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Margaret, You sound like an energizer bunny. Just reading your post made me tired.

This is an interesting thread! I am semi-retired working only tax season and with about 50 individual clients. I spun off all business clients about 8 years ago when my other CPA retired. I don't have enough hours in the day! I am the church treasurer, sing in the choir, play handbells, am on the worship planning committee and am kitchen coordinator (aka Kitchen Witch), attend zoom Bible Study Tuesday noons. I am also a CASA volunteer (court appointed special advocate) and see my child/family twice monthly plus court meetings. I go to the gym for HIIT (high intensity interval training) 4 times weekly (not as intense as those 40 years younger!), Tai Chi every Friday and Yin Yoga Saturday. We are on summer hiatus at the moment but our Classics Book Club meets weekly to discuss the current book. We just finished the Iliad and the Odyssey in May. We have 2 cats to care for and lots of birds and animals in the Certified Natural Habitat in my back yard. I feed and water numerous critters daily including a turkey that just moved in. Then there is the usual yard work, laundry and grocery shopping (recreation for me). And 40 hours of CPE for the CPA license and 12 hours for CASA. Last weekend I just competed in the National Senior Games in Pittsburgh in the Power Walk 1500 m and 5 K (did not come in last so yippee). My 'baby' brother was first place in those events as well as Race Walking both distances. These are by age groups, the oldest competitor in our events was a 94 year old gentleman and an 89 year old lady. I begin my 12 week training for the fall half marathon in October. I did spend 3 weeks diving in Papua New Guinea in May and we will go to the Poconos in August for husband to play golf. Then family reunions in Branson and Cleveland. Trying to schedule friend lunches is always a challenge as they also seem to be very busy. But at least I am realizing how very important they are as a dear friend is having surgery tomorrow for breast cancer after her months of chemo. Then comes radiation. And now off to meet a client for lunch as they are moving to another state. I hope to keep them as clients and friends.

Gail, you may want to reference code Section 642(c)1 I believe the sequence is: 1) determine the amount of distributable net income (DNI) that the charity receives 2) enter that amount on Schedule A (deducted on page 1 of the 1041) 3) remaining DNI goes to non-charitable beneficiaries. As I understand it, the church would not get a K-1.

If there ends up being an estate tax, it is paid by the estate. As for the beneficiaries, it depends on what the estate does with the assets and what it distributes to the heirs and when. If it both sells the farm and distributes the cash in its final year, the heirs pay any cap gains tax on their portion. If it sells and doesn't distribute in the same year, it pays any cap gains. You can't really answer the client's questions because there are too many unknowns here. I'm not sure I'd like a client who is counting her money before her parents pass away. Hope my kids aren't doing that.

Gail, I have experience with a trust trying to claim a charitable deduction on a 1041--the rules are very strict on the language of the trust document, and in my case, there was no deduction for a $100,000 donation. Not sure if same goes for an estate, but I suspect that the charity must be named in the will and possibly it must designate that income go to the charity, otherwise it is assumed to come from corpus. I'll take a look see if no one knows the answer off the top of their head.

I can't remember not wanting to read. However, I don't just indulge any old time. My pleasure reading is reserved for the end of the day, unless I am on R and R. I keep a "help yourself" bookcase in my office so that I can share what I have read with my clients. Believe me, they take advantage of it. I tell them to take whatever they want to read and then pass it on. At my age, I don't anticipate reading any books over; although there are still a few that I am not willing to part with. My Dad, who only went to fifth grade, became a voracious reader when he retired from a lifetime of being an automobile mechanic. Dad lived to 92 and macular degeneration made him bitter because he couldn't read. My Mom was always a reader as well. She read to the age of 90.

Aside from the abundant issues discussed, please remember that a truck driver is allowed a different percentage of meals than other taxpayers. Historically most taxpayers have had to live with 50% deductibility. I say "historically" because in the COVID years, there were different percentages. Presuming no further contortions for 2023, Truck Drivers may be entitled to 80% for overnighters, as opposed to only 50% for the rest of us. To re-iterate conversations above, Mom and Son should sit down to a "Come to Jesus" meeting with a knowledgeable advisor. They are teetering on Humpty Dumpty's edge-of-the-wall.

I too will read a lot more. So many books out there to get into. I'll know everyone at the library on a first name basis. Revive the gardens. Organize the old photos and clean out the old files (could take a year). Birding sounds fun, and I'd love to be able to identify bird songs and calls. Think about all the fairly local places you haven't really explored and go see them. I've know a few movie buffs who finally got to binge on the oldies but goodies when they retired. You'll have more time to socialize--invite a neighbor for coffee or go to lunch together regularly. Join the Friends of the Library or Trout Unlimited or Quilters or whatever group that interests you to meet new people and have new opportunities. You could always volunteer for AARP or VITA during tax season if you miss it.

