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Mind boggling. (my credit accounts have been frozen since the equifax hack)

I culled the herd last year--going through old emails, I'm amazed at what I tolerated. I wonder about young people's expectations--do they think they're going to invent an app that will set them up for life? At any rate, the independent preparer is disappearing around here, even though there's a need and you can make a decent living if you offer additional services. Just not going to make a killing.

"This month, a massive hack targeted the Oregon DMV. The Oregon Department of Motor Vehicles confirmed Thursday that an estimated 3.5 million driver's license and identification card files were compromised when the agency was hacked two weeks ago." Wow! I have am going to have to freeze my credit and notify my clients to do the same thing.

Double check that the Schedule SE has been in her SSN. Other than that I don't think it is an issue. Tom Longview, TX

"DEAR ANNIE: I’m feeling torn between pursuing my dream and maintaining my financial stability. I have a job as an accountant making six figures, but it’s boring work -- so boring that I dread getting out of bed every morning. The days go by slowly, and I find myself living for the weekend." You don't usually see accounting mentioned in advice columns

The only potential problem would be related to payroll reports which would only arise if payroll taxes weren't getting paid. However I would change to the correct EIN with the filing of the nest Schedule C. In addition the old EIN needs to be closed.

"All y'all is used in the Southern United States when a speaker wishes to include everyone being addressed. Y'all may refer to an indefinite set of members of a group, but all y'all definitively includes everyone in the group." https://en.wiktionary.org/wiki/all_y'all Having fairly recently moved to the South, I hear y'all all the time. I thought it was cute until I read a linguist's take on the term and now I think it's wonderful and am trying to adopt it into my lexicon. She explained that it's nothing more than a contraction for "you all," is gender neutral, is respectful to young and old alike, and is friendly and inclusive. While many (including some Southerners) view the term as boorish, it sure beats the New England "youse." A guy I know who grew up in CT and moved to WV now says "all" instead of "oil." If you've been to Boston, you will be amazed how they have removed the "r" was every word and still manage to communicate (Pak your ca in Havad Yad). John Kennedy took language lessons to try to enunciate the r sound, with limited success.

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.

This is a classic case for the filing of a Form 3115 and a 481(a) adjustment. Since the 481 (a) adjustment will be positive, your client can choose to spread the increased income over the next 4 years.

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

Independent anything is waning. Expensive to get started, and requires near constant attention. We seem to be back to when many want to work for something large and retire after 20 to their next great adventure.

Try going to a Mexican restaurant that has that green stuff and ask for "Guatemala Sauce." Sorry folks. This thread did intrigue me about the South in which I live, where they try to control traffic with signs "No You-All Turns."

The first time I went to Chicago the clerk in the store checking me out asked if I wanted a beg for the item. I said i just paid for it why do I have to beg for it also. He meant did I want it in a bag.

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

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

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.

Because the depreciation has been taken for over two tax seasons, you do NOT amend. You will use Form 3115 to calculate/report the correct depreciation and make the 481a adjustment on the current return.

I would never ever choose to be a CPA ever again. I totally regret entering and staying in this profession and would not do it again. And I will tell any young person considering accounting/CPA to get out. It is the most underrated, underpaid profession that anyone could get in to. So much stress and so much expectation in exchange for a gripe about a bill.

I mentioned it a long time ago that one of my best friends is going to prison for Medicare Fraud. He's plead guilty finally and is scheduled to be sentenced in a few weeks. We are having lunch tomorrow and I'm interested to hear what he has to say. Our previous luncheons have been interesting. Per the sentencing guidelines I think he'll get 4 years (out in 2) and then 3 years of house arrest. The key will be how much money he has left and whether they'll be able to keep the house when it's over. One thing I've learned, when you withdraw money from your retirement account to pay a court order of restitution, that's taxable and he'll owe a penalty for early withdrawal. I'm wondering if his previous accountant isn't going to do a whistleblower case on him to get the IRS to come after his expenses claimed on an illegal kickback scheme. Not that he'll have any money most likely.

https://aicpa.qualtrics.com/jfe/form/SV_aa5EQzeg1YWQ8uy I gave ATX some bad scores for not adding all the forms we need.

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.

Send in the "agree in part" and send in any specific schedule (such as C, with auto worksheet, overall tax calculation too maybe) that supports the disagreements. Nothing else; don't send a 1040X or even a full amended 1040. Because what Tom warns of is real. Give them enough information so that the only sensible action for them is to agree with you, but not enough that a new-hire ninny could make worse trouble.

In today's world, we are fortunate he received that sentence and not a week of probation.

15 months is all that he got? That seems light for such blatant, intentional fraud.

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"

I agree, filing a 1040X is not the correct response.

Isn't there a spot on the response form for "agree in part"? What I would do if it was my client is prepare the X to calculate the amount due. Send in the amount you calculated with the response form and an explanation of what you calculated. Don't send in the X as it will cross paths with collections. You may have to wait for the final assessment to appeal if they don't accept your explanation. Get your POA in as soon as you can (make sure you mark the box to be copied on correspondence) and attach the signed copy of it to your response form when you send it in. Others may disagree with this approach, but I think it is quicker than mucking up the works with an X. They are waiting for a response, not an amended return. Tom Longview, TX

Probably a lot or most of them. That seems to be the racket of choice these days. And to think that we beat ourselves up and worry over the little things; at least I do.

We have a big problem here with thieves crawling under cars with a saws all and removing catalytic converters. They will hit apartment complexes, college campuses, and other large parking lots, stealing the convertors. Wonder how many stolen convertors they purchased!

It will be interesting to see if Intuit can filter out the creative garbage that our CLIENTS create so we can get useful information from QB..... Tom Longview, TX

Ya know, I always wonder what people are thinking when they engage in the unscrupulous activities. Do they think they won't get caught? I guess living the good life isn't so good right now. Will the IRS ever get their money from this guy? Now I laugh, I alerted a CPA of a client of mine about miss classifying an account so there are no questions in the event of an audit. Seems really trivial compared to this. I hope this guy prepared his own tax returns and didn't take anyone else with him.

"Intuit announced the release of a new generative AI-based operating system with custom-trained large language models that specialize in solving tax, accounting, marketing, cash flow, and personal finance challenges. Intuit GenOS, as the company is calling it, is comprised of four core components: GenStudio, a dedicated development environment allowing Intuit's developers to rapidly experiment with and refine generative AI experiences for users; GenRuntime, an intelligent layer that chooses the right large language model in real time and calls the right data access points; GenUX, a library of user-interface components and consistent user flows; and, Financial custom-trained financial LLMs that specialize in solving tax, accounting, marketing, cash flow, and personal finance challenges. They can provide actionable insights and invoke actions like contacting human experts." The CEO of Intuit announced that he thinks Intuit can grow their market share 400%