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She's four days old, and this was on Day 2.

I think you're missing that they get to take all of that missed depreciation this year. See form 3115.

Since the 3115 fixes the skeletons in the closet, I don't think there is anything to worry about. You have some fixed asset allocation issues and depreciation errors to fix. You're aware of the problems, it's your responsibility to bring them to your client's attention and to fix them. Not to do so, would be a huge problem! I have never had any problems as a result of filing a 3115.

Congrats from a ~3 month member of the club. One never knows where or when, but it can happen anytime. Personally, family is earned, not given by birth. Adoption and absorption abounds in my family lineage.

Lisa Ihm of Brass Tax Presentations has a self-study course on Form 3115 for only $20: https://brasstax.com/other-on-demand-webinars#548450be-8c9e-4353-83e8-2cfe301cce8f Also, download her free spreadsheets for attachments to Form 3115: https://brasstax.com/practice-aids The form is about eight pages, but you're not filling them all out, just the appropriate pages to correct depreciation.

The 3115 isn't as bad as it looks. Use the line by line instructions. Also, if they are in a high tax bracket, they might have some suspended losses that can be used to their benefit. You can do this. It's not hard, honestly. I'm not the sharpest tool in the shed, but I can do the 3115. You got this.

god bless you margaret cpa blood line inheritance is a compelling attraction still as you reference, positively influencing another blood line can do more social/cultural/genetic good than direct blood lines as a general cliché: blood is thicker than water...but often just barely and sometimes not at all

Cordelia Rose arrived on the 19th. 7 lbs 10 oz, 19" They asked us to stay quiet until they got home and settled, so I've had both hands over my mouth at all times for four days now! And I just had to share with all my dear friends here.

Possi is smarter than she gives herself credit for, but this really is not as complicated as it looks at first glance. Like most IRS forms, take it one step at a time and read the directions (slowly, in my case, and sometimes two or three times!)

CATHERINE: Welcome to the Grandma Club, one of the most fun clubs around !! Your daughter and granddaughter are glowing. Did you squeeze Cordelia's cute cheeks?! We spent Saturday morning with my stepdaughter, SIL, and almost-two-year-old grandson Everett on his first visit to an aquarium. He was fascinated. If he saw lettuce for the turtles or anything that might be fish food, he'd point to a fish and say, "Eat your dinner!" MARGARET: I'll share Everett plus my two granddaughters with you any time. PM me your cell, and I'll send pictures from this proud Nana. Or meet us in PA when we visit the girls who live at The Inn at Starlight Lake.

I also used Gleim back in early 2000's and passed all the sections on the first try. I found that I never used it to do representation work. In 2018 The IRS audited my CPE and disallowed one of my 8 hour courses because, even though the provider said they were an authorized CPE provider, they were not. No mercy from the IRS and I would have to take the test again so I decided to forgo it. Make sure you verify the credentials of the CPE providers!

Very interesting thought. The thought never really occurred to me, as I'm someone who has no kids. I do have a number of friends' kids who look to me for guidance in a number of different matters, usually financial but there has always been tangents to health and some social issues. I've gotten close to some of them and actually named one as my executor. I always say, I know a lot of good kids, now they're in their 30s and 40s, and would like to think I had something to do with their successes. Catherine has a wonderful life ahead as she watches little Cordelia Rose grow into a fine person. And Cordelia is fortunate to have a terrific grandmother.

I'm so happy for you all. Especially since I will not have the opportunity to be a grandparent. Disappointing for sure, but my son's life is not under my direction any longer. So I get to vicariously love and appreciate all the little ones that come into my life near and far. Hoping to get back to MA next year so maybe I can meet you again and watch you be the best grandmother ever, Catherine. Feel free to send any pictures to me at any time via PM.

Robert Zimmerman is 80 years old today. "The answer my friend is blowing in the wind"

The 1139 that I did for 2019 using Drake, prints it on 2 1139 forms. First page, far right column 1st preceding tax year, middle column 2nd, 3rd year far left column. Second page also on Form 1139, middle column 4th year, far left column 5th year. Check instructions for attachments. It took a while, but they received their refunds plus interest.