I have started reading articles about the SECURE 2.0 Act which went into effect January 1, 2023. Now that I have started reading, frankly I am amazed at how many changes are heading our way. We have been discussing QCDs for about 4 years now. Now we will have one time Charitable Gift Annuities which will count towards fulfilling the annual RMD of an IRA. "The SECURE 2.0 Act of 2022, which was included in the $1.7 trillion omnibus spending bill signed by President Biden on December 29, 2022,[1] has a small gift for charities and individuals over age 70 1/2 who are willing to transfer up to $50,000 to a charitable remainder trust or into a charitable annuity arrangement." There will also be a significant expansion of distribution penalty exceptions and repayment options. Our life is going to be more complicated. I need to find some CPE that covers all of the changes.

How could I forget the CPE that I also need to keep up with?! That was also more challenging to fit in this past season with the work and all of mom's needs taking priority.

I am not retired but have a lot of down time with work in the summer and fall now that many of my business clients have retired & sold out, and I haven't been able to grow my practice with the extraordinary time spent caring for mom over that last few years. She ended up 2 months rehab starting in late March, and then about a month ago moved into a memory care assisted living home. I still don't have free time with now the hospital visits she's had and visiting her most days (hour drive round trip), and now I have her house to clean out and prepare to sell (70 years of "stuff", OMG!) Other than that and the normal mundane tasks of cooking, cleaning, laundry, paying bills (ours, 2 businesses, & mom's), I don't have that much free time. I do pop in here each day, even if briefly at times. I try to stay awake to watch about an hour of TV with husband in the early evening, but I do sometimes doze off for a few minutes. When I do have some time again, it will be spent on hobbies such as knitting, spinning yarn, reading, biking, and I do walk at least an hour and anywhere from 3-5 miles most days, or maybe some fishing again. I haven't had a vacation in over 10 years, so maybe I'll get a chance for some travel at some point too, or enjoy going out on our bass boat since I haven't had time to fish either! I used to own, care for, and ride horses, but my back injuries put a halt to that and is now just a pleasant memory. My most recent hobby that I really, REALLY enjoy and that is quite addictive is shooting sporting clays (aka clay pigeons to us older folks) with shotgun, and I've also learned to reload shells to complement that. I usually shoot in a group with my husband, brother, a friend, and sometimes other family. As the most novice of the group, I'm advancing along well and just bought my second, better quality gun that is off being customized to fit. I've read that it is a fast growing and popular sport these days. Maybe something like that would interest you?

I have not retired yet, although I hope to soon. I have always been active in my church, and retirement will give me the time to do more for the church, and hopefully do it better. I also like to sew and crochet and I have had very little time for that for the last twenty years. I love to read, and I want to spend more time journaling. I have also wondered if I could possibly write a novel. Plus I do like to watch television and movies. I used to be a lot more physically active, so I would love to get back into long walks and perhaps hiking. I guess once i do all of this, I might get bored but I think it might take a year or two. Besides, if I am home to help my husband take care of the house and yard, maybe he will have time to go fishing - and he might even let me tag along!

I work about 3 hours per day, then I take my dog on a walk. The rest of my time is split between yardwork, maintaining and cleaning our house. My physical activity is limited due to a moderate case of nerve pain in my feet. So my late afternoons and evening are mostly spent reading books. Over the years I have read many thousands of books.

In my experience, as long as the reported revenue exceeds the $ amount reported on the 1099 NEC, it will not cause any problems.

Happy Independence Day, everyone! The forum was inundated with bots this morning and they were able to many accounts and many, MANY pages of spam topics in about 2 hours. I've deleted 110 accounts and 2,568 topics from the site, so it should be all cleaned up now. If you see anything that I've missed, please use the Report feature on the post. I've made some minor changes that will hopefully keep this from occurring again, but I'm not completely confident that more significant changes aren't necessary so I'm keeping a close eye on the forum. It should become apparent very quickly whether the bots are still able to get in once the forum is open again. Thank you all for your patience!

In all the years I have used it and the client had an issue, the IRS still demanded the 2848 before they would talk to me. Our software automatically checks it, but in practice it's useless.

For new clients, create a blank return with everything the way you want it. Duplicate this blank return to set up a new client. For existing clients, it should rollover.

Some accountants here in Oregon have had the client's IRS checks returned by the USPS as "undeliverable." The checks were mailed to the correct Cincinnati OH P O Box. Several accountants who called the IRS were told, "yeah it's been happening and to have their clients mail the payments again.