Abby Normal

Where it's taxed at ordinary income rates, which is is same concept as depreciation recapture.

Depreciation on real estate results in sec 1250 gain and we all know there's a line for that on Sch D, so it's part of the tax calculation. AND the 25% is a rate cap, that only applies if you're in a tax bracket higher than 25%.

ATX does not "automatically" make the estimated tax payments direct debit. You have to check a box on the payment page. Ours is marked 'paper check' by default, because we almost never set up estimated to be debited.

No EIPs are to be returned. If you got it, it's yours to keep.

Yes, but it sounds like both states and the feds are moving to direct deposit/direct debit only. And I approve.

Sounds like Social Security is sharing bank info with the IRS and since direct deposit is used for all Social Security payments, I don't blame the IRS for forcing direct deposit on those folks. It must save the IRS a ton of money printing, stuffing and mailing checks, and time tracing lost checks or fraudulently negotiated checks.

Very old computers at the IRS.

44 years out of college, but I worked full time during college and mostly full time the last two years of high school. That's 50 years of working, the last 31 of which I worked for myself. Next year, taxes will be a hobby where I do about 10 mostly family returns. Not enough to pay for the software, but cheaper than me paying someone to do a 1065 and an 1120S for me. Plus if I efile and reactive my EFIN, the IRS should give me access to eservices again, and that will be nice. I've felt handicapped not being able to access eservices the past two years.

Have the client mail it certified.

Nope. I was just looking at it. Use this link: https://community.atxinc.com/forums/TopicsNotRead.aspx

I'm not familiar with that. One of my clients got the $1,000 grant to assist with solar panel installation. https://energy.maryland.gov/residential/Pages/incentives/default.aspx

I don't think that's true. The IRS doesn't track you carryovers.

Same here. I've only had one return with AMT in the past 4 years. And I'd bet good money that no one at the IRS ever opens up the things we attach.

I'm not done, but I have plans this weekend and will only be working sporadically, as time allows.

Oh man, I hate that. I usually figure out how to get it into excel so I can check (and fix) formulas. Never trust a client's spreadsheet and never accept just a printout of a spreadsheet. Half of the spreadsheets I get, the totals are not formulas. People are adding it up on a calculator and entering totals.

You often refi to add or remove a lender or a borrower. The bottom line to me is that the lender did not get paid off. They are still owed the money. This was a legal maneuver to remove one lender. Yes, it probably could have been done by an assignment instead of how this lawyer chose to do it, but the intention was the same.

We've come a long way, baby!

Essentially, this was a refinancing, and you've swapped one installment note for another. I would not treat this as paid off, but just continue with the installment sale.

Have you heard of Excel? It's a computerized columnar pad. No pencils required AND it does the math for you! How cool is that.

Tractor fed, dot matrix.... triggers my PTSD! Remember sound proof cases over dot matrix printers because you'd damage your hearing without it?

It's very dumb. It has zero to do with a 4868. Stupid programmers strike again!

Your elven friends must have done them for you.

I guess I do that in my head, when needed.

It is indeed lazy programming to not be able to add the leading zeroes for you.

Yeah, I just looked at the form and you can elect to exclude qualified dividends and long-term capital gains from using favorable tax rates, in order to claim more investment interest. Not clear how this will affect the foreign tax credit, if at all.