Lee B

Copied from Forbes: “For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” — Winston Churchill “Income tax returns are the most imaginative fiction being written today.” — Herman Wouk “I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money.” — Arthur Godfrey “A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money.” — G. Gordon Liddy “The taxpayer: that’s someone who works for the federal government, but doesn’t have to take a civil service examination.” — Ronald Reagan “The income tax created more criminals than any other single act of government.” — Barry Goldwater “Collecting more taxes than is absolutely necessary is legalized robbery.” —Calvin Coolidge “This is too difficult for a mathematician. It takes a philosopher. The hardest thing in the world to understand is the income tax.” — Albert Einstein “The difference between death and taxes is death doesn’t get worse every time Congress meets.” — Will Rogers “In 1790, the nation which had fought a revolution against taxation without representation discovered that some of its citizens weren’t much happier about taxation with representation.” — Lyndon B. Johnson “Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents?” — Peg Bracken I'm smiling but I don't feel any wealthier

Articles in both Bloomberg Tax and the Tax Foundation say the Bill closes use of the PTET deduction by SSTBs. It also restricts the use of the 199A deduction by SSTBs. As a result the AICPA is putting a major emphasis on getting the Senate to remove these changes! Are we having fun yet

She should check with her fiduciary who already knows the answer to this question.

It may be an Energy Rebate outside of the tax system

These balance due notice letters should probably be a separate discussion.

Yes, but it doesn't tell you to what account and/or to where it was posted which is why I prefer Direct Pay or EFTPS.

It's not acquisition debt because your client hasn't acquired anything.

Perhaps the payment was misposted.

It doesn't meet the definition of Acquisition Debt, Home Equity Debt or Refinanced Debt.

My Windows Version of Chrome is now updated to Version 137.0.7151.56 (Official Build) (64-bit) so a new update was released today.

I wasn't commenting about your post, I was just making a general comment about the almost daily warnings that I see online.

. For Android, the latest version is 136.0.7103.126, released on May 23, 2025. On iOS/iPadOS, the latest version is 137.0.7151.34, released on May 21, 2025. Frankly, there are so many so-called emergency announcements it's hard to know what's an emergency or what's clickbait

This was the reason for the $4,000 increase in the standard deduction for seniors.

I too started with Parsons Technology then switched to Saber

"Before 1987, taxpayers could claim dependents by simply listing their names. The Tax Reform Act of 1986 changed that, requiring taxpayers to include the SSNs of dependents over the age of five when filing their taxes. The following year, seven million FEWER dependents were claimed on individual federal income tax returns, resulting in a $2.8 billion increase in tax revenue."

This is a copy of a post on the OSCPA Board from Tuesday: "I have a client that received an IRS notice dated April 30, 2025, regarding not filing their 2025 tax return. It is LTR 112C. This is frankly baffling Have others received this notice? Is this a harbinger of things to come with the IRS going forward? Are we going to have to be constantly responding to notices that are totally bogus, while the IRS customer service declines due to a reduction in force? Is this what AI will look like at the IRS?"

The AICPA says that you shouldn't give investment advice. They listed a number of cases where CPA's were sued and lost for giving investment advice or for recommending specific investment advisors. I know my Professional Liability Insurance Carrier specifically excludes investment advice.

However your taxable income will go down due to the increased standard deduction and the increased Section 199 A deduction.

Well, that's really sneaky

These items caught my attention: "The bill includes a temporary boost in the standard deduction — a $1,000 increase for individuals, bringing it to $16,000 for individual filers, and a $2,000 boost for joint filers, bringing it to $32,000." "There is also a temporary $500 increase in the child tax credit, bringing it to $2,500 for 2025 through 2028. It then returns to $2,000 and will increase to account for inflation." "The bill increases the “SALT” cap to $40,000 for incomes up to $500,000, with the cap phasing downward for those with higher incomes. Also, the cap and income threshold will increase 1% annually over 10 years." "The tax breaks for tips, overtime and car loan interest expire at the end of 2028. That’s also the case for a $4,000 increase in the standard deduction for seniors." "Among the various business tax provisions, small businesses, including partnerships and S corporations, will be able to subtract 23% of their qualified business income from their taxes. The deduction has been 20%"

Here is a detailed article by the AP: https://apnews.com/article/trump-tax-breaks-bill-medicaid-80b5781377bcd0870a1dccb3c7b8dc05

If a client asks me how a proposed tax change might affect them, I don't mind answering their question if there is a fairly clear answer.

The DOR refers to OAR 150-314-0435 with respect to Market Based Sourcing

There are so many online and remote services now that the question arises where is the income nexus. Market Based Sourcing says if I whose business is located in Oregon prepare a tax return for a resident of Seattle WA, that the income nexus is where the services were received instead where my business is physically located. Another example: My accounting software is online which is also used by my larger business clients. This accounting service provider is headquartered on Long Island NY, but the actual software is hosted by Amazon Web Services in some server farm at an unknown location. Market Based Sourcing says that where the service is received is the key nexus location. Frankly, it's a new idea to me.

Here is a Tax Advisor article about "Market Based Sourcing" which explains what the DOR presenter was discussing: https://www.thetaxadviser.com/issues/2012/nov/schadewald-nov2012/