Beautiful and amazing. Congratulations!

Congrats. Grandchildren are a gift from God!

I used Gleim when I took the EA exam in 1999, and like Catherine, I passed all four parts in the first attempt. I was part of a study group organized by the VASEA that was using Gleim and found it very helpful. I like the organized study group for forcing the pace and for having others to work with. However, some people are better at self-study than others, so the group might not matter to you. When I took the test, I think all of the study materials relied heavily on published copies of previous tests for the practice tests and to guide the materials used. In fact, when I actually sat for the exam I recognized some of the questions as being identical and there may have been more that were but that did not stand out as much. GOOD LUCK!

What beautiful pictures! And it looks like mother and daughter are both doing well, which has to make Grandma feel well too! Congratulations!

She is beautiful. Congratulations!

I've been around for a few years but I'm Irish and stubborn so have rarely asked for help. I'm also a one woman band here so rarely chime in because (I apologize in advance) I read daily to learn yet have little time to help. Unfair to all of you that I take yet I don't give. I learn something new every day from each and every one of you. I've done taxes since 1987. I remember peeling the label off and sticking it to the blue form at the kitchen table. I went computerized with a software called Pencil Pushers and I loved it but it went away. Then I turned to Lacerte. Too expensive so I switched to ATX which led me here. The debacle of 2011 sent me back to Lacerte but I'm grateful my short time using ATX introduced me to this incredible group of people. I lost my partner in 2018. Not my business partner but the man I simply adored so 2019 season was a shit show. Sorry if I'm not supposed to say shit. I work from home. Every single day people came in and asked "where's Eric?" I had to say "dead." 2020 was business as usual until it wasn't. 2021 has been the worst I've seen in 33 years. No one in my office. Meeting in the driveway. I won't even list the insanity of the government because I've been here daily. I know you know. I guess this post is to simply say thank you for getting me through another year. Thank you for sharing your knowledge. Your struggles. Most of the time you were helping others but you were also making me feel less alone. Going forward? I'm probably downsizing because I'm old and I'm tired and I'm furious to have done such hard work for so many years only to have them make my life and my job harder. I wish all of you a week on the beach with your family. Or the mountains. Or wherever. Most of all - I thank you. From an old woman in upstate NY who's been doing taxes way too long and still trying to do her best. My sincerest thanks

Patti, thank you for posting such a heartfelt message. Many, probably most, of us here have similar feelings and experiences, even some losses. We try to support everyone in the good times but especially in the hard times. Even if you don't post often, feel free to always keep lurking and do chime in sometimes. Some of us have had the great opportunity to meet in person and loved it. Perhaps you will have that available to you somehow. If not, we are here, many of us year round. Keep in touch.

I got to meet her today and she's even MORE beautiful in person!

Congratulations to the whole family! She is a beauty and smart too! We know because both run in the family. Enjoy this precious love.

Congratulations! And welcome to the club!

Congratulations Catherine...... Granny Shows her excitement when she hears the news...

I used Gleim to study back in the early 2000's for the EA exam (back then, four parts, in two days, given only once a year and you waited three months for results). Passed all four sections first try, thanks to Gleim. I recommend them highly. I recommended them to a young man looking to become an EA and he is very impressed and learning a lot both about the tax code but also about how to approach the testing. That was also my experience; learning to recognize the no-right-answer questions, and learning to trust my FIRST response, were I think key to passing. From Gleim I learned that every time I re-thought something, went back, and changed my answer, that 3/4 of the time the original was right and the change was wrong. Far fewer overall wrong answers by not going back. Phew! Learning to trust that was a hurdle - that probably led to my passing all sections at once.

NYS does NOT tax forgiven PPP loans. It will be something like Other Income - Nontaxable Income on the balance sheet and an M2 adjustment in the Other adjustments account for federal purposes. IIRC. I had only one s-corp with an EIDL grant and forgiven PPP loan, but that one is in CT only.