Lee B

Wouldn't the rental income on Schedule E only offset the rental expense on the business entity.

These are the most difficult clients, it's like bailing water from a leaky rowboat.

You can depreciate Land Improvements perhaps a driveway or a graveled parking lot. You can deduct maintenance. Curious investment since he could have rented parking space for a few hundred dollars a month which is deductible.

Another big memory hog are full blown Security Suites like Norton

So you don't have a copy of the 2017 Tax Return. How about a copy of the CP 261 S Election Acceptance letter or the original 2553. A a practical matter having to redo the returns as 1065s might have little or no effect on their personal tax returns. Can you get more information from who prepared the 2018 return?

Here's the spin: "Because it's their job to hold others accountable, Ernst & Young — one of the "big four" accounting firms — says it holds itself to a high standard of ethics. In fact, the firm's entire global code of conduct is based on an "ethical" framework. "At EY, nothing is more important than our integrity and our ethics. These core values are at the forefront of everything we do," Brendan Mullin, a spokesperson for Ernst & Young, said in an email to NPR. "Our response to this unacceptable past behavior has been thorough, extensive, and effective." Many of the employees interviewed during the federal investigation said they knew cheating was a violation of the company's code of conduct but did it anyway because of work commitments or the fact that they couldn't pass training exams after multiple tries."

IMHO, problems tend to arise when CPA Firms are providing multiple services to clients i.e., Auditing, Consulting and Tax Planning/Preparation, because conflicts of interest develop which can result in bad decisions being made.

Actually Microsoft "Patch Tuesday" was two weeks ago. Hey, eventually I got it right.

Sorry, Microsoft "Patch Tuesday" was last week not today.

The message suggest that one of the values your ATX program is looking for while launching is not there or has been corrupted. Today is Tuesday, it's possible that a MS update is causing the problem. You need to call Support.

"Ernst & Young, one of the top accounting firms in the world, is being fined $100 million by federal regulators after admitting its employees cheated on their ethics exams. For years, the firm's auditors had cheated to pass key exams that are needed for certified public accountant licenses, the Securities and Exchange Commission found. Ernst & Young also had internal reports about the cheating but didn't disclose the wrongdoing to regulators during the investigation. "It's simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things," Gurbir S. Grewal, director of the SEC's Enforcement Division, said in a release." After Enron, Worldcom and Global Crossings should we be surprised. The pressure on partners in large CPA Firms to obtain and keep clients apparently creates a corrosive atmosphere

Correspondence Processing Delays When a taxpayer receives a notice and is requested to respond or chooses to respond, the taxpayer must generally do so by mail. Through May 21, the IRS processed 5million taxpayer responses to proposed adjustments. It took an average of 251 days to do so – more than eight months. That is more than triple the processing time of 74 days in fiscal year 2019, the most recent pre-pandemic year. “When a math error or similar notice is generated in connection with a paper-filed tax return,” the report says, “the combination of the return processing delay and the correspondence processing delay may mean that the taxpayer must wait well over a year to get the issue resolved and receive the refund due. Well the CP 2000 that I replied to back in December is still outstanding.

I believe the original post, which is kind of unclear, says the person who passed away sold the basket to the to the current owners in 2010 for $ 1,500, which happens to be the only indication of what the basket is worth.

The IRS says it will be caught up with all 2020 and earlier personal tax returns soon, with 2020 business tax returns shortly thereafter: https://www.irs.gov/newsroom/irs-continues-work-on-inventory-of-tax-returns-original-tax-returns-filed-in-2021-to-be-completed-this-week Also: 2.1 Million unprocessed Form 1040-X 3.7 Million unprocessed Form 941 215,000 unprocessed Form 941 X

It definitely not a straightforward simple process.

In order to support a deduction for more than $1,500, there needs to to be support for the item's FMV.

Just because business ceased operations in February doesn't mean the corporation is dead. Does the corporation still have an open bank account? Are there any other assets or unpaid liabilities?

I left ATX due to problems related to business entity returns. I see you are from ID. ATX has a long history of giving less attention to smaller states. I know the last year I used ATX, the users from MT and HI didn't have all of their forms until the last week of February or the beginning of March. If your practice needs tax software that's ready to go as soon as tax season opens, then ATX may not be for you.

If this meets the definition of an unlawful discrimination claim, then the taxpayer may be able to to take an adjustment to income. Was a return never filed for 2018?

Yes, I received the transcript 6 or 7 days later, although I really wanted to talk to a live person.

About a month ago, I called trying to talk to a live person about a CP2000. I ended up in this new voice bot network ordering a tax transcript. Never was given the opportunity to talk to a live person. https://www.irs.gov/newsroom/irs-expands-voice-bot-options-for-faster-service-less-wait-time

According to online reports over 1 Million children every year have their identity stolen. The most frequent culprit is a family member or the family member of a close friend.

If the investments were contributed to the LLC (1065), then you would probably have to deal with differing inside and outside basis, extra tracking work. If the investments were inside an LLC (1120S), and the stockholders wanted to distribute the investments, wouldn't you have the same FMV issues that you have with distributing Real Estate held inside an 1120S?

It depends, when do you want deal with the reduced deductions and the potential increase in taxable income, 2019 and 2020 by amending. Or if you choose the 3115 you get a 4 year forward spread.

Where the heck do our clients get ideas like this