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Copied from Accounting Today: "Key effects on business in the bill that passed the House include: A 15% minimum tax on corporations with over $1 billion in revenue, with exceptions made for accelerated depreciation and for subsidiaries of private equity starting in 2023, to raise $222 billion; A 1% excise tax on stock buybacks, effective Jan. 1, to raise $74 billion; An $80 billion boost to the Internal Revenue Service budget to hire more agents, upgrade technology in order to boost revenue collection; An extension of loan loss limitation tax breaks from the Trump tax package; New Superfund taxes on oil companies; Drug prices negotiated by Medicare for the first time, with a tax penalty imposed on drug companies failing to abide by new prices; price negotiations begin in 2026 with 10 high-priced drugs; penalties imposed for price increases in sales to Medicare; A $2,000 per year cap on out-of-pocket costs for seniors enrolled in a Medicare drug plan; Approximately $374 billion in energy and climate-related provisions including tax incentives for green energy projects, a $7,500 tax credit for purchasing new electric vehicles and $4,000 credit for used EVs. Limits imposed on supply chain sourcing for EVs that qualify; and A three-year extension of subsidies for Obamacare premiums, preventing expiration of subsidies in 2023."

I called last spring for a client. IRS Rep cancelled the scheduled ES payments, gave me confirmation numbers. A different confirm number for each scheduled payment. Did not ask for POA. Amending the return will not work because the 1040-ES info is not submitted with the amended return since the amended ES amount is zero.

FYI- I have called on behalf of a client and they were very helpful at stopping the draft.

That's more detailed than I was finding on their website. However, even the website said any OR-sourced income, and the rental was profitable this year. (I urge my clients to file in loss years also, so they have the suspended losses to release when they have income or sell the property or...) I have NO idea of the history of this partnership/rental. Prior years reported losses on Line 1 and not Line 2, and never included any state-specific information. Even this year's K-1 doesn't have an OR version of a K-1. I saw "Residential Rental Texas" and "Commercial Rental Oregon" on Statement A--QBI Pass-through Entity Reporting. Her dad's been hand-preparing and then mailing to my client, because he doesn't know how to convert to a .pdf to send electronically (she has a portal on her website). I don't think that bodes well for his ability to accurately prepare his partnership income tax returns! But, he's not my client. My client talked about "investments" that her dad put in partnerships to then gradually increase the % to each child over time. She never mentioned two rentals. This K-1 is from X. X. XXX Investments, LTD, and now shows the TX and the OR rentals. The other is XXX Holdings, LTD, but has only financial investments. What's in a name?! Yes, an OR NR return. I don't think I can charge enough for this set of returns, but I'm going to try! Thanx, CBSLEE, for those details.

My understanding of this situation is that you need to advise your client of the Filing Requirements, Potential Penalties and etc. Ultimately, it's your client decision after you are sure that they understand.

Copied from Page 10 of Pub17: "Nonresidents with rental property in Oregon You don’t have to file an Oregon return if: • Your only Oregon-source income is from rental property, and • You have a loss from the rental activity for the year. However, you must file Oregon returns for all applicable loss years if: — You later sell the rental property in a fully-taxable transaction; — The sale results in gain that would otherwise be taxed by Oregon; — You have suspended passive activity losses from the rental activity; and — You are deducting your suspended losses from that gain on your federal return."

I file a bunch of late 1099s. Especially since I asked them back in January - do you need any 1099s prepared, and they say "no". Then in the midst of July tax prep - there she be - the contractor or self-rental or other NEC that needs filed. So I file it. I'm not the one that's going to be in the wrong!

1) When the corp was "acquired" in 2011: Was this a stock purchase or addition of the new shareholders so that the original corp continued? Did it file as an S corp prior to acquisition by the new owners? Did bringing in new shareholders create an inadvertent termination of the S election? Prior to acquisition, did it file on a fiscal year basis with valid sec 444 election and timely payment of the deposit? 2) Or, was it acquired via asset purchase and a new corporation started? Was a 2553 filed? Was a valid sec 444 election made for the fiscal year, and were timely deposits made each year? 3) What type of activity? Did inadvertent termination occur because passive income exceeded passive income limitation? Sorry, more questions than any answers.

Does it allow you to represent for all tax matters for the 1040 series pertaining to the tax year in question, specifically for 2022 for the estimates? Follow Tom's instructions above. Amending won't do it.

Sorry to hear this. All went well with me. I kept details of Mom's money and things and had records. But my 3 siblings never asked or questioned anything.

Thank you - I am trying to be calm about this .. now.. but need to get thru the BS yet! Happy rest of the summer! D

I would prepare the 5329 and request the waiver. You don't need a note from the Dr. Just indicate that it was an oversight and that both the 2021 and 2022 have been removed from the account. I've had several of these over the years and never once did they access the penalty.