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Lynn EA USTCP in Louisiana

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Everything posted by Lynn EA USTCP in Louisiana

  1. There is a time limit for filing the 1045. If it was filed outside (beyond) that limit then the carry back must be taken via 1040X; I include the 1045 as a worksheet
  2. Randall, so far I have had no reply from my account rep to my email requesting a larger discount. I will be sure to post to the group should a response be received.
  3. This morning my account rep emailed with a link to the renewal; I responded asking for a greater than 12% discount, especially since the cost of the software is up 11%.
  4. I want to clarify my post, just above Abby Normal's. Calling the IRS to cancel an electronic funds withdrawal should be done by the taxpayer, not the tax pro.
  5. Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling. Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date. Posted on the IRS website Feb 8, 2022 https://www.irs.gov/payments/pay-taxes-by-electronic-funds-withdrawal
  6. Or the excel spreadsheet saved in pdf format, without a single thing totaled !!
  7. I efile the extension,leaving the payment line blank, then send the payment voucher to the client. It's up to them whether or not they remit the balance due for the extension request. I explain that an extension is for filing the paperwork, but not for paying the taxes due.
  8. Randall, I do not intend to add the K2K3 if not required. I am adding a 8275 disclosure form stating the entity meets the reporting exclusion requirements.
  9. Wow !! Just did a forms update, and K2 K3 dropped !!
  10. 1040-SS was part of the forms update just now (3/7 1:30 p.m. central time)
  11. Wouldn't these expenses be part of the estate 1041 return? Without any 1041 income the losses 'should' carry forward to the final return, when they sell the equipment and distribute the rest of the cash, right ?
  12. KenO - I reached out to my account manager; so far all I've heard is crickets.
  13. Are the ‘final’ boxes checked on both the 1041 and the k-1’s?
  14. Penalty waiver and 3-year spread provision was only for tax year 2020; it was not extended to cover tax year 2021.
  15. I have encountered clients who are not interested in being educated on accountable plans and insist on doing it in the least tax efficient method.
  16. I have submitted more than one set of 1099-NEC for a client, with no issues
  17. Article today (I think) says IRS will d/c sending CP80 letters but the other letters will continue until congress mandates otherwise
  18. One set of clients, TP and SP, both in their late 80's. TP has alzheimers and is now showing signs of paranoia, enhanced by his extreme hearing loss. He has hearing aids but often removes them, so I communicate with him via notes. While I offered to go to their house to collect their tax info I am now hesitant to do so due to his paranoia and the fact that he has guns in the home. SP daughter has POA but I am unaware if it has been invoked.
  19. Sales of privately held stock may be reported by the installment method (I don't have a cite handy but many years ago had a client in similar circumstances).
  20. 1099-MISC, INT and DIV are still 2 to a page. 1099-NEC is 3 to a page
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