Lee B

You can also get a transcript mailed via the IRS automated phone system.

Copied from my class materials: "Virginia – PTE Guidance Issued Tax Bulletin 22-6, Vir. Dept. Tax. (4/15/22). » The Virginia Department of Taxation (Department) issued a tax bulletin “intended to provide taxpayers with preliminary guidance” on new law that permits qualifying pass-through entities to make an annual election in Virginia to pay an entity-level state income tax (PTE tax) for taxable years beginning on and after January 1, 2021, but before January 1, 2026. » In this guidance, the Department states that pass-through entities interested in making the election for taxable year 2021 must file returns by their original or extended due date, “but do not try to pay the elective PTE tax” with such taxable year 2021 returns as the Department “cannot accept or process the elective PTE tax at this time.” Virginia – PTE Guidance Issued, cont. "Correspondingly, the Department states that individuals must file their taxable year 2021 returns by their original or extended due date “but do not try to claim a credit for the elective tax paid by your PTE to Virginia,” warning that doing so may result in the assessment of interest and penalties. Instead, the Department explains that if a PTE makes the election for taxable year 2021, the corresponding individuals “will receive information from your PTE on or after October 2023 informing you of the amount to claim and how to claim it.” » Under Virginia’s new law, individuals may claim a credit for certain taxes paid by a pass-through entity under another state’s substantially similar pass-through entity level state income tax for taxable years beginning on and after January 1, 2021, but before January 1, 2026; the bulletin states that the implementation of this provision is not delayed. As such, for taxable year 2021, individuals may claim a credit for taxes paid by a pass-through entity under another state’s substantially similar pass-through entity level tax in proportion to their ownership in such pass-through entity."

I agree, what would be the rationale for basis and less than 100 % taxability?

I wouldn't have left ATX except for ongoing problems with my state Business Entity Returns. I find Drake more reliable, with much better support. There is definitely is a learning curve because Drake is not Form based. Drake's efiling process is much quicker and more reliable. Drake does small frequent program updates which only take 1 or 2 minutes. Drake definitely releases forms and state returns much sooner than ATX. The hardest thing for me to get used to was Drake has very busy input sheets, which can result in overlooking a check box etc. Even now after 3 years, it takes me a bit longer to do a return in Drake. However that's offset by fewer problems and better support.

"IR-2022-109, May 25, 2022 WASHINGTON – The Internal Revenue Service made an important enhancement to the “Where’s My Refund?” online tool this week, introducing a new feature that allows taxpayers to check the status of their current tax year and two previous years’ refunds. Taxpayers can select any of the three most recent tax years to check their refund status. They’ll need their Social Security number or ITIN, filing status and expected refund amount from the original filed tax return for the tax year they’re checking. Previously, “Where’s My Refund?” only displayed the status of the most recently filed tax return within the past two tax years. Information available to those calling the refund hotline will be limited to the 2021 tax return." Something actually useful.

Now here's something you don't read about every day! "Agents from the Internal Revenue Service’s Criminal Investigation division raided the Houston headquarters of tax consulting firm AlliantGroup, seizing computer servers Friday, May 20, and prompting the firm to give employees the day off Monday until they were able to return Tuesday morning. The nature of the investigation is unknown, but is thought to be related to the firm’s work in securing tax credits and other incentives for clients, some of which have been challenged by the IRS, leading to lawsuits after the IRS denied the claims and clients refused to pay the firm, according to the Going Concern blog. Even though employees were allowed to return on Tuesday, IRS agents returned to the Galleria building where the firm is based and continued to search other floors Tuesday"

Earlier today I took an online CPE Class about state PTE Taxes presented by the OSCPA. There were 471 people in attendance so it was a very popular class. There are now 27 states plus New York City with different variations of the PTE Tax. Some of the key differences are: 1. Is it an annual election or a perpetual election? 2. Is 100 % Owner Consent required or less than 100%? 3. If the PTE Tax is overpaid, is the credit refundable or is it a carryforward? It was a very interesting class with quite a few issues in many states still unresolved.

The MeF system went down sometime yesterday for unscheduled maintenance and is supposedly back up now.

I believe I read something several months ago that the IRS will not process a check once it's more than 90 days after the date of the check?

Was this letter from one of the collection agencies that the IRS is subcontracting with?

"Can I use my IP pin from last year? No. The IRS will send you a CP01A notice with your new IP PIN by early January of 2022. That's the one you'll need to file your 2021 return.Jan 4, 2022."

Wow, There is no way I would do that return for less than $500.

You just can't please some people.

Hopefully there is a vacation included

Information mailed in December with receipt acknowledged by IRS on December 22, 20021, still not processed. Just received a CP22A asking for Balance Due Payment by June 6th 2022. Called Phone Number on the letter and asked for an up to date transcript. Couldn't get thru to a live person or get into an on hold queue?

I have never priced by form since tax preparation isn't my main source of revenue, monthly writeup/payroll provides most of my revenue. I price based on my perception of value delivered to my client. A few examples of none writeup related tax returns. The least expensive Form 1040 that I did was $375 - Retired Single client with Schedule B and state Schedule A plus QCDs. i did a MFJ - 1 W2 plus Home Daycare Schedule C plus CTC for $450 ( Probably underpriced this one). My minimum fee for a simple Form 1065 is $500. All of the rest of my 1120 and 1120S returns are writeup related clients.

IMHO, it's much better to consistently raise your fees a small amount every year. For example a $200 return increased just $ 5 a year is a $250 return after 10 years. When you do that your clients expect their bill to be a bit more and most won't complain. When you don't increase your fees, you have trained your clients to expect their fees to remain the same.

Some practitioners suggest using the Spanish line since they speak English on those lines also.

I used it for many years including 2 years after I switched to Drake for tax returns. However they kept increasing the price. In addition they didn't keep up with the changes to my state payroll taxes. At that point, it made no sense.

"Cyberattack knocks Ruby Receptionists offline, disrupting service for thousands." "Ruby said the cyberattack hit its service provider, Opus Interactive, Sunday evening. Because Opus did not provide a timetable for restoring its services, Ruby said Wednesday it has rebuilt its systems on Amazon Web Services’ network."

Follow the money, this way anyone who wants to efile a 94x has to pay a third party. I remember filing 941s on my touch tone phone, took about 3 1/2 to 4 minutes.

Copied from Accounting Today: "The Internal Revenue Service plans to migrate its set of online services for tax professionals to the third-party provider ID.me this summer despite objections being raised in Congress to the authentication company. The IRS said in an email Wednesday to tax professionals that the following products and applications will be impacted: • Affordable Care Act (ACA) for Transmitter Control Code (TCC); • Application Program Interface (API) Client ID Application; • e-File Application; • Information Returns (IR) for TCC; • Income Verification Express Service (IVES) Application; • State Applications (State EFIN and TDS State); • TIN Matching, including Bulk and Interactive TIN Matching; • Transcript Delivery System (TDS); • Secure Object Repository (SOR); • Modernized e-File (MeF); and • ACA Information Returns (AIR). The IRS noted that while the e-Services applications won’t use ID.me until this summer, tax professionals can get ready for the migration and set up an ID.me account now using Tax Pro Account." Once again the IRS is getting a lot of push back from Congress.

Current Drake user, long time ATX user. Based on what you're looking for, you should be looking at Lacerte, Pro System or Ultra Tax, not ATX, Drake or Tax Wise.

My understanding is that these were mostly 1098 & 1099s plus some 1095s.

According to TIGTA, the IRS has over 2 Million unprocessed Amended Tax Returns