Gail in Virginia

And no exemption for the child or spouse if they work for a corporation, partnership or estate/trust even if you control the entity EXCEPT if all the partners are parents of the child, then the partnership doesn't prevent the child from being exempt. They probably could make this more confusing if they tried. Maybe.

I am not sure I agree with the majority. Do you have any way of knowing what the person covering S-corps and sole proprietors is covering? If they go before you, and spend the bulk of their time covering QBI, you might be rehashing a lot of the same material. Or not. There are a ton of details in this new law, and I am afraid some of those details are really going to catch us by surprise if everyone spends all of the CE time talking about the QBID.

I would announce I had won, throw a huge party, pay my church's debt on our new construction, and then enter the witness protection program - surely with that much money I can bribe my way in.

And in some states you have up to a year to claim lottery prizes, which should give you plenty of time. I think the least amount of time is 90 days. Make people wonder who won.

Sounds like everything went well - just keep it going in that direction!

As far as I am concerned, you win!

I think Medlin is making a good point here about information you don't have not being used against you. Once we store something electr5onically we tend to keep it FOREVER. Is that really a wise course? Should we be looking for a timeline to delete files as well as the old timelines for destroying files?

Happy Anniversary!

But it takes the new rascals a little time to catch on to how to be a REAL rascal. They start out as amateur rascals usually.

Perhaps we can print it on toilet paper, and we all know what to do with that.....

Can I answer E? There should be some depreciation.....

As Judy said, it really depends on the income. I have a client who lives in the US but is a Canadian citizen. Sorting his paperwork can be a real challenge. Some of his dividends come through an Edward Jones brokerage account in Canada, and get reported on an NR4 for Canada, AND on a 1099DIV for US. And some of the NR4s are in USD and some CAD. I don't think he understands how confusing this can be and why I charge him as much as I do. But he keeps sending his stuff to me because I am the first preparer that even asked if he had foreign accounts and started him doing his FBAR.

I hope none of my client's ever see that - I am sure they would think that is sufficient. They already think they did not take any income from the company because all they did was pay their bills.

I was, until the phone spammers learned to spoof actual numbers. I have had numbers come up on caller id, complete with name, as someone I know only to answer the phone and find that is not the person placing the call. Sometimes it will appear that a local business is calling but lo and behold it is not. I am to the point at home where I prefer to let the call go to voice mail and if someone is really there, I will call them back. But it is worse when I have client's return calls that we never made and I know that my number is being spoofed to annoy local people. Edsel is right - as long as there is money to be made with relatively no downside risk, this is only going to get worse.

My husband recorded the telephone company's statement "I'm sorry, but the number you have reached is no longer in service. If you feel that you have received this message in error, please hang up and dial" whatever it is. Now, whenever a number calls that he doesn't want to talk to he plays that recording for them, complete with tones, as soon as he answers. I don't know if we are actually getting fewer calls, but he is having a good time and thinks the calls are going down. And I am not going to interfere with his fun.

Sometimes my problem is that I learned something so thoroughly years ago, and I was unaware (or forgot!) that it changed. Always a good idea to check to make sure what you KNOW is actually correct.

And Jesus was a real cowboy - he rode an unbroken colt bareback through a cheering crowd without getting thrown off.

If the property is inherited with a step up in basis, I don't think that depreciation prior to the date of death will have any bearing on the calculation of gain or loss.

You know, that is an excellent point Catherine. I have been thinking that I want to sell my business and get out so I can work less hard. Maybe if I don't have much luck selling, I should just keep raising my fees until I am working less hard because people leave but I will still be making money on the ones that stay. Something to think about before the first of the year......

Congratulations! The young man doesn't have a friend in SW VA by any chance?

I have gotten a very similar letter if they payment was made after 8:00 p.m. ET on the day before the payment was due. In other words, if payment was due on 4/17, and I made the payment after 8:00 on 4/16 they send a letter saying that they are going to waive the penalty but I screwed up. I ignore it as long as they keep waiving the penalty.

An LLC is created at the state level. The only thing the IRS has is the application for an EIN. In my opinion, the fact that someone applied for an EIN and never filed a tax return is not that unusual,. They might have planned to start a business and changed their minds. They may have filled out the EIN application that it was only for banking purposes. I would not say the LLC does not exist, but as a disregarded entity it might not be required to file a tax return. I would report capital gains from installment sales on the 6252, interest on the Schedule B, and get with it.

I loved that show! My son was a baby about then, and the little dinosaur - "Gotta love me!" just seemed so perfect!

I get what you are saying, Edsel. But I would report the income and set up the asset because I would almost bet that any expenses associated with earning that $2,700 of income are going to be reported - such as parts used, or any labor, or overhead.

I think if your client could have claimed the dependency exemption except for the divorce, then they are still entitled to the HOH status and EIC because age is not the controlling factor - his being a student is in this particular case. It would be the same if the child were over 18 and permanently and totally disabled. I don't have a cite for this off the top of my head.