mcbreck

Ask the IRS to search for your EIN by calling the Business & Specialty Tax Line at 800-829-4933. The hours of operation are 7:00 a.m. - 7:00 p.m. local time, Monday through Friday. An assistor will ask you for identifying information and provide the number to you over the telephone, as long as you are a person who is authorized to receive it. Examples of an authorized person include, but are not limited to, a sole proprietor, a partner in a partnership, a corporate officer, a trustee of a trust, or an executor of an estate. If that number can't give her the EIN, I'd call the PPL and ask their opinion of what you should do. If an EIN was issued, they have a record of it.

Edit: all my returns of 4/12 just were approved. (I use Drake but that shouldn't matter)

I just checked and haven't received any that were efiled on 4/12.

Many custodians stopped sending rollovers directly to other custodians, they now send it to the IRA owner and make them deposit it at the new custodian within 60 days. That's a tax free rollover and is entered on the 1099r entry page.

What's forever? I haven't paid close attention but would guess 12+ hours.

Waiting on a single marketplace form. Seems he doesn't read email or text messages. About 15 people need to pay me and pickup. On Tuesday, golf season begins.

I don't think you can efile with $0 in Box 1. We've talked about this previously to just enter $1. Only time I ever had one like yours, it was due to stock options where they withheld SS and MEDA from the amount but they didn't have any earned income. Is there a stock transaction report?

I like paying early!

I think it means the return is accepted by the state / time stamped so it's like you've postmarked the envelope when mailing in a check.

Per the Missouri site https://dor.mo.gov/faq/taxation/individual/efile.html: Direct Debit: Payments can be submitted with your electronically filed return, through your software provider. Payments can be scheduled up to 120 days in the future. Please allow up to 7 business days, after the effective date, for the payment to be debited from your account.

Speak to the wife and explain the situation and the two of you can come up with a solution. Cancer treatments can cause serious chemo brain fog as well as being 80 years old can cause brain fog. My route would be to do an extension and get a copy of the transcripts in late summer. The fact an 80 year old has a business is problematic.

I have a client who essentially refuses to make the Jan 15th payment. Now I just give him 3 coupon payments and skip that one.

Not only is there a perceived risk on your behalf if the payment doesn't get made (maybe you typed it wrong?), there is also the problem for people who don't have a lot of money that a withdrawal will get bounced for insufficient funds and then a fee is charged. Who's going to get blamed if there is a problem?

These are revocable. On one it was all an ego thing for the husband to separate his investments away from his wife's (which didn't do a 1041). I have a friend who's a doctor who does it because he heard in a seminar it would help keep lawyers from including it in a lawsuit - it won't.

I'm a little uncomfortable with what liability I have if the payment doesn't get made.

I have multiple people who have living trusts file their own tax returns while alive because their attorney set it up that way. It obviously isn't required but you can do it that way. There are fees that can be deducted by the trust which the individual can't deduct.

A trust doesn't have itemized deductions for medical. That goes on the 1040. For a van to be deductible, you must have a letter from their doctor and then they only deduct the cost of modifications.

I just did my first - I like it. Might start doing more. Really wish my state allowed us to do estimates that way.

Do you guys utilize the electronic payment screen to pay state and federal taxes for clients? I've only done it a few times for estimates but my state won't allow it. I'm not sure I'm real comfortable instructing the IRS or State to withdraw payments for 1040 tax bills. Just wondering how often people use it.

Third week in a row a client has called up and said he didn't think he'd be able to make it into the office this week but would we still be able to file on time if he gets it here the next week. I'm 99% sure he wants to file an extension but doesn't want to admit it.

Client just brought me a $30,000 bill for her rental property she forgot paying (new siding on a brick home per Google Maps). It's handwritten and she thinks it'll wipe out any tax owed on their income. This is the 3rd item she found in the past 2 weeks. And she tells me her husband doesn't understand their accounting system so she has to do it. Two years ago he took over for a year and it was worse.

Before IRA enforcement was a real thing - client bought a "bond" for his IRA from a company with a 30% interest rate. He owned the company so it resulted in basically no profit for the business and a massive contribution to his IRA. He found an attorney to process it all for him and then bragged he had a multi million dollar IRA.

In the financial meltdown of 2008, Berkshire Hathaway loaned Goldman $5b at a 10% interest rate. In an interview he said the company kept calling wanting to pay him back but he was always busy when they called because they were making almost $10m each week in interest. My dad sold his business in the mid-80's and put it all in CDs because the interest rate was all at 10-11% and since long term stock market yields are 10%, he decided he didn't need to take the risk. I started selling investments in 92 and it was exceptionally common to find people who had never owned a stock in their lives - today it's exceptionally common to find people who've never owned anything but stock. In 92 we could sell a 6% tax free bond when the alternative was a 4.5% CD. You didn't have to be much of a salesman to make that sale.

In my locality, home real estate activity has collapsed. Residential real estate prices have not dropped at all and are very unlikely to do so. Commercial and apartment complexes are very different scenarios from individual residential. A year ago I saw multiple apartment complexes pitched as having a 5% return on equity - you can get that from a treasury bond - why buy an apartment complex? Think about the price drop required to go from a 5% return on cash flow to 7-9%.

I've never known an issue where SC would be required. It isn't showing taxable income is it? As BrewOne said - you have to select the state of residency for the trust as the deceased person's last address.