Pacun

Move to a laptop with a docking station, two monitors and wireless keyboard and mouse. (this is something for everybody to consider a few years prior to retirement, so you do it on your own time when it is time for the last computer purchase). When are in the office, you dock your laptop and use the wireless keyboard for extra flexibility. When you are out of the office, you can carry your laptop and connect to your cell's hotspot features to efile. The only problem I have noticed with this set up is that my computer doesn't list my cell as an option for internet access. Most of the time, I have to turn off and on wireless on my laptop and I also turn off and on my hotspot feature on my phone. Another disadvantage with this is the fact that you might lose your laptop and then it will be a bad time to retire but an option.

I wonder if someone has a loan document charging at least mandatory interest at the end of the 18 months period or paying the interest every 6 months. If you do, please share it, if not what the interest imputed rate for 2024?

Let's say you are registered to vote 10 years ago using house 2, and during the previous 5 years you filed your Federal taxes using the address for house 1. What's wrong with using house 1 as primary residence since that's the record the IRS has.

It seems that this company is no longer functioning. I was ready to take some course, but I guess I will have to pay another provider. I wasted $199 on this company and I only took 3 CPE credits. My license was good until May 2024.

No problem. I have never had a bank reject a deposit lately. That's why we are extra careful with the account numbers, correct? If any problems, the IRS will issue a check the following week.

How long does it take you to prepare their returns? 10 minutes, 20, 30, 40, 50, an hour? If the client was a paying client for X years, I would do X years free.

For sure you have until April 15, 2024 to amend and claim a refund.

I will just say it... who cares if they will save some money in taxes by filing jointly if they will have to fork it out to the lawyers. While we, preparers, hate divorcing clients, the IRS loves them because they share extra information and the IRS wins most of the time.

If yes, where can I get a Free IRS WISP Template? Has anyone paid for one?

Some of my clients get a PIN in a few minutes after they create an account with the IRS on line. Some other take them months to get their PIN.

I don't deal with community states so I am answering from a logic point of view. So if you live in DC and are required to file DC, you don't live in a community state anymore and you report only your income. Some times it is easier to deal with the specific situation with numbers and circumstances and then you prepare the returns or look for solutions. Let's say someone lived with their husband in a community state and husband earned 60K of which wife has to report $30K. Then on July 1st, the wife moved to DC and earned $45K in DC. and lets say the husband stayed in the old state and earned another $60. I would have a two possible solutions: 1.- Report $30K in the community state and in DC enter $75K in income and $30K as income received while a non-resident. Reporting and paying taxes on $45K to DC. 2.- Report $60K (not sure if correct because she no longer lived in a community state) and $45K earned in DC. The deduct $30 and pay taxes on $75K. This doesn't look good but I want to see what others say. Since I don't know how it works, will the wife gracefully transfer $22,500 of her DC income to her husband? I continue liking option 1 above.

I only read the headings before posting. I guess they were talking about appraisals. (I wouldn't defend a return like this one not even in front of a revenue officer... for sure not in tax court). "Tax Court Says No to $25,500 Deduction for Clothing Donations MAR. 27, 2023 Duncan Bass v. Commissioner DUNCAN BASS, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent United States Tax Court Filed March 27, 2023..."

I think tax court disallowed large amounts of cloth donation to Goodwill and salvation army because it required approval. Can someone elaborate on that?

That was spionage and 25 companies were affected. No matter where you data resides if one of your employees hands its password or ways to infiltrate your company, this will happen. As long as there are users with less brain than the scammers, these problems will exist.

Likey true. But what's the percentage of preparers using bitlocker? My point is that if most of the companies and the government are trusting onedrive, it must mean something.

I will only say this: Onedrive is more secured than your computer.

Yes, after my May meeting with him, he went on line and paid. I will call the practitioners hot line to see if they can help.

Since you are coming back to ATX, don't get the package advertised on the website. Call them and tell them you are switching and what deals they can give you. I bet you they will give you lower prices and they might lock it for 5 years. There a few flavors of MAX and some of them include only 3 states but you should go for the bigger package which includes, all states and DC, etc. free efiling for current year, payroll and other less important pieces.

I prepared 2022 taxes and I said to taxpayer: You owe, $2,800. I can have the IRS take that money from your bank account on April 10. He said, I won't have that much but I will have $1,500. I said make sure that that amount is in the account that day. In may, he requested and appointment because the IRS sent him a letter stating that the account had NSF when the IRS tried to collect the $1,500 portion of the debt. He told me that he had proof that the bank paid that amount and he wanted to show me. I met with him on a Saturday. He showed me the letter and he showed me the bank statement. In one line, the bank had a payment for $1,500 to IRS and the very next line had a credit for $1,500 showing the NSF rejection. I told him that there was no money in the bank to pay the IRS and that's why he got the NSF letter. At the same time, I said, the total debt is more than $2,800 so pay that amount as soon as you can. He went on line and paid $1,500 not the total amount due. By the way, checking his bank account balances for two months, he only had about $500 max. How did he expect the bank to pay $1,500 if at not point the bank had more than $500. A couple of weeks later, he got a bill from the IRS for $3,200. He texted me again and said what was the exact amount he owed because I never told him he owed more than $3K. He also sent me a picture of a payment for $1,500 that he made. I checked the payment and I noticed he made a mistake by selecting tax year 2021. He wants an appointment with me but there is not much that I can do, except telling to pay the IRS the full amount and deal with the $1,500 later. How can I help him to get his money transferred from year to year? That doesn't seem to be a simple task that a person on the other side of the phone will be able to make, correct?

As much as some people hate the IRS, we need to follow their policy. Everything in the 1040 is false until you prove it correct. We need to change our mentality and assume everything is fake until proven it is correct. The lawyer should have assumed that everything was false and verify every case mentioned in his AI report. NFT and block technology will help us in that regard. Embrace AI, NFT and block technology and we should be OK.

My question would be a nice task for chatGPT since the rules have been here for a while. I will see if others reply to my post.

I think you still have to give a 1099-NEC to the contractor who makes improvements to your house if you want to take a deduction or tax break... even in your primary residence.

Tax payer will be 59 and a half years old on October 30, 2023. He withdrew $100K from his current employer 401k plan on January 2nd 2023. Will he have to pay $10K penalty on that withdrawal? He used that money for vacations. I think I have read that you have the whole calendar year when you are becoming 59.5 years old to withdraw without penalty but it doesn't sound right.

See below