BrewOne

When I was a kid, I lost my Social Security card, so applied for a replacement. They sent me a card with a new number instead (not real strict standards circa 1966). Never used the second but it is still listed in my Social Security account.

you need to fill out and include Form 8853 (page 2)--not usually taxable

I did this for a client not too long ago. Current iteration is much easier than it was originally--they provide all the necessary links and uploads, you just need your smart phone and driver's license handy.

extending the personal tax cuts of 2017 has a huge price tag, but that can will probably get kicked down the road. Just like the "temporary" cuts under Bush the 2nd.

interesting. I thought that they were migrating over to ID.me but that could be outdated information. Anyway, I recommend to clients to set up ID.me using their computer and have their smart phone handy. Trying to do it all on a phone is a bit tricky.

things have changed since the Untouchables...a bit more sophistication required. But do Americans even look at tax cheats as crooks? I've certainly encountered a number of folks who just think it's a game.

kind of funny, for 2022 and 2023 in ATX when I checked the box for 2FA, all it did was require 2FA when I downloaded the software. Obviously that is not in compliance.

ID.me looks to be the method for accessing Federal accounts online (IRS, Social Security, VA) and I think everyone with a smart phone and access to a computer should go through the process. I have helped clients who couldn't manage to navigate the process.

under 75, online. 75 or older, 8821

nice, coherent article by Ashlea Ebeling in today's Wall Street Journal explaining the rules. So, if the original owner dies before RMD's kick in, the new rules don't apply, and the beneficiary can take the money out any time during the 10-year period.

the installment sale was a great way to save on taxes. Trying for further savings beyond Schedule A sounds like a bridge too far to me. Make sure they understand the limits based on AGI (with a five-year carryover period).

Frank Degen over at the NAEA site provided me with the answer (not deductible as a business expense). Old tax court case where a lawyer had been deducting his hearing aids and IRS said no. Took them to court claiming he could not practice law without them but the tax court found in favor of the IRS--because there was a personal benefit, it did not meet the criteria. So i'd think it would be the same for my client.

I have a client who makes a living playing the piano and he needed a procedure to relieve arthritis in one of his hands so he could continue to play. Initial research was not helpful, all about Schedule A or cosmetic surgery for performing "artists" (aka strippers). But looking at Pub 535 (Business Expenses), on page 48 is an interesting section on "Impairment-related expenses." It seems to qualify--he has a disability that limits his employment--except for this little proviso: "The goods or services purchased are clearly not needed or used, other than incidentally, in your personal activities." This is the kind of jargon that often throws me. Obviously he uses his hand for more than playing the piano, but then how does anyone ever qualify for this deduction? Appreciate your input,

What does the 8867 look like? Do you have all the documents listed on Line 5?

The 1099-C is not always issued in the same year. There's a worksheet in Pub 4681, be sure and use the one for recourse loans.

unfortunately, they will probably have to call the IRS. Client (who I did not have 2848 on) used direct pay on 4/11 received one (CP14). Since it had been 8 weeks, I recommended she call: the number on the notice didn't even work, (800)829-1040 was overwhelmed but she kept trying at 7:00 a.m. and got through. I don't know how this would happen with properly attributed direct pay but at least she had a confirmation number. Those who mail in checks...kind of like Coach Bo Schembechler's comment on the forward pass: Three things can happen and two of them are bad.

does anyone have a cite for FBAR record retention requirements? I would assume that FINCEN will require the same for the BOI. I feel certain I read once that it was 5 years but now I can't find the source.

would be an interesting interview with the IRS after they apply--signing a form (4361) that you are a conscientious objector to receiving Social Security while receiving Social Security.

yes, deals I've seen involved multiple years. I like the premise of paying a percentage of the revenue the new clients brought in, but it does involve trust. I inherited another practice from an office mate at no charge; they were only concerned with where their clients would land. However, I ended up paying rent on extra space for a year as they gradually moved their stuff out.

had a colleague across the hall from my office who was getting out and wanted to refer all his clients to me. Money was never brought up until the last minute, when he inquired as to his compensation. I said I'd pay him 20% of the fees I collected from his clients who had me prepare their taxes (first year only). Funny moment when I provided him with a spreadsheet, he wanted to know why I hadn't charge this particular client more--I said that it was a really simple return and he responded, "Yes, but he was USED TO PAYING MORE."

glad to hear that it's coming from a lawyer. We have to watch out for practicing law (and what our insurance will cover). And this is much better than the usual scenario where the client tells you in March what they did last June.

I would take a step away from advocating the creation of a corporation--just give advice on pros and cons from a tax perspective and tell them to confer with a lawyer.

I don't like the sound of that Lee. I have never let my ATX subscription lapse, but if I did, I didn't think I would lose access to a year that I had paid for. I can see them not cooperating with file restoration if you're not a customer, but I assumed (I know, never assume), I could load up ATX for a certain year and upload my backup into it.

sometimes a poor memory helps us return to an activity (like running marathons). So sorry about your vision issues,

https://www.revenue.wi.gov/DOR Publications/pb109.pdf appears to me there is no requirement to match Federal filing status, as long as you qualify for the status claimed.