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Where is the check box for taxpayers abroad? Ive searched and searched. What I have found is Go to 1040, General Info, check box THere isn't a General info tab.........

IRS Announcement dated June 12, 2024: "The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return. Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account. No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible. Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS. Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives. For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment " I am sure we will have some panic phone calls from our clients.

Joan, Here is a link to Medlin's Accounting Software: https://medlin.com/accounting-software.html He has everything explained along sample reports.

I have QB Desktop Pro 2003. I have the CD (which means I need an external CD ROM drive to load it). When I bought the software, Intuit support gave me the install and registration codes. I kept the license agreement from when I bought it that says I can load it onto every computer I own. I never update it. The software is the same as the day I broke the seal on the case. Before I load it on a new computer, I turn off the internet connection because the first thing the program does is go out and look for updates. I turn off the automatic updates and then turn the internet back on. Since I don't use it for payroll, I have no need to update it. The software is bulletproof so I never need support. I feel like I got one over on Intuit, and it makes me smile... Tom Longview, TX

Sign out of google may do for you. 1.On your device, go to a Google page, like www.google.com. 2.On the top right, select your profile image or initial, or Sign Out. 3.On the menu, choose Sign out or Sign out of all accounts.

Any suggestions as to how to stop Google from taking over my computer? Google assumes I want to subscribe to their products, and nothing can be further from the truth. I want as little to do with Google as I possibly can. But casually doing anything on my PC, I am bombarded by pop-ups from Google wanting me to subscribe to their version of whatever application I am working on. My browser is FireFox and they have even planted on icon on Firefox that I can't get rid of. Most of you are more computer literate than myself. This is partly by choice on my part, and partly my own ignorance. Look forward to suggestions from the group.

Thank you to all. I will discuss with the person in question.

I’ve got my historical data in paper and PDF form, so I can start with Dec. 31 numbers if I need to. My payroll is through Medlin, so don’t need it in the accounting software. Dennis, do you have a trial copy I could look at?

I did not prepare anything for this client when this sale occurred. All I have is the originally filed tax return. The tax return shows the sale was reported on from 4797 from the K-1 information. Therefore, it appears the client did elect out of the installment sale. The gain was reported in the year of the sale. I do not have any of those calculations. At this point, I will ask the client for the worksheet, statement or whatever they have that shows the calculation. I did ask how the gain was determined. The response was the gross sales minus the investment for both tangible and intangible items, re-captured depreciation; etc. So the facts that I know, the seller opted out of the installment agreement due to the sale being reported on form 4797 and not form 6252. I know the terms of the sale, sale price, and terms of the sale. I don't know how the original gain was calculated. I do know it was a capital gain and by the Pub it should be a capital loss. A lot of extra work still needs to be done here.

Assuming the client didn't elect out of installment sale reporting, please see IRS Pub 537 for installment sale reporting where price has been reduced. You will have a recalculation of the gross profit. There is also a section in the pub that deals with repossessions and recalculating those amounts and how to report that portion of the transaction going forward.

It seems to me to be an amendment of the 2021 tax return.

Asset sale. Including all tangible and intangible items.

