Abby Normal

17 hours ago, Sara EA said:

The window for claiming a refund for 2021 has closed.

Depends on extensions and filing dates. If you filed 10/15/22 with an extension, the window is still open.

17 hours ago, Lee B said:

The barn door is closed on that horse

I think that horse is a jackass. 

54 minutes ago, Lee B said:

If you have clients who buy their health insurance through one of the Marketplace Exchanges there are a number of changes. The annual enrollment window has been shortened by one month No more automatic re-enrollment - everyone will have to resubmit all of their documentation every year. The Premium Tax Credit repayment cap will expire at the end of this year. The Enhanced Premium Tax Credit also expires at the end of this year. So far Congress has not renewed the large Premium Tax Subsidies paid to Health Insurance Companies to hold down the health insurance premiums of health insurance offered on the Marketplace Exchanges.

This is one HUGE step backwards. I was talking to a friend, with a family of 4 paying $400/month for a great plan. Now, she'll pay more for a less great plan, if she can even afford it all. She was opposed to Obamacare when it started but now she loves it. Or, should I say, loved it.

A lot of people are going to feel a lot of pain. 

1 hour ago, Lee B said:

Garnishment for up to 50 % of their benefits will begin on July 24th for more than One Million Social Security recipients.

Some people are going to be in for a world of hurt. 

11 hours ago, Gail in Virginia said:

But are we solving a problem that doesn't exist?  Have fraudsters been logging into PTIN accounts?  Especially to renew them and pay the fee? 

Perhaps. The IRS did ask us to check our PTIN accounts to see if the number of returns filed uner our PTIN seemed reasonable. But they're probably stealing our PTINs from copies of returns we've prepared. That's why our PTINs are masked on the client copy now. For years, they were not masked.

15 hours ago, Catherine said:

Yes; us - the good tax preparers. Not the fraudsters (taxpayers, cheats, or 'preparers' in it to cheat). They make it harder & harder for us to help taxpayers (which helps t/p's and the IRS - with the IRS probably coming out ahead in that one), then wonder why we get testy.

Well, they're trying to make it harder for those fraudsters to log into your account. 

Restarting your computer might fix it. Sometimes ATX is already running but hung up. You could also kill the ATX program in Task Manager. 

Turning off security software is the next step. If that fixes it, you need to add exceptions for ATX to your security software. 

If none of that works, call support.

14 minutes ago, JohnH said:

I may be using the wrong terminology when I said "cloned", but all I know is that my computer guy took my old W10 computer and a couple of days later gave me back a W11 computer with all my programs, data files, and everything that was on the original device.  As far as I can tell, it's an exact copy except for W11.  It has Drake 2013 - 2024, for example, as well as numerous other programs going back several years.  Don't know how he did it, but so far I haven't had any problems.  (But he also gave me back the original computer, which I've booted up just to be sure I have the backup I expected). 

He may well have some software that can extract registry entries and User folder data from the old computer and import/copy them onto the new computer that allows programs and data to be copied over without reinstalling the programs, but I'm not aware of any such software. 

25 minutes ago, GLGACCT said:

I understand.   I thought John had a workaround.  My concern is with Quickbooks and the validation code.  All prior versions are registered but I always used a telephone number to register the product in addition to the license and product key.  None of the version I ever had a validation code.  I have all the emails from Intuit for prior products. I can keep my W10 machine going for QB if I cannot install on a new machine.   

All the versions I installed verified themselves as part of the installation process. No need to call anymore. 

I'm on Android and when I move to a new phone, Google backs up many things so it's not too painful getting your apps and data back. Your old authenticator might well have your old data, but you might still need to delete the old ATX link and create a new one. 

3 hours ago, Randall said:

What is the ID.me thing anyway?  Is it much trouble to do it?  If required for the PTIN, I guess I'll have to do it.

 

You need ID.me or login.gov to access SSA and IRS. I did both a few years ago. I don't recall it being too hard to do, but then I am fairly computer savvy.

21 hours ago, Catherine said:

I've got personal stuff on QB 2021 on a W10 machine. If it won't work on W11, then that machine will get kept on W10 and I just won't use it online.

I have QB2020 thru QB2023 installed on Win11 with no issues. My guess is that you could go back even further than QB2019. 

20 minutes ago, GLGACCT said:

Did you clone it yourself, as I need a new computer and want to clone my old W10 machine to a  W11 machine.   Not sure if I will be able to get Quickbooks and one or two other programs working on a new machine.

You can't clone to a different OS (Win 10 to Win 11) because a clone is the entire drive including windows, so you would end up still on Win 10. You can copy all of your data folders, but you will have to reinstall all of your software.

23 minutes ago, Don Hughes said:

In doing so, I put the distribution on the K-1, Line 16D. It did not make any other adjustments to the K-1 and the tax due the IRS did not change. What may I be doing wrong?

That's all correct and you don't need to do anything else. There is the question of basis in the S corp and whether any of those distributions are taxable, so be sure to do the basis calc on the K1.

And I would not issue any 1099 from the corp to the LLC, because you're creating hobby income and paying tax twice on the same income. Just leave it on the K1 as ordinary income and in the basis worksheets as distributions to shareholders.

20 months?!?! 

I'm sure that someone who uses Drake will confirm that Drake is just sending a PDF via some secure method.

Personally, I don't know why every tax pro doesn't print a PDF of every return and every other document they produce, for safekeeping, quick access and backup.

I use a secure email service (sendinc.com) to exchange documents with clients. I can set the email to self destruct after as little as 1 day up to 365 days or never. I usually do 30 days. It's a very inexpensive service and most clients can use it easily. All they need to do is create an account with their email and a password of their choosing.

Treat these as distributions to shareholders, unless you can convince them to repay the business.

I thought an LLC was an unincorporated entity because it's a partnership.

If you have the EIN letter for the LLC, what form does it say the IRS is expecting?

19 minutes ago, mcb39 said:

Maybe!  This still requires technical knowledge and many, especially senior citizens, simply don't have it.  If I transfer money, for instance, from a business account to a personal account; I still need to know account numbers and often even a password.  Until the last member of MY generation is gone, and beyond, there will always be problems

People can physically go to the bank to make withdrawals and deposits. No passwords or online banking required. Just an ID, and sometimes, not even that.

You don't need a computer to send or receive funds electronically, you just need a bank account. With DOGE endangering all of our personal information, I recommend setting up a small balance account at a different bank to receive or pay fund electronically. Then you transfer money to or from that account as needed. That way your real bank info is not out there.

Did someone say AI?

Promoted fraudulent tax schemes and sponsored legislation to eliminate the IRS. 

https://www.msn.com/en-us/news/politics/ex-congressman-billy-long-confirmed-as-commissioner-of-the-irs-an-agency-he-once-sought-to-abolish/ar-AA1GBkal

Why do you think you can't have multiple LLCs in one 1040. I've had two Sch C LLCs and even multiple Sch E LLCs? Is it because you're trying to use 1099 input forms? Or are you talking about some state level problem?