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

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.

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

Every time I try to allocate the income out of MA, MA puts it back on the Form 1, NY/PY.

Client is a CT employee and took a job with an MA firm. Never set foot in MA, but in order to get his state taxes refunded to him and tax him properly in CT, I have to file an MA non-res return for him.

I have tried allocating the wages back to CT…Read more

Unfortunately there are a lot of people in the same boat. In some of my FB tax groups there are preparers with numerous clients who filed in Feb and still haven’t received refunds.

IRS is a bigger mess than usual since they had to interpret and implement retroactive law changes during the height of tax season.

Currently, I am dealing…Read more

I had a chat with the client yesterday and explained everything and she said if IRS comes asking for it, she’ll pay it back but for now is putting the $$ in their 529 plans.

Each dependent daughter received a $1400 stimulus check because they receive Social Security.

I do not think they can keep this money since they are dependents but I cannot find anything online or in any IRS FAQ…Read more

I understand the convenience of employer test for NY and will most likely claim all to NY but…Read more

I agree…Read more

I would suggest taking a look at a portal that works with your particular software and if if doesn’t meet your tech needs or price point, try an agnostic, easy to use portal such as Citrix’s ShareFile or TaxDome.

I would also suggest buying FileCenter…Read more

Years ago when our neighbor retired, he was caught up in Primerica…Read more

Client is receiving and additional 8 more weeks of severance from what she originally claimed with unemployment when she initially filed. We know she has to tell them but could not figure out where or how. I read on the CT DOL website that it has to be spread over the weeks covered but there is no mechanism within the DOL unemployment…Read more

Wondering: anyone who has faxed a 2848 to Ogden in the past 2 weeks: have any of your POAs been processed? Just curious.

I have 2 multiple prior years’ unfiled tax returns projects coming up and PPL reps usually get very huffy when you request them to…Read more

https://bench.co/blog/operations/ppp-forgiveness-contractors-sole-props/

Was the property their primary residence? If so, then the extenders bill passed in late December 2019 will allow for this income to be excluded from their taxable income since it made the exclusion retroactive to…Read more

Thanks!

KTD

I have several clients who do back door Roths and it boils down to how your software handles it, but it should be somewhat similar across the different platforms.

I use Proseries and here’s what I do to correctly report a 1099-R with a Code 2 (which is the correct coding by the way):

1. On the 1099-R, box 1 & 2 should be then same.…Read more

Have been working with a client on getting a missed inherited IRA RMD for multiple years sorted out.

She inherited the IRA which was in an annuity but didn’t know that it existed and the bank handling it made a mess…Read more

He and I refer back and forth and I find him to be an excellent estate attorney who knows how to follow the Medicaid guidelines to preserve as much of a client’s assets as…Read more

Received the following question from my client:

What’s the best way to get a Workman’s Compensation Policy for the show starting on September 23-November 3rd. We also have to get liability insurance for the theater. I can cheaply get volunteer insurance through Fractured Atlas, but the cast and crew aren’t volunteers, so I want to…Read more

My client had a HUGE reassessment on one of their vehicles. Is there any way to fight it and if so, how? Residences I have heard of, but not car tax. Help is much appreciated!!!

Here is what my client shared:

I am emailing you because we just got our tax bill for one of our cars….. it jumped from under $300 to $…Read more

Hoping for some names/suggestions:

Clients of mine own a bakery with 2 locations–one in Ridgefield and the other in Westport.

They would like to explore selling their business along with the assets but need to keep it quiet/handled through a broker because these are towns where word gets around quickly and they are concerned of losing…Read more

In addition to the clunky new W-4 coming out, ALSO offer a W-4EZ.

It would have one line:

What percentage of income tax would you like withheld from your pay?

Taxpayer writes in the percentage and they are done. Takes 15 seconds.

We know our clients’ effective tax rates so let us simply set up withholding at their effective rate and move on.

Or if he has an HSA and hasn’t contributed the max, he may be able to bring down his AGI low enough that way as well.

I have done this in prior years and had it…Read more

https://www.law.cornell.edu/cfr/text/26/1.123-1

Thanks anyway!

Payroll company handles paying her, collecting fed & state income tax, Social Security, etc. and remits it to the government accordingly and then sends me a completed Schedule H.

The problem is when I enter the Schedule H in my software with their numbers provided, it assumes that…Read more