Lee B

We all have moments like this. The only way to move forward is to accept the mistake, learn from what you did wrong and move forward. Since I don't have any staff, I have to yell at myself. By making mistakes is how we learn what are limitations are which is why I don't do any Trust or Estate returns

https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024

You could send a PM to Terry D EA. I believe he had had his own identity stolen several years ago.

https://www.identitytheft.gov/#/Steps https://www.irs.gov/newsroom/taxpayer-guide-to-identity-theft https://www.irs.gov/individuals/how-irs-id-theft-victim-assistance-works You can give them the checklist and answer questions but they are going to do a lot of the work.

We have a thumbs down emoji

Copied from Forbes: "The Corporate Transparency Act (CTA), a burdensome new law that would require some 32 million closely held businesses to file invasive information with the Financial Crimes Enforcement Network (FinCEN), has just been declared unconstitutional in National Small Business United, d/b/a the National Small Business Association (NSBA) vs. Janet Yellen, in her official capacity as Secretary of the Treasury, 2024 Mar 1, 2024, U.S. District Court, N.D. of Alabama. The Court concluded: “The Corporate Transparency Act is unconstitutional because it cannot be justified as an exercise of Congress’s enumerated powers.” This case was just released, and the Government has not yet responded, so stay tuned! "

I did some online searches yesterday. A number of non authoritative sources all say that it's not tax deductible, which puzzled me. The best source I found was in The Tax Advisor: https://www.thetaxadviser.com/issues/2021/feb/Sec-163j-classification-lender-fees.html

It might be a very slick scam, so you may not want to post it?

FOMO

I haven't had a bounced check in many years

Charitable Contribution Acknowledgement Letters

I am puzzled because it sounds like the repairs were made to get the rental ready to rent in which case they should have been capitalized.

I have posted before that I expect that Drake's software will be totally rewritten with most of the work being outsourced to India. However Cinven is very experienced and owns many different companies around the world so we may not like the changes, but I don't expect them to mess this up.

Manufacturers/Installers are required to give them the relevant documentation as to the credit they qualify for. I have had several clients in the past come to me with their tax stuff anticipating a big tax credit, promised by their salesperson. but they had no documentation. When I had them call the company who did the installation they were told no credit was available. Of course their salesperson no longer worked there.

Generally speaking, an NOL is limited to 80% of taxable income, In theory he could own AMT but without working through the 6251 step by step who knows?

Not enough information to help you, except to suggest that you read the instructions for Form 6251

My state of Oregon had 5 or 6 counties with a series of really damaging ice storms about 6 weeks ago. Unfortunately for Oregon and now Texas it takes months for disaster relief is officially declared.

https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Corrected 1099s from brokerage firms are sometimes issued between the middle and the end of March.

"Scheduled Maintenance Build: A routine system maintenance build is scheduled every Sunday from 12:01 a.m. to 8:00 a.m. Eastern. During this maintenance period, MeF will accept submissions but will not generate acknowledgements or process any state services such as Get Submissions, Send Acknowledgements or Send Receipts."

I think I will invest my money in my mental health and spend it on a nice vacation

https://apps.irs.gov/app/vita/content/globalmedia/teacher/tax_treatment_scholarship_4012.pdf

Oregon has very low standard deductions, so many taxpayers still itemize. However Oregon does not allow the 2% misc itemized deductions.

The Senate is on a two week break, so there's no progress to report. Also, the bill requires 60 votes to bring to the floor for a vote. According to news reports there aren't 60 votes to do that.

Aw shucks, i'm disappointed. According to the IRS: "Inherited Roth IRAs Generally, inherited Roth IRA accounts are subject to the same RMD requirements as inherited traditional IRA accounts. Withdrawals of contributions from an inherited Roth are tax free. Most withdrawals of earnings from an inherited Roth IRA account are also tax-free. However, withdrawals of earnings may be subject to income tax if the Roth account is less than 5-years old at the time of the withdrawal." "Designated beneficiary (not an eligible designated beneficiary) Follow the 10-year rule"