Lynn EA USTCP in Louisiana

I efile the extension,leaving the payment line blank, then send the payment voucher to the client. It's up to them whether or not they remit the balance due for the extension request. I explain that an extension is for filing the paperwork, but not for paying the taxes due.

Randall, I do not intend to add the K2K3 if not required. I am adding a 8275 disclosure form stating the entity meets the reporting exclusion requirements.

ATX

Wow !! Just did a forms update, and K2 K3 dropped !!

1040-SS was part of the forms update just now (3/7 1:30 p.m. central time)

Wouldn't these expenses be part of the estate 1041 return? Without any 1041 income the losses 'should' carry forward to the final return, when they sell the equipment and distribute the rest of the cash, right ?

KenO - I reached out to my account manager; so far all I've heard is crickets.

Verifyle has an e-signature option

Are the ‘final’ boxes checked on both the 1041 and the k-1’s?

Penalty waiver and 3-year spread provision was only for tax year 2020; it was not extended to cover tax year 2021.

I have encountered clients who are not interested in being educated on accountable plans and insist on doing it in the least tax efficient method.

I made another client profile,

I have submitted more than one set of 1099-NEC for a client, with no issues

Article today (I think) says IRS will d/c sending CP80 letters but the other letters will continue until congress mandates otherwise

Form 8821

One set of clients, TP and SP, both in their late 80's. TP has alzheimers and is now showing signs of paranoia, enhanced by his extreme hearing loss. He has hearing aids but often removes them, so I communicate with him via notes. While I offered to go to their house to collect their tax info I am now hesitant to do so due to his paranoia and the fact that he has guns in the home. SP daughter has POA but I am unaware if it has been invoked.

Sales of privately held stock may be reported by the installment method (I don't have a cite handy but many years ago had a client in similar circumstances).

1099-MISC, INT and DIV are still 2 to a page. 1099-NEC is 3 to a page

No place to enter for Sch C since it is not taxable

Taxman, when I turn age 72 I too plan to take my RMD as well as continue to contribute to my IRA. IMO it’s a good plan tax-wise, should one meet the contribution qualifications.

I do not.

As a perk of being a member of NAEA, and NCPE Fellowship, I have access to Verifyle Pro, an encrypted secure document sharing platform. AFAIK it is very user friendly. PS - Other organizations may also offer it as a perk of membership.

Torez J. Brown Senior Sales Business Retention Associate US Professional Market/US Preparer Market Tax and Accounting North America Direct: 678-797-6940 [email protected]

I just used it to help determine of an adult, disabled child is a dependent, and found it very useful. Judy, perhaps this could be a 'pinned topic' ??? Thanks, Lynn

Ok-512 Corporate - 1/27/2022 Ok 512-S Small Bus - 1/27 OK-513 Resident Fiduciary - 2/3 OK-514 Partnership 1/27