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This made me actually laugh because I've been cussing up a storm all day, mostly in my head though. Somehow my sister has pretty good timing at sending me stuff when I need a laugh, and today's meme was this one. Also, sorry for the aggravation and the hijack.

It is not on the elections page, it is in the fixed assets - Asset Global Settings - Bonus Elections. Took me a while to find them as well (don't do it very often). Kept going to the "Elections Tab" and trying to make it work from there. Tom Longview TX

How do people lose these things? The identity protection PINs are sent out in Dec, so it's not like they got it months ago and never thought to put it with their tax stuff. It's scary that people can be so cavalier with the very document that is supposed to protect them from tax ID theft, letting some crook who gets a hold of it do the very thing they were trying to prevent. The same goes for people who can't seem to find their prior year tax returns. What did they do with them? This year we finally instituted a fee for copies of returns that we've already provided to the client, as well as fees for tax docs like W2s from prior years (mortgage companies often want them). $25 per return and $10 per tax doc. Almost every single client we told what their fee would be was able to "find" their prior year tax folder(s) with their docs in it. Better that it was under the car seat than tossed out with the trash I guess.

https://www.journalofaccountancy.com/news/2022/feb/irs-offers-further-k-2-k-3-relief.html The relief announced Wednesday applies where: In tax year 2021, the direct partners in the domestic partnership are not foreign partnerships, foreign corporations, foreign individuals, foreign estates, or foreign trusts. In tax year 2021, the domestic partnership or S corporation has no foreign activity, including foreign taxes paid or accrued or ownership of assets that generate, have generated, or may reasonably be expected to generate foreign-source income (see Regs. Sec. 1.861-9(g)(3)). In tax year 2020, the domestic partnership or S corporation did not provide to its partners or shareholders, nor did the partners or shareholders request, the information on the form or its attachments regarding: Line 16, Form 1065, Schedules K and K-1 (line 14 for Form 1120-S), and Line 20c, Form 1065, Schedules K and K-1 (controlled foreign corporations, passive foreign investment companies, 1120-F, Sec. 250, Sec. 864(c)(8), Sec. 721(c) partnerships, and Sec. 7874) (line 17d for Form 1120-S). The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021.

Just got off the phone with Barclay Bank!!!! Believe me, I had to bite my tongue!!!

If your PTEs polled their partners or shareholders and have no requests for K-3 (or you prepare the individual returns and know), then the PTE does NOT have to prepare K-2/K-3 for 2021 only. If you DO have to prepare for one or more, extension. Sounds like we'll be preparing for all for 2022.

Lots of drop offs earlier than ever. Huge HOLD stack on my floor for missing info, waiting on IRS/software (did you read about the March change to inherited non-spousal IRAs?), or just need to re-proofread now that that last schedule/form is finally in the software. I'm buried but very, very backlogged.

Individuals dropped off early, but many of my corporates are saying things like 'Oh, whoops ... I'm in Tahiti ... I'll be back on the 27th and get you my 'stuff''.

I feel your pain. We have the easiest secure email I've ever used and we still get people saying, "It doesn't work." I so badly want to tell them they're stupid, but that's why we have these forums to rant in.

This is another strange season, for sure. Many more of my clients dropped off their information earlier than ever this year but no one is in any hurry to pick up the completed returns, even those that have nice refunds or tiny balances owed.

Since the granddaughter is now over 18, I wouldn't see how the guardianship/custody issue would matter.

I've found posting completed returns to the portal has saved me a ton of time. I still put together paper packets for a few clients, but the majority have transitioned to electronic and it is much less time consuming.

Tell your clients to get FREE Scannable on their smart phones. It takes great pictures -- straightens, gets rid of creases and gray, etc. The free version stores documents for 30 days on your phone, so you do have to move docs to a folder on your phone, or backup to the cloud or your computer or where ever you backup, or to a folder on your computer, or send it straight to your tax preparer before you lose it.

I love the tip of the day. Have done this several times just this week!

sendinc.com

Newest temp regs say you DO need to take annual RMDs from inherited IRAs and then the remainder by the end of year 10. Prior, but still very new, regs said take any amount(s) in any year(s) or none at all as long as entire account is emptied by the end of year 10. So, those that inherited in 2020 and 2021 may have some prior year RMDs to take. Or extend 2021 to see what happens with March's proposed change. It's so hard to keep track.

Del sch a doesn't allow its own state income tax or any other states' taxes that are claimed as an out-of-state credit against tax. So, if there's no VA credit claimed, then it can go on the DE sch a, otherwise, no.

If the 1099R is in the name of the estate, you must report on the estate. If you try to report it directly on the 1040, you'll never get that $300 of tax withheld back. I usually just let the estate get the refund, for simplicity. If you choose a fiscal year and mark it final, all the income will pass out to the bene's. It doesn't matter that the distributions were not made yet. And there probably won't be enough income between 1/31/22 and now to even have to file a 1041 next year. Just make sure the source of the 1099R is switched to bene's ASAP so no more distributions are made to the estate.

If his parents (or anyone else) do NOT QUALIFY to claim him as a dependent for 2021, and he meets the other requirements, he can claim the $1,400 Recovery Rebate Credit #3 on his 2021 return. If his parents DO QUALIFY to claim him but DO NOT CLAIM him, he DOES NOT QUALIFY to receive the $1,400 RRC. Was he a student for any part of any five months in 2021?

They can still use Direct Pay to make a payment. They'll need to use 2020 1040 for verification since 2021 isn't processed yet. Trust me, the IRS wants to take their money. https://www.irs.gov/payments/direct-pay

I think you posted this to the wrong thread? Were you meaning to put this in the thread about Bonnie's son the airline pilot? Tom Longview, TX

No experience with this. The information in the image may help you get started, if just to narrow your search.