New York/Connecticut Association of Tax Professionals | Lauren O'Brien-Saunders | Friends Activity https://www.nyctatp.org/members/laurenobriensaunders/activity/friends/ Activity feed for Lauren O'Brien-Saunders's friends. Thu, 09 Apr 2026 04:53:42 -0400 https://buddypress.org/?v= en-US 30 hourly 2 09e27f8283abbefaa797b4e68196b073 Thomas Bridgman started the topic Preference Practitioner Liaison Meeting in the forum Tax Discussion https://www.nyctatp.org/forums/topic/preference-practitioner-liaison-meeting/ Thu, 11 May 2023 02:11:15 -0400 From Joe McCarthy – please click here to answer: https://forms.gle/PwxaTsh2iV8wRGbBA

I am looking to schedule an IRS/DRS Practitioner Liaison Meeting sometime in late June. Can you canvass your members to see if they would like the meeting to be a face to face meeting (likely at Gateway Community College) or a virtual meeting. We have not had a…Read more

]]> be6ac07320d02052429e5ed17d501e86 Thomas Bridgman replied to the topic Mohegan Sun CT Tax ID # in the forum Tax Discussion https://www.nyctatp.org/forums/topic/mohegan-sun-ct-tax-id/#post-18597 Sun, 09 Apr 2023 13:20:18 -0400 Are you sure it’s necessary? CT W2s often have a CT number, but it’s the federal EIN that prints on the return. I am pretty sure I have e-filed CT returns without using the CT number.

]]> 47ce14315bfa933b19f1ee301c025310 Thomas Bridgman replied to the topic FORM 8115-F in the forum Tax Discussion https://www.nyctatp.org/forums/topic/form-8115-f/#post-18586 Thu, 06 Apr 2023 03:00:07 -0400 According to Thompson Reuters – the final instructions dropped March 31, but there are extensive differences between the draft (9 pages) and final (35 pages), including new worksheets that must accompany the return in some cases. TR does not currently have an estimated release date for being able to file. Not sure about other software; I know some…Read more

]]> 05a9c69d9d6e537f09df61bda59789ab Thomas Bridgman started the topic IRS 1099K Roundtable, April 25, New Haven - RSVP Required in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-1099k-roundtable-april-25-new-haven-rsvp-required/ Fri, 31 Mar 2023 19:17:00 -0400 I plan on attending; if you are unable to attend but have feedback to raise, please email me and I’ll bring it along – tom@hvtaxexperts.com.

From our stakeholder liaison:

The American Rescue Plan of 2021 changed the reporting threshold for third-party settlement organizations, including payment apps and online third-party settlement…Read more

]]> 8364d477f148cb9147a31433cbb6e5c2 Thomas Bridgman replied to the topic Estate Return-Savings Bond Interest in the forum Tax Discussion https://www.nyctatp.org/forums/topic/estate-return-savings-bond-interest/#post-18571 Mon, 27 Mar 2023 16:17:05 -0400 Sorry Emmet, I disagree. Interest up through date of death only — not all interest — can be claimed on the final 1040 regardless of 1041 filing status. In that case, remaining interest is handled the 1041 with tax treatment depending on whether it’s final.

]]> 020bfcc668be7e84eff0cbd72802f8f8 Thomas Bridgman replied to the topic Estate Return-Savings Bond Interest in the forum Tax Discussion https://www.nyctatp.org/forums/topic/estate-return-savings-bond-interest/#post-18570 Mon, 27 Mar 2023 16:02:18 -0400 Look at a 454 election to see if it’s beneficial. Accumulated interest up to the date of death can be claimed on the deceased person’s final 1040. Remaining interest would go on 1041 and out to the beneficiaries. If deceased was in a lower bracket than the benes, especially if they died early in the year, so minimal additional income, it can be a…Read more

]]> e1c103c377dbd6f09eba1c6af4264848 Thomas Bridgman replied to the topic ERTC refunds in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ertc-refunds/#post-18470 Tue, 21 Feb 2023 20:10:19 -0500 I’m seeing first EIC refunds posted to arrive tomorrow (2/22).

]]> f9dfc78f7a84975e95a39d4a198f7d8d Thomas Bridgman replied to the topic IRS Statement - Taxability of State Payments in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-statement-taxability-of-state-payments/#post-18458 Thu, 09 Feb 2023 18:19:16 -0500 Special tax refunds were offered by 19 states in 2022. The list includes Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina, and Virginia.

