BulldogTom

I am just the opposite, I have noticed in the last month fewer spam robocalls. Less than a dozen in the last month....used to be a couple a day every day. But the election season is coming up so it will be ramping up again. Tom Longview, TX

That is what I am thinking. I can export to excel, combine duplicates and import into something that will prepare the 1099s from a .csv file. I found something online called Track1099 by Avalara that seems like it will do the trick. $2.99 per form for the first 15, $2.19 for the next 150 forms. All versions of 1099s. I just watched their promo video on how to do the import. Seems straightforward enough. Anyone ever use this Avalara product? Tom Longview, TX

I know. But that ain't what happened. At least I am not dealing with this in January..... Tom Longview, TX

Long story, not enough space to tell the whole thing. This is just 1 of the headaches. Taxpayer has split his business into 2 separate companies in QBO, but they are still actually both 1 company under 1 EIN. They have common Subcontractors. To file their 1099s, they will need to export the data from both QBO copies, combine, and import into a 1099 software package to print and efile the forms. Any recommendations for a package that will allow upload of a .csv or excel spreadsheet so the staff does not have to enter each payee individually? Thanks in advance. Tom Longview, TX

@Sara EA that comment was made with a lot of sarcasm, I was taking a jab at cbslee. You have to go to the other thread where he was defending the IRS for backdating material to get what I was doing on this thread. To his credit, he apologized for the comments on the other thread. Tom Longview, TX

Don't you find it troubling that one little mistake by HRB is being used as a broad brush to paint the entire company? I would think you wouldn't appreciate that. Or is it only the IRS that gets a pass from you when they do unethical things? Tom Longview, TX

cbslee is easily offended when you question the ethics of the IRS, but if they ever have a data breach, he will be posting about it for weeks. Tom Longview, TX

I consider myself a Management Accountant. I love putting processes and procedures into place so the owners and management get their KPIs reported timely and accurately so they can be acted upon before there no chance to change the operational outcome. The GAAP and Tax Reporting are important, but profits and cash flow rule the business world. Tom Longview, TX

Back in the day, when the PPL was fully staffed, I used to get great service from the IRS employees. They would listen, tell you what they could and could not due, and what the next steps would be to resolve the taxpayer's issue. Many times, they would be able to take a faxed document and close the issue over the phone. It has been a minute since that happened.... Tom Longview, TX

What a sad state of affairs when a government employee doing their job is something we take notice of because it is so unusual... Tom Longview, TX

Did you have to register or go through IDme to do the upload? Tom Longview, TX

@jklcpa No, I don't think I have to make an adjustment for what did not happen just because it could have. If I did, I would have to recompute every return between 2008 and 2021 to determine the tax effect and bring every one of those adjustments into 2022. I don't think the Rev Procedures and Regulations prescribe that intense of an analysis. I think the intent is to take the adjustment for the item in a vacuum in the year you file the 3115. Anyone disagree? I am not sure, but I hope I am right because I don't have enough summer left to complete this return if I have to re-do every return. Tom Longview, TX

Yeah, I keep getting this nagging feeling that I need to see the detail for every return from 2008.... Tom Longview, TX

How about putting the 481(a) adjustment on each respective Sch. E which will create the suspended passive losses you are trying to get to? Actually, this was my first thought, but I believe the IRS is looking for the 481(a) adjustment on the Schedule 2 - Adjustments to Income. If I put it on the Sch. E, I get the expense where the expense was meant to be. I like the symmetry of this approach, but I think the IRS prescribes otherwise and I can't nail it down for certain in my research. On the other hand, if I put it on 1040 Schedule 2, I can generate an NOL and still use it to offset gains if she sells the rentals. Something just seems icky about doing it this way.... Tom Longview, TX

I picked up a new client a couple weeks ago. Not complicated, so I thought. Interest, dividends, cap gains and a couple rental properties. I ask for the prior year return and I notice there is almost no depreciation on the rentals, just a washer and dryer on the schedule. She digs up her information on the purchase dates (2008 and 2013). No depreciation taken for all those years. I calculate the missed depreciation over the years at approx. $170K. Client income is in the $20K region. It seems to me that this will generate an NOL, but had it gone on the Sch E all those years, some of it would have been suspended passive losses. Am I looking at this correctly? Tom Longview, CA

how much do you want to bet that the IRS needs to outsource the processing...because...like... the scanners will be in the IRS offices and the workers...well...they will be working from home. Tom Longview, TX

off topic a little bit - frustrating as all get out... My brother has custody of his granddaughter. She is the cutest thing. My wife made a dress and a skirt/top for her 2 weeks ago and shipped USPS box. Was supposed to arrive on Monday. Got there on Thursday minus the skirt/top. Why would someone do that? Tom Longview, TX

I prefer live. I like meeting other tax geeks at lunch and dinner and networking events. I like to talk to the vendors. I try to find seminars in places I like to visit (San Diego, Las Vegas, Orlando), it is like a vacation. And it is tax deductible. I find that when I do webinars, I lose focus. I don't like posting questions and hope they answer them. I don't like not being able to ask a follow up question. I agree the prices are getting very high. I have done more free IRS webinars in the last two years than I have done my entire carreer. Tom Longview, TX

You have asked the greatest question in financial planning. I have a Christian financial series that I teach (drawn mostly from Ron Blue and Larry Burkett books) and I always ask the question "How does the story end for you? We all die, what do you want the people at your funeral to say about your life?" So, what do you want to do that work kept you from doing. Is there a cause you wish you had been more involved in? Is there a hobby that you really want to pursue more? Is there a place you want to see or an event you want to experience? When you answer those questions, you can start planning for your post work life. You can start looking at what resources you will have to pursue those opportunities. Good Luck. Tom Longview, TX

Putting the employee vs contractor conversation aside... even though I think it is the most important issue for the mom and son -- For the presentation of the financials to back up the tax return, I would have an expense account for the fuels and insurance costs and an offsetting expense account called reimbursed costs from customer to zero out the amounts. This is what the taxpayer presented, this is what the accounting records should show. I think you open a can of worms when you mess with the 1099NEC and it does not match what was sent to the IRS. Did mom also help pay for the truck? Please say no. Going forward, there are a lot of issues to work out. Hopefully you can get them on the right track. Tom Longview, TX

i got my he's and her's mixed up.....sorry Tom Longview, TX

Why do they go on HER return when they were deposited to an account that he owns? I think you are overthinking this. He received the money, the Fiduciary indicated they were paid to him and issued the 1099Rs to him. The 1099R shows a tax withholding reducing the money that was paid to him. Put it on his return, claim the withholding, and if the IRS questions, show them the 1099R. Tom Longview, TX

Another option is to put a Tax Matters Representative form in front of them and make them designate the TMR. Both must sign. No tax work until the letter is signed by both. Don't get into the middle of their dispute. Tom Longview, TX

I don't think so, as you never borrowed anything from them. I would consider it a refund of prep fees and not send a 1099 at all....unless you are pissed at the client and want to mess with them as they go out the door. JMHO. Tom Longview, TX

You don't have to be stoned to want your commute shortened by having all green lights on your way to work.... Not that I have the skill to do that, but this is one very useful feature of the tool. Tom Longview, TX