Lee B

Your should have access to reports that tie to the bank deposits. Quick online search reveals that the difference is Uber's service fee which they deduct from the gross.

I received my Tax Book about 5 weeks ago, but I don't use ATX anymore.

Well this will be an interesting discussion

Can it be attached as a pdf?

The key question is"When was it available to be rented?" That determines when depreciation and related expenses can be deducted.

https://www.irs.gov/pub/newsroom/fs-2022-06.pdf Wow, 24 pages of FAQs, it's enough to make your head spin!

Form 1096 only applies to paper filed 1099s.

The Equifax hack exposed about 50 % of all the SSNs in the US for everyone older than 18. I agree that our SSN s should be private but given all of the other hacks in the last 4 years it no longer is private. The odds are better than 50/50 that your SSN is available for sale somewhere out in the dark web.

Is your client an operating business or is all of the Income and Expenses entered on Form 8825?

Don't know if you can still do this, but we used to be able to use "applied for" in an EIN box?

Katherine, I looked at EFileMyForms website and as far as I can tell they don't efile Form 941s.

Yeah, that did not work for me!

In mid December a large online Payroll Platform, "Kronos" was hacked with a ransomware attack. Now 6 weeks later their payroll software still is not fully functional. There are a number of governmental agencies plus many non profit health care systems that were using this software for time keeping, human resource management and payroll. "A month-old ransomware attack is still causing administrative chaos for millions of people, including 20,000 public transit workers in the New York City metro area, public service workers in Cleveland, employees of FedEx and Whole Foods, and medical workers across the country who were already dealing with an omicron surge that has filled hospitals and exacerbated worker shortages. In the weeks since the attack knocked out Kronos Private Cloud — a service that includes some of the nation's most popular workforce management software — employees from Montana to Florida have reported paychecks short by hundreds or thousands of dollars, as their employers have struggled to manage schedules and track hours without the help of the Kronos software. Though Ultimate Kronos Group, the company that makes Kronos, says that it expects systems will be back online by the end of January, affected employers say they don't yet know for sure when they will actually be able to access their systems and information. The additional burden won't end once Kronos is back: Finance and human resources departments around the country face weeks of additional work bringing the manual records they have collected over a month or more back into the Kronos system. In the most severe cases, that backlog could delay issuing W-2s and other tax information." There is a long list of news articles about this hack!

More accurately ATX isn't working with your computer using Windows 11 as an OS. Do you have a new computer or did you upgrade from Win 10 to Win 11 on your current computer.

If ATX advised against using Windows 11 why . . . . . . . ?

Ah, a message from the kinder gentler IRS

Received a CP 2000 referring to tax year 2019 in November Sent in a detailed response in December to Fresno Just received a letter acknowledging receipt of the correspondence saying that the IRS needed 90 more days to process. Maybe there is just a bit hope

Marilyn, Hang in there. At this point, all we can do is laugh and do the best we can. After all, it's a slow moving train wreck, maybe we can jump off?

Wow, another revenue enhancement opportunity

Given that my Secure Access account will shortly be no longer accessible due to the new ID.me requirements, I will be mailing these in.

I have seen news articles recently saying that professional and political pressure on the IRS is building to have the IRS administratively relax the ACS procedures. So far the IRS is saying that these responses are mandated by law.

I will defer to the experts: "How to report NFTs on taxes For creators, NFT-related income is reported on Schedule C (Profit or Loss From Business) or on the applicable business tax return (Form 1120, 1120S, or Form 1065). Under Section 162, creators can deduct any ordinary and necessary business expenses from the income recognized. Common expenses include auction fees, transaction fees, subscription fees, or any other expenses incurred in connection to NFT sales income. Investors can use Form 8949 (Sales and Other Dispositions of Capital Assets) and Schedule D (Capital Gains and Losses) to report dispositions of cryptocurrency to purchase NFTs and the subsequent sale of NFTs. Make sure to enter code “C” on Form 8949 column (f) to indicate a sale of collectible. There is no robust information reporting mechanism in place in the cryptocurrency space. In other words, participants do not generally get 1099 forms with cost basis information from NFT platforms. Therefore, it is extremely important to keep detailed records of cost basis and market value information of the cryptocurrency used to purchase NFTs and the NFTs themselves. This information is required to correctly calculate your capital gains and related taxes. Trading NFTs generally requires receiving, sending, or selling a cryptocurrency. Therefore, if your client dealt with NFTs during 2020, make sure to check “Yes” on the virtual currency question on the front of Form 1040—“At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency. https://news.bloombergtax.com/daily-tax-report/how-are-non-fungible-tokens-nfts-taxed

Treat them as collectible piece of art in the hands of a purchaser/seller or as self created piece of art in the hands of a the creator. NFTs are not cryptocurrency.

And of course, it could all blow up in your face if the person you confide in repeats what you said to your client. Some people with dementia get frustrated easily and are quick to get angry.

No, NFTs are not the same as cryptocurrency. While they both have unique blockchain identifiers, NFTs cannot be used to buy something, that's why they are referred to as Non Fungible. Most NFTs are digital artwork, although there are exceptions. I disagree with the "Lots and lots of unknowns" categorization.