Payments based on receiving CTC or EIC, or property tax rebates are not in…Read more

]]> c576e7cce3268760e18c09a8121c40e0 Thomas Bridgman replied to the topic IRS F2F Assistance - Hartford - Feb 11 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-f2f-assistance-hartford-feb-11/#post-18455 Tue, 07 Feb 2023 15:42:26 -0500 More info: https://www.irs.gov/newsroom/irs-announces-special-saturday-hours-for-face-to-face-help-dozens-of-taxpayer-assistance-centers-open-across-the-nation

]]> 12660468e79e7ad0bf52a51e6de2c8ac Thomas Bridgman started the topic IRS F2F Assistance - Hartford - Feb 11 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-f2f-assistance-hartford-feb-11/ Tue, 07 Feb 2023 15:40:20 -0500 From Joe McCarthy:

I know it is short notice but I just got word yesterday that the IRS announced special Saturday hours for face-to-face help in Connecticut. No appointments are required. On the off chance practitioners or their clients need to visit an IRS walk in unit on a Saturday, this coming Saturday is when to do it.

Location: 135 High…Read more

]]> ebbca1dea44e0847a6f0bc93a7e518b8 Thomas Bridgman replied to the topic CT Enhanced EITC Payments 1099G in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ct-enhanced-eitc-payments-1099g/#post-18442 Fri, 03 Feb 2023 14:09:20 -0500 Probably not taxable due to general welfare exclusion because it was based on same criteria as EITC, which is not taxable.

https://www.journalofaccountancy.com/issues/2006/may/generalwelfareexclusion.html

The only state I’m aware of that has issued 1099s is California, and there’s a lot of debate over whether GWE applies there because the…Read more

]]> 310597facd2d25955ca2f5dac8f9c72d Thomas Bridgman started the topic IRS Webinar: Deeper Dive Into Emerging Cyber Crimes and Crypto Tax Compliance in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-webinar-deeper-dive-into-emerging-cyber-crimes-and-crypto-tax-compliance/ Tue, 15 Nov 2022 02:03:45 -0500 Tuesday, November 29, 2022
2:00 p.m. Eastern, 1:00 p.m. Central, 12:00 p.m. Arizona and Mountain, 11:00 a.m. Pacific, 10:00 a.m. Alaska, 8:00 a.m. Hawaii (75 minutes)
Tax Professionals – Earn up to 1 CE Credit. Category: Federal Tax

https://www.webcaster4.com/Webcast/Page/1148/47098

This webinar will cover the following:

Understanding…Read more

]]> 2943d7697c1c1cfee59a07656b61e4bf Thomas Bridgman replied to the topic Short Year Deadline in the forum Tax Discussion https://www.nyctatp.org/forums/topic/short-year-deadline/#post-17732 Fri, 14 Oct 2022 19:39:39 -0400 The short-year partnership return will be due the 15th day of 3rd month after termination — November 15. Extension will take you to May 15. Schedule C begins 8/30.

Whether you can e-file the short-year extension depends on your software, but I imagine yes.

]]> c69147dee2bacf0ccf11df723ed4ec2d Thomas Bridgman replied to the topic NYS withholding, no NYS W2 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/nys-withholding-no-nys-w2/#post-17727 Fri, 14 Oct 2022 13:18:59 -0400 Just for anyone’s future reference, they gave you bad info. You can absolutely get a NY withholding transcript if you call the number I posted. I do it several times a year for non-filers.

]]> 96e3b4a32103357a20dab615e954a809 Thomas Bridgman replied to the topic NYS withholding, no NYS W2 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/nys-withholding-no-nys-w2/#post-17715 Wed, 12 Oct 2022 14:14:16 -0400 Client can request a NYS wage and withholding transcript by calling 518-485-6654 (I believe it’s option 2). Usually takes 1-2 weeks to receive in the mail.

If you have NY POA on file, you can make the request and have it mailed to you.

Alternately, you can file with no withholding on the return and hope NY adjusts.

