Lee B

" INTU +1.28% on Tuesday announced a big push into generative artificial intelligence software, with new experiences to be added across the company’s business lines, including TurboTax, Credit Karma, QuickBooks, and Mailchimp. Intuit (ticker: INTU) CEO Sasan Goodarzi thinks this could be a game changer, one that will fulfill the company’s mission, laid out more than four years ago, to “become the financial assistant in the pocket of our customers…to help them make decisions, put more money in their pocket and help them thrive." It will be interesting to see if Intuit can filter out the creative garbage that AI creates in addition to the useful information?

"Kernersville, North Carolina: Business owner Brandon Michalak has been sentenced to 15 months in prison and ordered to pay restitution of $956,028 to the IRS. Michalak, who pleaded guilty in January, was part-owner of the metal recycling business Sarah's Recycling that specialized in the collection and bulk resale of used catalytic converters. From 2014 to 2018, he omitted $11,022,953 in sales generated by his business. Each year, Michalak reported minimal taxable income and claimed the EITC even as he led a lavish lifestyle that included home and property purchases without financing, home renovations, pool installation, jewelry purchases in cash, and at least 20 vehicle purchases for himself and family members."

I don't understand how they can make it retroactive to 2018? Are your clients going to make PTET payments this year which will then be reflected on on amended 2018 to 2022 S Corp and PTS tax returns followed by amended 2018 thru 2022 personal tax returns. First, you have already passed the date to amend 2018 and 2019 personal tax returns and receive refunds. Second, most commentary on this subject says that in order for this to work the PTET payments are useable on cash basis., not on an accrual basis.

Wow, if he upgrades 3 times before the end of the year, he could generate $30,000 in tax credits

This story gets more interesting. It turns out that Steven Schwartz did not ask ChapGPT to create the court cases. When he asked ChatGPT for court case cites, ChatGPT went ahead and created them. When you start to use ChatGPT, Open AI's disclosure is, "May occasionally create incorrect information."

"A lawyer is in trouble after admitting he used ChatGPT to help write court filings that cited six nonexistent cases invented by the artificial intelligence tool. Lawyer Steven Schwartz of the firm Levidow, Levidow, & Oberman "greatly regrets having utilized generative artificial intelligence to supplement the legal research performed herein and will never do so in the future without absolute verification of its authenticity," Schwartz wrote in an affidavit on May 24 regarding the bogus citations previously submitted in US District Court for the Southern District of New York." Unfortunately this is just the beginning. It's already hard enough to decipher what's real and what's fake!

Surveys say that the members of Gen Z don't consider being a CPA to be a desirable profession.

"The number of people taking CPA exams in 2022 was just over 67,000, down from 72,000 in 2021 and short of the institute’s forecast of 74,000, according to a note in AICPA’s annual report published this month. That was the lowest level since the beginning of records for the modern exam in 2006."

Filing a 1099 is required for payments made by a trade or business and rental property owners. Since the OP post said this was investment property I would argue that filing a 1099 is not required in this situation.

The wording is before the owner reaches 59 1/2 not the year in which the owner turns 59 1/2.

Online POAs don't jump the queue, it still will take weeks to be processed.

Basically Tax Software companies like Drake and Taxwise sell their software at a big discount to these resellers since it's additional income with no additional expenses. Any of us could sign up to be a reseller if we wanted to. Some users might change resellers for a cheaper price or better support. If you spend some time doing online searches, you will find a long list of resellers for tax software. Buyer beware!

Creators of malware will love ChatGPT

I've read several interesting articles this week: The first article said that so far ChatGPT's access to information has been limited to sources dated prior to September 2021? The second article said that programming to insure that ChatGPT is only using valid information is lagging far behind. This article claimed it was fairly easy for an outside third party to insert false information and at the same time instruct ChatGPT to treat the information inserted as being valid in order to influence answers given by ChatGPT.

"The Internal Revenue Service is expected to soon restart mailing out the automated collection notices that it paused last year while it tried to catch up on its backlog of unprocessed tax returns." "An estimated 5 million to 8 million taxpayers will begin receiving notices that they owe money to the IRS around the end of May and the beginning of June." Surprise, Surprise

"The IRS is mostly caught up now on its unprocessed returns from last year, although it recently reported that it had 4.2 million unprocessed tax returns as of May 13, including Tax Year 2022 returns, 2021 returns that need review of correction, and late-filed prior-year returns."

Several articles I've read say that the jobs most likely affected in the near term will be low to mid level advertising and marketing jobs, which makes sense.

Yeah, version 3.5 flunked, so I guess chatGPT version 4.0 now has a deeper knowledgebase. I read another article that chatGPT does really well at standardized tests but not so good as questions requiring in depth analysis. For example it does fairly well at high school and college level math, but poorly at Master and PhD level math questions.

I totally agree!

That's good advice no matter which version of Windows you are using.

True story: Some years ago a client's daughter bought a car. She drove it well over 100,000 miles without changing the oil or any other preventative maintenance, never had any problems.

Just read an article that the Minnesota House and Senate just passed a $.50 Delivery Fee on Retail Sales greater than $100.

Here is an article in PC Magazine that explains your options: https://www.pcmag.com/how-to/how-to-delay-windows-10-updates#:~:text=You can pause updates for,weeks) updates should be paused.

I agree with delaying the upgrade to Win 11, since upgrading a current system is a bit more risky with respect to your current installed programs If you do an online search, you will find instructions about how to do this.

I responded to a CP 2000 related to TY 2019 which the IRS mailed in November 2021. So far we have received a letter from the IRS dated April 30, 2022 saying that they needed 90 days more time. This was related to a tax return Form 1040 that was efiled back in February 2020 over 3 years ago. So far still waiting