Another thing to consider with the PTIN application - if you check "Yes" to any of the felony conviction questions, be prepared for a much longer review process. A colleague of mine had a 15-year-old non-tax related conviction and his application took nearly 3 months to process, while mine was approved in 3 days.

I went through the PTIN application process last year as someone transitioning from pure accounting work to tax preparation. The section you're probably stuck on is likely the "Professional Experience" part - it can be really confusing because it's not clear whether they want ALL professional experience or just tax-related experience. Here's what I learned: list your accounting experience as relevant professional background, but be specific about what type of work you've done. Since you mentioned bookkeeping and financial statement prep, that definitely counts as relevant experience even though it's not direct tax preparation. For the professional credentials section, if you don't have a CPA, EA, or law degree, just select "None" - that's completely normal for new tax preparers. The IRS is mainly trying to identify people who already have advanced credentials that might affect their responsibilities. One tip: before you submit, double-check that all your personal information matches exactly what's on your Social Security records. Any mismatches can delay processing significantly. Good luck with your application!

Don't forget to consider whether your cousin needs to file FinCEN Form 114 (FBAR) if she has non-US bank accounts with over $10,000 combined. This is separate from her tax return but required for many non-residents with foreign accounts.

Great question! I went through this exact situation last year as a Canadian working in Detroit. Schedule OI is definitely required with Form 1040NR - it's not optional regardless of whether you're claiming treaty benefits or exemptions. A few key tips for your cousin's situation: - On Part I, she'll need to list her Canadian passport info and any US visa details - For Part II (days in US), she should keep good records of her work days but doesn't need to document every single border crossing - Part III is where she'll indicate she's claiming Canadian tax residency under the treaty - Make sure her SSN is consistent across all forms One thing that caught me off guard was that even though I wasn't claiming income exemptions, I was still benefiting from the US-Canada tax treaty for residency determination purposes. This affects how you answer some questions on Schedule OI. I'd recommend she review IRS Publication 597 or consider getting professional help for her first filing to make sure everything is done correctly. Cross-border tax situations can get complex quickly!

Make sure whoever does your taxes understands partnership taxation! I learned this the hard way - had an accountant who normally just did individual returns try to handle our partnership, and they completely messed up how they reported my guaranteed payments. Ended up having to file an amended return.

One thing I don't see mentioned yet is the timing aspect of guaranteed payments. Unlike regular employee paychecks, you have flexibility in when you take guaranteed payments throughout the year, but you need to be strategic about it for cash flow and tax planning. I'd recommend setting up a regular monthly guaranteed payment schedule rather than taking lump sums. This helps with budgeting and makes quarterly estimated tax payments more predictable. Also, since guaranteed payments are deductible to the partnership, timing them can help manage the partnership's taxable income if you have a particularly profitable year. Just remember that guaranteed payments are considered "earned" when they're determined, not necessarily when they're paid out, so keep good records of when payments are authorized versus when cash actually changes hands.

Has anyone used TurboTax to help with RMD calculations for inherited IRAs? I'm trying to figure out if it can handle this situation or if I need something more specialized.

I went through this exact situation when my aunt passed away in 2023. The key thing that helped me understand it was realizing that the SECURE Act completely changed the rules for deaths after 2019. What really matters is that you're a non-spouse beneficiary inheriting after 2019 - the fact that your uncle was already taking RMDs doesn't change your obligations as the beneficiary. You get the 10-year rule, period. One thing I wish someone had told me earlier: start thinking about your withdrawal strategy now, even if you don't need the money immediately. I spread mine out over 4 years to stay in lower tax brackets, and it saved me thousands compared to what I would have paid taking it all at once. The flexibility is actually a huge advantage once you understand the rules!

What's the catch with Credit Karma Tax (Cash App Taxes now I guess)? I'm always suspicious when something is completely free with no income limits.

Just wanted to add another option that helped me last year - TaxAct's Free Edition. They offer completely free federal filing for simple returns (W-2, unemployment, basic deductions) with no income restrictions. I switched to them after TurboTax tried to charge me $120 for what should have been a straightforward return. TaxAct walked me through everything step-by-step and even caught a deduction I had missed. State filing was around $20, which is still reasonable. The interface isn't as flashy as some of the big names, but it gets the job done. They also have good customer support if you get stuck on something. Definitely worth considering if the other free options don't work for your situation!