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This topic just came up at the NAEA board. For self-employment deduction, it appears the policy needs to be in the name of the proprietor. Pub 535

@schirallicpa File retro 8832 to regard this as corporation. I believe in absence of 8832, IRS is regarding this entity as sole proprietor or partnership. At this time you can either file retro 8832 for it to be treated as corporation or amend tax return to sole proprietor (Sch C) or partnership.

A "you-all" is a trailer Californians haul their stuff to Texas and Florida in. Y'all is how you spell and say the word ..... Look at me, a Texan for less than 2 years and schoolin' y'all on y'all's grammer. Tom Longview, TX

I'm from the Chicago area and do NOT have an accent. Those in southern IL have an accent. Those in WI, MN, and MI have accents. But not me!

Page 88 of instructions for 1040 (for Schedule C or F), policy can be in your name or the name of your business.

As I'm fond of saying, we account for what actually happened, not what someone hoped had happened. There is zero basis for capitalizing past due real estate taxes in this situation.

I also remember going to Dallas for work (when I did auditing in a CPA firm) and the guy at the hotel counter told us we talked just like we were from the evenin' news.

Years ago I was on the phone ordering supplies. The lady at the other end guessed I was from South-western NYS. I laughed. I had not told her my address yet. Caller ID was not popular yet. (I'm dating myself.) I asked how she knew - "I'd recognize that accent anywhere." What accent! She said she was from north-western PA. I argued with her that I did not have an accent. But she did sound like she was from PA!

In addition, the taxpayer cannot be eligible to participate in a subsidized health plan maintained by either the taxpayer's employer or the spouse's employer, which would not include Cobra Continuation since it's not subsidized.

That is everybody that you are speaking to. We have lots of Texas friends. Our favorite is "tars" instead of tires.

The deciding factor might be whether they paid shareholder wages. The tax consequences of distributing assets upon liquidation will be different for corp. vs partnership.

Boy howdy, you got that right! I hear it all the time from a TX friend.

Pacun, I had a similar scenario. Client made an estimated payment for 20k to be applied to the 2022 tax year in Feb 2023. The filing time was extended due to NC being claimed a disaster area due to Hurricane Ian. The IRS did not provide a means to properly route the estimated payment to the proper year becasue of the filing extension. Calling the PPL, first agent said no problem and supposedly put in motion to move the funds from 2023 to 2022. Called back 3 weeks later and was told that the PPL agents did not have authority to move the funds and that everything I was told was not true. Good thing I recorded names and agent ID's The agent went to their supervisor and after they realized this was their mistake, made an exception and correctly moved the funds. Because your client made the error, they may be less than cooperative. Be ready to apply for a refund for the overpayment for the wrong year that was used. Personally, I would require payment to help this client. It is not your error, they can pursue it themselves or pay you to do it with no guarantees. I would tell the client to get his mess straightened up, pay what is owed and then work to get the overpayment, if any, back. They may have already applied the overpayment to what he owes. If that is the case, then tell him to pay the balance and move on.

I called the PPL 4x last week and the longest wait was 19 minutes and they called me back in a very timely manner. The other three times I had immediate access. All 4 calls were exceptionally pleasant.

I would fax a very short cover letter, the "agree in part," section, and the 1040-X to the fax number provided on the Notice CP2000. The one I'm looking at from December 2022 says at the bottom of first page to write "CP2000" on top of the 1040X and attach behind the rest. I would do exactly as they instruct on that one; it also happens to be the easiest thing for me, and I would think the most readily understood for everyone.

I have included a completed Sch C ( including related forms , if necessary) and 1040X with "DO NOT PROCERSS. SUPPORTING INFORMATION ONLY" written in large letters on the top in the past with no issues. Have also done this when clients have forgotten to give 1099-B's.

If you think a 1040-X may help clarify the situation, you can write on the top of it "DO NOT PROCESS--FOR COMPARISON PURPOSES ONLY"