BulldogTom

Can she afford the tax bill? Does she still have an income? If she can't work and is living off savings, you may be able to get her into currently uncollectible due to severe financial hardship. If she can pay the tax bill, have her pay that but not the penalty, but you need to request the abatement right away. Communication with the IRS is key. Tom Longview, TX

Double check that the Schedule SE has been in her SSN. Other than that I don't think it is an issue. Tom Longview, TX

A "you-all" is a trailer Californians haul their stuff to Texas and Florida in. Y'all is how you spell and say the word ..... Look at me, a Texan for less than 2 years and schoolin' y'all on y'all's grammer. Tom Longview, TX

All states, individual and business including payroll with unlimited e-file. Getting price increases every year. Still not terrible for the product you get. Customer Support ain't what it used to be, but compared to other industries it is on par or slightly better, just not as sharp, attentive or quick as the team from Caribou used to be. Tom Longview, TX

There are so many variables that conversion decisions are just speculative in my opinion. There are some circumstances when it makes a lot of sense (i.e. one off business loss that drives income negative, so you have room to covert for free) but if you are looking at a linear income stream, you are just making educated guesses about tax rates, inflation rates and investment growth rates. Any of these items can make the best thought out projection look silly a couple of years from now. Tom Longview, TX

Back 20 years ago when we had competent IRS processing agents and an effective PPL, I would have agreed with you. I would rather get a Notice of Deficiency and file a tax court petition than to send in a tax form that I don't want them to process... Tom Longview, TX

Isn't there a spot on the response form for "agree in part"? What I would do if it was my client is prepare the X to calculate the amount due. Send in the amount you calculated with the response form and an explanation of what you calculated. Don't send in the X as it will cross paths with collections. You may have to wait for the final assessment to appeal if they don't accept your explanation. Get your POA in as soon as you can (make sure you mark the box to be copied on correspondence) and attach the signed copy of it to your response form when you send it in. Others may disagree with this approach, but I think it is quicker than mucking up the works with an X. They are waiting for a response, not an amended return. Tom Longview, TX

@GLGACCT If I could bother you for one more question? How do I show the amount paid with the originally filed return. I keep going in circles in my mind on how to make that happen (I know, small mind, small circles). Thanks for your help. It is very much appreciated. Tom Longview, TX

It will be interesting to see if Intuit can filter out the creative garbage that our CLIENTS create so we can get useful information from QB..... Tom Longview, TX

Thank you! Paper file or try to e-file? Tom Longview, TX

We made a Boo-Boo on our client's NJ Non-Resident return for 2021 and just discovered the mistake when we were filing the 2022 return. Can anyone give me a few tips on Amending? Looks like I have to use a NJ 1040X as I don't see an NR that I can amend. Can I e-file it or is it better to mail in with the attachments? Client is a CA resident who has an interest in a partnership from NJ. We made an error on the NJ K-1 entry screen. Thanks in advance. Tom Longview, TX

I noticed that as well. You have to manually check the input form for the interest rate. I have found in many cases the software has not updated the current quarter. Tom Longview, TX

Out of state preparer penalties will also be low hanging fruit for the FTB. You must know all the CA rules, including those that apply to you. Adding penalties to the tax bill of out of state accountants (who don't vote in CA) may make the collections worth the effort. Tom Longview, TX

Could it be because ATX efile is down for maintenance this weekend? Or are you getting the error when you try to create the efile? Tom Longview, TX

It is a $9.99 power strip. Gives me 6 outlets for my 10 key, computer speakers, etc. The non-essential stuff that I don't plug into the battery backup. Thanks for the info. Makes sense that I need a converter, just never thought it through. Tom Longview, TX

Interesting. I have a Dell laptop and when I plug the computer in to a surge protector, I get a warning about my power supply. When I plug into the wall outlet, there is no warning. I wonder if there is some kind of surge protection built into our power cords and when you put a second surge protector on it it messes with the current. (I never understood why I needed that black box on the cord). Just a tech ignorant accountant talking out loud. Tom Longview, TX

https://go.spidell.com/e/837113/ellpublishing-SCM-05-14-23-mp3/5v69lx/1493174511?h=Uz1dPLaqv038i0ytdEaOrGEVqizKc5zWaPMIrY6Ucy4 Not sure if I did this link correctly. Towards the end of this 5 minute audio, an accountant was held to owe penalties for failure to know the CA requirements. FTB is looking at the 1099s from clients to their Sole Proprietor accountants in other states to see if they are filing NR returns. Tom Longview, TX

We called it "ticked and tied". Everything that tied out to the source documents was tick marked on the trial balance. Tom Longview, TX

You may be able to call a new vendor who is approved by VA, ask them to give you a deal on 2022 software so you can evaluate it and send these returns. They may even have a conversion tool that will bring all your ATX files into their software. Most sales people would love to get another sale on software that is not really in demand anymore. I am assuming you have about 3 months to get all of this completed and while it is not ideal, you do have time to check out what may become your new software product. This really sucks - I would drop ATX and find a new provider if I was in your shoes. Tom Longview, TX

When I was in college I worked for a CPA. The Audit report said what the client paid for it to say, the higher the fee, the more items were passed on. As a 3rd year accounting student I could see what was going on. That is when I found the EA designation and decided the CPA route was not for me. Old, Jaded & Cynical. Sounds like a 80s rock band on their 2023 world tour. Tom Longview, TX

The only reason it came up was Spidell sent me an email with a 4 minute primer on the topic. It is not as in depth as it will be at their update seminars, but it was a good overview of what to expect coming down the pipeline. @cbsleeI am thinking about packing for our vacation more than I am thinking about this issue. Tom Longview, TX

I agree about forming companies with the SOS. Not for me to do. I just ask for the proof of filing, articles, EIN, etc. However, since this is an IRS reporting requirement, and we do IRS STUFF with our clients, I think they are going to want us to do the reporting for them, very much like our clients wanted us to do the FINCEN reporting. Where do we draw the line in what we do for our clients? Tom Longview, TX

Adult child with a minority interest (less than 25%) of the company but the parents own more than 25%.... Tom Longview, TX

@cbslee Nope, there is not an IRS form for it. It will be an online portal (Like FinCen?). Corporations forming in 2024 must report within 30 days of formation. Existing corporations must report by 1/1/2025. Responsible Parties (25% owners and board members) must be listed with current residence address and picture ID uploaded (Like ID.me?). Any changes to the information must be updated within 30 days of the change. Penalty for non-compliance is $500 per day. Tom Longview, TX

You remind me of the first CPA I worked for. "Explain it so a 3 year old can understand". Tom Longview, TX