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Max W

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About Max W

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    ATX Master

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    Boston Red Sox, Spanish Civil War History. Flamenco Music & Guitar

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  1. For anyone that wants to confirm the number I provided, it is under paragraph 3, just after the SSA address. https://www.ssa.gov/OP_Home/hallex/I-01/I-1-4-2.html
  2. It will be rejected. I have had that happen when I keyed in an EIN which had a typo.
  3. Here it is. SSA's employer identification number (EIN) (52-6004813)
  4. In actuality, it breaks down to 4.5% late filing and 0.5% late payment per month, so when the IRS issues a letter with the penalties it will show late filing as 22.5%. The late payment penalty maxes out at 25%.
  5. Here is a start, but I wouldn't try to unravel this by myself. SS is the oldest entitlement program and goes back 85 years. During that time it has managed to create volumes of byzantine, ambiguous and contradictory rules and regulations, all written in legalese. What your client needs to do is consult an attorney that specializes in SS benefits. https://maximizemysocialsecurity.com/what-if-im-eligible-both-railroad-retirement-and-social-security
  6. The IRS says "each month or part of a month" and nothing about the 15th of each month. So, all of Jan is 5% and then after Jan 31 another 5%.
  7. The 2020 tax credit for solar panels is 26%. If the client paid $23,077 for solar panels, the credit would be $6000. The generator could also have some deductions (not credits) if it is used to power medical devices. http://alternate-power-solutions.com/3-ways-installing-a-whole-home-generator-is-tax-deductible/ There is also a deduction if the generator was used as the primary power source during a federally declared disaster. VA also has a deduction for 20% of the sales tax paid for purchasing solar panels. As for the savings? A lot of purchasers of solar panels incre
  8. Max W


    According to the IRS ( https://www.irs.gov/individuals/international-taxpayers/fulbright-grants ) there is a good chance that a payment was received in December, as that is when the first payment goes out for a Fulbright Grant starting the following year. There are a lots of traps and pitfalls that could occur, such as, blocked foreign currency, foreign taxes paid, whether it is W-2 income or Other income, plus more.
  9. Receiving an IRS bill to pay does not mean the account year is in collections. When the client receives a CP504, Notice of Intent to Levy, that is a yellow warning light. The next letter will be an LT11, FINAL Notice of intent to Levy. There are 30 days to respond to this one before the IRS CAN levy/garnish wages, or bank accounts. The designations CP504 and LT11 are found in the upper right corner of the letter. The time gap between these is anywhere from 6 weeks to several months. BTW, sometimes the IRS sends out a CP501, a CP503 and then the 504. If it were my client, I woul
  10. Max W

    My first

    This does not pass the smell test. I have received dozens of these letters and do not recall that they requested calling the IRS. If the TP has not defaulted on his payments, I would ignore it, anyway, even if legit. There are 4 companies that are outsourced and you can check their phone numbers here - https://www.irs.gov/businesses/small-businesses-self-employed/private-debt-collection
  11. This looks like it may be a good place to start. It gives 4 different scenarios with bookkeeping entries. Your case is simpler as there are only 2, not 3 persons involved. https://www.yourarticlelibrary.com/accounting/partnership-account/admission-of-a-partner-goodwill-revaluation-and-other-calculations/54425
  12. My question to Tom is - Is it Efax or the IRS? I have been using efax for a long time and I do a lot of faxing to the IRS PPL while the agent is on the phone. It is usually takes about 3-5 min. for a 2 page 2848. Every once in a while there is no confirmation even after 10 minutes. Then the agent will give me another fax number and the fax goes through smoothly. The IRS computer system is notorious for technical problems with slowdowns and unplanned outages and this may also affect the fax system.
  13. Happy Thanksgiving to everyone on this forum and their families. Enjoy!
  14. For more info in the Medallion program- https://firstquarterfinance.com/medallion-signature-guarantee-locations/
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