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I will do this to transfer prior-year info to a new preparer. I also use the disclosure to talk directly to brokers for clients. Especially elderly ones, who don't know how to ask about corrected documents. Mortgage drones? No way! Info goes to client only.

The House passed the bill 4 hours ago and the bill was signed into law about an hour ago.

Put it on a tablet and leave it in the john.

Good! I only have one return on hold so far for this because the client agreed to wait since this vote was coming up so soon.

I just choose NOT to do it. Client only. No one else get copies or information.

I do exactly the same as Medlin Software. I send/give NO information to anyone but the client. PERIOD. If you send information, even with the signed consent form, and something goes bad with their dealings down the road, you have just inserted yourself smack dab in the middle.

Even with the bill passed, we have to wait for the IRS AND also for the software people to submit new forms (corrected to add extenders) to the IRS and then have them approved too. Probably NOT a QUICK turn-around.

I will be in London for 10 days in the middle of May after my youngest Graduates from Berkeley with his degree in Mechanical Engineering. A long road trip after that may not be a bad thing. But I need a grill and beer when I get there. Tom Modesto, CA

I'm working on one now, because the client just knows coverage was unaffordable. Unaffordable does not mean what they think it means. The clients think if the premium is more than 8.16% of income, it's unaffordable. But it's the "required contribution" that has to exceed 8.16%. These people fall right in there at 269% of poverty level, so they would have gotten insurance practically free. That's affordable. Logically, it seems to me that this exemption would be as rare as hen's teeth. Logically, I get it. But these worksheets. Wow, these are the worst. Well, that iterative calculation for SEHI might beat them, there's that.

We have had clients receive CP2000 concerning 1099-K. The IRS IS checking them now.

As long as it's for business and you've documented that - I think the interest is 100% deductible for the business. I lot of people use home equity loans to finance rental property just for the ease of getting a loan. When I did a cash out refinance to buy a rental, the mortgage lender said he would need a letter from me explaining for what I was using it. I told him I was buying a rental property and he freaked out explaining I shouldn't say that - write that I'm giving it to my nephew to pay for his college education and I'll get the money immediately. If I say it's for a business (rental property) I'll spend the next month justifying a business plan.

The 30% Interest Deduction limitation is for businesses with more that 25 million in sales, so I don't think that will be a problem, and anyway, there is a real estate exemption for that as well. File your interest tracing attachments this year.... Problem Solved Rich

Damn! I could've gotten a free banana split!

This is on this IRS page, not directly on the FIRE site either:

Actually this is pretty basic and has been required for a number of years now. There is a separate release for individuals and businesses.

There is a User's Guide? I'll read that in my spare time.......

Unless court order, I only give records to the client, so they can do what they wish with them. Solves the mortgage writers fishing me for information to put some of the liability on me...

It turns out the Tax Extenders Bill was attached to the to the Budget Bill currently in front of the Senate without mention or discussion! Film at 11

My first choice was professional basketball player. But when I got cut from the freshmen basketball team, I went for my 2nd choice, rock star. But then I found out I had to learn to play the guitar. That didn't work out.

The more you know.... the more you wish you had become a sound engineer for music.

Catherine: If we are going descend on Rita's (and I hope she has Margarita's) The whole summer works for me except for the last two weeks in June. Maybe next year we go to Catherines! Rich

I was hoping the problem would magically disappear... But now I don't even see 16 returns in 17 Rollover Manager... *Picking up the phone*

This article from the PA Inst of CPAs is a little more in depth that you may also find helpful.

https://support.gofundme.com/hc/en-us/articles/204295498-Am-I-responsible-for-taxes- Hope this helps!

You missed it!! I am counting the money I will make to amend a bunch of returns!!

For an individual, you are correct, the HELOC interest will not be deductible. I am pretty sure the rental activities will be able to deduct the HELOC Interest, provided you have good tracing of the funds to the rental activity, but read up on the new business limitations on interest. I am still working through this issue as well, so we can learn together. I think there is a 30% limitation on the amount of interest a business can deduct for interest expense. I think that if you are calling a rental a "trade or business" to be able to deduct the HELOC interest, then you have to follow this rule for the rental activity. That would suck for your client if they are not generating a profit (before the application of the interest deduction). I think you get to add back depreciation as well before applying the 30% limitation. This is new stuff, so don't take my word for it. But please keep posting what you are seeing on this issue. Tom Modesto, CA

I've already had the unsatisfactory email exchange with support and have looked multiple times at the efile status on the website but 3 of my 1099's efiled from Jan. 29 are still in transmitted status while one on Jan 30 was accepted Feb. 2 and one on Jan. 13 was accepted on Jan. 23. The message is IRS is slow and don't retransmit but why the disparity in these? Not really expecting answers, just want some understanding (sniff, sniff).

Thanks for all the sympathy with or without tea. My concern is that one filed AFTER 3 others was ack'ed within 2 days. I've had many years of efiling 1099's so am accustomed to waiting and waiting and waiting but not when acceptances were so out of order. I, too, have read the IRS info about the FIRE system as I receive virtually all the IRS notifications. As I wrote " Not really expecting answers, just want some understanding (sniff, sniff)." I have patience but not so much understanding...

Since I can remember, the 1099 always took awhile to get accepted, weeks....

great idea!

I give returns to the clients only. If I thought their leaving might be contentious, I'd have a cover listing the documents and ask for a signature, might do that with a divorcing couple too. And, if the client has "lost" their tax folder too many times, I might charge for duplicates. But, I've not done either of those so far. I give to the client to do with what he wants. But, their tax folder includes everything, so they really have no reason to ask me for duplicates.

The only time I could see getting a release from my customers is if I was selling my practice and I needed to release my files to the new owner. That is about the extent of where that would be useful to me. Other than that, I don't give nothing to anyone but the client. Tom Modesto, CA

A quick trial and error got me almost exactly to the TT refund by using an IRA contribution of 10% of taxable wages. With the lower income and a $200 retirement savings credit, I come out to a refund of $3,055. A single person supporting themselves on $24K a year definitely has an extra $2K in reserve to contribute, right? Plus, the amount of FWT for that income is very inflated. Nice tricks by TT where the average person would never catch the deception!

Here’s the basics on waving in my town, y’all: