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Grilling out and enjoying yummy food.... Enjoying the water and out of doors..... Then fun with all the fireworks...... Finally a good nights sleep....

Nature abhors a vacuum, so that white space that still remains on the now 2/3 full page, will one day be filled up again.

My first grandson. Saturday we go to PA to visit my second granddaughter. Two grandbabies in six days in two states. Most kids just throw a party for their parents' 24th wedding anniversary, but our kids got together to present us with a grandson and a granddaughter! Even the babies cooperated by arriving earlier than their due dates to make their appearance in June. Or, the babies &/or their mothers are very competitive...

Moxie says Happy Independence Day

Max parking his car..... Max going to office...... Max in office working taxes...... Max at home after a hard day at office.....

Happy 4th of July. The anniversary of the Declaration of Independence and the United Colonies being proclaimed the United States.

To our friends in Louisiana: Stay safe with the storm, the ridiculous amounts of rain, and the storm surge!

If you are in this business and don't have a sense of humor, things can get pretty frustrating.

It's California. I'd be wearing shades. But, you got it right on the car. It's a red, '94 Buick Regal with peeling paint.

Same to you Elrod. Happy Birthday America!

You are correct. If the parents live together [and with the child, who does not provide over half his own support] and there is no dispute, either parent can claim the child and all the applicable tax benefits. Obviously, the one claiming the child may or may not be HOH. The benefits cannot be split.

Isn't calling random accountants to put them on the spot on national TV on april-frimping-14th against the Geneva Conventions?!?!

I guess the 100 million that were filed this year was a Beta test. Now, they are coming around with the finished product. Th IRS went overboard with the simplification and now they have had to backtrack and make it easier to understand for the taxpayer. Definitely looks like an improvement, though

Amen!

If his return gets filed and the Income is less than the total of the 1099's. He will be underreporting his income and will get a CP2000. If it is a latge amount with penalties, etc., guess who he is going to blame? With clients like this, I will get IRS income transcripts, and also add up the deposits from their bank statements. He doesn't have to go back to his clients. When people start avoiding things, I begin to get suspicious. Never let the client dictate what you need for the return.

1040X with corrected SE form and an adequate description in the explanation box should do it. Not sure what you want to stamp 'Do not file' on. Taxpayer's should check their SS earnings in about a year, because I doubt the 1040X will be updated over to SSA.

Not mad, just not a good typist and it doesn't help when several letters on the keyboard are obliterated. I never get mad at ignorance, only stupidity.

HappyFourth.

Happy Independence Day to us All!

Not only did client make my day but you guys did too! Elrod, those glasses look very familiar to me. Had my physical recently and Doc said 1 or 2 glasses a day, but I don't remember him saying anything about the size of the glass or how high, so I will use my good judgment.

It worked! First client received refunds of $8K and $9K plus interest. Waiting to hear from next 2 clients I also amended. I'm hearing that it depends on who is looking at the return, so may be luck of the draw. They deserved it, made my day. Client told me to pick the restaurant. Of course I will include the cost of the meal in income, I hope I remember to write it down after the $50 bottle of wine.

But Catherine......She has the power.....

Resident state for 2019 is TX; for 2020 FL. She files an OK NR return.

Has anyone heard the news that form 1040 is undergoing another face lift? Here is the article highlighting the changes: https://www.forbes.com/sites/kellyphillipserb/2019/07/15/everything-old-is-new-again-as-irs-releases-form-1040-draft/#36f6b1f42f75

I do like the larger print on the SR.

Link to IRS for all draft forms: https://apps.irs.gov/app/picklist/list/draftTaxForms.html Great, let's waste more time and money on another redesign and programming at IRS and all the vendors. The 2019 1040 draft does allow seniors to file that form with notation for those checking age or blindness to see the instructions for the proper amount of standard deduction. The only difference between the 2019 1040 and the 1040-S (senior) is that the "S" form has a chart at the bottom of page 1 for those checking age/blindness boxes. I guess there were too many mistakes in the standard deduction in 2018 for those self-prepared returns.

I was thinking last week, "If only they'd go back to the old Form 1040." Fingers crossed. I apologized to a client just a few minutes ago for the 2018 forms.

