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I have an open bookcase in my office just for the convenience of my clients. They are free to browse and take a book or two. They often leave books as well. The readers in my clientele love it.

Interesting to see so many of us are pulling the plug or like me signing off by reducing working hours ( no more morning work), dropping advertising commitments, and basically realizing that advancing age and increasing health problems are lowering the curtain on a business that has meant a great deal to us. I will miss it when I prepare the final return but think I can last awhile longer. For me it will be the closure of a profitable small home based business taken over from an Uncle who was an IRS agent some forty plus years back and the retirement of the last member of a family of entrepreneurs with a record of continuous service in some form of business by a family member since the 1870s.

Some of my favorite people, yeah - not. They were probably thinking about the CO capital gains exclusion for farmland bought before 2009 - but that's (a) only CO, and (b) only for those filing Schedule F with their 1040.

I've been winding down the past few years. After April 15, I've been on slacker time. I was trying to wind down during the busy season but it hasn't been working. Only a month left. But who's counting, besides me.

In our business we spend so much time in front of a computer screen that I have no desire to read on one. We even get physical newspapers and enjoy our coffee and papers in the morning on our porch (even in the cold weather, just not for long.) I do subscribe to the NY Times and Washington Post online, although we buy the physical Post on Sunday and read it all week. I too love physical books. Nothing like flipping back to find what happened in an earlier event or to remember who this character is when he resurfaces. I get most of my books from friends and at the library book sales. I do love our local bookstores too, but I can't keep myself from going overboard when I visit. I don't keep many books. Almost all get passed on to friends, sometimes more than one, and a few donated. I'd rather have others enjoy them than collect dust on my bookshelves maybe to be read again someday. Share the wealth! Maybe that's another reason why i don't care for ebooks--you can't share them.

I agree with you. Assessments probably. HOA fees, no. I have a few clients in CO, but no one in a condo, so I haven't researched this issue. However, CO does follow the feds. Don't you love realtors who give tax advice?!

Thanks for the confirmation. These situations always confuse me.

VA is not a high deductible insurance.

There's Heinlein's The Moon is a Harsh Mistress. I think the computer on the moon running the mining operation 'comes alive' and takes over. I like Kirk talking the computer into a loop and the computer burns itself out. Where's Tron when you need him.

I was running out of room to put more bookshelves, and space under the pool table is full of boxes of books so for me a Kindle is a blessing -a while library that I can carry in my purse. Never again will I be caught somewhere without something to read. If for some reason I don't have my Kindle with me, I have the app on my phone so I almost always have at least that with me. And the cover for my Kindle has the elastic hand hold strap as well as a stand so I can prop it on a table and read while I eat Plus the Kindle is water-proof so I don't have to worry about ruining a book in the bathtub or the pool again. But I still love shopping bookstores too.

Once again it just shows that out Tax Law is complex and that knowledgeable people can arrive at different conclusions.

versus Tax Code. I have never been a follower of The Tax Book. Although I tried it out once.

I have closed some corporations over the years but not recently, For some additional input on this topic, according to The Tax Book: "A Corporation will terminate upon the complete liquidation of the corporation's assets." "Note: A complete liquidation can occur even though the corporation retains a small amount of assets to settle debts and pay final administrative costs. Amounts remaining are then distributed to shareholders." "Post-termination expenses: Expenses of a corporation incurred after a complete liquidation are treated as capital expenses (additions to stock basis)." A classic example would the final bill for preparing the last corporate tax return.

I love real books. We felt it was one of our missions to keep small independent book stores alive during Covid, so we bought lots of books. Still do. Give books to grandkids for every occasion and any reason. (Another mission was to keep our favorite restaurants alive by doing take-out every Sunday; we're still doing that.) However, we both have Nooks, and hubby has the Nook app on his tablet also. Sometimes the Nook is lighter, plus it doesn't require an external booklight to read at night. And, I don't have to wear my reading glasses in bed, because I can adjust the font. (I've bent and broken a few reading glasses by laying in bed reading.) I just got a cover that has an elastic hand-hold-thing, because I usually drop my Nook on the floor when I fall asleep in bed. As well as preferring the Nook for reading in bed to unwind so I can fall asleep after working late (unless I'm reading a lightweight book that holds my booklight without flopping), I prefer it for travel to take lots and lots of books with me in one compact, lightweight package. Right now, I have one hard-cover book and my Nook on my nightstand; hubby has a tall stack of books and his Nook on his nightstand and his tablet in the living room.

Thank you for taking the time to post this. I'm truly grateful.

The code is fairly clear on this. A corporation is in existence if it retains a bank account and is in the winding down process regardless of state law, therefore a return is required. The final distributions are reportable transactions. Per 1.6012-2 (1) "shall make a return of income regardless of whether it has taxable income or regardless of the amount of its gross income." (2) "A corporation in existence during any portion of a taxable year is required to make a return. If a corporation was not in existence throughout an annual accounting period (either calendar year or fiscal year), the corporation is required to make a return for that fractional part of a year during which it was in existence. A corporation is not in existence after it ceases business and dissolves, retaining no assets, whether or not under State law it may thereafter be treated as continuing as a corporation for certain limited purposes connected with winding up its affairs"

I read a lot. I haven't bought a physical book in about ten years. I have well over 2,000 books in my Kindle account.

Danrvan, I absolutely always agree with you, and interestingly, this time, I don't, so I'm certain that I must be wrong (and I mean that sincerely and respectfully). I always appreciate your answers, and I think you're very knowledgeable. I think you can leave the bank account open to handle any final issues, taxes, etc, and make final distributions to owners, but you can't conduct any more business, and you must mark the return final and close your account with the IRS. I'm not trying to disagree ... I just want to get more information, because I looked for a bit, and I can't find support either way. If fact, some states require that you not distribute assets until you've formally dissolved your business (filed for dissolution), so that would be interesting to handle. I might be thinking too technically on the legal side and not on the tax side. Again, I'm pretty certain I'm wrong on this given that the answer came from DanRVan, but I would love to get a better understanding. Schiralli, I've done it the way you have before, unfortunately, so I'm in your boat ... we'll face the feds together ;)! Thanks much!

That is SO powerful. I hope that she retains her love of books as I have done to this day. There is something magical about the feel of a book. Typing was another thing that they said I would never be able to do.

I wish more would be done early to encourage use of both hands - which typing does. My first typing class was so foreign, to use my non dominant paw (other than for wrenching, which I did as soon as I could hole one). It is also a bit fun, as last week, we made our first Scholastic Book order for our grand (pre school). Something powerful about her picking her own books, and having them to touch.

Once my mind turns off - I'm not coming back.

Not necessarily. If you get bored I'm sure you could find a firm that would be thrilled to hire an experienced preparer. You could work the hours you want and have someone else be in charge with the headaches it brings.

The fatal problem with AI is that it doesn't know how to say, "I don't know" or "I'm not sure," or our favorite in the tax business, "It depends." That inability is what gets it into trouble when it hallucinates, makes things up, gives irrelevant or wrong answers. When I retire next year I'll just do the office's trusts and estates plus family returns. That's enough. Time to organize those old photos, revamp the gardens, read more books, explore more of the history and attractions of our new state, help out at the library that does so much in the community, just maybe volunteer for AARP or VITA, spend more time with friends and others I've met whom I'd like to know better. It will be a relief to be free from so many commitments and deadlines.