]]> 71cd085253dfa6a18bf04c90e1cfeb5f Thomas Bridgman replied to the topic E-filing when ERC credit is passed through to a Partner in the forum Tax Discussion https://www.nyctatp.org/forums/topic/e-filing-when-erc-credit-is-passed-through-to-a-partner/#post-17499 Tue, 20 Sep 2022 19:55:13 -0400 I’m not a Proseries user, but it seems this isn’t support for efile:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/we-really-cannot-e-file-a-1040-that-includes-form-3800/00/36062

]]> 2390a319724ec1764f4578a651d58739 Thomas Bridgman started the topic IRS CP14 Balance Due Notices in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-cp14-balance-due-notices/ Tue, 02 Aug 2022 13:04:48 -0400 From Joe McCarthy:

The Internal Revenue Service today issued the following statement on CP-14 balance due notices:

July 27, 2022
The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices…Read more

]]> 3bd34fafefd04fa2cdad8e4f22ddd4e2 Thomas Bridgman replied to the topic Sale of decendent's home on 1041 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sale-of-decendents-home-on-1041/#post-17286 Tue, 26 Jul 2022 15:40:30 -0400 Abe, the IRS position is clear. I’d go find some of of those court cases where things may have gone differently and see the facts.

]]> f0a1df61011e68456353f8d4bf853095 Thomas Bridgman replied to the topic Sale of decendent's home on 1041 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sale-of-decendents-home-on-1041/#post-17275 Fri, 22 Jul 2022 13:04:01 -0400 I realize returns have been prepared claiming a loss that have not been challenged. That doesn’t make them correct. Here’s the CCM:

https://www.irs.gov/pub/irs-sca/1998-012.pdf

“Two significant obstacles prevent the deduction of a loss by an estate. First, under §§641(b) and 165(c) of the Internal Revenue Code, an estate generally may not d…Read more

]]> 16b7eeaaea2438a262ef2cb1e41af166 Thomas Bridgman replied to the topic Sale of decendent's home on 1041 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sale-of-decendents-home-on-1041/#post-17272 Fri, 22 Jul 2022 00:58:34 -0400 The condo was personal use property. I was taught that only the expenses that would have been deductible by the decedent had they been alive can be deducted by the estate. So: Property taxes, yes (as taxes). Transfer tax and related closing costs, no. Loss on the sale of the personal residence, no.

(and are the really no beneficiaries?)

]]> 3f60be92ed8a255cbe473cd0286dc109 Thomas Bridgman started the topic An overview of the IRS’s 2022 Dirty Dozen tax scams in the forum Tax Discussion https://www.nyctatp.org/forums/topic/an-overview-of-the-irss-2022-dirty-dozen-tax-scams/ Tue, 19 Jul 2022 17:54:19 -0400 From Joe McCarthy:

Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. The IRS warns taxpayers, tax professionals and financial institutions to beware of these scams. This year’s list is divided into five groups. Here’s an overview of the top twelve tax scams of…Read more

]]> 235ffde6b646314e7d9aa431e876b9c8 Thomas Bridgman replied to the topic NY employer's state ID number in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ny-employers-state-id-number/#post-17264 Mon, 18 Jul 2022 22:35:54 -0400 Anthony, the post said it’s a Connecticut resident with New York income. So the W-2 should show wages for both, and often on these two-page w-2s, withholding for one state is only on one of the pages.

]]> f339f7dd1421602969c0079e94c7c4a2 Thomas Bridgman replied to the topic NY employer's state ID number in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ny-employers-state-id-number/#post-17262 Mon, 18 Jul 2022 14:12:35 -0400 NY uses the federal EIN, but the real question is — do you have both NY and CT wages and withholding? The employer should be able to provide a complete copy of the W2.

]]> bdff3da649370ab382b11735aaa5f19c Thomas Bridgman replied to the topic Section 121 exclusion in an Irrevocable Trust in the forum Tax Discussion https://www.nyctatp.org/forums/topic/section-121-exclusion-in-an-irrevocable-trust/#post-17177 Tue, 28 Jun 2022 13:14:05 -0400 What Mike said == just because the title says “irrevocable” proves nothing. If you google for “intentionally defective grantor trust section 121” you can find many articles; I’m linking one.

As to determining whether that’s what you’re dealing with, the best route is asking the attorney.

A Trust can Qualify for a Section 121 Deduction (For Sale of a Personal Residence)

]]> 71adac7ff844019cc4f7100af174d15b Thomas Bridgman started the topic Migration of IRS e-Services Sign In in the forum Tax Discussion https://www.nyctatp.org/forums/topic/migration-of-irs-e-services-sign-in/ Thu, 23 Jun 2022 19:24:36 -0400 From Joe McCarthy:

Tax professionals will soon be required to revalidate their identity using ID.me to continue using IRS E-services. Failure to do so will result in being denied access to IRS E-services until you revalidate your identity using ID.me. This identity revalidation process will start sometime this summer. The IRS has not published…Read more

]]> 19a876d85e638bfa32f6cd2832dd23fb Thomas Bridgman replied to the topic C corp NOL in 2020 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/c-corp-nol-in-2020/#post-16973 Tue, 24 May 2022 01:58:53 -0400 You’re assuming Congress thought about it, which might be giving them too much credit.

