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Showing content with the highest reputation on 01/08/2020 in all areas

  1. I don't understand why some of these changes were made, particularly those extenders reinstituted for a closed tax year. People weren't marching in the streets demanding the education adjustment back, and with the higher standard deduction, even if folks could include PMI many still wouldn't have itemized. Lobbyists? I thought when the TCJA was passed that these things were taken away to help pay for the lower tax rates, and the higher standard ded helped mitigate the pain. Now we have low tax rates and all the tax breaks back--watch out deficit!
    2 points
  2. Ugh. Just venting that it is not my fault the IRS did away with allowances. Just got a nasty gram from a customer (owner/employee) who wrote me to ask why the %^*%^&(* could they not change their allowances to 20 like they do at the beginning of every year (to have no WH until later in the year). Have had several nice folks ask also, but they were employee requests on the old form, and they had not noticed there was a new form (despite several emails from me).
    1 point
  3. Has anybody ever noticed that when the owner dies and the kids take over; as a general rule everything goes to pot? The biz gets split up, screwed up, or sold!
    1 point
  4. You do NOT need addresses on 1099Rs. That's the secret. Only W2s require addresses. It's a huge waste of time to enter the address and EIN on 1099-INT or DIV or MISC or K1s. It's also a huge waste of time to type the whole name on a 1099R. I've seen people type things like: State of Missouri Teachers Retirement System Metropolitan Life Insurance Company, Inc. I just type: Missouri Metlife Never had a problem. Which means IRS is just matching the EIN. And I never enter any punctuation either. Not even apostrophes in names like O'Brien.
    1 point
  5. Yeah, I was so glad to hear about the new kiddie tax. They needed to just tweak it instead of going back to the bad old way.
    1 point
  6. There's a well-known saying here in Arkansas that applies to surveys of any kind: "Thank God for Mississippi!"
    1 point
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