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I'm not sure ILLMAS, if you are asking a real accounting question......But....Here is some real Spoiled Possum.... In fact I hand a bad can of out dated possum, last Halloween ( October is bad month for me)...This is what happened.... This doctor made me all better though....

I love the comparison. It's great for clients, and also great for ME in reviewing. If I see substantial differences year to year, I go back and make sure there is nothing crucial that I have missed (or the client has forgotten to provide me).

Yes, the Form 1040 changes. I loved the ATX federal comparison of 2018 to 2017 since I found the 2018 form changes to be about the worst thing ever, and it was far easier for me to flip over to the comparison and explain things when I went over returns with clients. I printed the Form 1040 comparison for every return, and I thought it was a lifesaver. Nothing like seeing a figure in the middle of a full sheet of paper with print on half of it and wondering where the heck did that come from?? And what numbers got added together to get that number on the right? Also, a handful of my folks didn't have enough withholding (thankfully not many), and it helped show them they really got a tax cut; it's the liability that counts. Really hate the 2018 form changes so much I can't even tell you.

I use the comparison for my own review and to present the highlights of the returns to the clients. Most want only the totals of income, their total tax, any significant changes, and the bottom line balance or refund. The comparison was particularly useful this year with all of the form changes and saved a lot of time in not searching through the additional six new schedules and all the other forms in their tax packages.

I provide each client with the summary, the comparison, and the planner. I find its so important to plan for the next year to ensure the whithholdings are where they need to be (or at least close to where they need to be). I only provide planning for the next tax year. I zero out the rest of the columns. Would be nice if there was a checkbox you could click to do that automatically on the planner. This year, I made sure all of my clients received the Federal comparison (wish there was a State) and I highlighted the AGI, Taxable Income, Tax, and Withholding amounts. More often than not, I'd say at least 75% of the time, the new tax law benefited them. In may of 2018, I contacted all of my clients to make sure they checked their withholdings. Some did, some didn't. Oh well.

If you don't like all those zeroes on the ATX comparison sheet (I don't), you can turn them off in preferences. I use the blank space to type notes on the comparison form.

As a practical matter, when inventory becomes unsaleable and is thrown out, it's not counted in the next Physical Inventory or if a perpetual inventory is being used the disposition of the inventory is recorded. Spoilage or shrinkage is really a cost accounting measure used in order to keep better track of COGS & Gross Profit. Where as Inventory Write Downs i.e. Lower of Cost or Market is both a cost accounting measure and a tax deduction.

I use a planner going forward. I use a comparison to show why their balance due is different than the prior year (pointing out liability, withholding, other changes from prior year, etc.).

I have always included the comparison, but a couple of pages in. This year, the comparison was at the front of every client copy, right after the cover sheet.

Drake does have a good comparison including a state comparison. Therefore beginning with this year I have been giving all of my clients a comparison and reviewing it in some detail especially since the changes to the 1040 along with the supplemental 1040 schedules are confusing and hard to explain.

Dear Tax Professional, Congratulations! To thank you for repeatedly renewing your preparer tax identification number (PTIN) early, you have the opportunity to renew your PTIN before the season opens to other tax return preparers. The PTIN system is ready to accept your renewal from today through Oct. 15. Should you miss this opportunity, you can still renew your PTIN during renewal season beginning later in the week. THERE IS NO FEE/COST FOR 2020 PTINs. All PTINs expire on Dec. 31 and must be renewed annually. You must have a valid PTIN if you plan to prepare any federal tax returns for compensation or you are an enrolled agent. Get started at www.irs.gov/ptin. If you can't remember your User ID or password, use the "Forgot User ID" or "Forgot Password" links on the PTIN system login page. You will be asked to enter the email address associated with your account and the answer to your secret question. To keep up with the latest info for return preparers, please subscribe to e-News for Tax Professionals. - Visit www.irs.gov

Yes the courts said it was OK, however I believe it was sent back to US District Court to resolve the $ amount. I believe the courts said the IRS could recoup their costs but no more than that.

Groan!

I don't routinely include this form in my client copies. I have done so this year for a couple of folks who came to me this year and had them in their former practitioner's copy. I find the one provided by ATX really lacking when compared to the competition. The state comparison is not provided. I suspect ATX tech support has been appraised of this and likely with no result.

Let's a say a grocery store has 10 cans of creamed possum in inventory as of 12/31/17, in 2018 the department of health picks up a can finds that all 10 cans have expired and asks to be throw away. Is this a good example of spoilage? Thanks

One month. https://www.irs.gov/instructions/i1120s

I am not sure that I am understanding your question. Which tax return the beneficiaries report the K-1 on depends on whether or not the return is on a fiscal year. If the estate year end is in 2019, then the K-1 goes on the 2019 personal return for the beneficiaries. As far as whether or not the K-1 generates, I think that depends on whether or not any of the income was distributed. If everything stays in the estate until the estate closes out, and the estate is open multiple years, there won't be a K-1 until the final year (I think.) But if the beneficiaries get income distributions throughout the life of the estate, I think they will get K-1s every year. So if you are not showing income distributions, K-1s will not print. Does this help at all? I am not an expert on estates so someone else may have better answers.

I use it. Very helpful with clients when there's a major change in outcome.

Maybe a first time abatement? Since he does gravel and files late he could grovel for forgiveness.

hhmm - I do not use that so much as the planner - I used it in 2017 - it was fairly accurate and now I use the planner going forward - it is great I double check it with the 1040-es sheet and WI-es since their is no state!!! D

thank you all!