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The loss on 8995 is NOT a deduction for FIT. It is strictly used to calculate QBI deduction. Any profit this year would need to be reduced by the 8995 loss before calculating any 199A deduction.

Ask the IRS to search for your EIN by calling the Business & Specialty Tax Line at 800-829-4933. The hours of operation are 7:00 a.m. - 7:00 p.m. local time, Monday through Friday. An assistor will ask you for identifying information and provide the number to you over the telephone, as long as you are a person who is authorized to receive it. Examples of an authorized person include, but are not limited to, a sole proprietor, a partner in a partnership, a corporate officer, a trustee of a trust, or an executor of an estate. If that number can't give her the EIN, I'd call the PPL and ask their opinion of what you should do. If an EIN was issued, they have a record of it.

See attached link from the IRS https://www.irs.gov/businesses/small-businesses-self-employed/lost-or-misplaced-your-ein Your client will have to call

The loss on the 2022 F8995 line 16 gets carried forward to Line 3 on the 2023 F8995. The loss on line 16 of the 2023 F8995 gets carried forward to the 2024 F8995.

So I had an issue with a client that I needed to talk with IRS about. Called the PPL expecting a 20-30 minute wait. I was shocked at how quick it was. The agent was on the line before I had my paperwork out of the file. Issue resolved in 10 minutes. I need to get a lottery ticket tonight. Tom Longview, TX

The cats hated him at first, but the Alpha is getting closer to him. He only weighs 4.5 pounds and our smallest cat weighs 12. Yoda can't figure out why they are annoyed when he chases them or runs headlong into their side to try to get them to play. The cats are positive that he is beneath them. He really needs our son to bring back their two Great Pyrs again, because he has a blast with the youngest one. When we get moved out to Colorado, they will have fun. A Morkey is part Maltese and part Yorkie. He does have some poodle in him according to his DNA test. He does not shed and he is the faster than greased lightning.

This was my last April 15th when I have to care about anyone else's return except my own! I just finished a bunch of extensions, but I still feel like a huge weight has been lifted. This has been the worst tax season ever. I didn't think that it could ever be worse than losing my Mom, but this last five months of having my husband so sick has been the pits. It was getting so hard to concentrate and get enough sleep. We got a new puppy, too for my husband. He turns out to be a Morkey, not a Poodle but I am happier with him anyway. I am also pretty sure that he will never know to go to the door to be let out. He is way too small, anyway. At least he is very good at using pads. Between a dog and 3 cats, it keeps me busy cleaning up. I just hope that we can find a condo that will allow 4 pets when we move. It was a sad and happy day. Lots of hugs and tears, and I will miss my clients. I got some beautiful bouquets, a customer made blankets for both my husband and me and gift cards to go eat. I did get a gift that I bet none of have ever received. My clients sent me an adjustable leg rest because they know that my leg is still a mess after my scope and that I will be getting a replacement. My client had just broken his leg very badly and was using this after his surgery. I have been blessed and still have a ton of work to do. I am hopeful that my husband will improve so that I can get a part time job out of the house in anything but taxes. Thanks so much for everything. See you all soon!

Finally, I managed to have a snappy, to me, response to "How do I contact a live person?" "There is no one here who is dead, so every message you get from us is from a live person." --- This was from someone who has sent a dozen or more messages, over the last 24 hours, all with a reply address which is not valid, so I doubt they will ever see my reply.

Not always! I've had a few over the years where no letter ever followed to explain discrepancies. The states tend to be worse about that than the IRS, but the IRS does it too. I'd call. Next week.

Call the IRS and ask them. I've had some weird letters come in from the IRS this year. One the IRS requested the client go to an IRS office and verify who they are before they issue a refund. Before the letter was received the refund had been deposited into their account. Another client received a letter that their overpayment couldn't be applied to 2024 but no check and no reason why. When I called the IRS they laughed and said it was applied forward.

Thanks, I will forward this to her. However she told me that she called IRS (don't know what number) and was told that they could not verify her to tell her the EIN. Did she print out the webpage? Receive a confirmation letter? I've asked. Her problem. Record keeping is not her strength.

