New York/Connecticut Association of Tax Professionals | William Oricchio | Activity https://www.nyctatp.org/members/williamoricchio/activity/ Activity feed for William Oricchio. Sat, 02 May 2026 03:04:05 -0400 https://buddypress.org/?v= en-US 30 hourly 2 dec46ff1a4eb35e9420d7c5f610a6fa9 William Oricchio replied to the topic No tax on overtime for civil service workers ie: Police officers, Court Officers in the forum Tax Discussion https://www.nyctatp.org/forums/topic/no-tax-on-overtime-for-civil-service-workers-ie-police-officers-court-officers/#post-23078 Sun, 22 Feb 2026 22:27:26 -0500 Hi John,

My understanding is yes if they otherwise qualify.

Bill

]]> 22ec06d08bf97b8ee78f0e2e40306cb3 William Oricchio replied to the topic Roth Conversion and RMD Calculation in the forum Tax Discussion https://www.nyctatp.org/forums/topic/roth-conversion-and-rmd-calculation/#post-21721 Sat, 15 Mar 2025 23:46:11 -0400 Hi Emmett,

Have not researched this, but feel strongly that the 6k would count toward the RMD since the 6k was not rolled over. It was a withdrawal that you directed to the IRS for taxes.

Bill

]]> 6677fea9c77097a239b313c5cea981d6 William Oricchio 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-20139 Mon, 18 Mar 2024 14:53:47 -0400 I do not think anything has changed with Form 8283 from last year and that signatures are only needed for Section B of Form 8283 which relates to donations of goods over $5,000.

Also my software is not requiring a signature for goods under the $5,000.

I would tell you software provider the signature is not required, and ask them why they think…Read more

]]> c97198b14cec61da5aa337ef8a6a84ec William Oricchio started the topic Is anyone familiar with Heartland payroll service? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/is-anyone-familiar-with-heartland-payroll-service/ Tue, 31 Oct 2023 00:31:17 -0400 A client is considering changing payroll services from one of the major providers to Heartland payroll service. I have not heard of this company. Is anyone familiar with Heartland who can provide pros and/or cons and would they recommend them? Any input would be appreciated.

]]> 0ad08233b46a67d73b11121433ad9fff William Oricchio replied to the topic Paying back SS benefits in the forum Tax Discussion https://www.nyctatp.org/forums/topic/paying-back-ss-benefits/#post-19068 Wed, 12 Jul 2023 00:03:28 -0400 Look in The TaxBook under Social Security, repayment. In the Deluxe edition it is page 3-27.

]]> 099fc5c359a849ee8028424c347a80f3 William Oricchio 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-18450 Sun, 05 Feb 2023 18:13:54 -0500 I am not familiar with this credit add back on the Federal return or subtraction on the CT return. But believe Drake has overrides for what you are looking for within CT screen 2 Modifications to FAGI.

]]> f02b620edc1bd888675084b1199db50f William Oricchio 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-18446 Fri, 03 Feb 2023 21:43:15 -0500 In Drake, you can enter in screen 3 Other Income, Taxable Refund line any amount you want to show on the Taxable Refund line, this line overrides what the 1099G screen is trying to do.

]]> 39aca625add6ac511fa0d5adc2d1c5d8 William Oricchio replied to the topic Late FBARs question in the forum Tax Discussion https://www.nyctatp.org/forums/topic/late-fbars-question/#post-16693 Wed, 02 Feb 2022 21:10:10 -0500 Hi Kristin,

1 – I agree with Mike that the FBAR is not filed with the IRS, it is filed directly with FINCEN either using your tax software or directly on FINCEN’s web site.

2 – Taxpayers holding foreign assets may also need to file IRS Form 8938.

3 – I have heard many experts in the FBAR arena say that the filings of back FBARs should be done…Read more

]]> 0c2cc9cf088ea6853427824d27b90b13 William Oricchio replied to the topic Capital gain in the sale of a stock in the forum Tax Discussion https://www.nyctatp.org/forums/topic/capital-gain-in-the-sale-of-a-stock/#post-15937 Wed, 27 Oct 2021 12:50:21 -0400 You stated “received” stock. It is important to know how she received the stock, was it a gift, inheritance, purchase etc.?

]]> b0e05c5291086b298354235cb1c692b2 William Oricchio replied to the topic UC adjusted by IRS - not sure about Social Security in the forum Tax Discussion https://www.nyctatp.org/forums/topic/uc-adjusted-by-irs-not-sure-about-social-security/#post-15532 Wed, 02 Jun 2021 13:45:36 -0400 IRS web site:

Q1. Will this exclusion affect how I calculate certain income and/or credits on my 2020 tax return? (added April 29, 2021)
A1. Yes. When figuring modified adjusted gross income for any of the following deductions or exclusions, include the full amount of your unemployment compensation reported on Schedule 1, Line 7, unreduced by any…Read more

]]> 4e2f35e0fe44dccdfc3cbbcc84a2ec39 William Oricchio replied to the topic 8915E in the forum Tax Discussion https://www.nyctatp.org/forums/topic/8915e/#post-15418 Thu, 11 Mar 2021 02:23:05 -0500 From NYS web site Frequently Asked Questions at https://www.tax.ny.gov/pit/cares-act-faq.htm
Currently the third question down

The federal CARES Act allows coronavirus-related distributions from an eligible retirement plan to be included in income over a three-year period. Will New York State follow this treatment?