From the IRC, it appears it is not possible for S corp shareholders to amend to use the loss in 2015. I would guess that it would get used in the first C corp year within the 5 year period, but I can’t find anything to support that. When you say “IRS seems to…Read more

]]> 43697cfbe4ec50eb0bdd6ddd3ada45f9 Thomas Bridgman replied to the topic Client receives a 1099R in 2020 because of job loss due to Covid. in the forum Tax Discussion https://www.nyctatp.org/forums/topic/client-receives-a-1099r-in-2020-because-of-job-loss-due-to-covid/#post-16930 Thu, 12 May 2022 12:52:13 -0400 This is non-authoratative: https://retirementlc.com/qualified-plan-loans-and-coronavirus-related-distributions/

They say a loan offset (1099R code M) would potentially qualify; a loan default (code L) would not.

If it is code M and otherwise qualified, it appears must spread over the 3-years, as the election to tax it all in the current year had…Read more

]]> 83782972e79f6285e81e96053a72b353 Thomas Bridgman replied to the topic Psychiatrist moving to North Carolina from NYS in the forum Tax Discussion https://www.nyctatp.org/forums/topic/psychiatrist-moving-to-north-carolina-from-nys/#post-16925 Thu, 12 May 2022 00:22:43 -0400 If he is not physically in NY and is not receiving a W2, I believe no NY tax.

The questions about licensing and insurance aren’t tax issues. He’ll need to talk to the licensing board and his insurance agent.

]]> dc674cb22eff583e79d5fd18c4578ba3 Thomas Bridgman replied to the topic Psychiatrist moving to North Carolina from NYS in the forum Tax Discussion https://www.nyctatp.org/forums/topic/psychiatrist-moving-to-north-carolina-from-nys/#post-16886 Fri, 06 May 2022 00:57:54 -0400 “Under a corporation” — do you mean a corporation is paying him as a contractor? Or does he own the corporation and the corp is being paid as a contractor by someone else?

]]> c1f63af91335cd26d81e228e8ea221d0 Thomas Bridgman replied to the topic Pay for NY Extension Online in the forum Tax Discussion https://www.nyctatp.org/forums/topic/pay-for-ny-extension-online/#post-16764 Mon, 18 Apr 2022 11:24:59 -0400 NY online can be challenging. He may already have an account and needs to go through the recovery process, but easier is to set up direct debit for the extension in your software. Especially given the date!

]]> 90f1c812087f5ad31d8a661aae4be56c Thomas Bridgman replied to the topic Qualifying Widow in the forum Tax Discussion https://www.nyctatp.org/forums/topic/qualifying-widow/#post-16760 Tue, 05 Apr 2022 01:29:36 -0400 I believe it hinges on whether the daughter is temporarily out of the home (to attend school) or whether she lives in Boston (and just happens to be attending school). Age of the child is not a factor. Tax Book page 3-10.

The QW filing status is available for the first two years following the year a spouse died, if all the following requirements…Read more

]]> f005a4669c815692285761523347e99a Thomas Bridgman started the topic IRS Alert: Spear-Phishing Scams Increasing Dramatically in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-alert-spear-phishing-scams-increasing-dramatically/ Thu, 24 Mar 2022 23:17:09 -0400 IRS – SCAM ALERT – The IRS’s Cyber-Security Organization has seen a drastic increase in criminals attempting to spear-phish tax professionals’ computer systems using email “lures”. Spear-phishing is a targeted attempt to steal sensitive information such as account credentials or financial information from a specific victim.

Stakeholder Liaison…Read more

]]> 8bbe576e0ac0e748e630233f1e03a864 Thomas Bridgman replied to the topic 1099-RRB Railroad Retirement in the forum Tax Discussion https://www.nyctatp.org/forums/topic/1099-rrb-railroad-retirement/#post-16740 Thu, 10 Mar 2022 14:58:23 -0500 Which items?

]]> 9f9279240a238fde05b53db6b7e3fdae Kristin Delfau replied to the topic U S BOND INT taxed in next tax year? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/u-s-bond-int-taxed-in-next-tax-year/#post-16729 Tue, 08 Mar 2022 23:54:26 -0500 It’s possible – particularly if they were older paper bonds. If the bank took the bonds and literally cashed them same day, it would be a TY2021 1099-INT.

