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Don't be afraid of 3115! Changes in depreciation are automatically granted, so you only have to fill out parts I and II (basically identifying info and reason) and Sch E, where you compute the missed depreciation.

I don't understand how they can make it retroactive to 2018? Are your clients going to make PTET payments this year which will then be reflected on on amended 2018 to 2022 S Corp and PTS tax returns followed by amended 2018 thru 2022 personal tax returns. First, you have already passed the date to amend 2018 and 2019 personal tax returns and receive refunds. Second, most commentary on this subject says that in order for this to work the PTET payments are useable on cash basis., not on an accrual basis.

I got another reminder from Microsoft on upgrading to Windows 11. I decided to download it and it downloaded seamlessly and later upgraded itself. I don't know how long they will support Windows 11 but it will likely exceed my remaining time as a tax guy. And I now have no need to buy another computer hopefully.

One Form 3115 expert is Lisa Ihm and Brass Tax Presentations. They have a $20 booklet with line-by-line instructions and spreadsheet attachments and... https://brasstax.com/shop/ols/products/form-3115-line-by-line-correcting-depreciation Look around their website.

Here's MD's list of approved vendors showing who supports the 511 PTET and who doesn't. I hadn't heard of some of these vendors. ATX is listed under Universal Tax Systems.

For missed rental depreciation, it's really NOT that bad. I just did one this year and it's mostly annoying persnickety checkboxes, a bunch of meaningless-but-required attachments, a couple of lines to fill in, and a reason (t/p didn't know; came for help, we're fixing it). PM me if you want gory details.

Make sure you charge enough for all the 2018-2022 amendments and prepare them on your own schedule to give you higher annual income this year and next. And, your 2023 prices will be higher, also, to take into account NE's new rules! Get those prices up over the next year before you sell your biz or your client list. And, charge for tax planning as you look at the QBID on each biz return going forward to use the 2/7 rule. Charge a bunch to save your clients a bunch. Here's one article with an example: https://craykaiser.com/the-2-7-rule-for-wages-and-maximizing-qbi-deduction/

I am just about ready to go ahead and install Windows 11. Insofar as I know ATX users can now update their systems and ATX supposedly will run just fine using it. If any of you experienced problems using Windows 11 with ATX please note it in our blog although to date I don't recall seeing any. Many thanks.

I am not downloading or updating anything. Because of the explosion, I was kind of forced to purchase a new laptop. I, then, purchased another to replace one office machine. I can't say that I am crazy about Win 11, but have months to learn it. My main ATX machine for creating, printing and filing returns will remain at Win 10 for this year. I am having unexpected Win 11 issues; such as printer drivers, etc. Cannot make the chip reader work properly either. This is a work in progress. Good thing I have an IT friend who knows what he is doing. It takes a lot more than just installing a new OS. I am glad now that I didn't wait until the eleventh hour because I am on vacation and can obsorb the pain much more easily. I am a Senior Citizen who tries to stay on top of tech. So said, let's see what happens going forward.

Yippee! I did not retire soon enough. Nebraska just passed PTET rules AND made it retro to 2018. They don't expect to be able to have any of them filed before 12/31/23, so I will have a lot to look forward to in 2024. I would love to push my end date up a year. LOL Maybe I will win the lottery.

He can issue a 1099 if he wants to, and he might want to -- to document all the funds that went our to that contractor.

@Max W Issue 1099 for whatever amount paid to contractor prior to and subsequent to sale & mark that as expense OR increase basis

I think you still have to give a 1099-NEC to the contractor who makes improvements to your house if you want to take a deduction or tax break... even in your primary residence.

It will either be an expense to sell or addition to basis, but the net will be the same since the property was held for investment.

I've used ATX 2020, 2021, and 2022 with Windows 11--no issues.

This article refers to problems that certain users have. https://www.techradar.com/news/windows-11-is-so-broken-that-even-microsoft-cant-fix-it

I installed Windows 11 a couple of months after it came out and I have had no issues but, I use my computer for business not for cool things. I have never had any problems with ATX not even when people were having a lot of issues.

I'd love to know the answer to this question. Thanks for asking it Christian.