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I don't see anything on my friend Google about a blanket change in the dates that estimates are due, nor do I see anything on the IRS website. I am getting my hair done tomorrow, I will ask my hairdresser.

There is a particular schedule they want ES payments made, with specific percentages by Date X. Miss that, and there are underpayment penalties. For one year, you could protest based on unequal income (large distributions in December due to investments), but after a year or two, they will expect the taxpayer to expect those distributions. You could try the 2210 with unequal income distribution. I've used that a time or two for clients and gotten penalties waived. But it's not guaranteed. As for getting a refund, that's only dependent on the total paid. Think of it this way: client's total tax is $9,000, and as self-employed they make zero ES payments until January, at which time they pay in $10,000. They'll get a refund on tax, yes, but they will also have penalties for not having paid in anything the previous April, June, and September.

There have been a lot of disasters which postponed the deadline to November, but certainly not for everyone (so far https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Well, it clearly wasn’t bar codes. Now we have advanced to QR codes. And we have to use QR codes to set up MFA just so we can log into our software. That’s clearly the work of the devil.

These PTPs are notorious for showing losses year after year yet making nice distributions so investors think they are making money. It's return of capital, lowering basis and adding to the surprise gains when they eventually sell. At least they can take those suspended losses at the end, mitigating the tax bite a bit. Always check that the K-1 is in the taxpayer's Soc Sec number and not in an IRA, in which case you don't have to do anything except alert the client that the custodian may have some UBI reporting.

Room & Board does NOT qualify for the AOC, but it does qualify to make 529 Plan distributions non-taxable. Way too many details in all the different education benefits!!

On that theme, a favorite of mine is "THE IRS" without the space, is "THEIRS" and that's how they see it!

GOOD question and one reason I detest those %^&Y* things.

Either they were paid late or if AGI over 75/150 110% was not paid.

https://rsmus.com/insights/tax-alerts/2025/irs-extends-tax-filing-deadline-for-taxpayers-in-tennessee.html

Yes Miss Sara, that is exactly what has been happening.

Frog: you CAN warn him that the sale might not be all capital gain rate, that some could be at his ordinary income tax rate. Was he near the top of a bracket last year? And, that the sale involves more time, more calculations, often more forms, so your fee will be a LOT higher. Tell him to bring you every single page and every single piece of paper and every single mailing for year end.

You can't which is why it's advised to never scan one out in public.

Where did you hear that? Who said that? Did it have to do with a declared disaster area? Please give details if you're asking a question!

What Randall said. Make sure you have the bursar's statement, so you can see what was paid and when, along with the tuition and the scholarship(s). I've seen a couple schools include their statements right on the back or bottom of Form 1098-T, which is so very helpful. But most of the time, you need the student to login to their account and print out the CALENDAR year bursar's statement.

"We had the local politician over for dinner. The louder he talked of his honor, the faster we counted our spoons."

I love the "red flag" quote.

Upon sale, the partnership *usually* provides a worksheet for reporting the sale. This is separate from the K-1 (although sometimes appended) and also separate from any brokerage Schedule D-style reporting. In the worksheet, information is provided for determining LTCG, Ordinary Income, Form 4797 sale of business property items, and more. Look for that.

That only works in a community property state. Otherwise, an MMLLC files Form 1065, unless they elect to be taxed as a corporation. If not entered into with a profit motive, follow the Hobby Loss Rules. How could $200,000+ ever be usual & necessary for revenue of $900, especially with NO profit motive?! Did they actually run their hobby income and expenses through the LLC bank account or LLC charge card? If they paid their hobby expenses personally and deposited their hobby income into their personal account, then you report their hobby income on Sch 1 line 8. Hobby expenses are NOT currently deductible until the sunset of the TCJA. (After the TCJA sunsets, if Congress doesn't change the law, hobby expenses will be deductible -- up to the amount of hobby income -- in the 2% miscellaneous section of Sch A.)

It smells like clickbait to me

On a Nashville radio station, where listeners call in to ask tax questions and get them answered. One of my clients apparently heard the same thing. Lion, you are correct about the disaster area with hurricane Helene, giving those in certain East Tennessee counties until November. However, the radio station did not limit the canvassed area, and the radio station which hosts the program is powerful, and can be heard in 5 different states.

Since Room & Board is not a qualified expense, a scholarship for Room & Board is taxable to the student. Any amount used for tuition and other qualified expenses is not taxable.

I don't trust the Forms. I think the tuition box is the amount of tuition charged. But the scholarship amount could be for more than just tuition, that is, room and board. You'll have to dig deeper.

The amount exceeding tuition is ordinary income on the student's return.

Good advice from all. I have told him to expect anything. And, yes, his AGI was $750,000 this year.

I could get into this discussion because I prepare Partnership returns; but I won't. I believe we are talking here about the multitude of small limited partnerships that so many of our clients are coming in with this year. Many of them were late and I had more than one amendment because of it. When I prepare a Partnership, I have to have it filed by March 15 or file for an extension. I get my K-1s out on time for my active partners. Why is it that brokers seem to have forever to deliver?

Thanks for the responses. The sale will not occur until 2025, so I will not be able to advise about this until we have the information of which you speak. Interesting...

When these K1s are sold, either partially or completely, the broker will normally show the initial investment cost, but the K1 will have attachments showing both a basis adjustment and an ordinary income component of the gain or loss. The basis adjustment increases the gain and the ordinary income component will decrease the gain on the Sch D and also be reported on the 4797 (as Catherine already noted). On 8949, you will use adjustment codes BO to net the two adjustments so the Sch D gain is correct. You can do this even if you're reporting totals from the 1099-B. And the state gain or loss is almost always different, so you'll need an adjustment on the state return, if there's a state income tax. When I see these investments by a client, I always warn them that their tax prep bill will be higher every year that they own them and a lot higher when the sell them.

For the most part, the articles there are superfluous; most of the giggles come from the headline. Love the barcode idea! (Wasn't it Heinlein who claimed that an "honest" politician is one who stays bought by the initial buyer?)

How much is reasonable? What do most people take?

I registered for login.gov and id.me, so looks like I'll need to be on the lookout for scams with either one. I don't think I'd fall for it since I never click on links unless I'm expecting them, but one never knows when there might be a lapse in attention. And that one has a fairly legitimate look to it (well, except for the big red arrow and the word "SCAM" )

How can you tell if the QR code you are using is legitimate or a scam?