Lee B

"Attempted Adoptions of U.S. Children In general, the dollar limitation requires you to combine the qualified adoption expenses you paid if you made more than one attempt to adopt one eligible U.S. child. When you combine the amounts you spent, complete only the “Child 1” line. Don't report the additional attempt(s) on the “Child 2” or “Child 3” line. Complete the “Child 2” or “Child 3” lines only if you adopted or tried to adopt two or three eligible children. Example 1. You planned to adopt one U.S. child. You paid $10,000 of qualified adoption expenses in an unsuccessful attempt to adopt a child. You later paid $8,000 of additional qualified adoption expenses in a successful adoption of a different child. Complete only the “Child 1” line because you made more than one attempt to adopt one eligible child. Example 2. The facts are the same as in Example 1 except that both attempts are unsuccessful and no adoption is ever finalized. Enter $18,000 ($10,000 + $8,000) on the “Child 1” line because you made more than one attempt to adopt one eligible child."

Quickbooks takes up a lot space and probably has modified your Windows Registry which potentially could cause problems.

Ask to see her final 2021 & 2022 pay stubs, it should tell you who paid for the third party sick leave benefit.

There is an outside chance this might work: 1. File 2017 and wait until it has been processed. 2. Then file the 2018 return and hope the refund will be applied to 2017.

"Taxing of Third Party Sick Pay Payments: If the employer pays the entire insurance premium, then the sick pay payments received are 100% taxable to the employee. If the employer pays a portion of the premium and the employee pays the balance with after tax dollars, then the sick pay payments are taxable in the same proportion as the percentage of the premium paid by the employer. If the employer pays nothing and the employee pays the entire premium with pre-tax dollars, then the sick pay payments received are 100% taxable to the employee. If the employer pays nothing and the employee pays the entire premium with after tax dollars, then the sick pay payments received are not taxable to the employee."

Then try 711510

"Spectator sports arenas such as racetracks or sports clubs should use code 711210"

The big problem with this approach is that it only works as long as both co owners are both happy and are working together well. There are no legal documents or agreements spelling out rights and responsibilities. The only resolution for disagreements is retaining an attorney and going to court. I have already experienced the downside to this approach several times.

711219 according to the NAICS Lookup

It's been 3 or 4 years since I posted this story. Early in my practice I picked up 3 brothers as clients. Two brothers were restaurant owners and the third was a W 2 employee . Together the 3 brothers each owned 1/3 of a commercial rental building. The CPA who previously prepared their tax returns treated the rental as a joint venture with each brother reporting 1/3 of the income and expenses on their personal returns. I followed along and did the same for two years until the IRS intervened by sending the 3 brothers a letter insisting that they had to file a Form 1065. They backed that up by saying that the "monthly late failure to file penalties" would apply.

I get the impression that no Form 1065s were ever filed, that both 50% owners have been treating it as a joint venture? My understanding of a joint venture is a short term project or short term objective.

From my reading, it appears that Qualified and Non Qualified Annuities are sometimes treated differently with respect to the 10 % penalty

"We’re nearing the halfway point of this year’s tax season, which ends on April 18. 2.6% - The slight boost in number of returns filed at this point in the season, compared to last year 9.9% - The increase in number of returns already processed at this point in the season, compared to last year 98% - Portion of tax returns filed electronically this year so far"

There are so many different annuity variations and riders that it can be difficult to figure out how to handle each one. You have to refer to the issuer, the original contract and any subsequent modifications.

As a practical matter the IRS is going swamped with 1065 and 1120 S forms filed without these forms especially since the final guidance IR 2022 - 38 wasn't issued until February 16th. "Let's wait and see what happens?"

Well today, I received the Designation Letter signed by all 3 partners. In addition, I picked up a related new LLC Form 1065 client

I don't think so, it will some months down the road.

Is the superseded return going to reduce their refund causing them to repay part of their refund?

I have had this problem 2 or 3 times when the student filed their own tax return and claimed themselves. There is nothing you can do until the superseded students tax return is processed which might take months. unless you want to try paper filing the parents return with an attached copy of the student's superseded return which will also take many months.

https://www.thetaxadviser.com/issues/2011/jul/clinic-story-10.html

Check some of the prior year's threads about ATX print cache problems.

Has the father signed an 2848 or an 8821 authorizing his son to receive information and/or act for his father? If not, just tell the son you are not authorized to discuss the father's tax return with him. Unfortunately, no matter what you do, this is going to continue to be a PITA.

When did they actually receive the benefits?

I would think it would be basis only deductible if the coop liquidated and ceased to exist.

"• Certain family members may be eligible to receive monthly benefits, including: —A widow or widower age 60 or older (age 50 or older if disabled). —A widow or widower of any age caring for the deceased’s child who is under age 16 or disabled. —An unmarried child of the deceased who is either: ◦ Younger than age 18 (or up to age 19 if they’re a full-time student in an elementary or secondary school). ◦ Age 18 or older with a disability that began before age 22. —A stepchild, grandchild, stepgrandchild, or adopted child under certain circumstances. —Parents, age 62 or older, who were dependent on the deceased for at least half of their support. —A surviving divorced spouse, under certain circumstances"