Lee B

I have found this website maintained by a former IRS Employee to be helpful, but it may not answer your specific questions: https://www.irsmind.com/

The IRS recently released revised FAQs for UCE

Debit cash, Credit Mortgage payable. The entry for the cash withdrawn depends on the entity type.

IMHO the socalled commissions should be split between stock purchase price and non compete agreement, 80/20. The commission terminology is just a way of defining how much will be paid. Sometimes the purchase/sale of accounting/tax practices use % of retained fees as a way defining how much.

Last year, I had a client who moved sold their house and bought a new house. so everything was handled via email. So I asked them for copies of their closing statements. They couldn't figure out what to send me. Finally I went online and found three different samples of what closing statements looked like and emailed those copies to to them. One spouse has a PHD and the other spouse has a MS, both Degrees in Education. Finally I received copies of the closing statements

I agree, The Tax Advisor is the "Gold Standard"

I have several writeup clients whose bank statements come on that size too. Actually, I think it's a metric size.

True, but if the particular vehicle was close to the limit how do you know if a specific vehicle was pre limit or post limit?

Thanks mcbreck, I really needed a good belly laugh. Now I have a big smile on my face

I paid for The Tax Book Web Library for several years. Really didn't like it. Although I do buy The Tax Book Deluxe Plus, which is acceptable. There are so many good online sources that you can usually find what you need with an online search.

The timing is great but the CPA Academy is holding a free 1 Hour Class Monday morning: TAXATION OF CRYPTOCURRENCY AND NFTs: FOUNDATIONAL CONSIDERATIONS

It would seem to me that his basis has been significantly reduced.

I know nothing about Virginia. However, I think evaluating your client's situation makes more sense if you look at it as 3 separate transactions.

The Deluxe Edition Plus has a listing with the notation that "South Dakota does not have an Individual Income Tax."

Back then Dune was my favorite scifi series

Some years ago I met another EA who did 800 returns a year with only his wife helping part time copying and assembling. He did it all in 5 months and took the rest of the year off. His office had a bathroom with a shower and a Murphy bed. He worked 13 hours a day and lived in his office Monday thru Friday. He only went home Saturday and Sunday evenings. Frankly, I thought he was crazy!

I reach my limit at about 5 1/2 hours so I consider 3 returns a good day

Is this a hobby or a business?

A long time. Of course if inflation hangs around, maybe not that long

Check your basis worksheet info

Taxpayer signed up for HDHP and his employer made about $ 3,700 in contributions to his HSA. He made no contributions. Unfortunately, his spouse, a schoolteacher continued to cover him for all of 2021 with her standard non HSA plan. In this case I assume the contributions made by his employer become taxable? TIA

If he is an employee at the casino, then the 1042 S should not have been issued? How you resolve this I don't know.

Perhaps you're thinking of NFTs which may be considered a collectible.

"You received Form 1098-C because you donated a motor vehicle, boat, or airplane (“donated vehicle”) to the charity shown on the front of this form. Generally, the charity must furnish this form to you no later than 30 days after the date it sold the donated vehicle (if box 4a is checked) or 30 days after the date of the contribution (if box 5a or 5b is checked). If none of these boxes is checked, you must obtain this form by the due date (including extensions) of your tax return for the year of the contribution (or, if earlier, the date you file that return). " If these instructions for 1098 C are still current, you may be dead in the water.

A little snippet of IRS History: Some years ago when the majority of personal tax returns were still paper filed, the IRS would subcontract some of the data entry work out to other businesses. One of the subcontractors was a large bank in Pittsburgh who got behind and had a significant backlog of unprocessed returns. Of course the workers were under pressure to increase production. Some of the low level employees on the late shift solved the problem by shredding over 50,000 unprocessed personal tax returns. Of course the returns had been logged in and the IRS sent letters to the taxpayers waving penalties and interest, asking them to refile. True Story