New York/Connecticut Association of Tax Professionals | Michael V. Costello | Activity https://www.nyctatp.org/members/michaelcostello/activity/ Activity feed for Michael V. Costello. Sat, 02 May 2026 03:04:05 -0400 https://buddypress.org/?v= en-US 30 hourly 2 91c4c7778900e86dc417494141834da9 Michael V. Costello started the topic 1099-R new code Y for QCD in the forum Tax Discussion https://www.nyctatp.org/forums/topic/1099-r-new-code-y-for-qcd/ Thu, 22 May 2025 14:37:01 -0400 Box 7 instructions start on page 15. Not sure how this will work with those who are given a checkbook – how will the custodian know who and what the check was for?

https://www.irs.gov/pub/irs-dft/i1099r–dft.pdf#page=20

Mike

]]> 7fa7d468059f1414a2bd61ad10ff306f Michael V. Costello replied to the topic CT Special Consent to Extend the Statute of Limitations in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ct-special-consent-to-extend-the-statute-of-limitations/#post-20705 Wed, 24 Jul 2024 22:47:07 -0400 I don’t know about CT, but with IRS and NY, if you ignore it or refuse to sign they will generally issue and immediate assessment. For non-residents, I have heard NY may issue an assessment as if all income on the return is taxable to NY.

My $0.02

]]> 4d519dc5a40b184070145da34496c5fb Michael V. Costello replied to the topic CMM Physician Enterprises 2021 K-1 Line 20 Code P in the forum Tax Discussion https://www.nyctatp.org/forums/topic/cmm-physician-enterprises-2021-k-1-line-20-code-p/#post-20349 Mon, 06 May 2024 15:43:18 -0400 Dave,

I left you a voice message this morning. I believe I can give you some assistance with this.

Mike Costello
914-762-1234

]]> 116524a062ce7625f3b2be025639e933 Michael V. Costello replied to the topic Form 8283 changed for 2023? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/form-8283-changed-for-2023/#post-20136 Mon, 18 Mar 2024 14:16:53 -0400 I just got this e-file reject:
> If Form 8283 ‘DoneeName’ or ‘DoneeOrganizationName’ has a value, then a binary >attachment with description “Form 8283 Donee signature document” must be present.

Since when is signature required on 8283 for $800 worth of clothes?

Profx:
>
> There are two options to clear this reject:
>
> OPTION 1:
>
> Leave Form…Read more

]]> d1ef294192ca2e1d128a144c3a152f50 Michael V. Costello replied to the topic Writeoff for assist living on as medical expenses in the forum Tax Discussion https://www.nyctatp.org/forums/topic/writeoff-for-assist-living-on-as-medical-expenses/#post-18757 Thu, 04 May 2023 15:59:30 -0400 Check out the rules for a “chronically ill individual”. If the person meets the criteria they may be able to deduct 100% of the expenses.

]]> 769f5dee1bc9129bc9290d86296f2e17 Michael V. Costello replied to the topic NYS Volunteer Firemen/Ambulance Clients in the forum Tax Discussion https://www.nyctatp.org/forums/topic/nys-volunteer-firemen-ambulance-clients/#post-18439 Mon, 30 Jan 2023 22:17:03 -0500 Rita,
Thanks for posting this. Before anyone gets too excited they need to check with their assessors office to determine:
1 – have any of the tax districts they reside passed a resolution adopting this. For example I reside in separate tax districts for – county; town; school; fire; sewer; lighting etc. In addition to the above, some reside in…Read more

]]> 667034415b09fb2dfc82e1ecf315b97a Michael V. Costello 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-17274 Fri, 22 Jul 2022 12:14:46 -0400 I agree with Emmet.

]]> bfd5fc460e1989819ee4b9b6333a48d0 Michael V. Costello 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-17172 Tue, 28 Jun 2022 11:58:53 -0400 Abe,

This sounds like it may be an IDGT, an intentionally defective grantor trust. See IRC sections 671 to 6789. Did the grantor and/or trustee receive a letter describing the trust provisions and tax consequences when the trust was signed? That may help. In any event I would suggest you contact the attorney that authored the trust with your…Read more

]]> 430b6b20236c470b58516ca964de717c Michael V. Costello replied to the topic PA Local Taxes in the forum Tax Discussion https://www.nyctatp.org/forums/topic/pa-local-taxes/#post-16724 Sat, 26 Feb 2022 23:45:37 -0500 I would suggest you start looking here first:

Home

Seems every little town, village, hamlet etc each has there own income tax.
Berkheimer administers many of them.

Mike

]]> d4aeedb965a8586012a2d7f043ec5669 Michael V. Costello replied to the topic Late FBARs question in the forum Tax Discussion https://www.nyctatp.org/forums/topic/late-fbars-question/#post-16692 Wed, 02 Feb 2022 01:04:45 -0500 Hi Kristin,

I use Prosystem fx. All of the FBAR’s I file are e-filed separately from the 1040 itself, to FINCEN directly I believe. I don’t know if there is an option to file it with the 1040 in Profx.

