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Hahahaha, hey, everybody! All is well! Best wishes to everybody finishing up. Remember, they need you more than you need them.

Honey chile, some of us have been unbalanced from the start!

I would not send back. I would tell the client that IRS also makes mistakes, and Congress handed them an impossible task with the restrictions and exceptions on the stimulus payments. And it may take IRS months or even years to sort this all out. So they should be prepared to repay the “excess” payment, with interest, at some unknown point in the future. if that happens, they have been forewarned. If it doesn’t happen, then they won’t remember.

The income was paid after death, so it is income in respect of a decedent. Report it on the 1040 to satisfy the computer matching, then back it out with the notation "IRD to be reported by EIN xxxxx." Put the estate on a fiscal year, beginning on the date of death and ending Nov 30 2021. You can use probate and legal fees as well as your fee as expenses, maybe taxes on the land while it is in the estate. If everything is sorted out by then, the estate can close and the remaining income will pass through to the beneficiaries, who are likely to be in a lower tax bracket than the estate. You can file the 1041 before Nov 30 using a short year if everything is settled earlier.

Oh no, she's not retired. She's working the back field since hugging all those late filers! #ritahugs

Taco John's The deal: Grab a free Fried Chicken Taco any time today. When: October 4 Taco Bell The deal: Grab a free Crunchy Taco through the mobile app when you spend at least $1. When: October 4 Del Taco The deal: Make a purchase to get a free Stuffed Quesadilla Taco. When: October 4 El Pollo Loco The deal: To celebrate the return of crunchy tacos, if you order one today, you'll get a free Mexican Coke. If you're a Loco Rewards member, you can get BOGO crunchy tacos. When: October 4 California Tortilla The deal: You'll get a coupon for a free taco with any purchase on National Taco Day. When: October 4 Rubio's Coastal Grill The deal: Make a purchase and get a free a la carte taco with the linked coupon or using the code "TACO" on the Rubio's site or mobile app. When: October 4 Taco Del Mar The deal: There's a buy-one-get-one-free deal on tacos for National Taco Day. Though, there's a limit of four freebies. You'll have to grab the coupon from their Facebook page on the day of the deal. When: October 4 More: https://www.thrillist.com/news/nation/national-taco-day-deals-2021-free-tacos

https://www.vallartaeats.com/history-of-the-taco/

Yep, I use it from time to time; because this year more than ever, I want them all e-filed. Always file to start the SOL running.

Put $1 in Interest Income.

Is there any way to round or truncate basis on something so that $1 of income is carried to the front of the return? I think that would allow you to e-file without making a tremendous difference in carry forwards.

The carrying costs you are referring to relates to "Investment Property". Unfortunately your clients do not have "Investment Property" Your clients avoidance of the FL sales tax is the classic case of "cutting off your nose", because they will lose the deduction of all of the related expenses.

I certainly was never taught anything about it, but first got curious about the events of that time decades ago after watching a production of "A Town Like Alice" based on Nevil Shute's novel of the same name. Being a curious lass, I went digging in encyclopedias and histories (all on paper back then). I also read the actual book by Shute, as well as a couple of his other books.

But do it in writing (even email) so if/when the bill comes and they blame you, you can prove that you warned them!

A short year can also be a powerful planning tool on the front end, especially in a complex estate that will be open for awhile. For example, say there was no activity in the estate until the $15,000 came in July. In that case you can file a short year ending on June 30 2021. That allows the estate a full 12 months to incur expenses to offset the income until June 30 2022. The estate can also elect accrual accounting to deduct additional expenses at that point.

I have some for her to plant !!

I discovered that I do have it set to update. But there was a message that it needed to finish, telling me to reload Chrome. I was a bit surprised, because I exit Chrome each night and reload every morning. The update must've started today and was waiting for my next relaunch. All good now.

XXX

Sorry, I wasn’t clear about that. It was Max W who posed the question. I was making a loose connection between the two having the same name.

Wow. I just googled the Bataan Death March. I'm embarrassed that I didn't know about it. Now, to embarrass myself a second time, what is ironic about the name Max Beam? No luck figuring that out via google. Thanks for your patience with me.

My high school football coach was a survivor of the Bataan Death March. Ironically, his name was Max Beam. Coach Beam didn’t have any patience with slackers, and he always said we were too soft & had no idea what hardship was. Wonder what he’d say about today’s generation?

@Catherine The Bataan Death March! What an analogy, but I doubt that anyone will be bayonetted for not showing up for work on Monday. I wonder how many people on this board even knows what it was.

Aren't there schedules with calculations showing income offset by basis (Sch. D?) and determining the passive loss limitations (Form 8582?)? If zeroes are carried to 1040, it seems the supporting schedules would substantiate that. And, if there is income, where is it shown? If you still can't e-file, I would definitely paper file as it's likely IRS will have documents to match with the income (1099DIV, etc.) and a return should prevent nastygrams for not filing. It may take a year or two, though....

The last two tax seasons have thrown me very off balance!

Old accountants never retire. They just become unbalanced.

First Gal ;).

A cousin who was a programmer for her career is now a volunteer at a cat shelter in retirement. Hubby who taught middle school music (including the performing choruses) for 37 years wanted to be a Trader Joe's cashier, because they always look like they're enjoying themselves. He continued as a part-time music director at our church (where we met) so didn't rush to Trader Joe's. After a few years away from middle school kids, a local music school asked him to teach piano. He teaches kids and adults, mostly FaceTime over the last two years, and enjoys his students who are taking lessons because they want to. I probably will prepare taxes until I cannot function in any other job!

I just got through to the PPL in about 3 minutes. Trick is to call between 5pm & 7pm. Most practitioners go home at 5. Now I’m on Pacific Time, so maybe this doesn’t work in the East, but I’m rarely on hold more than a half hour. oh and don’t call on Monday.

I guess I have been fortunate. I just had the first client who just received an IRS letter telling him that he had balance due because according to their records he received the first stimulus rebate while he claims he never received this rebate. I told him to review his checking account records again and gave the IRS phone number to call. Other than that I told him there was nothing I could do.

Shouldn't need a workaround. There should be a supporting worksheet that allows the designation of uneven amounts. However standard operating agreements usually specify proportionate withdrawals.

Giving a used computer to Goodwill, is the same as giving them a can of trash. It will have no value to anyone, and will cost Goodwill to have it disposed of. Remove the HD, take a ball peen hammer to it thoroughly, then dispose of it. and the rest of the computer at an electronics recycling center.

Excerpt below from the linked IRS page should help. It indicates that after the buyout, the owner is the partnership that would report it directly on its return. https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies