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"The section of the partnership K-1 delineating partners’ share of debts of the partnership may be subject to modifications with the anticipated release of the 2023 draft version of Schedule 1065 Schedule K-1. A recent article penned by Kristen Parillo and published in Tax Notes Today on May 9, 2023,[1] provides coverage of a session held on May 5, 2023 at the American Bar Association Section of Taxation meeting. During the meeting, Adrienne Mikolashek, the IRS Deputy Associate Chief Counsel for Passthroughs and Special Industries, reportedly highlighted these prospective changes to the Schedule K-1. The 2022 iteration of Schedule K-1, Form 1065, featured three lines that categorized a partner’s share of debts into recourse, qualified non-recourse, and non-recourse. As reported in the article, the IRS plans to subdivide the recourse liability category in 2023, thereby distinctly identifying debt restoration obligations and partner debt guarantees." I fondly remember the words, Tax Simplification

https://go.spidell.com/e/837113/ellpublishing-SCM-05-14-23-mp3/5v69lx/1493174511?h=Uz1dPLaqv038i0ytdEaOrGEVqizKc5zWaPMIrY6Ucy4 Not sure if I did this link correctly. Towards the end of this 5 minute audio, an accountant was held to owe penalties for failure to know the CA requirements. FTB is looking at the 1099s from clients to their Sole Proprietor accountants in other states to see if they are filing NR returns. Tom Longview, TX

Tech and chemical makeup is evolving fast. 1. Not always true. Surface machines, for example, have a mode which is designed for constant plug in. It is a hardware/software setting which stops power from reaching the BMS at certain levels (such as 5-% or 80%). It was originally called Kiosk Mode. Same thing for anyone using a battery backup - they do not get turned off. 2. LFP batteries can and should be regularly 100% charged. At least a couple times a month is best for the BMS. There is little degradation to be saved bu the old 20-80% "rule" and the BMS cannot stay accurately calibrated if not at 100% on a regular basis. 3. Always true. Not so much a physical cooling pad or fan, but use the software settings to actively cool and/or passive cool with a lower CPU load. 4. To me, silly. Why? The advantage of a laptop is to have a built in battery backup. Degradation is most current batteries is as much calendar as it is usage. Where I am coming from is someone who uses portable computers exclusively. Also rely on LFP batts for our RV. Our Tesla also has the LFP formula. LFO is the easiest on the user, just charge as often as desired, and use it. Not all batts are LFP, so you do need to know what the chemistry of your batts are, and act accordingly (Tesla has many non LFP models, which should follow the 20-80% "rule"). Companies like Battleborn (RV and similar battery supplier) are a GREAT resource. Our RV has LFP batts, which are always kept at 100% when parked. It is our "lifeboat". After roughly 18 months from manufacturer, they have lost less than 3% capacity, which can be contributed to calendar effect. Granted, I have the ability to keep them at the ideal voltage through an external BMS, but it can be safely done (the always at 100%).

California supposedly has a big projected budget shortfall. They will be looking under every rock for more revenue.

Everything is zero, the entity no longer exist for tax purposes.

The business is the LLC. That didn't change. Part of the year it was taxed as a partnership and part of the year as SP. Nothing was dissolved. The business can continue on with the same bank account. Unless they actually took all the money out of the bank account, BS should show the balance of the account. I would probably show his ending ownership at 0% and hers at 100%, but I don't know that it really matters. 1065 return is a final since one owner no longer allows LLC to be taxed as partnership. Since it's the final 1065 return, K-1's are also final.

Just arrived at vacation home on Friday afternoon. Long awaited R and R. We were waiting for repair man for WiFi Thermostat. Had just finished unpacking and I plugged in my 17 inch laptop. We were standing about 4 feet away and heard what sounded like a shotgun blast. Turned around to find my computer and anything near it completely engulfed in two to three foot flames. My husband grabbed a towel and smothered some of the flames and out the door with it onto the lawn. The battery had exploded. I still haven't gotten over the shock. There went my 17" Win 10 Acer laptop that I loved. Just be aware to never walk away from your laptop when it is plugged in. We don't know what happened or why, but we could have lost our house if we had not been right there when it happened. I am thankful and sad at the same time. I could have been badly burned or whatever. Hot, flying plastic is imbedded in a few things. Of course, Homeowners insurance is $1000 deductible. Hardly pays to file a claim. Just want you all to be AWARE!