Lee B

How will you handle the issue of buying "stock" instead buying "assets" with your potential client? Could have significant tax differences?

I totally agree, if the current owner is your client, wouldn't you have to advise him to close the books on the date of sale. In fact, if the seller was my client I would write a CYA letter. The other big issue is "conflict of interest." There is no way you can advise both the seller and the buyers. The differences between an "asset sale" and a "stock" sale how the seller and the buyers will be effected could be quite dramatic!

Perhaps you should call ATX Support

The only business/rental clients that I am not notifying are Schedule C or Schedule E filers.

I agree, If the client's original intent was to obtain long term financing and the bridge loan was just a step forward in that process then the the closing costs from both loans should be combined.

A similar problem has been happening in Oregon with April 15th extension payments not showing up on clients accounts when the final tax return is filed: "Thank you for sharing this recent practitioner experience. I checked with Megan Denison, Administrator for Personal Tax and Compliance Division, about this example. I learned that this experience can happen when payments and notices cross in the mail, or if payments take a little longer to post to an account. This is not uncommon, and it was explained that the best solution is to check the Revenue Online (ROL) account if a person receives a letter, to see if the issue is cleared up. " -Marjorie Taylor, Legislative Director Oregon Department of Revenue

What kind of property is this, personal, investment, rental or business? Was this a purchase or a refinance? What were the proceeds used for, interest tracing rules do apply?

I am sending a short letter with a 2 page attachment to all of my clients that potentially qualify.

"How do I access my att.net email? Access your email on the web Go to currently.com. Select Mail. Enter your email address and password. Get your authentication security code. If you have more than one phone number on your account, choose which number should get your code. Enter the code and click Submit to sign in." It looks like your email will be . . . . currently.att.yahoo.com

I think they are trying to increase their profits by forcing users off Win 10.

Check out the Iowa State Center for Agricultural Law and Taxation https://www.calt.iastate.edu/

The correct approach is still kinda tenuous since it's not clear whether any of the assets sold have been taken back?

Jose This is not an official ATX website. This is a discussion board for current and former users of ATX. Please contact ATX support Thanks,

I use Chrome, Gmail, Contacts and Docs and don't really have any issues. Yes I have occasional popups about other Google apps I don't use, no big deal. The popups that are much more annoying are from MS on my desktop.

I think calling the IRS about one of these notices right now would be an exercise in frustration. Have your clients check to make sure their payments cleared their bank and let the IRS clean up this mess. I see no need to do anything unless a second notice shows up.

IRS Announcement dated June 12, 2024: "The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return. Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account. No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible. Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS. Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives. For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment " I am sure we will have some panic phone calls from our clients.

Joan, Here is a link to Medlin's Accounting Software: https://medlin.com/accounting-software.html He has everything explained along sample reports.

It seems to me to be an amendment of the 2021 tax return.

Did they sell the stock or the assets?

I agree, I have done in depth reviews of Medlin in the past and it should do everything you need. I need some bells and whistles for my larger business clients which Medlin won't do so I don't use it. Also you might look at "myob"

I agree. My largest client did receive a 3 page letter from their attorney back in January.

https://www.thetaxadviser.com/issues/2023/jun/single-member-llcs.html

According to multiple sources : "If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership."

I have decided to wait until October or November due to the legal challenges. Another legal challenge has been filed in federal courts in Michigan.

If you only had to pay 20 %, you received quite a bargain.