Abby Normal

My experience has been different, but maybe the IRS has fixed eservices. What happens when I fax a POA sign by the personal representative/executor along with supporting letters of appointment or POA, it lets me download the transcript but instead of the info being there, it's just a message that the info is unavailable.

There are certain circumstances where distributions can reduce AAA even if it's already negative. Possibly, if there were capital contributions during the year. I don't really know what AAA is for, so whatever happens with it, I just accept and move on.

When the IRS flags a taxpayer as deceased, certain features of IRS websites are blocked. You may never see it on 'where's my refund'. I know for sure you can't download transcripts for deceased taxpayers, which really sucks. If I see an obit for a client and I have a POA for that client, I immediately login and download all the latest transcripts before the IRS cuts me off.

ATX has blank elections and blank statements. Use the blank elections to type up the 351 election. There's no need to attach it as a pdf. It gets sent with the return. You can verify this in the Efiled forms tab of the EF Info form.

I have a shortcut to Alice Cooper's Hey Stoopid on my desktop and I hold the receiver up to my speakers and crank up the volume.

Before spreadsheet software, we would 'foot and cross-foot' to ensure our totals were correct. Now, we add a cross-foot formula to double check our totals. My choice is to have to formula display zero if it's in balance or the amount by which it is out of balance.

People who can't make it anywhere else, often end up in banking... or so it seems from my experience with bankers over the past 40 years.

You should share stories here on a regular basis. I would so look forward to reading them!

I'm not a SC preparer, but I had to research this for a client recently, and I agree with you that this LTCG qualifies for it. If SC disagrees, they'll let you know.

Why not go through the fixed assets and have it all just flow?

Likewise. I've looked at document management software for decades and could never see how it was better than self management.

Winrar is what I've used in the past. Best of luck getting things back up and running! Any details you'd like to share about the attack?

And tax pros can expect millions of phone calls about this. https://www.irs.gov/newsroom/13-point-9-million-americans-to-receive-irs-tax-refund-interest-taxable-payments-to-average-18-dollars

I do. Good! It's all a scam at this point anyway, just like the evictions moratorium that does nothing to stop evictions.

You were expecting anything else?

ABE Always Be Extending

I've seen this a lot with trusts, this year. I always take it as an opportunity to remind clients of the many benefits of electronic payments.

Enter as an other decrease to basis.

I agree. Different rules for each.

Cash > Deductions

People who died in 2019 are not entitled to the stimulus payment but those who died or will die in 2020, should be entitled to it. There is no "final" checkbox on 1040's, but the IRS learns quickly that you are dead from the Social Security Administration. When I see an obit for one of my clients, and I have a POA for them, I quickly download the latest transcripts because if I wait 30 days, I can no longer download transcripts.

Home ACQUISITION debt is deductible when use to purchase or improve a home. It doesn't matter whether the bank calls it a mortgage or a HELOC. This means we have to track the original mortgage balance through refi's because the interest on refi costs that are part of the new loan are not home acquisition debt.

Yes, you pay tax where you earn income, unless there's a reciprocity agreement between the states. And reciprocity is almost always just for W2 wages.

I see it as an error, plain and simple, not an accounting change. I bet the preparer changed software and didn't enter the states correctly, because only federal matters, right? Right?!

S corp late filing penalties are hefty. Hopefully you qualify for relief under first time penalty removal. Why didn't the preparer either file it on time or prepare an extension? I'm confused by this arrangement. Was this a paper filing? Was it done before 3/15?