jklcpa

Are there links or only a mention of logging into your official account? I don't like this because people may receive similar looking scam emails and could innocently go to a website ending in .com or .net instead of the official .gov site.

Boiled down from the article: The taxpayer's check goes to a lockbox of IRS-contracted banks that converts it to an ACH payment by means of electronic image and data file. IRS proper doesn’t receive the paper tax returns or the payment checks. The taxpayer's bank also settles electronically using only routing and account numbers, so the taxpayer's bank never receives a digital or physical copy of the check. There is no canceled check to use as evidence.

None of the loans mentioned would create debt basis for an s corp shareholder. Debt basis comes from the shareholder loaning money to the s corp.

Another excellent article on the subject with a discussion of rules for those that also holdings as limited partners where rental income from the limited partnerships are less than 10% of the total. https://www.thetaxadviser.com/issues/2017/mar/navigating-real-estate-professional-rules.html#:~:text=The election may be made,it in a subsequent year. Within the article, use Crtl-F to find "limited" and you will see this paragraph: This article and the one posted by cbslee have the code references for the rules mentioned within each article.

If some or all of those loans created debt basis, and if that basis is less than the amount owed... then the repayment of debt during the year will be cap gain if the debt is evidenced in writing. If not formalized, then the resulting taxable amount would be ordinary income. Could that be what is happening?

No, it should start sometime later this month. This was approved on Sept 25th and the effective date is Oct 19, 2023. Right now the PTIN renewal page says it is still processing for 2023 new apps and renewals. I got this info from the National Archives Daily Journal of the Federal Register here: https://www.federalregister.gov/documents/2023/10/04/2023-22103/preparer-tax-identification-number-ptin-user-fee-update

see sec 179(b) on this page and then more specifically further down same page at 179(b)(6)A) where it says : and then be sure to see this page for sec 1.179-2(b)(7) under the heading "Component members of a controlled group" about allocating among the members and the statement needed to be attached to the return https://www.law.cornell.edu/cfr/text/26/1.179-2

Not necessarily. Ordering rules come into play in calculating shareholder s corp basis to determine if any loss is allowed. I agree with cbslee that we need information about distributions.

Website is updated for current year including registration. Use link in above post.

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contributions-quid-pro-quo-contributions https://www.nolo.com/legal-update/irs-changes-thank-you-gift-rules-35445.html

I never suggested that you don't. What I said was:

Lion, I do know that about the credits and logo. It's great to maximize credits for the money expended, but maybe some other readers here may want or need to expand knowledge in areas that may or may not involve earning the credits in order to better serve clients or for their own benefit. Schirallicpa had asked for courses, and as a CPA she would be able to earn credits with either Surgent or Checkpoint. Both companies have courses on the subject.

Surgent's detailed course descriptions include a breakdown of the potential credits for CPAs and EAs who will recognize those (NASBA, IRS...) Fwiw, I've taken the SS course by Bob Lickwar and found it helpful and informative but certainly not enough for me to want to create various complex scenarios for my clients.

The e-file system still operates, so file as much electronically as possible. Postmarks for returns mailed should be honored as usual although possibly no one will be at IRS to process paper returns. Statutory deadlines still must be met, so plan for your clients to make all payments by normal due dates. IRS hasn't finalized the contingency plan yet, but I'd assume that there will be no one to issue refunds unless automated, and definitely assume no one will be there in customer service areas to answer the phones or answer questions. In prior shutdowns, somewhere around 88% of IRS employees were furloughed, and there was a catch up period when it reopened. In one year, the start of tax season was delayed because of the extended shutdown that occurred. https://www.journalofaccountancy.com/news/2023/sep/irs-developing-contingency-plan-as-government-shutdown-looms.html If you have audits with deadlines after the possible shutdown date, contact the auditor to be sure that the deadline for materials submission will be extended or meetings rescheduled. Although this page was updated this year, this IRS page has details related to the shutdown and reopening from the 2019 shutdown: https://www.irs.gov/newsroom/irs-activities-following-the-shutdown Donations to this site are appreciated any time of the year.

