Lee B

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

I would file the 3115 , deduct the depreciation and handle this situation correctly.

I have a current rejected return due to the spouse's unentered IP Pin.

My clients say that she never applied for a IP Pin.

My clients are elderly and are not proficient with computers.

Just curious, has anyone had a return rejected when there wasn't an IP Pin to be reissued?

If your client's daughter goes to the Americorp website, there should be an explanation for her W 2.

Americorp has different programs with some strange tax rules that apply.

1 hour ago, mcbreck said:

 

The fact an 80 year old has a business is problematic.

 i have a client who is 83 years old who is a business owner and is still very sharp and with it.

1 hour ago, mcbreck said:

I have a client who essentially refuses to make the Jan 15th payment. Now I just give him 3 coupon payments and skip that one.

I have a client who doesn't want to mess with making 4 different estimated payments, so I combine her estimates and she makes one payment on April 15th.

I am on Windows 10 also. I am going to wait and see how expensive Microsoft Extended Service Agreements will be.

I think I will wait for Windows 13

4 hours ago, Medlin Software, Dennis said:

If a single stand alone, no one really does. Repair or fixes, sure, but first letting the updates run, after they are done manually checking, until no more are left, is good to self do. Same with blowing/vacuuming (depending on one's preference/belief) is a self project.

The random computer "expert" is likely going to connect remotely, run some sort of script, and may or may not fix anything, and may or may not cause more problems. One (in)famous "expert" service is well known for causing more problems, as their default is to do some sort of backup on removable media, a clean wipe and reinstall of Windows, then send you on your way with only their faulty backup to work from (they do not back up everything, just the common things, and they rarely help restore).

Most of us don't have your years of knowledge and experience.

Perhaps you need an IT professional to do some maintenance

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. "