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I don't roll them over until they come in. Chances are better of having updated forms.

As others have said here in the past, there is zero point in spending time on a proposal until signed into law...

Thank you, guys, for confirming for me.

aka utilizing the technology at my disposal.

It looks like this act has a good chance of passing now. The most interesting/challenging for us as preparers will be the energy efficiency credits. Lots of categories of improvements with different max credit amounts, and some of the credits come with regional income limits, and they will be able to be claimed in 2022. The credits can be big (leading to abuse/fraud?). I think I saw that you can get $14,000 for retrofitting your home electric panel and wiring if you qualify. I see big headaches for us trying to get this figured out. Get ready to take a few webinars on these provisions. I read one article that says these credits might be able to be "stacked" year after year (so you can do some windows this year to max the credit, then do some more next year and get it again). If this passes, we have another couple years of job security (until Congress decides to "simplify" the returns again and then we will get more job security) s/ Tom Longview, TX

And also congratulate themselves for saving the taxpayer's money by cutting funding to the IRS for new staff and computers.

And, I've spent the last two days dealing with a client who thinks Obamacare provisions are unfair. I went so far as to call up the the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act at 974 pages, and told her to call her insurance agent. I told her it's a Health and Human Services issue and not the IRS. She got a distribution from a family partnership and will get another from their family's S-corp; at least one is due to selling buildings. She's on AccessHealthCT (CT's exchange) and qualified for APTC. So, I told her to contact AccessHealthCT with her new guesstimate for 2022 income. Her broker's insurance agent told her NOT to and wait until next April when she files taxes. I don't have time to learn about insurance, Medicaid, Social Security, etc., as well as taxes!

Probably some security warning you the file came from the internet and could be dangerous.

Just to start the conversation.... At time of inheritance in 1987 wife gets full stepped up basis to FMV from decedent. At some point, W gifted half to H (per the recording document), and the basis in his hands is the same as it was in hers. So you need to find the 1987 FMV for your starting point basis. In 2014, because NY is not a community property state, I assume he inherited her half. He gets 50% of 2014 FMV basis for her half. Assuming there were no improvements or other changes to basis in the intervening years, the calculation is 50% of the 1987 FMV and 50% of the 2014 FMV. Tom Longview, TX

In 87 when wife inherited the property, wife essentially gave husband a gift of half of the property's value at that time, so his basis is the value at the time of wife's inheritance. Then when wife dies in 2014, husband gets a step up of the other half of the property that was titled in the wife's name that passed to him. Summary: For husband's purpose of this sale, half of the property is at the 1987 inherited value, and the other half is at the 2014 value.

You are correct, and that is why many times I will not give a firm answer but am willing to share links or leads to the applicable law. It is up to the preparers to draw their own conclusions as to how the law applies to their specific clients' cases. In this case, I did want to point that out since the letter was from 20 yrs ago in case some reader looks at it and doesn't notice.

My own 2020 refund was held up until I called 20 times over a three-day period in May 2022. On the 20th call, I was given the opportunity for a call back from PPS, and it actually happened. The representative resolved the issue, which may have had something to do with me making a payment with the 2020 extension request, then applying part of the 2020 refund to 2021 estimated taxes. I don't know, but she did make that observation while I was on the line. I do that all the time. Another tax pro on Facebook talked about the same scenario with his 2020 return, which is why I finally stopped waiting and started calling. It was a frustrating process, and I'm just happy it was my return and not a client's. We can never charge enough for things like this.

Basically - I just need to do everything myself, and then my old system of writing down the name when they come in works best:) I have never utilized the client # or job status within ATX return manager, other than to indicate it's an estimate or paper file, or something like that. I will sort on that column and any one that doesn't have an efile status should have a memo in the client # column. But maybe I can work something out like Abby Normal. hmmm. Thanks guys for the input.

In my client's case, I know exactly why it is being held up (and I completely understand why). I can provide all the backup documentation for the position taken on the return so they can make a decision. I am ready to go to appeals if they deny, and tax court if the appeal is denied. When I got through to the PPL (32nd phone call over 2 days), the PPL rep told me they cannot pull the return from the department where it is held and they can't take any info from me until it is released by that department. You can't fix something if the IRS is unable/unwilling to work on the return with you. That is why I am asking my client to call their Representative. When I first got my EA license, it was not this way. The PPL was the ticket to quick resolution of disputes. There seemed to be a more professional relationship between representatives and IRS agents on the PPL that we were both working to clear up the issue and move the return to the next point in the process, either a proposed change to the return by the IRS or no change and accept the return as filed. The returns we worked on represented both our backlog and it made sense to work together to clear up the dispute. How I long for those days to return. Tom Longview, TX