Abby Normal

It sounds like it might be a qualified nonpersonal use vehicle, like a dump truck, or is it just an SUV? It's definitely not equipment, unless it's an unlicensed off road vehicle. Look up the VIN to see what the gross vehicle weight is to determine if it's 6000 lbs or more. https://driving-tests.org/vin-decoder/

You're talking about something totally different, a mailed in estimated payment applied to the wrong year. I'm talking about applying a refund to the next year, right on the 1040. I've filed returns in October and covered any missed estimates and not had any problems with late payments since they were all deemed timely paid.

Amounts applied forward are always timely because the IRS already has the money.

Newbies need to learn that you should close ATX after every return. If you have a good computer, closing and restarting ATX should only take 15-20 seconds. I sometimes close ATX in the middle of large returns because I can feel it slowing down.

You don't need to delete the efile form, just create the efile again and the submission ID will update to 2021. At least, that's worked for me 100% of the time for the past 7 years. You must have started working on this return in 2020.

Well, when you reboot your computer these services are all restarted anyway, but you restart them in Windows Task Manager in Control Panel Services. Speaking of task manager, keep it running so you can see which programs or hardware (CPU, Memory, Disk) are causing the slow performance. You can sort by CPU usage, memory usage or disk usage so the programs are sorted by whichever us using the most of that resource.

Try this: https://returnquery.atxinc.com/ Don't enter any dashes in the ID#. If the status online is different than in ATX, click on rehang, then wait about 10-20 minutes before receiving acks.

If a shareholder has no basis, then he can't deduct the carryover losses. Usually, I'm dealing with sole shareholders and the basis comes from cancellation of debt income, selling of assets or putting in personal funds, as happened here.

If MFS doesn't result in very much additional tax, then it's not a huge concern. Besides, our job is only to advise. It's up to the client to decide to amend or not. In some cases, deciding not to amend might make the client too unethical to keep, but in this case, maybe not.

I'm still waiting for the form revision because those over 400% might well be entitled to additional credit, especially if they didn't take the full advanced credit they were entitled to.

The problem is, they might be entitled to additional PTC and without the 8962, they'll lose out.

That's what I do, unless the business doesn't have enough income to cover it.

The IRS will check and adjust Recovery Rebate, so I'm not spending any time chasing the amounts down from clients. If they're in the phaseout range, I'll call them, but if they're below or above the phaseout range, I make entries accordingly.

And she already paid you to open the envelopes and unfold the records. I love my far away clients who download most of the records as PDFs and scan the ones they receive in paper form, and just upload them to our portal. We don't have to store their records and we don't have to send anything back to them.

That's not a 'filing system,' that's a 'piling system.'

The dirty little secret of 1116 is that even when it's not required to be filed, the calculation must still be done. Many of us, including me, choose to ignore that when we're under the 1116 filing requirement limits. ATX has a checkbox to facilitate using the 1116 for the calculation but not including it in the return.

Sounds right. Also, check the K1 to make sure that if any FTC is passed to the beneficiary, it doesn't exceed the total FTC. I've had problems with this in prior years.

It's looking like I'm going to either fire you, or hurt you badly!

My only comment is that K1 forms are often prepared wrong.

In the past, I've been able to discard a form I didn't want in the efile and create the efile immediately after deleting, before ATX added it back. Haven't needed to do that in a few years.

State returns are always a lower priority, and the best you can hope for is submitting a case and an enhancement request.

Crazy option: understate the withholdings or estimated payments so the return shows no balance due or refund, then let the IRS sort it out.

We enjoyed our stay in TN and plan on returning someday. Not sure I'd want to live there full time, but it is a low cost of living state, so if I'm ever low on funds later in life, who knows!

The other side of a client getting a notice is that you get to be the hero by solving it quickly and easily, usually at no charge but sometimes there is a charge. Clients remember the panic and how we rescued them and made the big bad IRS go away. Then they send us referrals.

I think I'd recalculate the gain from the start until 12/31/20, using the corrected profit %, then subtract the amount of gain already reported in earlier years, and "force" the gain on the 2020 return to be the amount needed to make the cumulative gain correct. A "catch up," if you will. Then leave yourself a note to change the profit % on the 2021 return.