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Posts
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Posts posted by Lee B
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Under imputed interest rules, the $ 2 Million would be the combined total of principle and interest payments for the contract
using the AFR at the time the contract was initiated.
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Years ago I met with some prospective clients who represented a merchant card services provider as independent contractors.
They received a 30 % commission of their customers monthly merchant card fees.
They were really good salespeople and were very profitable.
They had paid a Million $ for a custom built bus style motor home and they really wanted to write it off as a business expense.
They didn't like my answers and kept on shopping for the perfect tax preparer.
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They are monthly fees paid to a Doctor or a medical practice for routine medical care in lieu of being billed for the same care.
How is it any different than me billing my monthly write up clients every month or paying a retainer to an Attorney.
IMHO I would consider them to deductible medical expenses.
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Maybe some deep breathing exercises, imagining yourself at your favorite vacation spot would help
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If this statement is attached as a pdf, you could save it and then clean it up if you have a pdf editor.
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Thanks, Judy
Something else I didn't know
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Multiple Drake Community posters are reporting that the Drake program is crashing whenever they upload Form 8879 to the Drake Portal.
One user reported that the problem went away after he reinstalled the program.
It looks like we may be seeing the effects of Drake cutting expenses to keep CINVEN (the new owner) happy.
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I use Drake, but yes it was easy. The hardest part was entering the very long VIN
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I have been using Drake since the 2017 tax season and this year is the first time I have had the program freeze or crash.
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Also don't click on "unsubscribe" links. Just send it to your spam folder.
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I just did a return with a 2023 Model 3 which qualified for the $7,500 credit
I won't efile until tomorrow morning after I meet with the clients.
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Well, I just received my first one for this year in my spam folder
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The crisis is over ChatGPT services have been restored
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"OpenAI's ChatGPT is down for many people worldwide, with users facing multiple problems, including being unable to access their accounts, having their chat history come up empty, and the chat screens not loading properly.
When accessing ChatGPT, users may see a blank screen with "How can I help you today?" and, in some cases, a missing chat history"
Maybe we haven't been replaced
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It's a miracle
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1 minute ago, Catherine said:
My first thought, yes - but doesn't that open us up to nastygrams from the IRS because it doesn't match 1099-K monthly totals? The guidance was that best practice is to list all the bleepity-bleep individual sales as individual sales.
See my revised post, which means that you can't net gains and losses
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IRS Guidance says to report the gains and losses separately, which is nasty because you can't deduct the loss from the sales of personal items.
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Here is the response from Drake's Support about the program freezing or crashing when exiting the Tax Planner;
"Good Afternoon,
Thank you for contacting support!
Here are some troubleshooting tips you can try to fix a freezing computer:
1) Make sure you are connected to a strong internet connection.
2) Switch from Wifi to a hard wired Cable.
3) Restart the computer every night or every morning.
4) Check for third party software that might be interferring. Anit-Virus programs are the most common.
5) VPN and other such things can effect the program running as well.
6) If these do not work, i would suggest local IT support to look at your network etc and see if a setting is affecting the program.
I hope this helps!
Sincerely, "- 2
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20 minutes ago, mcb39 said:
Thanks, but that data is dated December 21, 2022
That's the current link provided by the IRS, since the most recent changes went into effect January 1, 2023.
You can always do you own searches
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According to Forbes, there is no sign in the Senate of this bill coming to a vote.
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Several days ago when my program froze was just after I exited the Tax Planner.
Then I had to use the Task Manager to shut down the program.
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This article should be helpful: https://www.journalofaccountancy.com/issues/2019/aug/qbi-deduction-for-rental-real-estate.html
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I do expect Drake to increase their renewal fees substantially this year.
My experience this year with Drake is about the same as last year and the year before.
I don't really have any new complaints.
At this moment if I had to leave Drake, I have no idea where I would go.
Closed Bank Account
in General Chat
Posted
This is at least one advantage of using a Tax Organizer.