder basis in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-basis/#post-5027 Fri, 08 Mar 2019 13:35:32 -0500 Thank you for that information. Yes, I fill out a 1099-INT for the shareholder after calculations in Value. I looked up that debt and I guess they changed it to $25,000

Thanks,
Marge

]]> 5be0cf0fd17045b41b747d3d4ed7f8e7 marjorie mullen started the topic Shareholder basis in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-basis/ Thu, 07 Mar 2019 01:47:03 -0500 I want to come to an accurate basis for a new client. We have gathered all the K-1s since the beginning of time and added all income and subtracted all losses, nondeductible expenses, charitable contributions, etc.

The client also has a running “Loan to Shareholder” account that he repays and contributes to on a regular basis. Is this yearly…Read more

]]> eba44c6efdb7296265cb57865deea54d marjorie mullen replied to the topic Cpaitalized R&D Costs in the forum Tax Discussion https://www.nyctatp.org/forums/topic/cpaitalized-rd-costs/#post-4892 Fri, 01 Mar 2019 21:26:55 -0500 Unfortunately, I do not have an answer to your problem. Sometimes I will contact Dave Mellem from Ashwaubenon Tax Professionals to get answers. He was one of our programed speakers and gives out his email so you can ask him questions. Here is his email.
Dave L Mellem <davelmellem@yahoo.com>

Good Luck
Marge

]]> 424fc049c7ae770e53bf2ea2603e3465 marjorie mullen replied to the topic Structuring a rental in the forum Tax Discussion https://www.nyctatp.org/forums/topic/structuring-a-rental/#post-4891 Fri, 01 Mar 2019 19:19:58 -0500 Tom,

I feel the same way. I can’t know all this stuff. I forwarded them an article from NOLO.com about their question and left it up to them to make a decision.

Thanks for watching out for us.

Marge

]]> b78f9df497d16e8af49d63cfcc54c45d marjorie mullen replied to the topic Structuring a rental in the forum Tax Discussion https://www.nyctatp.org/forums/topic/structuring-a-rental/#post-4853 Thu, 28 Feb 2019 19:18:55 -0500 Grammar aside. Should my client set up a company to manager her rental property? or just insure it. This rental property is a small residential rental on her personal (home) property. She’s looking for the maximum amount of proteciton.

Thanks,
Marge

]]> 48b0cc443ea372c428ed6426b171061a marjorie mullen started the topic Structuring a rental in the forum Tax Discussion https://www.nyctatp.org/forums/topic/structuring-a-rental/ Thu, 28 Feb 2019 17:19:09 -0500 My client is residential renting a building on their property. She asked should she structure the rental as its own entity? or just insurance the property. Which would give her the most protection. Has anyone run into this?

Marge

]]> 0c8b18aaab9cedd166b3592236b0cbf9 marjorie mullen replied to the topic Massachusetts Schedule HC in the forum Tax Discussion https://www.nyctatp.org/forums/topic/massachusetts-schedule-hc/#post-4843 Thu, 28 Feb 2019 17:16:33 -0500 Thank you Rita, that worked like a charm.

Marge

]]> bfc91bf67c5e97942cb27aa4c6add34c marjorie mullen started the topic Massachusetts Schedule HC in the forum Tax Discussion https://www.nyctatp.org/forums/topic/massachusetts-schedule-hc/ Tue, 26 Feb 2019 22:10:42 -0500 I have a client who moved from MA to CT in May, but the husband worked the full year of 2018 in NY and had health insurance for the full year. My tax program is saying that they need to show proof of MA insurance for the portion of the year they lived there. Is there a waiver or form to let them know that they were insured elsewhere. The tax…Read more

]]> 2258fe76bd120ce82f41994a1a1a3033 marjorie mullen started the topic qualified business deduction in the forum Tax Discussion https://www.nyctatp.org/forums/topic/qualified-business-deduction/ Wed, 20 Feb 2019 12:20:23 -0500 my client receives over $500,000 AGI, but is still receiving a qualified business deduction. The computer has calculated this, but I think it is in error. Can you confirm.

This is the explanation in the worksheets:

“Qualified business income deduction before the
income limitation. Add lines 27 and 31”

]]> fae877d971bb0f08fe2751d87794831d marjorie mullen replied to the topic Shareholder Interest in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-interest/#post-4438 Wed, 06 Feb 2019 22:58:52 -0500 For future reference:

There are three federal rates, a short term rate that is the AFR for obligations maturing three years or less from the issue date, a mid-term rate for obligations with terms in the range 3 to 9 years, and a long-term rate for obligations maturing more than nine years from issue.

Therefore, clients who have a running Loan to…Read more

]]> 261cc427c6d2a5c62ff5892e989c4958 marjorie mullen replied to the topic Shareholder Interest in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-interest/#post-4405 Tue, 05 Feb 2019 18:28:17 -0500 Thank you for the quick response Tom. This shareholder has money going in and out all the time, so there is no length on the loan. I know that I am supposed to prepare a 1099-Int for him, and I’m trying to determine the rates. Do I give him a different rate every month based on the amount he loaned or do I get him a yearly rate?

]]> 0bbbea0bc9be157665ec27d0d4387c0d marjorie mullen started the topic Website Advice in the forum Tax Discussion https://www.nyctatp.org/forums/topic/cpa-advise/ Tue, 05 Feb 2019 18:13:14 -0500 What is a good website to use to get answers from CPAs during tax season?

]]> 0362341388017ca9952586f5f9508b3e marjorie mullen started the topic Shareholder Interest in the forum Tax Discussion https://www.nyctatp.org/forums/topic/shareholder-interest/ Tue, 05 Feb 2019 17:43:02 -0500 Do I determine the Shareholder Interest on loans to s corp by getting AFR rates from each month money was transferred or just year-end rates?

]]> 06bd5d33d9d15534fe91fdd7c47120b4 marjorie mullen replied to the topic Form 8867 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/form-8867/#post-3893 Thu, 17 Jan 2019 18:04:29 -0500 I would go to Brasstax.com and click on Practice Aids then download the Excel Due Diligence Worksheet for the client to fill out.

Marge

]]> b178a968fc4bc27a2e959d8a824b261b marjorie mullen changed their profile picture https://www.nyctatp.org/activity/p/447/ Wed, 02 Jan 2019 17:00:34 -0500 0 15ae9e2d088694af32d94c2a3fd16128 marjorie mullen and Emmet Gemme are now friends https://www.nyctatp.org/activity/p/426/ Mon, 31 Dec 2018 19:21:30 -0500 0