jiji778

I feel you on that. The whole "Check Box" expiring after a year is just baffling. And it seems like a really missed opportunity to actually help people to resolve their issues. It would make way more sense to keep it open for the three year statute of limitations most problems come up after that year. That would remove everyone from having a lot of hassle and confusion.

Love your breakdown of your friend's Uber gig. Right how these cost add up it’s wild. I totally get how the funny money income is not about the mile deduction, because really, it is not! I’m glad he likes driving though! Not always about the money and sometimes it’s just about getting out and meeting people. Have you guys talked about how he could bump up his earnings in busy times or hotspots like that? It’d be nice to hear how it all plays out for him!

It’s very odd about the mail being returned. It just makes you wonder if there’s some other behind the scenes change going on at that address. Have you noticed that you could call NYS or look up NYS on the web for updates?

And these frauds happen all the time. Good thing there are whistleblowers who are brave to let the authorities know when there are cases of tax evasion. According to this law firm, they are protected. Maybe that's why they are so brave.

Frankly, I would let the employer dictate this one; if they go ahead to report it as wages later should it be forgiven, then again, issue at hand solved, but if not, a complete no-go area. If they do not declare it as income it may create a lot of problems to the client, they may be sacked should they declare it themselves. It is usually safer to stand still and let the employer take the blame or not, whichever way it is.

Roth conversions make sense if you’re in a lower tax bracket now or want to ease future RMDs. It’s also a good way to give heirs more flexibility with less tax impact.

Getting clients to verify their banking info is a must! Using that "Account Transaction Summary" is super helpful, and having them initial next to their account details adds that extra layer of accountability. It might seem like a hassle at times, but it saves us from potential headaches down the line. Plus, it’s good for clients to be involved and aware of what’s going on with their money!

I get where you’re coming from, but all caps can feel unprofessional to some. It’s a tax return, not an essay, so I think it’s fine to keep it simple and clear.

One thing that cannot be overemphasized during IRA investment is the overall impact of each choice. As we’ve seen EIA can offer safety and some level of growth to those investing but this comes with fees attached as well as the missed opportunities in the event of a hot market. In my mind, high-yield CDs are the best decision at the moment as they provide higher rates; still, they do not chain too much of your money. It’s just got to figure out what works optimal with your entire scheme of things!

Yeah, I would’ve ignored it too. People can be so entitled sometimes.

You're on the right track! The 1099R will show the NUA amount, and you can move the appreciated stock into a regular brokerage account.

You should definitely refund the first client right away and then get the money from the second client. It was your mistake, so it's on you to fix.