New York State follows the…Read more

]]> 5e9800aeb7578f85236995672347c912 William Oricchio started the topic 1096 Mailing Address Corrected by IRS in the forum Tax Discussion https://www.nyctatp.org/forums/topic/1096-mailing-address-corrected-by-irs/ Mon, 25 Jan 2021 18:09:41 -0500 The IRS transposed the 4th and 5th digits of the zip code for mailing the form 1096’s for businesses located in NY, NJ and other states:

From the IRS website, updated 1-22-21:

Correction to the zip code in the Austin Submission Processing Center mailing address

If you are submitting paper Forms 1096 to the Austin Submission Processing Center, u…Read more

]]> 0fe8193ddc8b199d22cb2453cddb7f62 William Oricchio started the topic NYS new form IT-558 for adjustments due to decoupling from the IRC in the forum Tax Discussion https://www.nyctatp.org/forums/topic/nys-new-form-it-558-for-adjustments-due-to-decoupling-from-the-irc/ Wed, 16 Dec 2020 01:01:46 -0500 For tax years beginning before January 1, 2022, the 2020-2021 New York State budget (Part WWW of Chapter 58 of the Laws of 2020) decoupled personal income tax from any amendments made to the Internal Revenue Code (IRC) after March 1, 2020. This includes changes made by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and any…Read more

]]> 3c44298caf8f23fa750b30c8bfc88e48 William Oricchio replied to the topic Partnership Installment Sale Pass-Thru in the forum Tax Discussion https://www.nyctatp.org/forums/topic/partnership-installment-sale-pass-thru/#post-14329 Mon, 24 Aug 2020 16:48:30 -0400 I have done this with S-Corp’s and shareholders, I known it’s not exactly the same, but it is similar. You can call me to discuss at 914-736-0879. Bill

]]> 671ad442c3b6c0d8e5c6eb3b939972e1 William Oricchio replied to the topic Cares Act in the forum Tax Discussion https://www.nyctatp.org/forums/topic/cares-act/#post-14296 Fri, 17 Jul 2020 17:32:40 -0400 Should call your software vendor and ask them.

]]> 0e3b216a7e010a3849cc1158c871543b William Oricchio replied to the topic section 179 CT addback completed contract constr. in the forum Tax Discussion https://www.nyctatp.org/forums/topic/section-179-ct-addback-completed-contract-constr/#post-14129 Fri, 03 Apr 2020 02:13:25 -0400 Hi Linda,

Not sure about your primary question, but I believe CT’s 179 add back is only for 80% of the Federal 179 deduction. The following is from CT’s web site under what’s new:
“I.R.C. Section 179 Deduction Modification
Connecticut has decoupled from the federal deduction provided by I.R.C. § 179 for income years beginning on or after Ja…Read more

]]> 9fdc9677c30e2dbb74214c7fd91170ec William Oricchio replied to the topic Self Employed travel expenses in the forum Tax Discussion https://www.nyctatp.org/forums/topic/self-employed-travel-expenses/#post-14109 Wed, 01 Apr 2020 23:53:46 -0400 No enough information in your question. Was the taxpayer in the other state on vacation and happened to work a little while there, or was the primary purpose to work in the other state and taxpayer worked 40 hours per week? It is a subjective answer depending on the facts and circumstances.

]]> 667e75340d7b5948e64d2e4843394d5e William Oricchio replied to 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/#post-14078 Sun, 22 Mar 2020 11:56:15 -0400 IRS Notice 2020-18 has now been issued, which includes in summary:

The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. Taxpayers do not have to file Forms 4868 or 7004. There is no limitation on the amount of the payment that may be…Read more

]]> 868eb1a2a95f03af9e6efb158c52d380 William Oricchio replied to the topic Earnings paid via purchase order? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/earnings-paid-via-purchase-order/#post-14077 Sun, 22 Mar 2020 11:43:46 -0400 Other than the math not working, it is standard operating procedure for municipalities to issue purchase orders.

A purchase order is a document issued by an entity to request or order services or product. It is also part of the governmental checks and balances so it is clear to the vendor and the government entity that the purchase has been…Read more

]]> 5781a53762484747eaae557363d25faa William Oricchio replied to the topic IT 203 New York State Non Resident in the forum Tax Discussion https://www.nyctatp.org/forums/topic/it-203-new-york-state-non-resident/#post-14036 Tue, 03 Mar 2020 21:44:02 -0500 Hope this helps, from page 19 of 2019 IT-201 instructions regarding Line 29 – Pension and annuity income exclusion:

$20,000 limit – You may not take a pension and annuity income exclusion that exceeds $20,000, regardless of the source(s) of the income.

