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Until we receive clearer updated guidance all you can do is advise your clients that you and Putnam have interpreted the requirements differently and let them decide what to do. Perhaps you could put that in writing and get your clients acknowledgement that you have informed them.

Those with under $50,000 file the 990-N postcard. If returns are not filed for 3 years tax exempt designation will be revoked by IRS

Correct, depending on the vehicle. The unknown is when the battery spec restrictions will start.

It's still early in the season and perhaps Drake isn't calculating this correctly and needs to make a program update. Have you checked the Drake forum to see if anyone else is reporting the same or similar problem? For populating the 2210 and/or the state equivalent, Drake picks up the prior year federal and state tax amounts from screen 1 that should have been created during the rolling forward of data from '21 to '22. If you are sure that the return filed did show that amount on line 30 and you would like the program to use the lesser amount of $14,506 on the 2210, you can change it to that amount at the bottom of screen 1 within the program. That is the screen that has the TP's name and address on it.

For sure go for the 990-N. Check with your state to see what they require. Nothing special to e-file it, there's a 887-EO form. The only pain is there's 2 different sections on that, and I never remember, year to year, which one to use until ATX tells me I used the wrong one, lol. In 2025, you'll still hopefully be able to file the 990-EZ. It's work, but nothing too complex. Breaking up the income into different categories, and there's a section where you describe the different programs/activities, and give a total of the expenses for each. Just take a look at the first couple pages of the EZ and you'll see what I mean, it's really not bad if you're keeping the books for them.

I would do this form and consider it a learning experience. Software got much better in flowing the credits from 1099-Div statements. I don't use ATX anymore so can't help with input but you should just have to enter counrty or I always use various and type of income. In this case passive, and everything should flow. Other option is to enter it on sch A as an itemized deduction if taxpayer receives any benefit from that. But honestly, 1116 is only a pain in the but when its from earned income or K-1

This has been a Monthly Write Up/Payroll/Tax Returns client for 29 years. My annual fees are in the 5 digits. I have already let them know, that If I run into significant problems that they will have to find another accountant. Since the divorce became final in November, I have been taking things step by step watching for any"red flags." After giving it some thought, I have decided to ask all 3 members to sign a letter designating one of them to be the "Partnership Representative."