Lee B

Fortunately for me, the Oregon Secretary of State has published a two page guideline with live links that I am going use.

I am also going provide a live link to FINCEN'S guidelines which is 51 pages long

2 minutes ago, Lion EA said:

 

I will make sure all my biz clients know about it this summer. I hope to steal a 1-pager from someone who creates a thorough how-to flyer. 

First it's too complicated to cover in 1 page, given all of the exceptions and etc.

IMHO, creating a "How To Flyer" is offering advice. 

I have to decided to limit my involvement to informing my clients of their obligation to report

I am not giving any advice or answering any questions.

BOI has nothing to do with providing accounting. payroll or tax services.

I had a very similar situation recently. However she was a full time student living at home. The parents were paying her tuition over $8,000 and paying over 1/2 of her support.

Claimed her as a dependent and claimed the full AOTC for the parents.

4 hours ago, mcbreck said:

I would call Sigma. My experience is the people you call are terrific at fixing computer problems, not tax problems. They'll try and help but you aren't getting the best answer if you need help with real tax questions. I've never called with real tax questions but that's just my interpretation from talking with them. If it's not printing, they'll be great with that type of problem.

All efiling and downloads go directly through the software to / from Drake. Once installed, you can't tell Sigma is involved except their logo shows up on the initial log-in screen.

So this means if I am having difficulty finding a specific worksheet, I can't call Drake Support ?

24 minutes ago, mcbreck said:

I buy via Sigma Tax, $999 for the last 2 years and the same next year.

When you have support related questions, do you call Sigma or Drake?

Does your efiling activity and download updates go through a Sigma or a Drake website?

I have received mine:

1.  Drake has raised the price of their standard multiuser software by about 20%.

2.  Drake as added two new selections:   Single User Unlimited and Single User 1040 (No business returns)

3. I will continue to use Drake Pay Per Return (ten Individual returns included) as I have the past 2 tax seasons

     although they have raised the price for additional personal returns from $35 to $40 and additional business returns from $ 50 to $60,

     which will cost about me $150 more for next tax season but it's still about $600 leas than the Single User Unlmited price.

16 minutes ago, jklcpa said:

Oh right, he meant after the program updates.  I had that happen once mid-season but hasn't happened since then.

I'm more tired than I realized.

Well, it just happened to me, I just updated and had to sign back in

4 hours ago, jklcpa said:

What program are you having to sign into again?

Given the context, I assume Jim means signing back into Drake?

Which hasn't happened to me.

4 minutes ago, mcb39 said:

It says that return is still being processed.

That means that the return has been selected for additional scrutiny by a live person.

Until the return is actually assigned to to someone, you won't be able to find out much if anything.

When you go to "Where's my Refund" what does it say?

"Being wrong is the only way I feel sure I've learned anything"

Daniel Kahneman  -  Nobel Prize in Economics  ( 1934 - 2024 )

24 minutes ago, Lee B said:

Perhaps Perplexity.ai can answer your question

I made this post "tongue in cheek"

However, I do think that in a few more years, many preparers will be using generative ai to answer their tax questions.

That will be sad because the participation on this board may drop significantly

Perhaps Perplexity.ai can answer your question

"Land trusts are not “trusts” in the legal sense. Some, in fact, refer to themselves by other names such as conservancies, foundations, or associations. Land trusts accept donations of properties, buy land, or help landowners establish legal restrictions that limit harmful use and development."

You may need to ask more questions?

I used Drake Pay Per Return this tax season.

It cost $355 which included 10 personal tax returns.

I have no problems or any delays receiving acknowledgements with Drake, Federal or Oregon.

To claim the LLC, you must meet all three of the following:

You, your dependent or a third party pay qualified education expenses for higher education.

You, your dependent or a third party pay the education expenses for an eligible student enrolled at an eligible educational institution.

The eligible student is yourself, your spouse or a dependent you listed on your tax return

Drake Support will be open from Noon until 6:00 PM EST on Sunday, April 14th.

This is a big indicator that the Drake family is no longer in charge.

4 minutes ago, Medlin Software, Dennis said:

Although long ago someone here said there is a price which makes any client worth having, and our job is to get that full price.

Once in awhile there is a client that no price is high enough!

There may well be other land improvements that were overlooked back in 2017. Usually farm fencing is a 15 year asset.

Either ignore the W 2 and don't file or paper file the return.

8 minutes ago, NECPA in NEBRASKA said:

Too bad that they don't have any equity or money in the LLC. It would be nice if people would ask for advice before they do something. 

Yes, when that happens it is frustrating. I have several business clients that make it up as they go along, don't ask questions

and then I have to play detective figure out what they are doing.

45 minutes ago, Patrick Michael said:

Wondering why a 3115 would be necessary since the returns can be amended.  There is no change in accounting method.  The original basis and other improvements have been depreciated. Just forgot this remodel.

Because omitting the depreciation for more than one is consider to be the adoption of an incorrect method which is handled by filing a 3115.

This plot is worthy of an "Outer Limits" script