Abby Normal

I started using Bitwarden, because it was so highly recommended. It's ok but I prefer the one built into Firefox.

I heard that it would only be for 3 months, but as long as we can check the box for another 3 months, it's all good.

I had one client who had 30k in phantom income when she sold these because a large portion was currently taxable ordinary income, and the big capital losses had to be carried forward because she already had plenty of capital loss carryforwards.

I think the only factor that matters is the big commission stream earned by the broker. They have a huge conflict of interest. I explain to my clients that these partnerships were created because borrowing money from the banks is expensive and the operators didn't want to risk their own money, so they went public to get unsuspecting investors to buy in, and they pay brokers big fees to foist these investments on you.

I'll never forget the look on my clients' faces when they bought 10 of these K1 investments, and I told them each K1 adds $75 to their tax prep bill, every year, and $150 when the each K1 is sold, so I hope they make a lot of money on these. They went back and told their broker who then called me. Of course these are prices from about 10 years ago.

Is your computer on a battery backup surge suppressor?

A K1 inside a retirement account is not entered. And you have to be careful with K1 investments inside retirement accounts because they can result in taxable income, although it's rare.

I had a form of Sciatica called Piriformis Syndrome, but I was able to cure it with both massages and some exercises I found on YouTube.

Was the bank account type correct (e.g., business, checking)?

I have written them down with asterisks replacing one or more letters in a row, with just enough characters to remind me of the password.

Put it in the paper tray under the paper.

I had a strict rule that passwords were never to be written down, except in our password protected spreadsheet.

The tax software companies got tired of so many support calls being about authenticator codes, that they had to make it optional or support was going to be overwhelmed by people who couldn't cope with an authenticator code.

I use a Google Voice number to text with clients. Texting seems to be the main way to communicate these days. All my healthcare sources text me reminders of appointments and allow me to check in online. Although I was at one doctor's office yesterday and the receptionist told me their online portal and their office software are not connected, so they have two separate systems they have to look at.

If the treasurer is gone, why would you want them to sign the return, anyway?

First and foremost, she needs adequate errors and omissions insurance as well as regular business insurance, and a personal umbrella policy for however many millions makes sense. But in the past 30 years I've only done LLCs, which she could do and remain a sole proprietor. Whether it's worth electing to be an S corp is hard to say, but factors to consider are losing the home office deduction, paying for payroll processing and payroll tax returns, and paying for an S corp income tax return. With a service business, the IRS is going to want to see almost 100% of profit being taken as salary and not distributions.

Entered the amount rolled over in the rollover box on the 1099R screen.

You'll be lucky if it's just one. I usually get 2 or 3 of those notices before the IRS actually handles the problem. Sometimes it drags on so long that I forget what the issue was.

That just takes you to the Tax Summary form, which, unless it's been seriously updated, does not have anywhere near all of the carryover amounts. I don't have any complex returns so I can't see what is and what is not included.

If the losses are handled by the 8582, then these are regular partnerships and not PTP partnerships. But in either case, if this is a new client, you enter the losses on the K1 input screens.

That should not be necessary.

Because they are separate efiles that can both be filed. You can file 4868 and then 1040, or vice versa. You can't amend a 4868.

You can't create the 4868 efile unless you check either the lock amounts box or the set all amounts to zero box.

Maybe ATX accidentally sent a batch of 4868s twice? I didn't file my 4868s on the 15th. I always do them at least a week early. I would just delete the rejected acks.

I find it takes just a few minutes, and you have to receive acks to update it.