Mike

]]> c0e7a85173f7be2442d0d503b5f490b7 Michael V. Costello started the topic Employee Retention Credit - wage expense reduction - S Corp in the forum Tax Discussion https://www.nyctatp.org/forums/topic/employee-retention-credit-wage-expense-reduction-s-corp/ Thu, 13 Jan 2022 15:42:50 -0500 I understand that employers Federal wage deduction is reduced dollar for dollar by the amount of credit received.  But what about Connecticut and New York State/City?  Is there a subtraction adjustment from reported Federal income?

Mike

]]> 711fab3ee1814e8be5aeaac50111ae8b Michael V. Costello's profile was updated https://www.nyctatp.org/activity/p/1662/ Fri, 09 Oct 2020 18:42:25 -0400 0 57c14b6a59454ae9474d260f4e2bdb3e Michael V. Costello replied to the topic IRS examination unit news & Amended return 16 weeks from WHEN ??? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/irs-examination-unit-news-amended-return-16-weeks-from-when/#post-14334 Tue, 25 Aug 2020 16:49:16 -0400 According to my software vendor, Prosystem fx, 2018 1040-X can now be e-filed. I haven’t tried it yet.

]]> 23143931218e052d3da98dbd0b4ede43 Michael V. Costello started the topic Mortgage interest income - trade or business income or investment income? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/mortgage-interest-income-trade-or-business-income-or-investment-income/ Thu, 13 Aug 2020 18:17:08 -0400 An S Corp in the business of construction (excavating, foundations, etc) also purchases land and builds houses. Has also subdivided land, built street and sold off lots, or built homes to customer specs.

To facilitate the sale of a home, has taken back a mortgage from purchaser and is collecting monthly payments of interest and principal. This…Read more

]]> c2065964c95cfa36bd331a052d260f70 Michael V. Costello replied to the topic FORM 1041 INCOME LESS THAN $600 WITH BENEFICIARIES in the forum Tax Discussion https://www.nyctatp.org/forums/topic/form-1041-income-less-than-600-with-beneficiaries/#post-14246 Tue, 23 Jun 2020 11:39:10 -0400 Depending on the facts and circumstances, you may want to file to get the benefit of “excess deductions on termination” under the proposed regulations issued on 05/11/2020, IRC 67(g). These proposed regulations are retroactive to tax years ending after 12/31/2017. See Federal Register /Vol. 85, No. 91 /Monday, May 11, 2020 / Proposed Rules

]]> 49319edbb1c8409e3c0b729c5ad31ad0 Michael V. Costello started the topic Sad news in the forum Tax Discussion https://www.nyctatp.org/forums/topic/sad-news/ Sun, 19 May 2019 23:49:33 -0400 It is with deep sadness that I announce the passing of Barbara Vassallo, Frank’s wife, whom many of us knew and loved.

Visiting hours:
Monday May 20th 4pm to 8pm at Dorsey Funeral Home in Ossining, NY

Funeral Mass will be held Tuesday May 21st 10am at St. Ann’s Church in Ossining.

Interment will follow at St. Augustine’s Church in Ossining.

]]> 6013075236e0c6ab18cd37b1ab9e8f6d Michael V. Costello replied to the topic Form 1099 Misc in the forum Tax Discussion https://www.nyctatp.org/forums/topic/form-1099-misc/#post-4148 Wed, 23 Jan 2019 21:30:10 -0500 Where are the services performed? How much $?

See Publication 901 for information on the US/Canada tax treaty.

See also Publication 515, Withholding of Tax on Nonresident Aliens

]]> ae5a3eddf3a6f3bc482be712dda3c194 Michael V. Costello started the topic Firemen's Benevolent Association in the forum Tax Discussion https://www.nyctatp.org/forums/topic/firemens-benevolent-association/ Wed, 05 Dec 2018 19:08:56 -0500 I am looking for someone (tax professional and/or attorney) that has experience with a New York Chartered Volunteer and Exempt Firemen’s Benevolent Association that is funded by the 2% Tax on Foreign Fire Insurance Companies doing business in NY.

Any/all information is appreciated.

]]> bbbc02296f4aac6d3f08ca5d4d271f3e Michael V. Costello's profile was updated https://www.nyctatp.org/activity/p/342/ Thu, 08 Nov 2018 13:39:53 -0500 0 390f240b227f5ac218a5659c4b5bae66 Michael V. Costello replied to 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/#post-2565 Mon, 29 Oct 2018 14:03:54 -0400 In addition to taking all of the RMD’s now the taxpayer should also take any earning attributable to the deferred RMD’s. The IRA custodian may be able to calculate the earnings, but my experience is most will not.

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