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Yes, but it doesn't tell you to what account and/or to where it was posted which is why I prefer Direct Pay or EFTPS.

No Payment coupon. My proof is a statement from my bank that the money was issued to the IRS on 04/24.

Mail a copy of the proof of payment to the address on the payment coupon sent (along with that payment coupon). Add in a note about expecting the penalties & interest to be reversed since they have had payment since the due date. Highlight the date of payment on that copy of the payment receipt. Eventually, they'll catch up to it and fix it.

The IRS encourages tax professionals to register now for the 2025 IRS Nationwide Tax Forum, coming this summer to Chicago, New Orleans, Orlando, Baltimore and San Diego. https://www.irs.gov/newsroom/tax-pros-register-now-for-the-2025-irs-nationwide-tax-forum

No, the instructions to Schedule E line 12 would be good place to start your research. No business purpose means no business (or rental) deduction under section 162. Suggest you research the definition of "acquisition debt".

If your tax biz borrows money against the biz and uses it to pay off the mortgage on your primary residence, can the biz deduct the loan interest on your sole proprietorship or, in your example, on the partnership return?

It's not acquisition debt because your client hasn't acquired anything.

Perhaps the payment was misposted.

Thank you Gail for response. I'm sure none of the parties are considering a "sale" to the LLC with gain or loss, but more of a "transfer", i.e. the property has the same basis as the taxpayers prior to the transfer. And the only question is whether the "tracing" rules will insist on forcing interest to be deducted on their primary residence rather than the LLC. Since it is a new loan, it smells like acquisition debt, but the purpose is an obvious replacement of their old residence loan.

Plus Penalty and Interest, no less

Just wondering if the LLC involved more members, such as children of the taxpayers, and the LLC borrowed money to buy the property from the original taxpayers, then it would be acquisition debt. Of course, the taxpayers would have to pay taxes on any gain on the sale of the property. And since it would be a related party sale, they could not deduct any loss due to the reduced market values in Memphis. I am NOT recommending this - more like thinking of possibilities.

It doesn't meet the definition of Acquisition Debt, Home Equity Debt or Refinanced Debt.

If you are not licensed, you cannot legally give investment advice. Series 6, 66, 63, and 7 licensures (or some combination of those). However, as Judy says, the tax benefits (or detriments) of IRAs or other investments is something we can - and should discuss. Start out with "not investment advice; tax consequences only) and reiterate that at the end, too. Along with "talk to your investment advisor." Also remind the client that any tax advice from the investment advisor is suspect. I do wish we could get the licenses of investment "advisors" who give tax advice yoinked the way ours can be for investment advice. I've heard - heck, we've all heard - preposterous and expensive and generally horrible "advice" our clients blithely followed from their "stock guy" that blew up in their faces come tax time. And far too often, we've been hit with the blame and/or the anger.

Ahh, the good old scent of nasty volatile organics. We refer to them here collectively as "methyl ethyl death."

I still have two paper tape calculators, and paper, and save the check tapes in the client folder (don't save paper returns anymore). Yes, your SC electric is now an antique. As are we all! Anyone remember income averaging? Some good circular loops in those calculations.

My Windows Version of Chrome is now updated to Version 137.0.7151.56 (Official Build) (64-bit) so a new update was released today.

And Margaret, it doesn't have to be the end of your fax line. You can go to an e-fax type service (I use RingCentral) and even keep the same number. I am not sure how often you will need a fax line - they seem to be going the way of the dinosaur but occasionally it is helpful in communicating with IRS or filing some paperwork that is not set up for e-file.

I have Chrome open to chrome://settings/help. This page automatically checks the version to ensure you are up to date.

This is all so true. Funny thing is that I still have a desktop calculator and do still have check tapes attached to the office copy on occasion (just in case). BTW, is my nearly perfect new electric Smith-Corona, slightly dusty, now considered an antique?

Married Tennessee taxpayers own a house in Memphis, mortgage free with no interest. Also owns a primary residence in Nashville, encumbered with mortgage and interest. For purposes of illustration, assume the taxes on both houses, interest on their primary residence, and contributions total $29,001, meaning their itemized deductions are next virtually without tax benefit. Nashville is a boom town, and Memphis has become the crime capital of the USA, so they can't sell their house in Memphis. Nobody wants to buy in Memphis, everyone wants out. So......here is their plan. Put the Memphis house into an LLC and begin renting it out. The LLC deductions will be property taxes, depreciation, repairs, and little of anything else. They would like to also deduct interest but have no mortage. So they can borrow money against the Memphis home, and with the proceeds pay off the Nashville mortgage which was not helping them anyway taxwise. Since the Memphis house in the LLC is now mortgaged, can the LLC deduct the interest expense? (assume the LLC makes the choice of entity, for example a partnership). Or will the "tracing" rules prevent it? My guess is yes they can...but would love to hear from some of you...

Amending the Social Security Act requires 60 votes, so there's no way they'll include it in the bill.

I wasn't commenting about your post, I was just making a general comment about the almost daily warnings that I see online.

Ok, well this one came to me in an email that I get directly from Malwarebytes. Whatever version, users should check to make sure the software is UTD.

. For Android, the latest version is 136.0.7103.126, released on May 23, 2025. On iOS/iPadOS, the latest version is 137.0.7151.34, released on May 21, 2025. Frankly, there are so many so-called emergency announcements it's hard to know what's an emergency or what's clickbait

Google released an emergency update for Chrome to fix a severe vulnerability. If you don't have Chrome set to update automatically, or if you close it infrequently, you should check to make sure you are up to date with the latest version. "The update brings the Stable channel to versions 136.0.7103.113/.114 for Windows and Mac and 136.0.7103.113 for Linux." https://www.malwarebytes.com/blog/news/2025/05/update-your-chrome-to-fix-serious-actively-exploited-vulnerability?utm_source=iterable&utm_medium=email&utm_campaign=b2c_pro_oth_20250526_mayweeklynewsletter_paid_v4_1_174792831761&utm_content=Update_your_Chrome