New York/Connecticut Association of Tax Professionals | Lynn Persson | Activity https://www.nyctatp.org/members/lynnpersson/activity/ Activity feed for Lynn Persson. Sun, 03 May 2026 04:02:30 -0400 https://buddypress.org/?v= en-US 30 hourly 2 674ad508b981441c5477463d0790e616 Lynn Persson started the topic Overtime questions... Must it be time and a half to qualify?? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/overtime-questions-must-it-be-time-and-a-half-to-qualify/ Thu, 19 Mar 2026 20:41:09 -0400 Does the standard of time and a half or double time apply to all overtime? Have a client, vet tech, who at times is required to sleep overnight at the clinic. They do not pay time and a half, they pay about 10% over base pay for weeknights and about 12% over her base pay for a weekend overnight.
Is this type of arrangement qualifying? Any…Read more

]]> f13c7c595e48186a5b1354b6aadd058c Lynn Persson started the topic QBID for Rental Income.. to claim or not to claim... in the forum Tax Discussion https://www.nyctatp.org/forums/topic/qbid-for-rental-income-to-claim-or-not-to-claim/ Mon, 31 Mar 2025 22:30:30 -0400 Looking for guidance on this as I find the “rules” confusing. Client rents apartment
in her home, claims 1/3 of expenses to rental. She keeps decent records and is pretty
hands on but the whole 250 hours directly on the rental activities seems daunting. Does
any have a ‘short and sweet’ way to interpret this deductions requirements?

Many…Read more

]]> 912b3ee2eeb01de18b502a9cd06d1a62 Lynn Persson started the topic Adult Child Dependent: What is IRS definition of "Gross Income" in the forum Tax Discussion https://www.nyctatp.org/forums/topic/adult-child-dependent-what-is-irs-definition-of-gross-income/ Sat, 15 Mar 2025 22:55:28 -0400 client has an older son living with her.. 50’s… he has a part time job but she totally supports him. He earned $ 5,912 at his job and also has a $2,295 carry forward capital loss. So on his 1040 total income and AGI shows $3,617, less than the $5,050 income limit BUT my question is what is the IRS’s definition of ‘gross income’ for adult…Read more

]]> 20b59c3e77aff712fd95e04c5854aaa8 Lynn Persson started the topic Preparing Power of Attorney in the forum Tax Discussion https://www.nyctatp.org/forums/topic/preparing-power-of-attorney/ Wed, 05 Mar 2025 23:54:26 -0500 I may have read too many articles about PoA as I now find myself confused. I’m wondering if someone has experience and can spell it out in simple language? My questions: Can the person with a Durable PoA stating ok to sign tax forms sign the Federal 2848 as well as the Federal 8879? Do I have to then fax/mail both the State PoA and Federal…Read more

]]> d56f0d31f9182e63f61a759d600b7282 Lynn Persson replied to the topic Offer and Compromise in the forum Tax Discussion https://www.nyctatp.org/forums/topic/offer-and-compromise/#post-20687 Sun, 21 Jul 2024 17:42:16 -0400 Hi Sam, not ignoring you, I just was taking a bit of time off. Thanks Emmet
for passing on the info. I also have Wendy’s cell phone which is 203-947-3609.
I did work with her on the last case and found her professional & personable.
Wishing you the best, Lynn

]]> cc7650c50530a25682f6c24248505969 Lynn Persson replied to the topic Offer and Compromise in the forum Tax Discussion https://www.nyctatp.org/forums/topic/offer-and-compromise/#post-20659 Sun, 14 Jul 2024 22:47:39 -0400 Hello Sam, in the past I’ve had excellent work from Jeff Jordan. His website can be
reviewed here: https://tracrconsulting.net/

I was introduced to him many years ago through this group, have had him help a few clients over the years … always with good success.

Hope this helps, best, Lynn Persson

]]> 15f4c4d27e32fec5bd86f9ccb22b28f9 Lynn Persson started 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/ Tue, 08 Mar 2022 23:32:23 -0500 Client states Bonds cashed in on 12/29/21 and Bank of America told them it would be a 2022 1099 as it took time to process the paperwork. No 1099 received, are we safe to “save” it for 2022? Never in 50 years have I seen or heard of this before. Does anyone ever have folks report in year of redemption (as required) even though not cashed? I…Read more

]]> e10b44f9d5a429c3f097ae73dd8567a9 Lynn Persson and Thomas Bridgman are now friends https://www.nyctatp.org/activity/p/2080/ Fri, 19 Nov 2021 22:10:34 -0500 0 ea6babc2192536a32ffb03fcaeed605c Lynn Persson replied to the topic Unemployment - Some MAY not be taxable in the forum Tax Discussion https://www.nyctatp.org/forums/topic/unemployment-some-may-not-be-taxable/#post-15408 Sun, 07 Mar 2021 03:31:59 -0500 Hello good people,
Do we really need another monkey wrench thrown into this tax season? I guess all we can do is wait to see what the House does now that the Senate has approved this recent stimulus package. I’ve read both that the non-taxability is only for 2021 and that it is retroactive to 2020. Oh my! I, for one, vote for no more…Read more

