Max W

Look on the positive sign. It's over, until Oct. which is never as busy as Apr. I screwed up royaly and now have to report the bad news to a client with an LLC. Forgot to plug in the LLC income to the SE page. It's going to add about $12K to his tax bill.

I wouldn't put it past them. Remember, just before W was inaugurated, the white house staff pulled out the letter W from all the keyboards. Infantile in both cases.

You could have used actual expenses - gas, maintenance, insurance, etc. This way it doesn't matter what the mileage was, if it was 100% farm use. Then tell the client to keep a log from here on.

Ah! Then get out the Ouija Board.

Copies of tax returns from the IRS are limited to 7 years. Might try contacting the retired preparer. My next door neighbor was a retired tax preparer and when he died all his old record were shredded. I don't know how far back they went, but the shredder truck was out in front of the house for the better part of the day. I doesn't hurt to ask.

It seems that the tax preparer is probably confused. Before 1997 if you sold your home you could defer capital gains by buying another for the same, or greater, amt of the sale.

The majority of what the dependent received were Pell grants and they can be used for room and board, books, and tuition. The statement is very clear that all expenses occurred and paid in 2024 for winter, spring and fall semesters.

From SEC archives - One of these contacts might help RockTenn Contacts:MWV Contacts: Investor Contact:Investor Contact: John StakelJason Thompson Senior Vice President, TreasurerDirector, Investor Relations 678-291-7901804-444-2556 [email protected] Media Contact:Media Contact: Robin KeeganTucker McNeil Director, Corporate CommunicationsDirector, Corporate Communications 770-326-8245804-444-6397 [email protected]@mwv.com Sard Verbinnen & CoJoele Frank, Wilkinson Brimmer Katcher Bryan Locke/Carissa Felger/Elizabeth SmithSteve Frankel/Joseph Snodgrass 312-895-4700212-355-4449

Westrock was created in 2015 by the merger of MeadWestvaco and RockTenn. To compound the problem, MeadWestvaco was the result of a merger between Mead and Westvaco in 2002. So, unless one knows which of the three stocks was inherited, you are shooting in the dark. Having said that, I think the RockTenn would be the most likely one as it operated in TN going back to 1973. The above info was gathered from perplexity.ai

The 1098 has all the detail and everything was paid in 2024.

Dependent has $16,000 scholarship/grants, etc in excess of tuition, which means $16,000 taxable income. As I understand in, the parent can take $4000 of that income and claim the full $2500 credit. The dependent would take $12,000 as taxable income. Any comments please.

What? No sex, or inappropriate language. Ain't watchin'.

You are thinking like a human. Software works differently. It's broken down into modules and there would be a module for CTC, CCC, RMD, etc. Each has several lines of query. for example with CTC, there would be a module for each dependent. All that stuff from form 8867 , 15 lines are queried. What you check off as 'yes' or 'no', in the computer sw comes out as 'true' or 'false'. In the cas of CTC and the other modules requiring birthdate, the computer sw has an algorithm. It would be something like this - CD - YrOB > 16. Current year - yr of birth is greater than 16. If this is True, then the credit gets denied. If it is false, then it passes. The point is that all Birth years are compared, not any selected ones. The actual software is likely written a little differently, but thi is the basic gist of what's going on.

The IRS does match birthdates, if the return is e-filed.

The client should keep all bank records pertaining to the transaction. It has been my experience that the IRS will send out a letter asking for them.

The client received a Masked transcript, where all the issuers information is truncated. He should be able to get a unmasked transcript on The IRS website - "get your tax records".

Yes,there was more than $3200 in taxable scholarships and tax was withheld on the Starbucks paychecks. Not sure about the R&B. The schools financial aid? The taxable income is more like $11,000 No.

OIC has no limits. I've done some that owed over a $1M. $50,000 os the limit for a streamlined installment agreement. Beyond that its determined by disposable income and assets.

Don't overlook the possibility of CNC (Currently Non Collectable). Even if OIC is feasible there is still the 5 year compliance and est tax requirements. CNC will also protect future garnishments of SS benefits.

They can pay at a 7 Eleven after registering on line. A bar code will be sent by email, or directly to a smart phone. Payment can be made by credit/debit card, cash, or click to pay.

Tom, try this number 916-845-4900, Withholding Services and Compliance phone service.

Client rec'd a 1098-T with Box 1, Tuition $13000 and Box 5, Scholarships/Grants $11000. However, the entire tuition was covered by grants or scholarships. One of the scholarships was from Starbucks, of which $5200 was tax exempt. At first glance of the 1098-T, my first thought was an AOC, but with nothing out of pocket by the client, it doesn't seem to be the right thing. Comments please. TIA

You can be considered actively participating even if you use a management company, as long as you are involved in the operation of your rental and exercise independent judgment rather than simply ratifying decisions made by the manager, which doesn't appear to applicable in this case.

I would be loath to use any information from any university as most are several years behind what is going on the real world. As for UI, they had a free online course for Offers in Compromise. I was curious to see what they had, having prepared many OIC's myself. The UI course had at least one major mistake and several lesser ones and did not present some vital information.

Cowboy suits may not be popular in CT, but they are popular in rural ares, especially in the western states. The client is leaving a lot of money on the table if he doesn't try to sell them. He could try the costume shops in L.A. such as Western Costume, then places like Las Vegas, Denver, Dallas and SLC. There is also Ebay, or have his own web site.