Lee B

Do you need a certified appraisal or just a fairly good idea of what things are worth?

Truly astounding

Yeah, my bank is paying 00.01 %

Perhaps you should let her know about how to "opt out."

Very interesting, since several commentators specifically refer to the City of Chicago of having a history doing this exact thing. Well, they won't issue a corrected W 2, so you will have to be creative

Weird, did he receive one W 2 with this information or did he receive an additional W 2 with this information? Was social security and medicare withheld? An quick online search didn't find this memoramdum. Other online commentators say that a corrected W 2 needs to be issued and that the employer is just being lazy.

Are you asking about Workers Compensation wage benefits, short term disability benefits or something else?

You may have noticed that their basic CP notices now have QR codes on them. They will be pushing CP Notice recipients to download an IRS App and use AI Bots to handle standard notices without human intervention. It may fail, but it's clear to me that the IRS is totally committed to this direction.

I have several clients whose cell phone is an addtnl line on a relative or a friends account, in which case setting up secure access will fail, since the name and the address on the cell phone account will not match.

"Taxpayers should file an amended return if they: 1. did not submit a Schedule 8812 with the original return to claim the Additional Child Tax Credit and are now eligible for the credit after the unemployment compensation exclusion; 2. did not submit a Schedule EIC with the original return to claim the Earned Income Tax Credit (with qualifying dependents) and are now eligible for the credit after the unemployment compensation exclusion; 3. are now eligible for any other credits and/or deductions not mentioned below. Make sure to include any required forms or schedules. Taxpayers do not need to file an amended return if they: 1. already filed a tax return and did not claim the unemployment exclusion; the IRS will determine the correct taxable amount of unemployment compensation and tax; 2. have an adjustment, because of the exclusion, that will result in an increase in any non-refundable or refundable credits reported on the original return; 3. did not claim the following credits on their tax return but are now eligible when the unemployment exclusion is applied: Recovery Rebate Credit, Earned Income Credit with no qualifying dependents or the Advance Premium Tax Credit. The IRS will calculate the credit and include it in any overpayment; 4. filed a married filing joint return, live in a community property state, and entered a smaller exclusion amount than entitled on Schedule 1, line 8."

I took their pre rollout webinar about a month a go. This will be a gradual rollout with incremental improvements. In the beginning it will only apply to individuals and Form 1040. First, your clients will have to set up a "Secure Access" account, so this may not work too well with your clients who are not computer savy.

"Intuit has decided to leave the Free File Alliance after coming under criticism for making it difficult to access a truly free version of TurboTax."

Multitasking means doing many things poorly

Given the absence of current information, if I were in your shoes, I either would suspend the loss or put these returns on the back burner. It sounds like you are trying to do more than your share of heavy lifting on this group of returns!

A Lockup Period is an Investment Marketing Device which is not required by the SEC and has no tax implications.

"Continuing an effort to battle tax-related identity theft, the IRS, state tax agencies and the tax industry announced today that the annual campaign to raise awareness among tax professionals about data security will begin next week. The 2021 campaign begins as the number of data thefts reported by tax professionals to the IRS continued to climb. Through June 30, 2021, there have been 222 data theft reports this year from tax professionals to the IRS, outpacing the rate of 211 in 2020 and 124 in 2019. Each report can impact hundreds of taxpayers and threaten the tax professional's business."

The official date is October 14, 2025.

Her loss may deductible as a fraudulent investment scheme if it qualifies under the safe harbor as defined by Rev Proc 2009-20 as modified by Rev Proc 2011-58. This is not something that I have used so any further research is up to you.

All you can do is calmly explain the situation and tell her to be patient. Telling her it's a mess doesn't help.

In my previous experience with ATX that usually means that one of the ATX state forms in your client's tax return does not meet the state specifications. Go back and reload forms for this client than recreate the efile and resubmit.

Once the IRS has finished recalculating returns and issuing refunds, I assume the IRS will provide guidance regarding those returns that fell through the cracks, which will probably be early fall. All we call we can do is wait.

No, 4th quarter would be due Feb 28th instead of Jan 15th

Well, if we are going to be logical about this, then I would pick dates when very few other taxes are due, because in my state all of the quarterly state and local taxes are due on the last day of the month following the end of a calendar quarter. Therefore I would pick May 31st, August 31st, November 30th and February 28th for quarterly estimated income tax payments.

"Congress introduced bipartisan legislation aimed at changing the estimated tax payment deadlines to a uniform, quarterly schedule. Rep. Debbie Lesko, R-Arizona, and Bradley Schneider, D-Illinois, introduced the Tax Deadline Simplification Act on Tuesday. The legislation would set the estimated tax installment deadlines to 15 days after the end of each quarter, moving the deadlines to Jan. 15, April 15, July 15, and Oct. 15. It would affect individual taxpayers, small businesses, estates, and trusts." This makes a lot of sense!

"Because the gross rental income test is “for the taxable year”, the 80% test needs to be calculated annually. The difference in depreciation rates for residential rental property vs. nonresidential real property can be considerable. If a change in use results in a shorter recovery period and/or a depreciation method that is more accelerated than the method used before the change in use, the taxpayer has two options: The taxpayer can compute the depreciation allowance using the shorter and/or more accelerated depreciation method in the year the change in use occurred, or The taxpayer may elect to continue determining the depreciation allowance as though the change in use had not occurred. These options provide a planning opportunity to suit a taxpayer’s need for larger or smaller depreciation deductions. For example, a taxpayer with excess net operating loss carryovers might not be able to use the maximum depreciation deductions permitted and may want to use the longer, less accelerated depreciation method. On the other hand, if a change in use results in a longer recovery period and/or less accelerated depreciation method than before the change in use, the taxpayer must compute the depreciation allowance using the longer and/or less accelerated depreciation method in the year the change in use occurred. A change in computing the depreciation allowance in the year of change for property subject to Regs. Sec. 1.168(i)-4 is not a change in method of accounting under Sec. 446(e). A taxpayer needs only to complete Form 4562, Depreciation and Amortization, in the year of change. However, the regulations under Secs. 446(e) and 481 apply if the taxpayer does not account for the depreciation allowance in the manner set forth by Regs. Sec. 1.168(i)-4 or revokes the election to disregard the change in use. If Secs. 446(e) and 481 do apply, the taxpayer should file a Form 3115, Application for Change in Account Method, to request an automatic change. Property affected by the change-in-use regulations is not eligible for bonus depreciation deductions in the year of change, Sec. 179 depreciation (which allows you to expense certain depreciable business assets and is generally not applicable to residential and nonresidential property), or Sec. 1400L (tax benefits for New York Liberty Zone property). Additionally, for purposes of determining whether the mid-quarter convention applies to other MACRS property placed in service during the year, the change-in-use property is not taken into account."