]]> a41e32963edcee79b5639fee23cd1512 Lynn Persson replied to the topic IRS balance due letters in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-balance-due-letters/#post-14318 Fri, 14 Aug 2020 15:04:11 -0400 Not to worry, the IRS is clearly struggling to keep the paperwork up-to-date.
I had a client who got the same letter. We went on-line, created an account
for her and lo, no balance due shown on her on-line account. Apparently if you
electronically file and then mail in a check it just takes time for them to pull
it all together. It’s called…Read more

]]> cc6496db9e452a8f7c45b479184e74df Lynn Persson replied to the topic Get my Payment in the forum Tax Discussion https://www.nyctatp.org/forums/topic/get-my-payment/#post-14188 Sat, 18 Apr 2020 17:38:50 -0400 Aha, reading the ‘fine print’ it seems that only dependents under 17 years of age qualify for the $500 dependent payment if the taxpayer otherwise qualifies. Go figure!

]]> 67eb6fdc0ec12d7542da4269a252f95f Lynn Persson replied to the topic Get my Payment in the forum Tax Discussion https://www.nyctatp.org/forums/topic/get-my-payment/#post-14179 Fri, 17 Apr 2020 20:49:43 -0400 I’m wondering if folks are getting calls from clients who have gotten the TP $1200 but nothing for dependents. I have had 4 people call to say they did not get the $500 for dependents. One is MFJ and the others are HoH. I’m curious if others are running into the same issue.

Was this not the weirdest April 15th ever? Though I rather like the…Read more

]]> e5972525629f2f7c64fc7001d22f668a Lynn Persson started the topic FILING DEADLINE NOW JULY 15, 2020 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/filing-deadline-now-july-15-2020/ Fri, 20 Mar 2020 14:14:29 -0400 Just heard that it is official! Filing deadline extended to July 15th!
Phew! Hope everyone is working ‘smartly’ .. best, Lynn Persson

]]> 11219e6c213bbe7ec98e6896f1508547 Lynn Persson started the topic Strange IRS Letter in the forum Tax Discussion https://www.nyctatp.org/forums/topic/strange-irs-letter/ Fri, 19 Apr 2019 19:27:02 -0400 Client filed end of Feb., received her refund within a few weeks.

She received letter from IRS: LTR 2645C dated Apr. 09 for tax year 2018 and Form: 1040 with the message “We’re working on your account. However, we need an additional 60 days to send you a complete response on what action we are taking on your account.

We have no clue what they…Read more

]]> 67fef3c8b6550e44e28f9fc034fa90f0 Lynn Persson replied to the topic MASS. return, Schedule HC in the forum Tax Discussion https://www.nyctatp.org/forums/topic/mass-return-schedule-hc/#post-5824 Wed, 10 Apr 2019 17:13:32 -0400 Bless you Emmet! Thanks!

]]> 02633b9d21ff7511667bd61e414439f9 Lynn Persson started the topic MASS. return, Schedule HC in the forum Tax Discussion https://www.nyctatp.org/forums/topic/mass-return-schedule-hc/ Wed, 10 Apr 2019 15:58:18 -0400 Is anyone familiar with the Mass schedule HC? client moved there, is retired on medicare and a supplement. My software wants to print the form which seems to result in no changes to return but it’s a lot of pages and I just wonder if I should be ‘filling in a blank’ somewhere?
Hold on to your hats, flying into the last 6 days here. Thanks to…Read more

]]> 66de5ebf7c3f844e7c71ba55bc18add5 Lynn Persson replied to the topic Bank Director Fee and SE Tax?? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/bank-director-fee-and-se-tax/#post-5597 Sun, 31 Mar 2019 16:25:38 -0400 Thank you gentlemen, appreciate the comments, especially the detail you included Art. Happy last 2 weeks!

