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They really can be jerks. This is the client who gets the nice letter from me: "It's me, not you (it's you). My business is going in a new direction (away from you). Best wishes for your continued success (aggravating the next poor soul to death)."

Yes, the rules for like kind exchanges are very strict. He must pay the taxes. Tell him that's his punishment for not calling you first. A 5 minute phone call could have saved him 20 grand!

Sleep well and if they call again, ask them to send you a letter. Don't give them any information over the phone. I usually ask them if they will do any sexual favors for me because they are scammers. My conversation becomes demanding and with examples... all the time they hang up and don't bother me again.

Last year a 1041 had a tax due with a penalty because they didn't make estimated tax payments (they were given coupons in 2018 just like every other year). I told them a penalty was coming but they insisted I not include it on the return. I got blamed when the bill showed up and they wanted me to pay the penalty. They even give me the IRS notice that they paid the penalty for me. This year I email ask if they made the 2019 estimated tax payments I gave them and the account trustee calls and quietly tell me no but they figured out I screwed up the tax free interest. Somehow, their not paying tax on tax free interest is what prohibited them from paying estimated taxes on taxable capital gains. He wants to go line by line on last years return and figure out where I reported that tax free interest as tax free. While I'm on the phone the secretary (working from home) emails and says no they totally forgot to do it again this year.

If he touched the money from the sale, no exchange! The original poster's client will fail the rules of 1031 exchange based on this fact alone. He must use a qualified intermediary to handle the funds. Any accountant or attorney that has provided services within a 2-year period prior to the exchange is disqualified from acting as such.

I have doubts the IRS would call on that. Per the IRS website: Question: How do I access my online account? Answer: To access your online PTIN account, go to the PTIN system login page. On the top left side of the page under Returning User, enter your User ID and Password in the designated fields. Then click “Sign In”. BOOM - there is your PTIN once you log into the IRS

Check your PTIN renewal letter, both for your number and for a possible phone number to the PTIN unit.

Yep. I was my one customer, too. My dad bought the bonds for me, and I tried, but my mileage wasn't great. I did have one that asked me about it this year. He always has a quick question at pickup. /s I was already dealing with his 529 and showing him he was better off having the kid claim the income in order to use AOTC. Two years we plowed this ground. I wanted to hug him so tightly.

I don't know if he owes. Whenever asked, I tell clients to talk with a real estate attorney to make sure it is handled properly. Most of the time I've had them, people claim they are like kind exchanges but they aren't IMO. Selling farm land and buying a commercial property. Selling the property, mixing the funds with their own and then a year later buying another and claiming it's all fine. Had a guy yell at me because he insisted his selling a debt free farm for a debt financed commercial development property in the city was a like kind exchange. After that - my response is they need to get an attorney.

https://www.journalofaccountancy.com/news/2020/mar/irs-faqs-coronavirus-filing-payment-extension-july-15.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=24Mar2020&utm_content=button

Have wife call OPM. Depending on his age before he passed, number of years retired, husband might've used up his basis.

Just did a CO return where liquor stores and marijuana dispensaries are essential services.

We know better Rita. Some of us have been to your home and seen how beautiful the garden grows. Who knew hugging was such a good fertilizer. Tom Modesto, CA

Caught in a landslide, no escape from reality Sure feels this way

I had a couple of sharks sitting in my office, and I got so mad, I stood up, slammed my hand on the desk, and said, "Look. Pay me whatever you think is fair and get the F*** OUT OF MY OFFICE!" They silently laid a check on my desk and left without saying a word. My employee sitting at reception... her eyes were as wide as saucers. Felt good. Felt really good. Those sharks soon left town after wearing out their welcome with everyone, and almost bankrupting a local nonprofit they were 'managing'.

Oh, see, I would never fire someone on the spot. One guy in 25 years made me so mad that his nice letter was in the outgoing mail before he got home, but generally I put up with things for a while. Oh, yes, internally fuming at times, remembering always... I've sent maybe five "it's me, not you" letters overall. Wow, I need help.

I fired a lady on the spot when she wanted me to argue with the state that she shouldn't have to pay penalties and interest for failure to pay estimated payments. She wanted me to do it for free and said if I had any integrity I would. It should supposedly be included in my fee. Not a woman thing.

I wish I could think a little more like you. Anybody who ignores my advice then blames me when what I said would happen happens is just not on my list of nice guys. I would remember this at the same time next year. Is this a woman thing?

Scam.

