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I had a client yesterday with a balance due notice from 2021. It didn't appear to be first notice since it didn't have the line by line changes section. Rather than wait on hold for hours on the phone, I asked if we could set up an IRS account for her. She agreed and I was able to figure out that 2 of the estimated payments they told me they made for 2021 somehow got posted to 2019 tax year. Of course she then remembered that they received a refund that they didn't know what it was for. LOL! I think I'm going to go the online route rather than phone calls going forward if the client is willing. Much easier!

"BDO USA is planning to double the size of its offshore workforce after a slide in the numbers of young graduates becoming accountants in the US. The accounting firm would add thousands of jobs overseas, largely in India, according to chief executive Wayne Berson, amid a worsening talent shortage affecting the US audit and tax businesses. BDO USA, which employs about 12,000 people, is aiming to have 5,000 people at its offshore joint venture “BDO Rise” within five years, Berson told the Financial Times. BDO Rise already has 2,000 people in India and recently added about 100 jobs in South Africa, Berson said, with plans to grow in both countries." I read another article earlier this week about how the Philippines now has a serious shortage of accountants because too many Accounting Graduates are taking accounting jobs outsourced from the US and Europe, who will be paid less than half of what US graduates get paid. Apparently the BDO partners aren't making enough money?

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

Probable failed/damaged battery; thermal runaway (can think of it as being like a short). Tech is much better now than a design which is likely 7+ years old.

At least you are confused at a Higher Level and about More Important Things? (or not)

Could be true for some android phones depending on their batt chemistry and bms. The last time I used an android daily, there was an app which limited max charge to 80% so there was no issue with leaving connected even for old chemistry. (Nothing against android at all. I elected to change because it is very difficult to get a truly unlocked android and set it up for two line / two carrier use.)

Just be aware that both Tax Act and Drake are now both owned by Cinven, a international private equity firm, so there are changes coming both Tax Act and Drake including larger annual price increases. Cinven announcement dated November 1,2022, London England: "International private equity firm, Cinven, today announces that it has reached an agreement to acquire TaxAct for approximately $720 million. Following closing of the transaction, Cinven will bring the business together with existing portfolio company Drake Software ("Drake" or the "Company") under a single holding company. This will create a full-service tax ecosystem provider with the scope to use the resources and shared principles of the combined businesses to innovate and support their complementary professional tax preparer and individual tax filer customer bases."

I was plugged into a surge protector.

6 years old but in top condition.

https://www.androidauthority.com/maximize-battery-life-882395/

It's fairly obvious that these are intended for IRS internal use. The wording suggests that your clients refund was reduced by an ACA Shared Responsibility Penalty. What year was this transcript for?

"896 Debit (NPJ) I/B Overpayment Credit Offset Generated Transaction or 29 TC896 is used to reflect an offset to IRAF (MFT 29) and Shared Responsibility Payment (MFT 35) accounts and from IMF to BMF." I am sure this will answer your question

"As of March 4, 2023, taxpayers made a total of 17 million attempts to contact the IRS by calling the various customer service toll-free phone assistance lines. The IRS reported that 4.4 million calls were answered with automation, and telephone assistors answered 3.5 million calls and provided an 80.6% level of service with a five-minute average speed of answer." Now I understand. They included every automated response as a successfully answered call

My experience is batt failure when using a knock off replacement, or early lion batts. On both cases, it was likely thermal runaway, which is the internal bms failing to prevent overheating. Charger and power incoming should never cause an issue with the batt as the bms should be the batt manager. I looked into building my own system for our rv, same as people also do for off grid. The key was always the bms. For prebuilt batts, the off grid experts (who post tear downs) always key on the bms. The cells themselves are only made in a couple of places and the concern is first or second quality, and volt matching. (CATL is the biggest and arguably best tech at present.) For a laptop, secondary monitoring is tougher. But, the surface line has charge limits, with the current being the new norm of 80%. This setting is before the bms as far as I know so it serves as a second safety

New types of batteries are coming, but in the mean time: Don't leave batteries charging overnight or all the time. Never charge your battery to 100%. Keep it between 15%-85%. Get a cooler for your laptop. If your laptop battery is easily removable, only put your laptop battery in when you travel. I haven't had a laptop in a long time, so I'm not aware of any changes that have been made recently.

Wow, I am glad it wasn't worse! There have been stories in the news about fires started by lithium batteries in electric bicycles and scooters exploding.

Such as a web site with an email or chat link creating nexus. The key is the profit possible, cost of investigating, and odds of collection. It seems like it is the same as a low dollar warrant. Unless big enough, they will not try to extradite. But if the process is automated (ala spam) there is a fair chance enough will choose to pay to make it profitable.

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

"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

For tax purposes, the LLC designation is irrelevant. The business is changing from a partnership to a sole proprietor and will need a new EIN. Since the partnership has been dissolved for tax purposes, the assets (and liabilities) are considered transferred to the partners in a liquidating distribution. I wonder if lawyer understands that partnership ceased to exist the instant H transfers to W. I think it would be simpler to show the transfer of assets form H to W after distribution; rather than transfer of partnership interest immediately before dissolution. However, the net basis to W would be the same either way.

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.

It is an LLC, H&W only MMLLC for short year, 50/50 so "dissolved" as of the date of the 50% change, Form 1065 for many years, but now a SMLLC. OK, I think I can do this. Thank you, Kathy and CBSLEE. Very helpful. (My only other partnership was my own son/wife who are divorcing, so I told son-to-be-ex-DIL to take the returns elsewhere. I will have no 2023 partnerships. Two S-corporations, but they both have bookkeepers. And, a few trusts, but they are dwindling, also.)

The only thing I would add is if it is an LLC, that due to the gifting the W's outside basis and inside basis may end up being different.

It depends on if it is a true partnership or a LLC taxed as a partnership. If it's a true partnership, then everything should be closed out. If a LLC then nothing on the company books changes other than combining the equity section combining the partner accounts to an owner equity account.

While making arrangements for our next vacation in October, I had some issues using the airline's website so I called their 1 - 800 support number. Their phone support has been outsourced to the Philippines. While the support people were nice it was a frustrating experience, they had trouble understanding my problem and ended up not being able to help me. I ended up losing a $100 discount on our airfare.

I wonder how many “Made in the USA” companies already outsource some of their operations in the recent years.

I believe each letter shows the total owed. I am looking at a CP22A that says under additional information: "Please note: Only pay the amount due once." I assume that would also be the way it works with the "you didn't make estimated payments like Rita has been hounding you to do" letters as well.

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!