The benefit of the QBI is elusive indeed. At first glance, it sounds really great - a 20% reduction of profits available in addition to standard/itemized deductions. However, it has hoops to jump through. First of all, if there is EVER a loss, the loss must be applied IN FULL to the current benefit. However, if a positive result is ever squelched for any reason, the amount lost is NOT carried forward. Next, the 20% is applied to the taxable profit, or taxable income, WHICHEVER IS LESS. If any benefit is lost thereupon, it is lost forever. The 20% is a great thing for taxpayers with regular profits, and regular taxable incomes.

I dropped back to 1040 to do my 1065, 1120S and 1040, plus my fiancee's 1040. Still cheaper than paying someone to do all of those or messing with some other software. But then I added 8 or 9 simple paid returns that more than pay for the software.

Where is that $79 program for us tax practitioners ??? That is what I paid for it in 1991.

Sorry to hear about everyone's personal things going on during our busiest time. I guess I'm fairly fortunate. I went thru some things about 10 years ago but I'm an old bachelor and don't have a lot going on. I just hear from my siblings and the things they are going thru with children, grandchildren and all that. As someone said, life happens. But yes, the tax season is the tax season. I'm planning for three more years. Rent increases, othe costs increase. Whew. I'm afraid to start dipping into savings too soon so I'll keep at it for a few more years. I don't do too much after April 15 though. Fridays off, shorter hours the other days. Just the extensions gradually.

After our retired racers started to pass, we were able to get our hands on two ~75/25% Greyhound/Whippets which were saved from the meat trade in a certain country. Some elders in that area still eat dog, and they have big markets where dogs are sold by the pound. Don't look this up online unless you are ready for what you will see. One of our greyhounds was a "Macau" dog, rescued at about 30lbs, with a good weight of 75. She lasted just under 2 years with us, likely because of being emaciated for two to five years while being "stored" in a back kennel at the Macau track. We call them our "littles" since they weigh 40-45 lbs. Much easier to pick up, especially when I think about picking them up 10 years from now. (Racing greyhounds are 60-100lbs in "retirement".) Most thankfully, our first racing Greyhound was an alpha female. She was able to train the littles into good house dogs in her final months, as a perfect purpose when her two prior house mates passed. There is something to be said about having an older dog break in the noobs. The littles spend most of my work days near me on fluffy dog ball/beds. There is something special about watching (and feeling) a free animal (such as a Greyhound) with the flexible spine, running (double suspension gait) at full song.

He's a cute little fluffball.

You made my day @BulldogTom. Thanks for the smile.

Here you go, Gail. https://www.gocomics.com/frazz/2024/04/13

I definitely have a few in mind to fire. However, I'll wait until I've recovered a bit before making final determinations. Drake tracks time on a return (so I leave the client's return open when I'm doing anything with their documents) and one of the things I'll do is go back through 'em all and compare what I charged with what my time-billing fee would have been. Anyone whose time-bill is substantially more than the per-form charge is high on the list of candidate for firing.

Wow! I've tried to call several times for a trust issue; letter response call number X and use ID number Y. No one has picked up, in an hour and a half, any time I've tried. Yesterday I got disconnected after 47 minutes; my shortest call yet. Very, very frustrating.

Florida's Sunshine laws make it easy for us (and crooks), company EIN's are public record. Convenient when I need a daycare tax i.d. number, but I don't what to say when the IRS says we are supposed to protect our EIN's.

I made this post "tongue in cheek" However, I do think that in a few more years, many preparers will be using generative ai to answer their tax questions. That will be sad because the participation on this board may drop significantly

This has been a long season. And not so much because of the tax work but because of LIFE kind of getting the best of me. My mother fell and went into nursing home in January. She basically got stuck in there too long and got worse. My daughter was quite sick and taking priority over my mother. My mother died in March. Had to take off time for that and dealing with my estranged brother. My daughter had a very traumatic break up in March and had to move out of her apartment and back in with us, and continues to have her other problems going on. Being at the office was a better choice half the time this year, but I'm telling you, these family things have got me worn out. And just for kicks - we added 2 puppies to the family in January. Frankie and Louie. (Shih-tzus. And anybody that has little dogs knows - they tend not to potty train too fast.) (I will have to update my avatar when I have a free moment. That was my little guy Vinny who passed last August.) I'm ready to do NOTHING for a few days. Hopeful anyway.