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Just received an email from "Karen" that says "I have uploaded my 2023 tax documents in the workdrive below secure link, please look through it, and let me know if you need any additional information. Also will it cost the same as the last." I'm small enough that I know all my clients and didn't fall for it. Those that deal in volume returns or have staff beware!

Just skimmed thru some guidance, you have a number of tricky issues to deal with. If it was my client, I would either refer them to someone else or pay an expert to provide detailed guidance.

Lion is correct. If no 1116 is filed, then there is no carryback or carryforward.

If you choose to use Form 1116, you can carryover. If you use either of the other two FTC methods, there's no carryover.

Here is the excerpt from 2023 540NR instructions regarding filing status. Not sure what your issue with this is. Seems clear to me. Be sure to expand the quote box if the entire thing isn't visible. https://www.ftb.ca.gov/forms/2023/2023-540nr-booklet.html

I just did a quick internet search and I came to the same conclusion. ^^^^ Tom Longview, TX

How long ago did ROBS come about? I wonder how may are getting inherited each year now with our aging baby boomer population. We're expecting your ROBS webinar this fall to teach us everything you learn!

I can't imagine this. What will people think of next.

Agreed. ROBS. Must follow the requirements very carefully. Agree with a big, very profitable summer project.

ROBS. Or, are ROBS only within IRAs? Too complex and scary for me. If you make one misstep, you disallow the entire retirement account. And, now inherited. Wow! I think you have a big, hopefully very profitable, summer project.

Love the Berkshire story. That is why Buffett is Buffett. On the flip side, I will never take a loan that does not allow pre-payment. I found this out the hard way on my first home purchase. I wanted to refinance and I had to pay a pre-payment penalty to the lender. Never again. Tom Longview, TX

Just think of all of the unemployed attorneys and accountants

Maybe we can just tax income and remove all the BS credits and political gimmicks. If we taxed wages straight forward and only took what was required, we could cut tons of tax prep. And if we removed all the credits, look at the scams we would avoid. Leave welfare assistance for the welfare offices to deal with. Then only those that have businesses or rentals or farms, etc would have to create a tax return each year.

As a 2x admin, I communicated only through the JD I retained. While it was cold, it prevented any sort of direct arguments. It was awful, including having to force one relative out of a home they essentially were using as a squat. The squatter has at least 1mil of ready cash, and for about three years now, has not cashed a check from the estate, or made attempt to convert, >100k. But it did help get me to revisit my own plans and clean up a few things. We went with a plan which allows editing on the fly (sort of a subscription) as it fits us for the next decade or so. No worry about how much a small revision would cost.

I use a 17" Acer laptop with the pointer turned off and use the keyboard. This is not my main computer, BUT, could be. Any bookwork or returns prepared on the laptop are exported to a jump drive and imported into my desktop for revue and filing. Even with my diagnosis of Macular Degeneration; I don't, as yet, have a problem with the 17" screen and it is running Windows 11. I could add another monitor if I had the room. I also would need to get a wireless printer, but there is no need at this point. Each computer in my office has its own printer at the moment. Good luck with whichever way you choose to go. Generally, I believe that if I want to do something, such as tax prep, I will find a way to do it. So far, I haven't let age or left-handedness hold me back.

Taxpayer's father set up taxpayers business inside his 401K. Business is run as a C-corp. No real estate involved. Father died in Nov and now Taxpayer is beneficiary of this 401K. 401K has some stock assets of other companies - like normal. And owns this business. At Dec 31, 2022 the Corp had retained earnings of 30K. I'm thinking we need to do an accounting thru DOD and find the value at DOD, which won't be a whole lot different. So then what? Can he take distribution of the business and roll over the other assets to his own retirement account. Does this retirement account need to be a 401K or can it be a Roth? Or does he just leave stuff as is and take the 10 years to deal with it. Any thoughts on this will be much appreciated. I'm kinda treading.