Lee B

Do your own research

Under the TCJA, the Home Office deduction has been significantly limited to Schedule C, Schedule F and to a limited extent to 1065 Partners on Page 2 of Schedule E. I am not aware of a Home Office Deduction on Page 1 of Schedule E. If your client is a Partner of a PTS reporting on Form 1065, there was a detailed discussion earlier this year of how and when Unreimbursed Partnership Expenses potentially including Home Office might be deducted on Page 2 of Schedule E.

Yes, I have been efiling W-2s for well over 10 years. No problems. The SSA website has improved over the years. I think you just have to work your way thru the process until you're comfortable. Admittedly when you do something like this only once a year, it takes little extra time to refresh your memory.

This is my third year of using Medlin and I can honestly say that everything works smoothly and efficiently the way that it should. An extremely good value for the low price that he charges. My only complaint is that I would like to see a few more features/functions added for which I would have no problem paying more. However I totally understand why he doesn't add these things.

Perhaps, fill in the ______________________________________________

Issue Number: IR-2021-221 IRS updates FAQs for 2020 Unemployment Compensation Exclusion WASHINGTON – The Internal Revenue Service today updated its frequently-asked-questions (FAQs) on 2020 Unemployment Compensation Exclusion. These updated FAQs (FS-2021-14) are: Question 2, Topic Amended Return (Form 1040-X) Questions 8 & 9, Topic G: Receiving a Refund, Letter, or Notice Question 3, Topic I: Post Unemployment Compensation Exclusion Adjustment. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible

I didn't know you had boonies in CT

I watched the video, it was very interesting. Definitely an out of the box approach, I hope they succeed.

Given the Equifax fiasco several years ago, the are reasons to paranoid about some things!

I have had clients with suspended losses before, however the situation was resolved with profits in future years which I had expected.

The person I am referring to was an longtime ATX user.

Just to repeat, this is the ATX cutoff time & date. Drake usually uses the IRS date of November 20th.

I don't know if he is still an active member of this board, but he used to post at least once every year that he paper filed everything because of ? ? ? ?

Marie's post is that the parents gave the farm to two of the three brothers, which implies that brother # 3 is not an owner. To compensate for that Brothers # 1 & # 2 are going to pay brother # 3 cash equal to 1/3 of the farm's value. Assuming that brother # 3 is not an owner then the cash paid constitutes a gift.

We can't be in the prediction business, sometimes the unexpected happens i.e. one brother has serious health problems and can't farm anymore It appears that the 2 brothers would have to file gift tax returns. The awkward way this was handled, the interest on the loan probably wouldn't be deductible.

Boy, there are going to be 2 unhappy brothers somewhere down the road. No step up in basis. It's truly amazing what people will do with either bad advice or no advice.

Just remember that ATX usually has their own cutoff time which is earlier than the IRS

I believe all Federal Income Tax Withheld is treated the same just like W-2 withholding. An employee can bump up their FWH in the the last several paychecks of the year, the IRS ignores when it was withheld.

Other Accountants who use the same Payroll Software as me are reporting that their clients are receiving email requests appearing to be from their employees requesting changes to their direct deposit information. In several instances, their clients went ahead with the changes. Of course their employees received nothing.

Earlier this year I picked up a new write up client, an S Corporation. The previous tax preparer had them put their house in the corporation. They have a 12 acre hobby farm and their S Corp operating business has no relationship to the farm and only requires a very small office, since 95 % of their services are performed at their customers premises.

Just wondering, were these court cases District Court, Circuit Court or Supreme Court cases? Sometimes the IRS accepts court cases results and other times they don't,since they only have to accept Supreme Court case results If the IRS doesn't accept the court cases, then your client could end up incurring significant representation fees if they ended up in audit.

There were only 2 legitimate possibilities here, if the owners received distributions in excess of basis, capital gain could be triggered, otherwise the 64k is a suspended loss. How did it ever end being reported as other income?

Your idea might work if the managers were nonowners but otherwise no.