For some clarity. Information in the "cloud" is not any better or worse because of the location. Actually, it is a good thing to have a secure backup of your data online, in a few places - for the day then your machine fails or walks away, or worse yet, when a computer "tech" messes it up while "fixing" it. It is a rare and likely extinct person who manages local backups properly, such as making rotation sets, both for at the desk, and moved and rotated to a couple of secure alternate locations. I am one of those who no longer manages local backups as a proper only method, as I work at home, and my former office was too close to be out of the same natural disaster area. One of the server locations I use is a very secure facility with restricted access, armed guards, etc. It is not uncommon and is actually expected for major server farms. It is also at a specific place where many different major fiber carriers intersect (and a good tech population to draw employees from). I cannot remember any offline issues for more than a few minutes (while they swap to a reserve connection or something). They have multiple days of power self generation at the ready at all times. There is at least one local fiefdom which set a rule that all records and data must remain within the boundaries of their fiefdom, but I doubt anyone follows that rule. On the other hand, if your only working data is online, and it is for accounting and/or payroll, I have yet to see one which would satisfy me. Why? 24/7 access is impossible to guarantee, and outages happen at least once a year, sometimes for 24 hours or more. I am a firm believer there is no such thing as an accounting emergency, so all should be able to handle such a payroll outage with either paper checks and a pen, or with cash. Even with local data, paper checks and cash access should be considered and planned for as a backup. The other issue with online is even I can type faster than online data can keep up. I am sure online providers use tricks like caching and such, but those don't fly for me. I actually deal with this when I am lounging in our hot tub, over my own connection, let alone a remote connection of some sort. I am of the belief when I hit a key, it should be saved, period. Computers are well fast enough to do so. Online cannot keep instantly updated, so they often work like the old days, where you have to click something to trigger a save then wait. (A few still ask me where our save button is, or how to save the data before they close the software.) There is also a significant cost to offer live online storage, there is a charge for bytes up and down, as well as storage size, redundancy, etc. Server space and pipes are not free. What do I think is ideal (and what we will eventually release in the next 12 months or so)? Hybrid. data stored securely online, downloaded to the device for use, then uploaded securely for storage. Also with a local copy, securely stored, which can be used if online access is not possible. For those who what to change any software to something else, one cannot only look at the price itself, there will be a learning curve, extra uncompensated time spent learning/moving/adjusting, as well as keeping the current system in place for some time period for safety. I don't know what the magic number of cost % is, but it should not be ignored. Thus a comment like sticking with X for another 2 years until retirement is a very wise decision.

Did they sell the stock or the assets?

Client sold their business to an unrelated party in 2021. The business was an S-Corp and gain in the amount of $255,918.00 passed through to the single shareholder and reported on the 2021 individual tax return as a capital gain. The business is closed as expected and a final year tax return has been filed. The initial purchase agreement contained a balloon payment totaling approximately 500K to be paid sometime in 2022 to the shareholder. The buyer failed to make the ballon payment. An agreement was drawn up that reduced the amount due to the seller to $369,069.00 plus $8,003.00 in interest to be paid in 2023. The buyer once again failed to make the agreed upon reduced payment. The reduced agreement gave the shareholder the right to seize any equipment. I am still gathering those amounts. Because the buyer defaulted on the initial required balloon payment of 500K Is the 500K the starting point to calculate the loss or the reduced agreement amount? Also, shouldn't the value of the equipment recovered be used to offset some of the loss? I am also taking the position this transaction is a capital loss. Is my thinking correct? Any assistance is greatly appreciated.

Are you doing any payroll? Do you need to convert all your historical data or could you do a JE at YE to bring over your balances and start from scratch? Tom Longview, TX

I agree, I have done in depth reviews of Medlin in the past and it should do everything you need. I need some bells and whistles for my larger business clients which Medlin won't do so I don't use it. Also you might look at "myob"

I agree. My largest client did receive a 3 page letter from their attorney back in January.

I'm paying out the whaa zoo for QB. I guess I'll keep paying for a few more years, then it's over for me.

I thought there was some holdups too. So I'm waiting for later in the year. I'm not recommending anything to clients now. I suspect most of them don't know anything about it.

Check out Medlin Software. Dennis is a frequent poster on here.

I’ve been using QB the last few years, but pretty much refuse to pay $650 for a year’s subscription or $30/mo per company for QBO. I also don’t like any of my info being ‘in the cloud’. I have 2 businesses: my tax biz and 3 rental properties. The rental properties have assets & contraassets, income & expenses. The tax biz has income & expenses. I do like to be able to book a sale as it happens and record the income as it comes in. Nothing complicated at all. Does anyone have any recommendations for me? QB shut me out of a client’s copy I was using in March and when I called today wasn’t very happy with the results. I guess I would go online with Xero or something like it if it was cheap enough.

I knew a SMLLC could be a Sub S shareholder but never imagined, or heard of a corp owning a SMLLC. Maybe there is a legal purpose, but for tax and accounting I don't see any advantage since it goes back the the owner's tax return.

https://www.thetaxadviser.com/issues/2023/jun/single-member-llcs.html

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