Beneficiaries
If you received a decedent’s pension and annuity income, you may make this subtr…Read more

]]> 8094db076a4c5f0f46828f5e11d8959e William Oricchio replied to the topic Taxpayer withdrew 2 years of 529 monies in the same year in the forum Tax Discussion https://www.nyctatp.org/forums/topic/taxpayer-withdrew-2-years-of-529-monies-in-the-same-year/#post-14014 Wed, 26 Feb 2020 23:56:41 -0500 I have dealt with IRS notices asking to substantiate expenses to support 529 withdrawal and it did not feel like there was a human on the other side of the written correspondences. IRS does ask about this when amounts are large and they did not appear to be flexible.

]]> 84aaacabc58717bced72aaf904dde17f William Oricchio replied to the topic Mortgage Insurance premiums (PMI) in the forum Tax Discussion https://www.nyctatp.org/forums/topic/mortgage-insurance-premiums-pmi/#post-14009 Tue, 25 Feb 2020 18:23:17 -0500 My understanding of this, is that you enter the amount you calculated for line 8d (Mortgage insurance premiums) on the federal Sch-A whether your client is itemizing or using the standard deduction on the federal return. So, you cannot take the NY PMI deduction if the federal worksheet comes out to zero. I believe the “as if you had” is in rel…Read more

]]> 0a19a363cc3b34b9767bdb784e3a4bd9 William Oricchio replied to the topic 1099R E file problem in the forum Tax Discussion https://www.nyctatp.org/forums/topic/1099r-e-file-problem/#post-13994 Thu, 13 Feb 2020 21:11:23 -0500 From Intuit today(2-13-20) regarding Lacerte 1099-R phone number requirement:

Federal releases multiple versions of electronic filing schemas.

Apparently, schema #3 required the 1099-R phone number, then schema 4 was released, and the phone number was no longer required.

We will remove the federal Individual and federal Fiduciary missing 1099R…Read more

]]> 21f41b406cffb793fd4932f473ed3a19 William Oricchio replied to the topic 1099R E file problem in the forum Tax Discussion https://www.nyctatp.org/forums/topic/1099r-e-file-problem/#post-13990 Thu, 13 Feb 2020 18:06:17 -0500 Did you call Lacerte to ask if there is an alternative, like maybe an option to turn that diagnostic off?

]]> 1d28bcca7e7e50982db677df3ec2358d William Oricchio replied to the topic Avoiding 10% Penalty on 401K Withdrawal for home purchase? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/avoiding-10-penalty-on-401k-withdrawal-for-home-purchase/#post-13586 Tue, 12 Nov 2019 16:50:54 -0500 It seems like a potential issue, although I have not researched this scenario, not aware of a specific rule prohibiting this other than substance over form which is not always applied, ie when a contribution is made to a Traditional IRA and then immediately converted to a Roth-IRA when taxpayer is otherwise not eligible to contribute to a Roth…Read more

]]> 803be64115880d522c9077fb41a41ced William Oricchio started the topic Virtual Currency Check Box on 2019 Tax Return in the forum Tax Discussion https://www.nyctatp.org/forums/topic/virtual-currency-check-box-on-2019-tax-return/ Mon, 21 Oct 2019 15:52:35 -0400 There is a new question on the top of the October 10, 2019 draft Form 1040 Schedule 1, followed by a yes or no check box. This was not on the July 11, 2019 draft version.
“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
Link to draft form: htt…Read more

]]> 2495ffb1d41bf390eea7b1098ab3114b William Oricchio replied to the topic Late Profit-Sharing Contribution in the forum Tax Discussion https://www.nyctatp.org/forums/topic/late-profit-sharing-contribution/#post-12232 Tue, 02 Jul 2019 19:30:09 -0400 Does NOT sound right. Maybe confused with having administrator reclassify the contribution as 2019, and the client uses that amount as their 2019 contribution as long as it is not above the 2019 allowable amount.

]]> bbe32371b45921fabfb352a09b9655c0 William Oricchio replied to the topic Form 2553, Election by a Small Business Corporation respones from IRS in the forum Tax Discussion https://www.nyctatp.org/forums/topic/form-2553-election-by-a-small-business-corporation-respones-from-irs/#post-12040 Tue, 04 Jun 2019 21:35:54 -0400 I submitted a Form 2553 Pursuant to Rev Proc 2013-30 as part of an electronically filed 2016 Form 1120S on 3-14-17 and the IRS acceptance letter was dated 5-8-17. So that was just under two months, therefore I would give it more time especially given Tom’s comment about IRS backlog from shut down.

]]> 98b0337efa575ffeb4877e63d4162cef William Oricchio replied to the topic Home Office Form 8829 Line 11 Worksheet in the forum Tax Discussion https://www.nyctatp.org/forums/topic/home-office-form-8829-line-11-worksheet/#post-9359 Wed, 22 May 2019 17:03:10 -0400 The new line 17 “Excess real estate taxes” on Form 8829 and the Line 11 Worksheet are intended to prohibit converting otherwise non-deductible items to deductible. In general the business use of home cannot make a Sch-C loss greater unless the expenses were otherwise already deductible (possibly mortgage interest and real-estate taxes).

R…Read more

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