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"To claim the LLC, you must meet all three of the following: You, your dependent or a third party pay qualified education expenses for higher education. You, your dependent or a third party pay the education expenses for an eligible student enrolled at an eligible educational institution. The eligible student is yourself, your spouse or a dependent you listed on your tax return."
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any way to retract the estimates that were set up and efiled
Lee B replied to schirallicpa's topic in General Chat
I wouldn't wait to call. According to Federal News Network, 20,000 IRS employees have accepted the second round of buyout offers. Supposedly, they will start leaving on April 28th. -
Yes you have to take care of yourself so that you can help other people.
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i totally agree. I can remember working 11 hour days and drinking lots of coffee. I have been gradually cutting back the last decade and now I just work mornings
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You have to follow the K -1 until you can discuss the SE issue with your client.
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This Tax Advisor Article should be helpful where they discuss the meaning of a"Limited Partner" in name only: I give the law firm high marks for creativity but after you read this article you should file an extension and you will need to have a serious discussion with your client . https://www.thetaxadviser.com/issues/2024/may/limited-partners-and-self-employment-tax-a-new-test/
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Kentucky Disaster Relief Extension - File 4868 or no?
Lee B replied to gfizer's topic in General Chat
IR 2025 - 48 "Taxpayers in certain federally declared disaster areas may also have an automatic extension to both file and pay. Taxpayers in these areas are not required to submit an extension request. Information on the most recent tax relief for disaster situations is available on IRS.gov." -
The bank is partially correct. They don't have to file a 1099 if it's under $10.00.
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Copied from Federal News Network: "Federal News Network first reported that the IRS planned to bring its fired probationary employees back to their jobs by April 14. The agency gave individuals in this scenario the option of returning to their jobs or voluntarily separating from federal service. However, in an email it sent Friday, the IRS told employees it was walking back that plan. “Based on recent court decisions, efforts to return probationary employees to full-duty status by April 14 have been paused. Unless otherwise instructed, you will remain on administrative leave until further notice,” the email states."
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N/T-Medicare, 1st of month DOB, and other annoyances
Lee B replied to jklcpa's topic in General Chat
Yeah, when I turned 65 I waited 6 months to start my Medicare Part D (Prescription Drug) plan because at that time I didn't have any prescriptions. Unfortunately, I misunderstood how they counted 6 months. So now I pay a $3.20 penalty every month for signing up late -
Yes, I have filed one with Drake
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Superseded returns are processed electronically while amended returns are processed manually. Given the big backlog in processing amended returns the delay could make a meaningful difference.
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According to this article an IRS "Hackathon" started 3 days ago: https://www.wired.com/story/palantir-doge-irs-mega-api-data/
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Copied from Forbes: "It's a bold choice to make changes to the IRS website, especially on the payment end, days before Tax Day, prompting questions about why that might have happened. It’s not clear when the changes were made—so far, there's been no answer. However, on Wednesday, Elon Musk tweeted out on X (formerly Twitter) that the Department of Government Efficiency (DOGE) had made a fix to the IRS website:"
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Only if you keep a contemporaneous log