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

Problem resolved today successfully. Response was excellent. In the Client Communication Manager you select the federal client letter and the federal estimated letter and restore each, then delete all the letter options originally selected, including state letter options. Save. Then restore your original letter choices. The problem should be corrected. I was attempting this yesterday unsuccessfully. The difference seems to be that you need to delete all letter options after you have restored the one(s) where the problem was evident. I was deleting only the federal letter and the estimate letter. Today, with the assistance of support, I deleted all letter options, and then attached all letter options. That resolved the problem. Apparently the client module letter is "sensitive" to changes so restoring the letters that were showing a problem, then deleting all letters and then adding them back resolves the issue. Not sure why this problem surfaced with this particular return. I do remember there was a last minute change to the estimates just before filing. Also, the voucher amounts were correct. It was only the letter that had the incorrect amounts. I had difficulty determining what had actually been processed by the IRS as I couldn't find a verification in the ATX program to reassure me that the amounts on the vouchers were what was transmitted to the IRS. A satisfactory conclusion thanks to the support staff.

You just put your personal name on line 1 and your trade or business name on line 2,then on line 10 check . . . . "Banking purpose. Check this box if you're requesting an EIN for banking purposes only, and enter the banking purpose (for example, a bowling league for depositing dues or an investment club for dividend and interest reporting."

Discuss with your clients WHY they formed a MMLLC. And, if they should dissolve it to save the cost of preparing Form 1065 in the future. Did they watch a TikTok that told them they could write off anything in an MMLLC?!!

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

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

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.

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.

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.

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.

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?

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.

Now my client's corporate refund for $1,015 showed up in their bank account 6 weeks late on May 27th with no explanation? Hopefully, they don't mail the check the IRS representative scheduled? I don't even know what to say