That said, 12/29 was a Wednesday and because 1/1 fell on a Saturday, 12/31 (Friday) was a bank holiday.

If the bank had to send the bonds to the Treasury to cash, then yes, processing time…Read more

]]> 3b5946ee26afbe860d689391c6e5ff27 Thomas Bridgman replied to the topic United Nations employee in the forum Tax Discussion https://www.nyctatp.org/forums/topic/united-nations-employee/#post-16716 Wed, 16 Feb 2022 21:34:37 -0500 What Bob said, and to be clear: they are NOT self-employed even though they file schedule SE.

IRS information: https://www.irs.gov/individuals/international-taxpayers/employees-of-a-foreign-government-or-international-organization-how-to-report-compensation

]]> 541a98da1f87da7085216acf6c8a8b19 Thomas Bridgman replied to the topic Waiting for CT Tax Forms in the forum Tax Discussion https://www.nyctatp.org/forums/topic/waiting-for-ct-tax-forms/#post-16713 Wed, 16 Feb 2022 20:12:51 -0500 There’s a difference between approved for e-filing and approved for paper filing. UltraTax is approved to e-file CT forms (no watermark on the return) but still not approved to generate paper forms for filing (last I checked).

]]> cac71c6f4d384bf5ebc6933a6b1fd96b Thomas Bridgman replied to the topic Waiting for CT Tax Forms in the forum Tax Discussion https://www.nyctatp.org/forums/topic/waiting-for-ct-tax-forms/#post-16707 Tue, 15 Feb 2022 23:54:41 -0500 UltraTax has had delays with many states, both e-filing ability and specific forms being ready. (Also many forms not approved for paper file, but I tend not to care.)

CT and NY e-file are available, provided no delayed forms are present. Of the other states I have in queue right now, NC and ME e-file are not available.

Depending on what can’t…Read more

]]> 18eecf440c399b449bbaaee811fe0683 Kristin Delfau replied to the topic Late FBARs question in the forum Tax Discussion https://www.nyctatp.org/forums/topic/late-fbars-question/#post-16699 Thu, 10 Feb 2022 17:39:27 -0500 Thank you gentlemen! Sorry for the late reply – for some reason Outlook drops NYCTATP messages into Spam.

Correct – I didn’t formulate my question correctly. I am aware that FBARs go directly to FINCEN via my tax software. Appreciate the discussion about the attorneys and the penalties. Will look into this avenue.

]]> c891828fef24b97ee709cfda626806a3 Thomas Bridgman replied to the topic Sales tax from a NYS client in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sales-tax-from-a-nys-client/#post-16696 Mon, 07 Feb 2022 19:04:33 -0500 Per Amazon: “Amazon calculates, collects, and remits tax on sales made by merchants shipped to customers located in the states that have enacted Marketplace Facilitator, Marketplace Fairness, or similar laws. These laws shift collection responsibility from the merchant to the marketplace facilitating the merchant’s sale.”…Read more

]]> 203b3f40519658af6be552e16799f48b Kristin Delfau started the topic Late FBARs question in the forum Tax Discussion https://www.nyctatp.org/forums/topic/late-fbars-question/ Tue, 01 Feb 2022 22:11:34 -0500 Amending a client’s self-prepared 2019 return for various issues. I am comfortable filing timely FBARs but haven’t run into either of these situations yet and could not find conclusive evidence on the following:

Question #1: TP never filed FBAR with original return. Can I add it to the amended 2019 or do I have to make her go through the FINCEN…Read more

]]> 067fb916a57c8149904a5da00d9b8888 Thomas Bridgman started the topic Pressure mounts in Congress for IRS to give taxpayers relief in the forum Tax Discussion https://www.nyctatp.org/forums/topic/pressure-mounts-in-congress-for-irs-to-give-taxpayers-relief/ Thu, 27 Jan 2022 02:21:55 -0500 “More than 200 lawmakers are pushing the IRS to give taxpayers a break on penalties they’re racking up because of mail delays at the agency, just days after the start of a tax filing season that officials warned could be marred by difficulties.”

https://www.politico.com/news/2022/01/26/pressure-irs-supply-taxpayer-relief-00002408

]]> 611b5be3e91d4e90dc3367e473a78789 Thomas Bridgman replied to the topic where to report an early distribution from a NY teamsters annuity fund in the forum Tax Discussion https://www.nyctatp.org/forums/topic/where-to-report-an-early-distribution-from-a-ny-teamsters-annuity-fund/#post-16659 Mon, 24 Jan 2022 23:49:54 -0500 The fact that it’s an early distribution doesn’t matter.