I don't believe an amended return will accomplish that. You have to cancel the payment that is set up, and I believe the method for doing that is addressed in the FAQ at the site that Judy provided the link. Then you set up a new payment date on or before July 15. Personally, I would cancel the first payment date and wait until it had passed to make sure that the cancellation took before I set up a new payment date.

I only had one customer that bought bonds in the right time-frame and cashed them in for education purposes (okay, it was me for my son's college) and every time I found that it was better to use the amounts from AOTC or even tuition and fees deduction than to exclude the interest. But YMMV.

You're very welcome. This is handled very similarly (in principal) to 529 withdrawals in that the earnings may be exempt to the extent the entire amount (basis and interest) is used for education expenses. Hey, keep posting. This is not FaceBook, or other forums, where there's always somebody ready to one-up you. We are family here.

In Late Filing tab, set due date to 7/15/20. Do this for states, too. The above will show the payment due date as 7/15/20 for any balances due, or return due date if paper filing. Edit the estimate letter and replace the 1st qtr est due date variable with return due date variable. Save for future returns. Find or make a return with an IRA contribution. When the IRA section of the federal letter magically appears, replace the due date variable with the return due date variable. Save for future returns. You'll have to discard/re-add letters for all returns except new ones.

Or, as someone wiser than me once posted here, raise their fee to a level they are no longer jerks. Many people have more money than manners, and it was said the job is to get as much of the former as it takes to ignore the lack of the latter.

https://www.journalofaccountancy.com/news/2020/mar/cares-act-economic-relief-coronavirus-tax-provisions.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=25Mar2020&utm_content=button

Before I return to my day job. The operative question here is. Why did the much ballyhhooed IRS efile computer system not immediately reject my first return filed in 2014 for God's sake for using an incorrect PTIN number? I have filed for almost six years using an incorrect number and good Lord !!! they are just now catching it ? Them budget cuts must have done them in.

Is this just fantasy?

If you stop payment or close the bank account, won't you be assessed their NSF Fee.

There is no deferral. The client sold a property and owes taxes now; there is no 1031 exchange relief on the sale because he didn't follow the rules.

His dad was how I got the account and he's possibly the greatest guy in the world. The son is a nice guy but he's way the heck in over his head and not detail oriented on this stuff. He does all these screw ups and he's worried it'll get back to dear old dad.

Well, it's not all bad. The tax is only deferred and tax rates may be much higher when the new property is eventually sold.

US residents are taxed on worldwide income. For earned income there is a $107,600 exclusion if the taxpayer remains outside the US for 330 day in a 12 month period. The exclusion does not apply to the SE tax. There may also be a housing exclusion/deduction, if qualified. For employees, SS/Med is determined by the tax treaty with each country Under a Totalization Agreement (the US does not have this with Venezuela), where these taxes are only paid to one of the countries involved. Pub 54 is a good reference. As for the 4 states you ask about, they also tax worldwide income and some are very aggressive. They will nail you if there is any kind of nexus to the state. It can be something as innocuous as visiting your doctor, dentist, etc. However, each one may have different rules as to what is considered nexus. The business question I will leave to others. It probably should be posted as a separate question.

I just accessed my PTIN account. I printed out the official letter I got on renewal. I'll be darned if the call was not legit. I have been using an incorrect PTIN evidently since 2014. I have the original confirmation letter here in file which I will access when time is available but I swear it confirmed my old number. Of course, the SERVICE never makes an error do they ?

They're 'mental health aids'.

IRS Newsroom page on issues related to the filing and due dates in a Q&A format, organized by subject. Subheadings with many questions cover who is eligible for relief; filing and payment questions; effect on contribution dates of IRAs, HSAs, Archer MSAs, an a couple of other miscellaneous issues. https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

Absolutely! Absolut-ly?

Nevada shut down at least a week ago.

The taxpayer will need the same written acknowledgement that should be given for any contribution of $250 or more but that is not more than $500. Please see pub 4302 pages 3 and 7 for more details. https://www.irs.gov/pub/irs-pdf/p4302.pdf

Sounds just like tips to a cab driver or to a wait person.

At least people can go into work Tuesday morning to grab files, laptops, clean food out of the office frig, put a sign on the door, forward phones, etc.

Some FL greyhound tracks are closing for good (earlier than required/expected), and dogs will be heading towards forever homes. Some people will be participating in cross country hauls, then isolating themselves from their family upon their return... "Life finds a way."