]]> a173efe51c0b3877088f3b23e21fb810 Lynn Persson started the topic Bank Director Fee and SE Tax?? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/bank-director-fee-and-se-tax/ Sun, 31 Mar 2019 02:50:26 -0400 Client received 1099-Misc for Director Fees at our local bank, Box 7, Nonemployee compensation. I just googled and read a blurb that stated it was not subject to SE tax but went into the IRS site and could not find it stated there. If it is subject to SE I’m thinking I’ll enter it in on Sch. C and claim QBID on it. Thoughts? If you can still…Read more

]]> 478c6c94ac074502f7aaadb5b2a60900 Lynn Persson replied to the topic INHERITED PROPERTY: BASIS AND SALE AFTER RENTAL in the forum Tax Discussion https://www.nyctatp.org/forums/topic/inherited-property-basis-and-sale-after-rental/#post-5546 Thu, 28 Mar 2019 17:47:17 -0400 Thanks for taking the time Tom. Interestingly, I also checked with Sue Voth who said the same thing. Though I do wonder what you would have done had it not been converted to rental and she was selling an asset almost 3 years after inheriting it. hmm?

]]> fe85822d70f467c3ea937890d13adfdf Lynn Persson started the topic INHERITED PROPERTY: BASIS AND SALE AFTER RENTAL in the forum Tax Discussion https://www.nyctatp.org/forums/topic/inherited-property-basis-and-sale-after-rental/ Wed, 27 Mar 2019 15:44:44 -0400 I’m getting conflicting opinions on this so I thought I’d throw out to y’all, or any of you who can still think.
Client’s dad dies Feb. 2016, she inherits family home. She took 2 years to clean up property and in Jan 2018 rented it, the tenants loved it and she sold it to them Nov. 2018.

Here it comes: The probate inventory per a market…Read more

]]> 60a39aa1d5cb517ae4c77614dcdf208e Lynn Persson replied to the topic Education credit when student drops out in the forum Tax Discussion https://www.nyctatp.org/forums/topic/education-credit-when-student-drops-out/#post-5133 Tue, 12 Mar 2019 23:56:56 -0400 Wondering how you handle the “correction” Tom. Do you enter numbers that you believe are accurate on the 1098T and wait to see if Client is challenged? or do you make the adjustments elsewhere? thanks for your willingness to take on these questions.

]]> 42c2d67b34e172b67755ca6cd9290b0f Lynn Persson replied to the topic CLAIMING SCHOLARSHIP AS INCOME SO PARENT GETS CREDIT in the forum Tax Discussion https://www.nyctatp.org/forums/topic/claiming-scholarship-as-income-so-parent-gets-credit/#post-5101 Mon, 11 Mar 2019 00:40:00 -0400 Thanks for the quick response Tom and the great supportive notes. I am wondering how you then fill in the form 1099T on the parents tax return?? I simply reduced the amount of scholarship stated in box 5 by the amount that we are shifting to child’s return. What say?

PS also got info from the University’s summary report and though the tuition…Read more

]]> 56f493cfaabb296b2aff74fc50028108 Lynn Persson started the topic CLAIMING SCHOLARSHIP AS INCOME SO PARENT GETS CREDIT in the forum Tax Discussion https://www.nyctatp.org/forums/topic/claiming-scholarship-as-income-so-parent-gets-credit/ Sun, 10 Mar 2019 21:43:46 -0400 In Searching for a ‘work-around’ to the dilemma of scholarship exceeding tuition, etc. I have read that having the child claim up to $4,000 worth of the scholarship as taxable income will then allow the parent to claim the $2,500 Ed credit. Has anyone ventured down this road? 35 days and 6 hours to go!!

]]> cc7507e2e895bd95277cc14334a6da6d Lynn Persson replied to the topic 1098-T Box 1 is not reliable in the forum Tax Discussion https://www.nyctatp.org/forums/topic/1098-t-box-1-is-not-reliable/#post-4692 Sat, 23 Feb 2019 18:52:53 -0500 Talking about 1099T’s Tom, I just am doing my first 1099T and box 1 is $11.356.00 and box 5 (scholarships) is $12,575.00. Diagnostic states that taxpayer is not eligible for credit as the net qualifying expenses are negative. Whoa! Anyone else with this result?

]]> d60ad9e017cb9687b11cdf27825464fd Lynn Persson's profile was updated https://www.nyctatp.org/activity/p/430/ Wed, 02 Jan 2019 00:01:34 -0500 0 3f512d192789c77f14a22eb358e7a428 Lynn Persson and Kristin Delfau are now friends https://www.nyctatp.org/activity/p/405/ Wed, 12 Dec 2018 13:04:35 -0500 0 8617fe8211165d6433360361b6314a27 Lynn Persson started the topic Missing RMD for 6 years ... needing some guidance in the forum Tax Discussion https://www.nyctatp.org/forums/topic/missing-rmd-for-6-years-needing-some-guidance/ Mon, 29 Oct 2018 01:57:12 -0400 Hello good tax people,
Hoping someone has run into this. Client with inherited, non-spousal, IRA has not taken distributions as his dad was doing before
death. Dad died in 2010, client was never told by custodian that he should take RMD’s. Client just happened to take $ out in 2011 which covered the 2010 and 2011 requirements but nothing since.…Read more

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