New York/Connecticut Association of Tax Professionals | Shannon Daly | Activity https://www.nyctatp.org/members/shannondaly/activity/ Activity feed for Shannon Daly. Sun, 03 May 2026 13:37:14 -0400 https://buddypress.org/?v= en-US 30 hourly 2 10ecca71cf36b379104947cca18b173b Shannon Daly replied to the topic Need an accountant for 990 returns in the forum Tax Discussion https://www.nyctatp.org/forums/topic/need-an-accountant-for-990-returns/#post-13972 Tue, 04 Feb 2020 14:53:51 -0500 How timely! I need this as well. Theresa, can you send me your contact info to forward to a client in CA? Shannon@cpadaly.com

]]> 3c7d4f47d83706ece13305b3765795cd Shannon Daly started the topic Has anyone worked with Carnell Newsome? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/has-anyone-worked-with-carnell-newsome/ Sat, 11 Jan 2020 19:03:14 -0500 I have a client who has a credit problem due to a soon to be ex-husband. I gave her the name of Carnell Newsome, one of the seminar exhibitors. She spoke with him but has some doubt. I think his sales tactics didn’t come across that well. Has anyone worked with him first hand? I want to support our vendors but I can’t really vouch for him having…Read more

]]> 29d688f18a03ee91df47310ebf9bc9eb Shannon Daly started the topic 1040NR Question in the forum Tax Discussion https://www.nyctatp.org/forums/topic/1040nr-question/ Wed, 01 May 2019 22:15:50 -0400 Client is a UK resident and citizen. She has never held a green card, but has worked for a US company for 20+ years (United Airlines). They have issued a W2 (box 1 income only), probably every year, but as she was not flying into or out of the US she wasn’t filing US taxes.

In 2018 she cashed out her US based 401k not understanding that it was…Read more

]]> 5354d3f63784b34e3b5932d37327ca93 Shannon Daly started the topic "Silent Assumption" of mortgage in the forum Tax Discussion https://www.nyctatp.org/forums/topic/silent-assumption-of-mortgage/ Mon, 29 Apr 2019 21:53:42 -0400 Client bought a rental property in January of 2018.

Client provided us a Form 1098 with the former owner’s name and SSN but wants to claim the interest as a deduction as she made all payments.

Client claims the purchase was a “silent assumption” and the interest is deductible. I thought the fundamental rule of deducting interest is that you…Read more

]]> e6eeeb4ee9858230a9c7120671c2f895 Shannon Daly replied to the topic Ordering mortgage repayment in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ordering-mortgage-repayment/#post-4577 Fri, 15 Feb 2019 19:05:32 -0500 That’s the perfect answer! Thank you Emmett!

]]> 8e86118b7d2c2eb5bbd79601fe007402 Shannon Daly started the topic Ordering mortgage repayment in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ordering-mortgage-repayment/ Fri, 15 Feb 2019 13:59:38 -0500 Hi, given the new limit on deductible mortgage interest only for acquisition and improvement debt how to we order the repayment of principal?

If a client did a cash out refi in 2012. The new loan balance was 200,000 and 50,000 was for a new airplane. If they have since paid the balance down to 100,000 have they repaid the entire airplane portion…Read more

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