Lee B

The capital gain may or may not be reflected on the K 1 depending on the origin of the shareholders basis.

This website is being created via contract with one of the large third parties like Accenture. We have had very similar tax preparation software for years called "MilTax" for Active Duty, National Guard and Reserve members and their families. It will be exposed to a lot more scrutiny than the "FreeFile" programs like Turbotax, TaxAct , Taxslayer and H & R Block. Plus it should actually be free, which the FreeFile programs weren't!

When people are struggling financially, their anxiety distorts their decision making. All you can do is listen to them and encourage them to make better decisions by carefully explaining the situation to them. Best Wishes to your clients

Refer them to VITA or the Tax Counseling for the Elderly.

There will always be clients who don't manage their money well and make bad decisions. I have two monthly write up/payroll/tax clients who are currently making really dumb decisions. They are rapidly ascending my termination list

You don't need an attorney. You need a Patient Advocate or a Health Care Advocate to help your daughter navigate the system.

If the spouse is a legitimate W 2 employee of a Schedule C or F business, then the business can pay 100% of the spouse/families health insurance premium as a fully deductible business expense which would not show up on the spouses W 2

They can be amended

https://www.taxact.com/support/315/2015/e-filing-states-stand-alone-vs-piggyback

"When to File Generally, to claim a refund, you must file Form 1040-X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later. Returns filed before the due date (without regard to extensions) are considered filed on the due date, and withholding is deemed to be tax paid on the due date. Special rules apply for refund claims relating to net operating losses, foreign tax credits, bad debts, and other issues. For more information, refer to the Instructions for Form 1040-X."

Hopefully there is a doggy heaven where Vinny can play with my dog Raleigh who I had to put to sleep 6 years ago due to cancer. He was a character and I still really miss him.

"The IRS says it is processing third-party authorizations, including Forms 2848 and Forms 8821, in the order received. They cannot currently provide a timeframe for completion. The IRS recommends submitting those forms through the Tax Pro Account tool, assuming you have a Centralized Authorization Number (CAF) Number. Note that the Submit Forms 2848 and 8821 Online tool allows both Form 2848 and Form 8821 authorizations to be uploaded online but still requires manual processing. Practically speaking, tax pros can also submit a Form 2848 to the agent you're talking with on the phone—via fax (do not expect those to be processed for use in the future)."

The term "accepted" just means they received it. It doesn't mean they have processed it yet which could take 4 or 5 weeks?

Yes, creative accounting and imaginative return preparation is not "due diligence" I would write a CYA letter advising this client of their noncompliance with the IRS "reasonable compensation" requirements.

Several quick online searches suggest that this may be available to tax professionals only???

Did you give your consent to receive emails to the IRS in advance via an online application? I would appreciate a cite. Thanks,

"The IRS never initiates contact with taxpayers by email, text or social media regarding a bill or tax refund. As a reminder: Never click on any unsolicited communication claiming to be the IRS as it may surreptitiously load malware." Jul 3, 2023 I WOULD'T OPEN IT

The follows up on a similar thread several months ago: https://www.nj.com/news/2023/10/woman-takes-on-irs-after-it-charges-penalties-and-interest-on-her-tax-bill.html

I believe it is subject to recapture, accelerated depreciation is recaptured as ordinary income and the "unrecaptured Section 1250 gain" is taxed at a maximum of 25% .

Sounds like a variation of a classic barter transaction. Generally, barter transactions are subject to all taxes including sales tax. Does Missouri specifically exclude this type of transaction from sales tax?

Iowa State University Center for Agricultural Law and Taxation is an excellent Resource: https://www.calt.iastate.edu/

Here is one of the many resources on this topic: https://www.thetaxadviser.com/issues/2014/jul/skarbnik-july2014.html

IR-2023-182 https://www.irs.gov/newsroom/irs-delivers-new-capabilities-to-tax-pro-account-latest-expansion-part-of-effort-to-improve-technology-tools-to-help-tax-professionals-serve-clients

FYI: Another subcontracted function not performed directly by the IRS.

Distributions in excess of basis definitely are treated as capital gain. Were there any distributions during the year?