Lee B

How did the Trust determine who the $5,000 would be awarded to?

Any relationship between the student and the trust? 

Did the scholarship specify what the money could be used for?

I switched to Drake in the 2017 tax season after using ATX for almost 20 years. No regrets.

Patrick is correct, it's not as intuitive. Sometimes, it can get frustrating trying to find a specific worksheet.

Their diagnostics are very thorough but can sometimes be frustrating to understand.

1 hour ago, Lee B said:

If you are comfortable doing this and everything is backed up?

Go to "View Update History" where you will have an option to "uninstall updates" where you can choose which updates to uninstall.

This is how you uninstall a normal Windows update. I don't know if this will work in your situation?

If you are comfortable doing this and everything is backed up?

Go to "View Update History" where you will have an option to "uninstall updates" where you can choose which updates to uninstall.

How could the depreciation be that much unless that also includes office equipment and furniture?

I thought home office was 39 year property?

Just give you a comparison, I have used Drake PPR for the last 2 years.

For the 2024 tax season it will cost $350, which includes 10 personal returns.

Additional personal returns are $40 and additional business returns are $60.

5 minutes ago, Abby Normal said:

 

Death is treated like a sale of the property and therefore triggers the allowance of the passive losses.

 If you read the article, there is an interplay between the step up in basis and the passive loss allowed ,otherwise there would be a doubling of tax benefits.

It wouldn't surprise me if the trial balance is in balance.

All it takes is one account to be in the wrong category.

Whether he is a dependent or not isn't based on how much money he makes, it depends on who is providing support.

For example if his parents are supporting him and he invests or saves a chunk of his wages he is still a dependent.

I had a similar situation last month where the student put a large amount of her wages in a savings account with the parents providing support.

Brew One,

How do you go through and check them?

Just now, BrewOne said:

you can input the notice number at the Taxpayer's Advocate office, might give you some info if this is a widespread issue.

https://www.taxpayeradvocate.irs.gov/notices-from-the-irs/

I thought the resumption of past due notices was for 2022, not 2021.

 

My understanding is that the the TAS doesn't involve themselves in this kind of situation.

Unfortunately, the original notices were suspended during COVID.

The IRS restarted sending out notices in February which is why clients are receiving these balance due notices now.

You will need to have your clients request a "Record of Account Transcript" which will show everything.

1 hour ago, artp said:

The price of $999 is thru Sigma Tax Pro who is a reseller of several software providers including Drake. This price is for a single user as I have no employees.  I got a "demo" of their " DR" software desk top version (Drake) from them and it is exactly the same as my regular version of Drake and appears to work the same. I was able to register with them for the 2024 tax software for $49.99 payment now and will not have to pay the balance until the software is released late in Nov. This will be my 1st year with them so I will update my post as next season progresses.

Well that's very user friendly

We all have clients that think differently and have different priorities than we do. So what

No, they're not cloning it. They paid Drake for a license to use it and resell it.

11 minutes ago, Lion EA said:

Or, your client's Congressperson.

Yes, they have priority access to the TAS

Perhaps you should try the Taxpayer Advocate Service   https://www.irs.gov/advocate/the-taxpayer-advocate-service-is-your-voice-at-the-irs

Intuit's CEO has openly said that they plan to expand to take 25 % of the small business accounting/payroll/tax market.

I wonder if cutting services to boost profits will help them

Changing to Sigma Tax Pro to save $400 isn't worth it to me.

I can make that up with one tax return.

Just thought I would mention the possibility, since there are 4 different kinds of transcripts and the standard Tax Return Transcript

only shows what was on the originally filed Form 1040.

Perhaps you have a Tax Return Transcript instead of a Wage and Income Transcript?

A Record of Account Transcript will give you the necessary information.

The basic Tax Return Transcript will not.

28 minutes ago, Lee B said:

If a client signs up for an online account, can they see a history of all of the notices?

28 minutes ago, Lee B said:

 

I decided to answer my own question

A Tax Return Transcript just shows the original line items without any subsequent changes.

A Record of Account Transcript shows the tax return line items plus all of the subsequent changes.

I get the impression that there's no history of all of the notices?

 

Now that that they have restarted sending notices, the current notices just show a balance due,

so we and our clients never see the suspended notices that were never mailed.

If a client signs up for an online account, can they see a history of all of the notices?

Good point about the bot activity. In which case, caching the site makes a lot of sense.