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If we get a call from an unrecognized number (or just a town name), instead of saying anything, I start humming into the phone. Scotland the Brave is a good one, but you could use the Eggplant That Ate Chicago, or Clementine, or Hallelujah Chorus, or whatever. If it's a person, they'll SAY something. If it's a robo-call, it clicks off. SO much easier on the throat than growling, and makes the others in the office laugh instead of grumble.

I do think you need to give him a complete copy of the 2018 joint return. You can mask the SSN's. He was a client in 2018. Not her W-2's. IRS doesn't care about state court papers. BUT if she doesn't follow the state court doc's she could be trouble with the state court. You need to talk to her and get a copy of the state court papers, he may be not telling the entire truth, she should know. You can't take him on as a client for 2019 unless they file a joint return, conflict of interest. I would not even talk to him again. talk to the wife

I get plenty of those, too. It is almost always a robocall, but sometime it is a potential new client that I wouldn't want to miss. So, instead of answering, "Hello", or "Yes", which the robot recognizes, I say, "Good morning. How can I help you". If it is a live person needing tax services, they will ask an appropriate question. If it is a robot, it will wait for 3 seconds and disconnect. Then I block that number. Of course that doesn't always work as the robocallers will switch to another number, but at least it stops the less sophisticated ones, like those asking for a donation or to answer a survey.

^^^ Yes! Exactly! grandmabee has it exactly correct. Tom Modesto, CA

I did not suggest that there would be. The S corp shareholder's basis in his shares starts with his or her initial investment, and each year it will change for the items on the K-1. It increases because of the income that flows to the shareholder, and it decreases for things like nondeductible expenses and distributions. There is a specific order that is followed for each year's increases and decreases. Below is a pdf worksheet for calculating a shareholder's S corp basis. It is somewhat general, so please keep in mind that the gains reported on the K-1 will go on this worksheet on one of the blank lines for other income. There is also a line for the distributions lower down in the bottom section. Most tax programs will automatically create this basis worksheet for us if we ask it to. It's too bad that the preparer of the S corp return didn't provide this to your client. In your case, the first year would start with -0- basis from the previous year and then add the $94K contributed, then the items from each line of the K-1. You will need to complete a basis worksheet for each year the shareholder was in the S corp, starting with the first year, and the ending basis of each year carries over to become the starting point for each subsequent year's calculation. Also below is an article from the Journal of Accountancy that discusses the basics of calculating basis in an S corp. It's from 2012 but the concepts remain the same. S_Corporation_Shareholders_Adjusted_Basis_Worksheet.pdf https://www.journalofaccountancy.com/issues/2012/jan/20114319.html

Illmas, you are not delaying your RMD, you don't have to take it all. Theoretically, that allows the money in the account to continue to grow tax free. Of course, it can also lose, and with this frothy market that isn't trading on fundamentals, who knows? I agree with Lion that if you don't need the money, this is a good year to convert what would have been your RMD to a Roth. Then you won't have to guess about what future tax rates will be and can take the money out when you need it, not because it's required.

You should share stories here on a regular basis. I would so look forward to reading them!

I swear, if that outfit calls me one more time I'm gonna, gonna, ....hmmm.... uh... answer it I guess. They've lightened up lately - no more than three calls daily instead of the previously normal six. Since they already own everything in internet-land (and probably a telephone company or two to boot), I don't suppose there's any chance of them runnin' out of cash any time in the next century or so. At first they were calling on the up-and-up (ID said "out of region"); that didn't work so they bought up all our local three-digit prefix numbers so I'd think it might be a legit local customer, but the salesman's spiel gave that away pretty quick and we hung up immediately. They quit that and started using strange out-of-the-way towns for caller ID (lucky for me that Horseshoe Bend, AR isn't strange 'cause I've already been to Possum Grape and Oil Trough). The latest gimmick is they're using random names: now I've got to figure out who the heck is R. Hicks (no address listed). Sure wish I had my party line back - two long rings followed by three short. 'Course I guess faxin' would be a little more complicated and then there's those dadgum confidentiality rules to rassle with. P. S. Ran into a (socially-distanced) old friend the other day and right in the middle of my complaints she said "Bart - Prozac is not the answer!

Many times the state forms will also use that number. The MA form, for example, while wildly different in looks, is the M-9325.

9325 I use it all the time so clients have proof of acceptance and instructions on how to check things.

I had for a 2016 amend! so now in this case it had to be mailed back.. just their signatures - how long before they match that up? I assumed it was a stall technique.

I just looked up the software they are using and it seem it's build for facilities, so the only software I can recommend is called Fund-EZ, it has a feature for medical billing, and they are based in NY. I've been using their software since about 1996 for non profit clients.

Earned income includes SE income reduced by the deduction for 1/2 of SE tax. The gain or loss from sale of business assets does not factor in.

The Bipartisan Budget Act made changes to the way partnerships are audited and allows the IRS to assess and collect tax at the entity level. Prior to its passage, any assessments were collected from partners. Here's a pretty good summary that explains it: https://www.thetaxadviser.com/issues/2018/jul/irs-final-regs-electing-out-centralized-partnership-audit-regime.html#:~:text=The BBA brought in a,generally effective for most partnerships.

If you don't need your 2020 RMD, or don't need all of it to live on, letting it remain in your IRA lets it grow tax deferred longer. Markets took a hit during this pandemic, so you stand a better chance of recovering if more cash remains invested longer this year. Also, as you say, if your IRS withdrawals make more of your SS taxable or put some income in a higher tax bracket, you might want to control how much, if any, you withdraw. Depending on your investments, this might not be a good time to sell to take withdrawals. If this is a low income year for you, and you don't need your full RMD for living expenses, it might be a good time to convert some of your Traditional IRA to a Roth IRA. If you expect to be in a higher bracket or expect to need less to live on in 2021 compared to 2020, then you might want to take your RMD, or a larger portion of it, this year. As with anything tax, the answer is It Depends!