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Hey Y'all! I'm still here, but I sold my business last September. I'll be working for the new owners for a few more years. The sale was a sale of stock, and they will pay me installments with interest, in case anyone was wondering how that goes. He could have purchased my client list and depreciated it himself, but instead chose to make it a stock purchase so I'd get the better tax advantage. I think I can simply report the stock sale on the Sch D and interest on the Sch B each year without having to do the "installment sale" form 6252. Correct me if I'm wrong. Not owning the business was an immediate weight off my shoulders. I'm glad I trusted God on this one. Donna

Well, that's a loaded question. Most of my clients are families, so it would be easy for me to talk to one of their family members. But, what if you honestly don't know that person or their family very well? I'd say no, because it might be that family member who takes advantage.

And, chocolate, lots of dark chocolate!

I also think you need to dig for more info. I think - unless it's a preparer that is part of this group - most people don't understand passive losses and have no clue how to handle carryforwards and application on the taxreturn.

Trying to manipulate the master form so my billing makes better sense and is easier for the assistant working up front meeting people. Would like to subtotal the cost of the tax return and then add on the other admin fees or 8821 fees (if they opt for it) so that that I don't need a separate bill for that. And so the person helping me isn't having to stop and do math to back it back out. (Just because this is an accounting office doesn't mean anyone who helps out lately has any basic math skills.)

If you change software, do you lose access to all your old data? I'm guessing you do. Do you really want to trust someone else with your data? Do you trust that they'll back up your data frequently enough? Do you want your data on someone else's server that is many times more likely to be hacked than your own server? If the internet goes down you can't keep working.

One set of clients, TP and SP, both in their late 80's. TP has alzheimers and is now showing signs of paranoia, enhanced by his extreme hearing loss. He has hearing aids but often removes them, so I communicate with him via notes. While I offered to go to their house to collect their tax info I am now hesitant to do so due to his paranoia and the fact that he has guns in the home. SP daughter has POA but I am unaware if it has been invoked.

That's a touchy situation. Do you have a good relationship with any of the children? I have several still active business clients who are now in their seventies. They seem to be getting a bit more forgetful. What I do is make an effort to present things as clearly as possible. Then I follow up with a detailed step by step email. However these are all Write Up/Payroll clients that I deal with on a monthly basis.

In this case, tiebreakers do not come into play unless they both claim the child on their returns. In any case, I don't think vacations would affect anything as they are considered temporary absences as far as residency is concerned.

It is income but would be offset by the expenses of converting the house to single family. I suspect his regular rental income is reduced (from 2 payees to 1) so this would make up for it. Why would the basis of the house be reduced? The cost that has gone into the house should not be negatively impacted by an incentive to change the "type" of house it is.

"An unmarried father does not have legal rights to custody or visitation." In most states unmarried fathers do not have these legal rights. I don't think this has anything to do with claiming dependency.

A snippet from one of the IRS letters (bold is mine): How the IRS determined your payment amounts Monthly payment amounts were initially based on information from an income tax return you filed or information you entered in the IRS non-filer sign-up tool in 2020 or 2021. Your monthly payment amount or how or where the IRS paid your payment may have changed based on information you provided the IRS through your 2020 income tax return if the IRS processed it after June, the Child Tax Credit Update Portal, or the dedicated IRS Child Tax Credit phone line. Review each monthly payment, including any changes, at IRS.gov/ctcportal, and click “Manage Advance Payments.” If you did not receive one or more payments, contact the IRS at 800-908-4184 before filing your return. We all know how well the IRS is at answering their phones!

Installment sale on 6252 that will flow to Sch D unless you elect out by reporting entire transaction on D in 2021. Interest goes on Sch B and purchaser should issue you a 1099INT each year it exceeds threshold.

None of the online backup services should slow down your computer, if you set up for once (or even twice) a day backup, rather than continual. PC Magazine gives high ratings to Mozy. iDrive. Acronis. OneBackup.

Online backup is a good choice, it won’t slow down the computer after it has fully backed up all your files, I would recommend starting on a Friday night and not touching the computer until Monday. FYI like any other backup software, make sure you know what is backed up, you might be surprised to find out your software was not part of the backup.

It’s funny if you work completely remotely! Like the posters I had to put up for employees. Hung them in the bathroom since it was the only room with wall space for the poster.

1099-MISC, INT and DIV are still 2 to a page. 1099-NEC is 3 to a page

Just as an opener. How many of your clients are going to locate must less remember those Child Credit letters and EIP letters from the Service. I am reading a married couple will receive a Child Credit letter to the wife and one to the husband. Am I reading this correctly ? It appears so illogical to me. I don't know about youall but my fees so stable for years are going to take a considerable jump.

Red wine, maybe an extra glass for soothing purposes.

I use one of the online services (EFileMyForms) and they take care of all the e-filing nonsense. Fortunately, I also don't have too many of these to do any more. My business partner takes care of most of our businesses and I forget what he uses.

After using BSO for many many years, the new system doesn't recognize me anymore. Even after entering my Name, SSN and DOB, BSO won't even send me a temporary password. I even got through on 1 800 after waiting about 20 minutes which was of no help. I was told to paper file my client's W 2s. I hope I never have another month like this again!