ETax847

The IRS agent told me, the file was closed out with no comments entered by the agent in charge of the file.  I now need to resubmit and start this whole process over.  Beyond frustrating.

Thanks.  So frustrating that the IRS is this incompetent.  

I mailed in a paper copy of a client's 2019 amended tax return back in April.  Today, I come to learn that the IRS closed out the file with no comments and I need to resubmit it.  Is there any way I can E-file this or has that window closed?

How will they ever get caught up by the time tax season starts?

Every time I call the IRS to check on an amended return that we submitted in April they give me a new 16 week time frame to wait.  

Thanks Yardley.  I, too, am interested in your feedback and what hiccups, if any, you encounter.

I just received the offer email today.  I cant justify spending an extra $500 for this extra functionality.  Why they dont include these features in the normal version is beyond me.  

Thanks Abby, that did the trick! I appreciate the timely response.

Where do I go to check the complete disposition of a rental property in ATX? On the Fixed Assets tab, I have entered in the disposition information, but none of the carry forward losses are flowing through.  Any idea what I am overlooking?

I will do the same.  Thanks for the feedback.  

I received this email today:

Congratulations! To thank you for repeatedly renewing your preparer tax identification number (PTIN) early, you have the opportunity to renew your PTIN before the season opens to other tax return preparers. The PTIN system is ready to accept your renewal from today through Oct. 15. Should you miss this opportunity, you can still renew your PTIN during renewal season beginning later in the week.

All PTINs expire on Dec. 31 and must be renewed annually. You must have a valid PTIN if you plan to prepare any federal tax returns for compensation or you are an enrolled agent.

The renewal fee is $35.95 and non-refundable. Get started at www.irs.gov/ptin.

I was not aware of the renewal fee this year.  Is anyone else planning on renewing their PTIN this early?

I've tried call the TPP Service Line over the past 3 days, but keep getting a message to try again later due to high call volume.  Does anyone know a work around? Or have you had any luck getting through?

Great article.  Thanks for sharing!

Client recently asked me "which should he exercise first: his ISO grant or my NSO grant?"   Does anyone have any reference material for any advice on how to handle different types of stock options and the tax ramifications?

Randall, are you considering filing an electronic return if its not in the system with another two months?

Agreed.  They keep suggesting that I e-file their amended return.  I'm holding off as I dont want to confuse the IRS or have them process two returns.  

I had a client file an amended return by paper in April and it still is not in the IRS system.  I'm running out of patience as they call me every monday asking for an update and I have no news to report.

Here is the link to the full article:

https://www.journalofaccountancy.com/issues/2020/sep/tax-software-survey.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=02Sep2020

Thanks Tom.  I appreciate the advice. 

I have a client who filed a 2019 amended return paper copy in April of 2019.  The IRS still has not processed it or even have record of it per the priority practitioner hotline.  Would you continue to wait or would you submit an EFiled copy now that this option exists?

I tried amending a return today but did not see any option to E-file it.  Has anyone had success with this yet?

That's a great way to frame it.  Thanks!

I have a client complaining about how much we charge.  Does anyone have a copy of HR Block's fee schedule? I would like to show this client how much cheaper we are than some of our competition.  While we don't compete on price, Ive always been told HR Block charges are outrageous.

Has anyone had any success in E-Filing an amended return for 2019?  

Did anyone see this recent announcement:

The Internal Revenue Service said Wednesday that it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS's authority to charge a fee. The fee for issuing new and renewed PTINs will be $21 plus a $14.95 processing fee paid to a third-party contractor.