Max W

I would double check this one a few ties by another means before relying on it. UI Taxschool put out an Offerin Compromise booklet a few years ago and it was riddled with errors. The most egregious was the calculations for one of the 22 types of OIC payment plans.

If you click on form 4562, you will get a grid pop-up. The first column should show "E" in the form column, which is the 1st column. Then in the next column 'MFC" put in the number of each property. All the assets of a particular property should have that number. Property 1, prop 2, etc. This is similar to what Judy suggests, but faster, as all assets will be on the pop-up rather than having to go to each asset page. If that doesn't work, call customer service and they will have it solved in minutes.

I don't think the IRS uses paper for most faxes anymore. They use Efax and that goes right into a computer as an email. When I'm talking to PPL , they sometimes ask me what my area code is, because that is what you see when a transmission has arrived. There are times when a fax doesn't go through. When this happens, they can provide an alternate number. That one is probably a paper machine they keep for a backup. I always ask to have the 2848 forwarded to the CAF unit and they only have to press a button to do that. Most of the time they do it without asking, but I just want to make sure. I suspect that the delays in posting is a shortage of manpower. There are times the POA gets posted in 5 days and other time 2 weeks.

Here is a simplified set of charts broken down by categories that provides before and after thumbnail sketches for each provision. Details are given in the foot notes. The charts can be printed out. https://www.bkd.com/services/tax/tax-reform-resource-center/tcja-tax-charts

The Bradford letter has a QBI calculator. You have to subscribe to the letter, but there is a 7 day trial period in which you can try it out. https://bradfordtaxinstitute.com/info/TRL_Home_Page.aspx

The IRS OIC office will send out an acknowledgement of receipt. That is when collection activity stops and starts extending the SOL (CSED). It usually takes about two weeks after the offer is mailed before the letter arrives.

Both references are very good - written by the same person - the 2nd one summarizes the main points. Nice job, Jim.

It just converts to personal use. If and when the house is sold, then the accumulated depreciation is deducted from the Sec 121 allowance, which in some cases won't make any difference.

The discount rate of 3.5% is way too low. Current rates on commercial property are tunning as high as 8.75% and with rising interest rates, I would think the minimum DR would be at least 10%. Remember the 70's when rates were 20%+. Abby's chart includes the payments from 2018 and those already paid should not be included the calculation.

It would be nice if you could get transcripts going back to 1980, but the 5498's are in the Wage and Income transcripts and they only go back ten years. You would have to make a 4506-T request and there is no guarantee you will get all of them.

It may be difficult to get the 5498´s, but you can get IRS transcripts going back 10 years. If you use e'services and TDS, it can be done on line. It is not necessary to get the entire Income transcript as different forms can be specified. The forms will indicate whether the contributions were IRA or Roth. Any ROTH earnings prior to 59.5 yrs would incur a penalty. The good part of a ROTH is that the basis is withdrawn first, so if you know what it is, the client can withdraw just that amount and avoid penalty.

"MSHA covers two-person sand and gravel pits ", so it looks like a single person S-corp is free of the mining regs. https://arlweb.msha.gov/MSHAINFO/FactSheets/MSHAFCT1.HTM

i had two similar situations this year where the client could not come up with the basis and the transcripts of forms 5498 did not show sufficient basis.

If it were my client, I would charge this person a nice fee to get the levy modified, if it is not too late. The bank has to hold the money for 10 days. (if it is the IRS, 21 days). He needs money for operating expenses and maybe money to pay rent/mortgage. Of course he would have to come with the money to pay my fee. Credit cards are fine. EDD and the FTB will usually modify the levy to take just the missing installment payments plus one more.

TY, Judy. That is a good referenece.

A non-resident US citizen working in Samoa files a Samoan tax return on the money earned in Samoa. However, the minimum income for filing single is $7200. Any tax paid to Samoa can be claimed as a foreign tax credit on the 1040. I would think that the clients W-2 would reflect the Samoan income. Here is a look at the instructions for the Samoan tax return, form 360. https://www.efile.com/american-samoa-income-tax-return-forms/

Strangely, when filing a 1040 after being SFR'd, it shows up as "Amended Return" on the Account Transcript.

Recently, I have had two clients that received refund credits from closed years. In one case, there was a $3000 refund from 2005 that was applied to a balance due from 2017. If this is a new policy, does anyone know when it was changed? Has anyone else encountered this? It used to be that closed year refunds were lost.

Taxation of cryptos may be confusing to the general public, but not to tax pros. If it used strictly for investment, then it is treated the same as any Cap Gain/Loss transaction, such as stocks. If it used for personal expenses, expenses being paid with the crypto, then it is a personal property transaction. It is better to cash in the crypto and then pay in dollars. If it is mixed use, then record keeping gets more complicated. Also, there is no IRS guidance on what constitutes an investment, or business account and a personal account. It might be the fad of the day to call oneself a cryptocurrency specialist, but there things we deal with as tax preparers almost daily, that are far more complicated. This article from Forbes gives more details. https://www.forbes.com/sites/greatspeculations/2018/01/03/what-you-should-know-about-taxation-of-cryptocurrencies/#6dbb7b3a1346

Part-year residents of California - Taxed on all income received while a resident and only on income from California sources while a nonresident. https://www.ftb.ca.gov/individuals/fileRtn/Nonresidents-Part-Year-Residents.shtml#how_taxed

Did you prepare Sch S, Other State Tax Credit? https://www.ftb.ca.gov/forms/2017/17_540s.pdf

Check with the IRS. It could be a scam.

Get well fast - but take it easy. I have had plenty of experience with stents and various operations (non-heart). The body needs time to recover from the drugs they put into you and, in your case to adapt, to a foreign object in the most critical part of your body. Pushing it could bring on unwanted side effects. Better safe than sorry.

Yes, "quite stupidly" Why do corps get 10 days to refile and 1040, and 1041 only 5? I actually had one this year where one of the dependents names didn't match, even though I had a copy of the SS card. There were four names on the card, so I tried various combinations, of first and last names, but nothing matched. The client ended up mailing it in. BTW, thanks for the link. That is a handy chart.

The IRS allows 10 days to perfect a return and 5 for an extension.