Thank you

The other piece is depreciation on any assets bought during the "missing" years. If the corporation is in a position to Section179 everything - or if they didn't buy anything that qualifies as an asset during those years - then if your client can confirm through the SOS's office that the corporation still exists, go for it. Many times, too, you can reinstate a corporation by filing all the back annual reports and paying the fees (plus a sweetener, frequently called a reinstatement fee). Else he has to open a new corporation, get a new EIN, and he can kiss this particular loan goodbye and try again once his paperwork is in order, in two or three years. Of course, no one is going to loan money to a brand-new corporation with zero history... You can't save some people from themselves and it's NOT our job to try.

If you're at all suspicious about his "tossed" 1099s, then make sure you keep/scan/whatever mode his P&L or his written/emailed statement of income received so you have documentation that he told you his revenues were $ X, just in case he gets that CP2000 a couple years from now. If he's sitting at your desk and saying his income was $ X, hand him paper and pen to write it down "for your file."

When I saw the guy in the tub with the whiskey bottle, I though I recognized him. And now I remember. His name is Duncan Disorderly.

Thanks for the opinion, humor and admonishment, Max. I will eat the humble pie,and I will Like it! No disrespect intended

I don't think the IRS will be a problem. The first year that penlties were applied for non-filing was 2015, so I think 2014 would have had to been filed in order to flag 2015. A larger problem, but not yours, is that your client didn't file an annual report(s) with the SOS, which is required to keep it in good standing. The SOS maintans an on-line list with each corporation's status. If the corp is not in good standing, the bank might deny the loan and/or put more honerous conditions on the loan. Ir is also possible that the corp has ben suspended. Suspended corp contracts are null and void.

Thanks for the support. Haven't heard "gentleman and a scholar" in a long time. I guess that dates us.

After reading the ever-increasing scope of Form 8867, replete with apparent ways to intercept and enforce the tie-breaker, it could be that the IRS simply chooses not to challenge the claim unless both parents claim. I have found out (after going through certain channels) that Congress doesn't really care about smacking hands for EIC mistakes and fraud. The congressman I knew said they viewed the EIC as a wealth transfer to the needy rather than a regulated calculated exercise for someone to be accountable for. Dealing with Form 8867 leaves no doubt that the IRS wants preparers to be the accountable party. IRS doesn't want the accountability themselves, nor do they wish the taxpayer accountable either.

Windows 10 users exposed to this problem are unlikely to even know they have it because who actually uses pre-installed bloatware? As such, my advice would be to search your computer and uninstall it. https://www.forbes.com/sites/gordonkelly/2019/06/22/microsoft-windows-10-problem-warning-dell-diagnostics-security-upgrade-windows/amp/

There are 3 things to consider: 1. Is the asset included in the deceased estate for estate tax (706) purposes. 2. Is the asset included in the deceased fiduciary (1041) or personal (1040) income tax return. 3. Is the asset included for probate court distribution of assets.

For those that don't click links:

I think it violates the Sokovia Accords.

The easiest way to make additional ES payments is on line. I have personally used it and several of my clients have used it, too. It is easy to use and a confirmation will be sent to the client right away. Otherwise, it means calling the IRS, cancelling the next two payments and having the EFT reset, which sometimes takes 2 months and a possibility of missing the next payment.

Amen!

About 10 years ago Oregon had a tax amnesty. I prepared 11 years of regular corporate returns . My client filed the state returns and did not file the federal returns. My client paid Oregon the corporate tax due plus 1/2 of the interest. The state waived all penalties and 1/2 of the interest. The next year I prepared and my client filed both federal and state corporate returns, which we have done every year since then. To my surprise, my client has never received any letters from the IRS about the missing 11 years of Form 1120.

Max was so mad he couldn't type straight!

Ha-ha! Kudos to you, Max - you're a gentleman and a scholar. As a card-carrying codger I appreciate your spirited defense of "old folks" while still offering a clear analysis of the problem as you (in the words of you-know-who) refuse to take advantage of the original poster's youth and inexperience.

When I look into a mirror I see my IT guy.

I removed all of Dell's Support Assist. I found the updates in control panel and removed them too. Thank you for keeping us safe out there.