Lee B

How the heck did your co-worker's entire family ever get involved? You don't have to explain, it's just weird!

https://www.irs.gov/newsroom/net-operating-losses Example: "Alternatively, assume a corporation was formed in 2017. In 2022, the company has $200 of income and has NOL carryforward of ($20) from 2017 and ($180) from 2021. Section 172(a)(2) provides that the NOL deduction equals the 2017 NOL15 plus the lesser of the 2021 NOL16 ($180) or 80% of $200 ($160). In that case, net taxable income would equal $200 less the 2017 ($20) NOL and less the ($160) allowed NOL from 2021 = $20."

Catherine, so are procrastinating or do you just have too much time on your hands

"Call IRS e-file Payment Services 24/7 at 888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling."

I believe that would probably incur a $75 penalty. The IRS has a 1-800 number you can call to make changes.

The IRS has a 1-800 number you can call

Why don't you just let it go?

Leaving for Kauai on April 17th for 2 weeks

I almost hate to post. Easing my way further into semi retirement is going smoothly. I just finished my last tax return except for 3 extensions that I will prepare in May after we return from vacation. Now to finish all of the first quarter payroll reports and March Financial Statements.

NECPA, that's a very heavy load that you are carrying. When you can take deep breath, exhale slowly and give yourself a few minutes of piece and quiet.

The IRS won't disclose how many employees are still working remotely from home. Sounds like you found one of them.

Please feel free to interpret this however you want: https://www.irs.gov/newsroom/irs-taxpayers-now-have-more-options-to-correct-amend-returns-electronically

A superseded return can be filed anytime prior to the original due date. The big advantage of filing a superseded return is that it replaces the original efiled return, while an amended return is considered to be a correction which is processed manually which will take 5 or more months.

"Additionally, a new, electronic checkbox has been added for Forms 1040/1040-SR, 1040-NR and 1040-SS/1040-PR to indicate that a superseding return is being filed electronically. A superseded return is one that is filed after the originally filed return but submitted before the due date, including extension." Drake has a checkbox titled "Superseded Return" in their 1040X screen. My understanding is that you are not preparing an amended 1040 X. Drake gives you the option to print "SUPERSEDED TAX RETURN" at the top of the revised Form 1040.

Can't you enter the original payment on line 24?

Thanks go to Don de Drain a guest blogger on the Procedurally Taxing website: "FREQUENTLY ASKED QUESTIONS: 1) Q: Who came up with the idea of issuing Frequently Asked Questions? A. On advice of counsel, the person who came up with the idea of issuing Frequently Asked Questions is refusing to answer this question on the grounds that it may violate their 5th Amendment right against self-incrimination. 2) Q: Has the issuance of Frequently Asked Questions actually proven to be helpful? A: The issuance of Frequently Asked Questions has proven to be very helpful to attorneys who like to challenge in court the validity of IRS rules that have not been published in the Federal Register under the Administrative Procedure Act. 3) Q: How often are Frequently Asked Questions actually asked? A: Frequently. 4) Q: Seriously, how often is “Frequently?” A: Once. After the question is asked here, no one else ever asks the question again. 5) Q: Who are the people who actually decide which Frequently Asked Questions to include on the IRS’s website? A: See the answer to Question #1. 6) Q: Why does the IRS issue guidance like this in the form of questions? A: Why not? 7) Q: Can we rely on the answers to Frequently Asked Questions? A: Yes, except that you cannot rely on the answer to this question. Q: Will I be penalized if I take a position on my tax return that is contrary to the answer to a Frequently Asked Question? A: Only if the answer to the Frequently Asked Question is unintelligible. 9) Q: Are these Frequently Asked Questions binding on the IRS in Court? A: Only if the Questions have been written by someone living in Thailand. 10) Q: Why is that? A: Because it’s the Thai that binds. 11) Q: What do we do when there are conflicting answers provided by two different Frequently Asked Questions? A: You pick the answer you want to pick. Then the IRS will pick the other answer if your tax return is audited, and the Tax Court will decide which answer it likes better. 12) Q: What is the actual location of the United States Tax Court? A: We are not sure. We looked in the pocket of IRS Chief Counsel and did not find the Court there. We also looked in the pockets of some random taxpayers and did not the Court there. The Tax Court appears to be an independent body located somewhere in the penumbras between Article I and Article III of the U.S. Constitution. As a result, the Tax Court is considering renaming itself the United States Tax Court of Quantum Physics."

Among the posters on this board we have a wide variation in skill levels from those who are just be beginning their careers to those who are winding down their careers. While you have a right to your opinion, I think your posts are excessively sarcastic and don't belong here. Perhaps you have had a really crappy day and you normally wouldn't have posted your comments?

Current year plus the 2 prior years.

"New clean vehicles placed in service on or after April 18, 2023, are subject to the critical mineral and battery component requirements even if the vehicle was ordered or purchased before April 18, 2023. A vehicle's eligibility for the new clean vehicle credit is generally based on the rules that apply as of the date a vehicle is placed in service, meaning the date the taxpayer takes delivery of the vehicle." Updated EV Vehicle Credit FAQs: https://www.irs.gov/pub/taxpros/fs-2023-08.pd

Sounds like you will have to wait until ATX updates their programs.

I always used to put my business and personal tax returns on extension and end up filing them in October until I slipped and filed my 1040 around October 21st. Now my business return is the very first tax return that I file every year and I file my 1040 by the end of February.

The taxpayer is required to notify the Marketplace of any change in circumstances.

Wow, ATX is really slipping this year.

In my state the number of Licensed Tax Preparers ( Oregon has mandatory Licensing ) has declined 11% in the last decade so everyone is busy.

Another day in the life of tax preparation