“No State may impose an income tax on any retirement income of an individual who is not a resident or domiciliary of such State (as determined under the laws of such State).” — IRC 114
https://www.law.cornell.edu/uscode/text/4/114

“Income from pension plans described in section 114 of…Read more

]]> bfaf6ae0723f5a7c7235981e444a63d1 Thomas Bridgman replied to the topic 2 member (spouses) NY LLC - reported on Schedule C in the forum Tax Discussion https://www.nyctatp.org/forums/topic/2-member-spouses-ny-llc-reported-on-schedule-c/#post-16652 Sun, 23 Jan 2022 13:47:15 -0500 I wouldn’t bother amending past years. There’s not going to be any change in tax and it’s not your error.

If a lawyer can retroactively amend to remove the husband from the LLC, great, but I’m not sure that’s possible – in which case I’d file a 1065 for 2021.

]]> 3b09de034d866467fa843e91254c7943 Thomas Bridgman replied to the topic IRS Letter 6419 & 6475 Examples in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-letter-6419-6475-examples/#post-16646 Fri, 21 Jan 2022 20:23:52 -0500 However, there are early reports of incorrect ACTC letters being sent to taxpayers. The numbers on the transcript are reported to be more accurate.

]]> 144533ec21b61fbeec62be22764ccfea Thomas Bridgman replied to the topic 2 member (spouses) NY LLC - reported on Schedule C in the forum Tax Discussion https://www.nyctatp.org/forums/topic/2-member-spouses-ny-llc-reported-on-schedule-c/#post-16641 Fri, 21 Jan 2022 00:13:49 -0500 Hi Skeeter,

“they were allowed to file the income from the LLC as spouses on a Schedule C”

Were there two Schedule Cs in the return, splitting income and expenses, or was it reported on one Schedule C for the spouse?

]]> 0ec0ac6613f9fca074bbb206bea3519c Thomas Bridgman started the topic IRS Letter 6419 & 6475 Examples in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-letter-6419-6475-examples/ Thu, 20 Jan 2022 21:50:39 -0500 From Joe McCarthy:

Attached are copies of letters 6419 for the advance child tax credit payments and 6475 for the third economic impact (stimulus) payment to show what they look like.

https://drive.google.com/file/d/13VtBY23eournoKisnfC-7f5rA84nOFrb/view?usp=sharing

]]> df71ae9e7515ff11aa8c8479d90c68d9 Thomas Bridgman replied to the topic CHET in the forum Tax Discussion https://www.nyctatp.org/forums/topic/chet/#post-16490 Mon, 20 Dec 2021 00:10:29 -0500 The person listed on the account as the owner is the owner. 🙂

From what I gather (press release below), “Give a Gift” creates a gift card, not an account. Whoever redeems the gift card into a new (or existing) account is the owner.

If the GPs want a deduction, they actually need to open an…Read more

]]> 657ca7c2d2c3f3360c7a30b01595b0d1 Thomas Bridgman replied to the topic CHET in the forum Tax Discussion https://www.nyctatp.org/forums/topic/chet/#post-16485 Sat, 18 Dec 2021 16:13:50 -0500 *Anyone* who owns a CHET account can take a deduction — the beneficiary does not need to be related.

]]> a3b321c491156827be24bd57bad41e35 Thomas Bridgman started the topic From Joe McCarthy: ACTC & EIP Letters in the forum Tax Discussion https://www.nyctatp.org/forums/topic/from-joe-mccarthy-actc-eip-letters/ Thu, 16 Dec 2021 14:28:14 -0500 If you could please share the following with your membership I would really appreciate it.

With preparations for the next tax season starting there is something important you should be aware of:

The IRS will be sending out two letters to taxpayers in January:

• Letter 6419 – Advance Child Tax Credit Payments
• Letter 6475 – Economic Impact (st…Read more

]]> af1614b6114de70b9276d69dd86cd206 Thomas Bridgman replied to the topic Still waiting for refund in the forum Tax Discussion https://www.nyctatp.org/forums/topic/still-waiting-for-refund/#post-16466 Fri, 10 Dec 2021 16:49:23 -0500 Very common this year, and not much you can do except wait.

The Advocate is NOT accepting refund delay cases at this time.

“Currently, the majority of processing delays result from tax returns not loaded onto the IRS system or in “suspense” status awaiting IRS action. The tax return processing delays also include amended tax returns. Until the…Read more

]]>