I think I would approach it similar to the allocations used for a Schedule C Daycare client for any shared expenses. Keep track of the number of days each unit is occupied pus 365 days for the owner occupied unit,

Article in the LA Times: "This being the land of opportunity, an enterprising Florida company has come up with a solution — for a price. The company, called EnQ, swamps the IRS’ switchboard with its own calls, then sells desirable, time-saving slots near the head of the hold line to accountants and tax preparers willing to pay up to $1,000 a year. By subscribing to the line-cutting service, EnQ says, tax professionals trying to reach the IRS can slash their waits on hold by as much as 90%. The service also is available on a monthly basis to ordinary taxpayers who may be having difficulties resolving a problem with their return Have you ever put money in a vending machine, made your selection, and as the product was about to fall, it got stuck? No amount of shaking or button pressing could free it. Not only was it a waste of money, but it was also frustrating. Andrew Valiente, the founder and chief executive of EnQ, says he’s just turning the IRS’ customer-service lemons into potentially lucrative lemonade. “When there’s a problem, there’s an opportunity,” he told me. Basically, Valiente has come up with a business that’s a lot like somebody offering, for a fee, to wait in line on your behalf outside Best Buy ahead of Black Friday. “Calling the IRS is very painful,” he said. “We make it easier.” I learned about EnQ from a Baldwin Park certified public accountant named Arturo Pedroza. “As a tax preparer who’s up against the wall with deadlines and client demands, this is a great service,” he told me. “I don’t have the time nor the manpower to keep calling the IRS just to get through, and then wait over an hour to be able to speak to someone.” For that reason, Pedroza, 32, said his tax firm is now weighing a regular subscription to EnQ. However, as a taxpayer, he said EnQ’s moneymaking scheme “doesn’t sit well with me.” “It seems that they’re monetizing something that should be free and available to everyone,” Pedroza observed. “They’re making a problem worse, and the IRS hasn’t done anything about it.” Raphael Tulino, an IRS spokesperson, declined to comment on EnQ or its business practices. He did point me, though, to a transcript of IRS Commissioner Charles P. Rettig’s testimony to Congress in May about the agency’s operations. Rettig said there’s been “record-breaking and unprecedented phone demand this year.” On March 15 alone, he said, 8.6 million calls — about 1,500 per second — were made to the IRS, compared with normal filing-season volume of up to 3 million calls a day. Needless to say, the vast majority of those calls went unanswered. Rettig told lawmakers that the IRS’ ability to handle calls “is significantly less than where we want to be.” This is great news for Valiente and EnQ. “We can help people get through to an agent,” he enthused. Part of me is impressed by Valiente’s entrepreneurial gumption. As they say in business school, find a need and fill it. At the same time, I agree with Pedroza that there’s something unseemly about not just exploiting a public agency’s shortcomings for profit but also making things worse in the process. Valiente wasn’t pleased when, during our conversation, I characterized EnQ as using autodialing technology to overwhelm the IRS’ switchboard and snap up limited spaces in the hold queue. Rather, he prefers to see himself and his company as providing a much-needed helping hand to frustrated tax pros and taxpayers. “The poor level of service is an IRS phenomenon,” Valiente insisted. “It’s not caused by EnQ.” Maybe not. But the company isn’t helping. It’s taking a woefully congested phone system and clogging it up even more for its own gain. Again, Valiente says he’s not to blame for the IRS’ phone woes. The problem was already huge before he (and his autodialing machines) showed up, he said. Be that as it may, EnQ is forcing tax professionals to decide whether they should do their best to get through to the IRS on their own or whether, for competitive reasons, they should pay for the company’s service so their clients won’t get left behind. “As a tax preparer, I have to provide good service for clients,” Pedroza told me. “I can see how EnQ helps us do that.” But he said it’s “a little disconcerting” that if he doesn’t pay for EnQ’s service, his clients might switch to an accounting firm that does — and that can claim to have better odds of reaching an IRS staffer. “EnQ has set itself up as a gatekeeper to tax services that should be free,” Pedroza said. Moreover, he noted that if he does sign up for EnQ’s queue-jumping technology, he’d probably have to pass along that cost to clients. “This is especially tough for smaller accounting firms,” Pedroza said. I’m not sure if there’s a solution to this. Valiente, who declined to comment when I asked if privately held EnQ is profitable, isn’t breaking any laws. He recognized a business opportunity and ran with it. Then again, so did those massive ticketing firms that buy up all available seats for concerts or sporting events, and then turn around and resell them at hefty markups. That’s not illegal either. But maybe it should be. I’d argue that whatever convenience ticket scalpers provide is far outweighed by their aggressive price gouging. So too, perhaps, with EnQ. It’s an interesting and clever service. But its entire business model is predicated on taking a bad situation and making it worse. Not ideal"