Lee B

Most of my older clients definitely prefer mailing their payments. I assume because they are uncomfortable making online payments. It's sad that mailing a check has ended up being the most unreliable way of a making a payment.

It's a slow moving train wreck headed downhill.

Interesting situation. Even if it goes thru probate, isn't an executor appointed and doesn't someone end up inheriting the stock?

Yes there were grants in the amount of $1.000 to $10,000 that didn't have to paid back and were nontaxable, which is why they were called grants instead of loans,

It is very strange that our elected representatives keep pushing the IRS to use these subcontractors for collections. I guess it's the power of making large donations? Their collection rate is very low, truly pathetic.

My understanding is that these are working capital loans. Repayment results in an interest deduction.

If you are talking about a Christian Health Care Ministry, it's not insurance and I don't think it's qualifies as an HDHP.

I think this is a legal question first, then the tax answers follows.

What document are you referring to?

The number of returns that I anticipate doing next year has declined to the point where it will cost less for me to go to Pay Per Return, given Drake's $300 increase in their Standard Tax Package, including their early renewal discount. Drake doesn't offer any discount for renewing PPR early, so I will wait until December.

I bought a refurbished Samsung budget phone for $ 80 early last year. While it worked OK, it kept prompting me to use and install Samsung Apps, which was annoying. I recently replaced it with a Moto G Power which I like.

You can also get a transcript mailed via the IRS automated phone system.

Copied from my class materials: "Virginia – PTE Guidance Issued Tax Bulletin 22-6, Vir. Dept. Tax. (4/15/22). » The Virginia Department of Taxation (Department) issued a tax bulletin “intended to provide taxpayers with preliminary guidance” on new law that permits qualifying pass-through entities to make an annual election in Virginia to pay an entity-level state income tax (PTE tax) for taxable years beginning on and after January 1, 2021, but before January 1, 2026. » In this guidance, the Department states that pass-through entities interested in making the election for taxable year 2021 must file returns by their original or extended due date, “but do not try to pay the elective PTE tax” with such taxable year 2021 returns as the Department “cannot accept or process the elective PTE tax at this time.” Virginia – PTE Guidance Issued, cont. "Correspondingly, the Department states that individuals must file their taxable year 2021 returns by their original or extended due date “but do not try to claim a credit for the elective tax paid by your PTE to Virginia,” warning that doing so may result in the assessment of interest and penalties. Instead, the Department explains that if a PTE makes the election for taxable year 2021, the corresponding individuals “will receive information from your PTE on or after October 2023 informing you of the amount to claim and how to claim it.” » Under Virginia’s new law, individuals may claim a credit for certain taxes paid by a pass-through entity under another state’s substantially similar pass-through entity level state income tax for taxable years beginning on and after January 1, 2021, but before January 1, 2026; the bulletin states that the implementation of this provision is not delayed. As such, for taxable year 2021, individuals may claim a credit for taxes paid by a pass-through entity under another state’s substantially similar pass-through entity level tax in proportion to their ownership in such pass-through entity."

I agree, what would be the rationale for basis and less than 100 % taxability?

I wouldn't have left ATX except for ongoing problems with my state Business Entity Returns. I find Drake more reliable, with much better support. There is definitely is a learning curve because Drake is not Form based. Drake's efiling process is much quicker and more reliable. Drake does small frequent program updates which only take 1 or 2 minutes. Drake definitely releases forms and state returns much sooner than ATX. The hardest thing for me to get used to was Drake has very busy input sheets, which can result in overlooking a check box etc. Even now after 3 years, it takes me a bit longer to do a return in Drake. However that's offset by fewer problems and better support.

"IR-2022-109, May 25, 2022 WASHINGTON – The Internal Revenue Service made an important enhancement to the “Where’s My Refund?” online tool this week, introducing a new feature that allows taxpayers to check the status of their current tax year and two previous years’ refunds. Taxpayers can select any of the three most recent tax years to check their refund status. They’ll need their Social Security number or ITIN, filing status and expected refund amount from the original filed tax return for the tax year they’re checking. Previously, “Where’s My Refund?” only displayed the status of the most recently filed tax return within the past two tax years. Information available to those calling the refund hotline will be limited to the 2021 tax return." Something actually useful.

Now here's something you don't read about every day! "Agents from the Internal Revenue Service’s Criminal Investigation division raided the Houston headquarters of tax consulting firm AlliantGroup, seizing computer servers Friday, May 20, and prompting the firm to give employees the day off Monday until they were able to return Tuesday morning. The nature of the investigation is unknown, but is thought to be related to the firm’s work in securing tax credits and other incentives for clients, some of which have been challenged by the IRS, leading to lawsuits after the IRS denied the claims and clients refused to pay the firm, according to the Going Concern blog. Even though employees were allowed to return on Tuesday, IRS agents returned to the Galleria building where the firm is based and continued to search other floors Tuesday"

Earlier today I took an online CPE Class about state PTE Taxes presented by the OSCPA. There were 471 people in attendance so it was a very popular class. There are now 27 states plus New York City with different variations of the PTE Tax. Some of the key differences are: 1. Is it an annual election or a perpetual election? 2. Is 100 % Owner Consent required or less than 100%? 3. If the PTE Tax is overpaid, is the credit refundable or is it a carryforward? It was a very interesting class with quite a few issues in many states still unresolved.

The MeF system went down sometime yesterday for unscheduled maintenance and is supposedly back up now.

I believe I read something several months ago that the IRS will not process a check once it's more than 90 days after the date of the check?

Was this letter from one of the collection agencies that the IRS is subcontracting with?

"Can I use my IP pin from last year? No. The IRS will send you a CP01A notice with your new IP PIN by early January of 2022. That's the one you'll need to file your 2021 return.Jan 4, 2022."

Wow, There is no way I would do that return for less than $500.

You just can't please some people.

Hopefully there is a vacation included