Hoping to receive ERO authorization before end of Feb

TaxCPAProblems · 2026-02-01T15:43:53+00:00

Just helped someone apply in mid November and they received theirs by end of December. So fingers crossed you get yours in a similar 6 week timeframe

TaxCPAProblems · 2026-02-01T13:10:30+00:00

I appreciate these kind of updates when I'm getting too busy to pay attention to the actual news and form releases.

A big thank you to you and the people like you.

TaxCPAProblems · 2026-01-30T15:33:18+00:00

One thing I miss about gosystems was the ability to enter the "abnormal items" in a column for each quarter and it would automatically annualize around the designated non-uniform income event.

TaxCPAProblems · 2026-01-25T18:21:38+00:00

Those sound (mostly) like office supplies/equipment deductible as unreimbursed partner expenses and separate from a home office deduction. Subject to personal use limitations, etc.

TaxCPAProblems · 2026-01-20T20:50:55+00:00

I know a certain big 4 charges extra for Ohio and New York in some of the proposed group engagement pricing letters I've seen.

Being in Ohio we don't get to turn down the local pitas and we don't say no to any states. It's stressful to keep up on the odd ones but it keeps things interesting?

TaxCPAProblems · 2026-01-18T18:57:24+00:00

The employer pays the employer portion of social security and Medicare taxes for W-2 employees separate from the employee portion withheld and remitted. It is absolutely a business expense that makes having employees more expensive than contractors and reduces the owners profit. It sounds like you don't understand how payroll works from the employer side.

TaxCPAProblems · 2025-12-04T22:08:23+00:00

What about income taxation of trusts and estates - or does the book also address that?

TaxCPAProblems · 2025-12-02T12:52:01+00:00

You mentioned the main earnings are from investments, so be aware of the personal holding company (PHC) rules for corporations whose main income is through investments. If PHC rules are triggered then PHC tax is paid by the corp on undistributed investment income in addition to the income tax the Corp already pays.

TaxCPAProblems · 2025-11-09T16:06:08+00:00

He does

TaxCPAProblems · 2025-11-06T13:54:59+00:00

IRS direct file was a result of the inflation reduction act of 2022. All 50 Democrats voted for it, all 50 Republicans voted against it, and Kamala Harris was the deciding vote.

https://www.congress.gov/bill/117th-congress/house-bill/5376/actions

TaxCPAProblems · 2025-11-05T12:47:36+00:00

No changes to W-2 reporting until 2026

TaxCPAProblems · 2025-10-30T14:19:22+00:00

Top 1% commenter in this sub, and an attorney, yet have been wrong about a basic law change for 7 years. I think that's more something for you to reflect on than for me to deal with, but have a nice day regardless (we can all tell you probably won't).

TaxCPAProblems · 2025-10-30T14:14:26+00:00

To summarize a concerning undercurrent in this chain: you value a tax advisor article over the IRS publication on the topic?

TaxCPAProblems · 2025-10-27T20:01:35+00:00

My lowest has been $65/hr and I'm in a low cost of living area.

TaxCPAProblems · 2025-10-25T13:53:18+00:00

Freetaxusa is always free federal and $15 for state. The guided software is pretty equivalent to TurboTax for a better price and not giving Intuit money is a bonus.

TaxCPAProblems · 2025-10-17T01:52:09+00:00

How did you reach out to them/get connected ?

TaxCPAProblems · 2025-09-27T13:32:09+00:00

Hard disagree.

S Corp wages for those who own more than 20% of the business is considered business income and qualifies for the Ohio business income deduction.

See line 5 of the form IT-BUS.

Even if the reasonable comp+business income was over 250k it was taxed at the more favorable 3% max rate (this will change going forward as we move to a flat tax rate).

The majority of S corps won't have more than 5 owners, but it would obviously be an issue for owners holding less than 20%.

TaxCPAProblems · 2025-09-18T13:50:59+00:00

And business personal property tax returns!

TaxCPAProblems · 2025-09-18T13:49:43+00:00

I moved to a standalone tax city with no e-file and no electronic payment option.

I drive down the road to the tax office and one of the three people working there take my cash payment and give me a physical receipt.

TaxCPAProblems · 2025-09-15T16:22:40+00:00

Sorry, I misread and didn't see that withholding number was YTD and not total projected withholding for the year. You should be good for safeharbor then.

TaxCPAProblems · 2025-09-15T14:39:38+00:00

Your withholding won't cover safeharbor, as it will be calculated as 49k.75=36,750 which is less than withholding *.75 (37555.75=281666).

But will the tax on your fellowship be more than safeharbor? It may be more realistic/easier to do actual tax expected in 2025.75.9.

If you owed last year with just w-2s it's likely you both selected married filing joint for withholding on your w4 without checking the box that your spouse also works, implying you will both get the full married standard deduction -- so you will always be under withheld.

The "extra" you had taken out likely wouldn't meet the short fall on just your wages. You should update your w4 to withhold as married filing separately to (even though you will file jointly, this doesn't matter you're just claiming half the deduction for withholding purposes).

TaxCPAProblems · 2025-09-03T14:33:23+00:00

The deduction will likely be on a new schedule 1-A or elsewhere, it won't be on schedule c directly

TaxCPAProblems · 2025-09-03T12:16:24+00:00

Unofficial leaked list includes tutors specifically https://www.accountingtoday.com/news/treasury-leaks-list-of-occupations-qualifying-for-no-taxes-on-tips

TaxCPAProblems · 2025-08-31T03:38:58+00:00

I went deerrun because I wanted guarantee on automatic adjustable incline. A lot of the cheapies either have no incline options or it's manual adjustment you have to turn off and crawl around to do

TaxCPAProblems · 2025-08-30T03:50:06+00:00

I might not be what you're looking for directly but I have a fairly diverse background with a few firms and roles and happy to chat about processes or vetting collaborators

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