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This is a screenshot from the ATX Quck Startup Guide. Note the 2 bullet points under step #2 where it says that during the pairing of the device there is a backup code at the bottom of the ATX screen that must be copied and saved that would allows user recovery. The would be used in the event the MFA device is lost or no longer working.

Tom, thanks for clarifying. Maybe I should think about retiring.

Margaret, I'm sorry to have completely missed the point that you are asking about travel related expenses when being away from the main tax home. With the indefinite time of duration, I'd say this doesn't qualify to take those deductions for the OH expenses.

I'm confused by this and Tom's answers about the W2 proration as well. I don't do CA returns, but I thought CA was a stickler for any out of state person working remotely for a CA based business doing business in CA to tax all of those wages regardless of where the employee was located. Has something changed with that? My original answer about the K-1 income was going to be that all income on the K-1 is taxable to each of the 3 shareholders as CA source income and taxable there with those people claiming a credit on their OK resident personal returns for taxes paid to CA.

In general, this would fall under the office-in-home rules, if she qualifies for that. Remember that in addition to being an area of exclusive use, it also has to be regularly used for the business, so that may knock her out for this deduction since your original post said it was rather sporadic or of limited use. IF she did qualify for the OIH, this would be a further proration of her share of the net expenses after reimbursement from the other party: rent, renter's insurance, utilities, internet, telephone, etc. Considering all of that, again IF she qualifies, she may find that the business % of her share of the expenses doesn't amount to much tax savings or worth the hassle, but that is for you to discuss and advise.

IRC sec 170(f)(8)(C): scroll down linked page to 8C where it says:

The first thing is that the anchor that presented this did not tell viewers that IRS would be sending payments automatically, and I really don't want to have to waste time on questions and conversations again to prove that they already got it and aren't entitled to more!

As I heard on msm tv today, IRS has determined that about 1 million people that were entitled to the third EIP did not claim or receive the payment of up to $1,400. The article below say IRS is making the payments automatically to the bank account it has on file or to the address of record if direct deposit information isn't available or if that method fails. Anyone who hasn't actually filed their 2021 return should do so by 4/15/25 to claim any portion of the EIP they may be due. https://www.cnn.com/2024/12/24/business/irs-tax-payments-recovery-rebate-credit/index.html

I have three senior couples that I do that for, and I've done their work for almost 40 years now and consider them friends too.

Merry Christmas!

Nice! Are we ready for liftoff?

It's not only gas. All other costs that factor in have increased with depreciation being the largest component, and vehicle prices aren't down. Other items of insurance, maintenance and repairs all have increased too with the latter due to materials and labor costs.

It actually said "technological" competency. It may be that this part of the proposal is attempting to incorporate the rules regarding safeguarding clients' and our information into Circ 230 and possibly expand on that, but I don't know that IRS has the authority to regulate tax preparers' technological competence. The statement is too broad and general to know what it means. For those that don't like links, here is the proposal:

The place to find out is looking at the Sch D Tax Worksheet in the instructions to Sch D. Scroll to the bottom of the index at the left of that page I linked and you'll see the Tax Worksheet is the last item listed. In your scenario above, I believe the long-term would be what is used in the calculation because the first reference to starting to carve out gains receiving the preferential cap gain rate is where it says that lines 15 and 16 must both be gains, and on line 7 of the Sch D Tax Worksheet you enter the smaller of the lines 15 and 16, and that means the LTCG on line 15 of Sch D in the case you presented. That's a very general explanation and you should work through the worksheet or run a tax projection from last year's program because there are a lot of figures that factor into this calculation.

I am totally paperless, and I always keep pdfs that serves as the archive copy. The reason to do this is because program updates, law clarifications, and retroactive law changes subsequent to filing can change any return that is generated by the program when it is reopened. I use the document manager and print everything to pdf that I then print the client paper copy for them. The client copy pdf is usually an abbreviated copy where I've decided what is necessary and also those backup worksheets ("keep for your records") that I deem useful to provide, and that pdf contains exactly what is given to them. The preparer copy pdf has much more: the entire return plus all of the computer-generated notes, preparer notes, due diligence, backup worksheets not actually e-filed, and transmission reports.

If you are filing form 1128 for an existing S corp, the instructions to that form says that if you are changing the accounting and tax reporting year to a fiscal year under sec 442 and reg sec 1.442-1(b), then you are to follow Rev Proc 2006-46, and section 7.02 item (5) of that Rev Proc says this:

There are authenticators that will send 2FA via text or phone call, and Google's authenticator has an extension that works in Chrome, but those would be for accessing web-based internet site, or sites that don't need to scan a QR box for setup. Using a web-based extension within a browser or desktop version, how would it be possible to scan the QR box from the ATX program's screen to receive the initial setup/pairing code without having some sort of mobile device. The mobile device must have QR scanning capability and the ability to download and install the authenticator. @G2R and @TAXMAN A tablet would also work, and it would need to be modern enough to download the app and have QR scanning capability.

Which one, and at what point are you stuck? Here's general instructions that I posted in another similar topic: 1. Install ATX on your system. 2. Download the authenticator to your mobile device. 3. Open ATX 2024 and create your password. It should bring up a screen with the QR box to scan and a box to enter the initial authenticator code. Leave this screen open and go to #4. 4. On your phone, open the authenticator and click the + button and point the camera at the QR box. It should scan the QR and automatically set up "ATX 2024...." and generate a numeric code to enter into the ATX program. This is the initial code that pairs your software with your mobile device. Enter that code into the box in the ATX software that you opened in step #3. It should be paired now. From then on when you open ATX, you will enter your password and then it will ask for a 6-digit code from the authenticator. Open the authenticator and look for the one that says "ATX 2024" and it should have the 6-digit code to enter. That code is good for 30 seconds and will automatically refresh every 30 secs. Make sure the clocks on the computer and the mobile device are the same, otherwise the codes will not be in sync and may not work because of the 30 second refresh rate.

The free ones will generate the codes and meet the needs of logging into the tax software. The paid apps may offer more advanced features like secure backup, syncing multiple devices, password management & integration, etc.

Yep, Abby is correct. The open years that can be amended are 2021 through 2023. Maybe the poster was thinking about the years that can be e-filed, which are the current year and previous two years, which means that the amended 2021 S corp and personal returns would have to be paper-filed. The amendments for 2022 and 2023 can be e-filed.

Like the one below that I recently shared. Sorry it's so big. Look at the "a" in the portion for "bank" in each of the examples. Best practice is to never ever click a link in an email and never respond to a fraud phone call from a bank or credit card company that calls you because the thief can spoof the caller i.d. Always place the call yourself using the number on the back of your credit card or monthly statement.

That may be true when using the app to access websites, but I wonder if there is an additional security layer of device centric pairing built into the ATX software or some sort of syncing that would be necessary. mcb39's experience seems to indicate that the former is the case. I don't have multiple computers any more to test on.

If you have already successfully set up one user, then in order to access the second QR box you would need to create a second user with a unique user name. That second user can use the same phone or a different one, but that phone would be paired with that machine.

That totally makes sense and is a very good idea too.

In general, casualty and theft losses for years 2018 through 2025 are only deductible if related federally declared disaster, and specifically for theft losses, those losses are currently only allowed for those losses that resulted from transactions entered into for profit. If the loss was from an investment type scam, then it may be deductible, but the original post didn't say what lead to the loss except that dementia played a part and that the funds came from an IRA.