I'd call support. The only requirement should be met is by IRS, that the original was efiled. The program used to create the amendment shouldn't matter. I've done amended returns in my program for new clients, not ATX though.

cbslee is correct. 1099-misc, box 3, issued to the estate or beneficiary.

I use it infrequently and mine said it was UTD with v 16.0.5845.188 this morning, and when I clicked "help" and "about" it started the updater and is now at v 117.0.5938.89. I wonder if this is one of those times when multiple updates will be issued as additional weaknesses are identified, or if the corrections caused problems for enough users to be immediately addressed.

https://www.irs.gov/filing/time-you-can-claim-a-credit-or-refund

A quick google search took me to GA Dept of Revenue's page here: https://dor.georgia.gov/2020-hb-1302-tax-refund-faqs where the information you seek is covered in the FAQ. The state was supposed to issue it as a refund if applicable. No line exists on the return.

Residency and domicile are two different things. Your client is domiciled in the other state, but IL still considers him a resident. There are many factors that can be used to determine residency, and only one is where the TP lives or spends time. Basically, where has the TP planted his flag so to speak: driver's license, car registration and inspection, voter registration, church, doctors, banking, where the rest of his immediate family lives, where the kids attend school, mailing address, still maintains a home in that state, social club memberships, etc.

Dec 6 is the date. New Castle County, no location mentioned yet. Sign up link and brochure is not available yet. https://revenue.delaware.gov/calendar/ I found this by internet search for the name of the annual seminar: "Delaware Tax Institute" At the very bottom of the page is a link to update an existing email and a phone number to be added to the list to receive information by email.

Years ago I set up all phone numbers under my name, husband's, and mom's with nomorobo and wasn't sure it did anything to stop the calls.

I usually don't answer if it's not someone I know, but when I do, I never say "hello" or answer "yes" to anything. I'll answer with "accounting office, Judy speaking" because answering "hello" will tell the computer dialer to route the call to an available person or trigger the computer to start responding. Even if answering "hello" sometimes there are no agents available on the other end to speak to us and so in those cases the computer will automatically disconnect from us. Also, I never say "yes" to any questions because that can be recorded and manipulated as acceptance of something we didn't intend or in answer to a question we were never asked. I have noticed a decrease in calls that, for my office, typically are related to credit card processing, health insurance, Medicare Advantage or Medigap, and sometimes life insurance. I don't get them on my cell phone that is personal. I have AT&T's security with it set up to route any callers not on my contact list directly to VM without it even ringing. The call log lists those as flagged from potential scammer or telemarketers. If it's a real call, that person does have the ability to leave me a message. It works well. On my old phone I used to get calls in Chinese that were out of NY and turned out to be a scare scam directed at Chinese immigrants to get them to pay a fee so that they were not in danger of deportment. The scammers knew that only Chinese speaking people would understand and possibly fall for it with the rest of us simply ignoring it by hanging up. Those calls have finally stopped for me.

He will definitely have basis of: original cost, settlement charges at purchase or paid outside of closing that are required to be capitalized, and any subsequent improvements Then ... The way the original post was worded, it seems that this property was never "put in service" as a rental, but it must have been entered on Sch E if PALs were reported. I agree with cbslee that we need to know if it was available and advertised for rent. If never put in service, he should have made an election to capitalize "otherwise deductible" expenses of the real estate taxes, mortgage interest, and other carrying charges that could have added to basis instead of incorrectly creating a PAL. For projects under development or unproductive real estate such as this one, the election must be made annually by attaching the election statement to the tax return by its due date including extensions. In other words, IF it was never put in service as a rental and IF no 266 election was made for those years, I don't believe that there should be valid PALs available to help offset the gain, and I don't believe he would now be able to now add those expenses to basis for which no 266 elections were made.

I'm reviving this to say that I'm relieved not to have this responsibility or risk except for my own corporation. I'll still have to deal with the government portal, but only for myself and that's it. I spoke with an attorney from the firm that handles my remaining corps and LLCs that will be handling this reporting. He said it's all up in the air and sure to be a nightmare when people question the need, fail to respond, or notify them with changes. They're not sure what the charge will be but sure it will not be inexpensive.