Lee B

No

Good Discussion in The Tax Advisor: https://www.thetaxadviser.com/issues/2009/apr/scorporationtaxyearrules.html

"TikTok is one of the many social media platforms that have attracted people seeking free financial advice. This tax season, the hashtag “#taxes” has received increased engagement on TikTok, and according to the platform’s analytics has over 500 million views and 44,000 posts. Posters on TikTok range from CPAs and other tax practitioners to scammers, and while there is quality advice available on TikTok, scams, hacks, and “secret techniques” are being posted, promising higher returns or fewer taxes owed, which may appeal to lower income taxpayers and those who cannot consult a credentialed paid tax preparer or expert." I guess our client's barbers and hairdressers have more competition

Actually, the notification is probably based on your internet history.

Nothing like a confidence builder

This is something I really like about Drake. All of the diagnostic errors have to be cleared before you can create an efile.

No because the payments from the 1099Q would reduce the Qualified Education expenses which includes the tuition on the 1099 T. I suspect there may be a checkbox or question on the worksheet you may have missed, unless the amount on the 1099 Q exceeds the Qualified Education Expenses.

https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes

How many clients will remember to do that?

It's the taxpayer's responsibility to keep documents. Perhaps the question should be, "What do we do when there are no documents?"

Gosh, I have always signed it when I prepared the return, am I in deep doo doo

The stock market has been pretty volatile, there is an equal chance of significant price changes.

Good point, I think I would assume the depreciation has already been taken. In order to file the 3115, how do you substantiate it wasn't taken?

So what happens if their name is changed on their DL but not on their SS?

I would do 30% land and 70% building. First I would want to look at his tax returns as far back as he has copies.

Until they get an explanation from their employer, all you can do is wait.

I would think the first step is for the client to get an explanation from their payroll department .

First step should be to get a transcript of last year's tax return to see the status.

I'm curious, what software did he use to prepare his return? It should not have allowed that to happen.

https://www.irs.gov/newsroom/understanding-digital-asset-reporting-and-tax-requirements

I have been having a kinda similar problem with Drake this year. On some 1040 clients when I update the client from 2021 to 2022, the 2021 federal & state tax liability $ amounts change and don't match the $ amounts on the 2021 filed returns? Then I have to correct the $ amounts. It's a minor issue which only affects penalty and interest calculations and the potential taxability of state refunds if the client itemized.

AidKit Inc. appears to be a fintech that offers a online payment channel to nonprofits that help low income people who are unbanked. https://osse.dc.gov/sites/default/files/dc/sites/osse/page_content/attachments/2022 Tax Filing Resources - English.pdf

As a workaround, can you print the client letter before efiling?

It was started by Ringers on March 1st. If you search for spitting nails you should find it.

Rita, you have done it again, now I have a big smile on my face