The waiver for the early withdrawal penalty states that it's due to Corona Virus (on Form 5239 I assume). In the 2008 recession, my unemployed clients withdrew from their IRAs to live on, but the pen...
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The waiver for the early withdrawal penalty states that it's due to Corona Virus (on Form 5239 I assume). In the 2008 recession, my unemployed clients withdrew from their IRAs to live on, but the penalty was not waived. The waiver of the penalty makes sense.
I wonder if anyone has seen the IRS catch this oversight. I don't imply to file incorrectly, but I don't always have access to the spouse's separately filed tax return.
I read this in the NY Times Q&A summary of the recently passed rescue bill. The reasoning is that folks ought not have to sell their deflated stocks in order to take out the 2020 RMD. This might be s...
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I read this in the NY Times Q&A summary of the recently passed rescue bill. The reasoning is that folks ought not have to sell their deflated stocks in order to take out the 2020 RMD. This might be something to inform clients about.... Also the 10% penalty for withdrawing from a 401K or IRA before age 59 1/2 may be waived. That was common during the 2008 financial crisis, but the penalty was not waived then.
I've used Lacerte just for one client with Form 5227. The Lacerte fee is reasonable. My issues are: I have to update the Lacerte software each year - the Lacerte techies are very helpful in doing tha...
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I've used Lacerte just for one client with Form 5227. The Lacerte fee is reasonable. My issues are: I have to update the Lacerte software each year - the Lacerte techies are very helpful in doing that. The greater problem is that since I use Lacerte just once a year, so I have to re-learn their software each time. I always send off an extension so I have a whole day to work on this one return.
I'm 75 and many of our clients are elderly. I've called several to drop off their tax stuff instead of coming in, but those with businesses generally need my hands-on guidance, excuse the pun. If we ...
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I'm 75 and many of our clients are elderly. I've called several to drop off their tax stuff instead of coming in, but those with businesses generally need my hands-on guidance, excuse the pun. If we listen to medical experts, this is serious, and we just might need to shut down along with restaurants etc, hoping for an IRS deadline extension.
Are other accountants limiting face-to-face meetings with clients? I had never used organizers in the past, but now I wish I had, I'd like to limit clientele coming into the office.
I checked the NO box, and then the Yes box glowed error-pink. I put in name of parent, errors went away, but Form 8615 printed "Form Not Final". Should I wait for an update?
The issuing Fidelity say that it cannot be corrected into her name. (He died in June 2018 and they were promptly informed. They switched to her name halfway thru 2019.) Do I report in her name, both ...
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The issuing Fidelity say that it cannot be corrected into her name. (He died in June 2018 and they were promptly informed. They switched to her name halfway thru 2019.) Do I report in her name, both distribution and federal withholding even if SSN's don't match?
Has the IRS begun accepting 2018 efiled returns? I thought they had held up 2018 until the retroactive law extenders were updated? I'm sitting on a few 2018 returns, let us know if the window opens up.
I've done 3 separate files for spouses who live in Virginia and Louisiana. It was a hassle, and though I liked this client personally, I asked him to go elsewhere, it was just too much work and room ...
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I've done 3 separate files for spouses who live in Virginia and Louisiana. It was a hassle, and though I liked this client personally, I asked him to go elsewhere, it was just too much work and room for error.
Not sure as to correct verbiage to answer the aggregation question for 199A. Can I say something like "T/P 100% owner of Farm and Rental activity (Sch F,E)"; and a simple "No" to the second question ...
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Not sure as to correct verbiage to answer the aggregation question for 199A. Can I say something like "T/P 100% owner of Farm and Rental activity (Sch F,E)"; and a simple "No" to the second question -- no change from last year.
The article lists five aggregation criteria. That's a lot of typing to answer the aggregation question. Any suggestion as to a short response? Is aggregation OK if the trades are not similar, e.g., a...
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The article lists five aggregation criteria. That's a lot of typing to answer the aggregation question. Any suggestion as to a short response? Is aggregation OK if the trades are not similar, e.g., a farm (Sch F) and a massage therapy business (Sch C), but done by the same person. The second question asks whether there was change from the prior year, and that's a short No answer, right?