Lee B

Interesting question, I had never heard of it either. According to the Form 7203 instructions: "Loss and deductions in excess of basis are suspended and carried forward indefinitely and the character of the loss and deduction items is retained. Part III shows the pro rata allocation and tracks any loss or deduction carryforward." I could be wrong but I interpret this to mean that it's not a carryforward of a useable SEHI deduction but a carryforward of a deduction in excess of basis which disappeared when the corporation closed.

It's probably due to your print buffer overflowing with digital garbage generated by the ATX program.

It took me a while to find the notice too: "5. Error identified in Form 1065, Schedule K-1 programming The IRS notifies tax professionals of a programming error impacting e-filers of Form 1065, Schedule K-1, Line 20 for 2023. The error blocked e-filed partnership returns from using Code ZZ. The IRS encourages e-filers to extend the filing of their Form 1065 returns and defer until June 16, by which the error is expected to be corrected. "

Yes, I saw it. It was related to entries - code Z line 20 of the K -1 s.

This is at least one advantage of using a Tax Organizer.

Under imputed interest rules, the $ 2 Million would be the combined total of principle and interest payments for the contract using the AFR at the time the contract was initiated.

Years ago I met with some prospective clients who represented a merchant card services provider as independent contractors. They received a 30 % commission of their customers monthly merchant card fees. They were really good salespeople and were very profitable. They had paid a Million $ for a custom built bus style motor home and they really wanted to write it off as a business expense. They didn't like my answers and kept on shopping for the perfect tax preparer.

They are monthly fees paid to a Doctor or a medical practice for routine medical care in lieu of being billed for the same care. How is it any different than me billing my monthly write up clients every month or paying a retainer to an Attorney. IMHO I would consider them to deductible medical expenses.

Maybe some deep breathing exercises, imagining yourself at your favorite vacation spot would help

If this statement is attached as a pdf, you could save it and then clean it up if you have a pdf editor.

Thanks, Judy Something else I didn't know

Multiple Drake Community posters are reporting that the Drake program is crashing whenever they upload Form 8879 to the Drake Portal. One user reported that the problem went away after he reinstalled the program. It looks like we may be seeing the effects of Drake cutting expenses to keep CINVEN (the new owner) happy.

I use Drake, but yes it was easy. The hardest part was entering the very long VIN

I have been using Drake since the 2017 tax season and this year is the first time I have had the program freeze or crash.

Also don't click on "unsubscribe" links. Just send it to your spam folder.

I just did a return with a 2023 Model 3 which qualified for the $7,500 credit I won't efile until tomorrow morning after I meet with the clients.

Well, I just received my first one for this year in my spam folder

The crisis is over ChatGPT services have been restored

"OpenAI's ChatGPT is down for many people worldwide, with users facing multiple problems, including being unable to access their accounts, having their chat history come up empty, and the chat screens not loading properly. When accessing ChatGPT, users may see a blank screen with "How can I help you today?" and, in some cases, a missing chat history" Maybe we haven't been replaced

It's a miracle

See my revised post, which means that you can't net gains and losses

IRS Guidance says to report the gains and losses separately, which is nasty because you can't deduct the loss from the sales of personal items.

Here is the response from Drake's Support about the program freezing or crashing when exiting the Tax Planner; "Good Afternoon, Thank you for contacting support! Here are some troubleshooting tips you can try to fix a freezing computer: 1) Make sure you are connected to a strong internet connection. 2) Switch from Wifi to a hard wired Cable. 3) Restart the computer every night or every morning. 4) Check for third party software that might be interferring. Anit-Virus programs are the most common. 5) VPN and other such things can effect the program running as well. 6) If these do not work, i would suggest local IT support to look at your network etc and see if a setting is affecting the program. I hope this helps! Sincerely, "

That's the current link provided by the IRS, since the most recent changes went into effect January 1, 2023. You can always do you own searches

https://www.energy.gov/policy/articles/making-our-homes-more-efficient-clean-energy-tax-credits-consumers