Abby Normal

The "best" option would be for the states to just have one form that handles both PTE and PTET. MD started to do this but changed their mind and came up with a new separate form. Huge mistake.

The punishment for competence.

What a mess! And the last time I checked, the IRS didn't have any of my income on my wage & income transcript. If both 1099R forms were filed as original, then yes, it should show up twice, and I'm not 100% sure that filing a 3rd one marked corrected will fix this. Keep the documentation handy and wait for a CP2000. Should be easy enough to explain.

ATX is refusing to do any of these PTET returns. They're trying to force you to upgrade to one of their more expensive systems. some of us are doing pay-per-return in other software that handles PTET and using ATX for everything else. If only MD had used the existing PTE form to handle the new PTET then ATX would have handled PTET for my main state.

I was unable to login into my BSO account with login.gov, but I got right in with ID.me.

Those are all things that flow automatically and will do so in the IRS computers as well. I stand by my call for brevity... ALWAYS.

Just signed up for a login.gov account and it could not have been quicker or easier. I even secured it with two different methods.

I keep my explanations brief. You listed a bunch of things the IRS already knows just by the nature of the 1040X. Here's how I'd edit your explanation: CORRECTED FORM 1099-NEC ($10,000). CORRECTED 1099-MISC: $10,000 ---------------------------------------------- It seems to me that line 1 net change would be zero, and the other lines only change due to form calculations, so there's no need to explain this to the IRS. And you could combine the two lines above into one line for convenience of copying and pasting. Brevity, above all else.

Yeah, I've always know there's a calculation but the OID amounts I see are too small to even think twice about. It's more important that you pick up and accrued interest paid as a subtraction adjustment.

OID is income, not a subtraction. I always enter as a separate interest income, in the appropriate box. Every CPA firm I ever worked with did it exactly the same.

You only need the bank name. Just uncheck the Add to payer box. I never add payers from 1099 INT or DIV because I often put part of the account number in the name, and I don't want those polluting my payer list.

You can earn 4-5% at many banks and credit unions. I'm enjoying the higher interest income and hope rates stay up, like they used, last century.

Yikes! A Personal Holding Company? Haven't had to think about that in years. https://www.thetaxadviser.com/issues/2020/jul/beware-personal-holding-company-tax.html

Speaking of marriage and husbands...

And sidewalks, driveways, fences, etc. are land improvements depreciated over 15 years. Of course, valuing those would be difficult without a cost segregaton study and that may not be worth it for these properties.

I signed up for an id.me account yesterday and it was quick and easy, and kinda cool. Of course, I have a smartphone. I've had one for 20 years and would be lost without it. Id.me is a universal login for federal sites. I'll use it for eservices and ssa.gov mostly.

The repair regs did open up a lot of things to being expensed, but there isn't quite enough info to decide. Here's a related article: https://www.thetaxadviser.com/newsletters/2021/apr/expensing-hvac-costs.html Here's the pertinent IRS page: https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations

ATX's price is what attracts most people, but if you do multistate, you'll want to buy the Advantage version. ATX handles multistate corporations and partnerships very well. Like most here, I've used 7 different programs over the years (including Drake and Intuit), but I'm the fastest with ATX. I can really fly around a return. Until the only return is I need to do is my own, I'm sticking with ATX.

The only accident I ever had was on the day after tax season ended, so I tried not to drive anywhere on that day.

The one account that always makes me facepalm is 'Reimbursements.' "We were just reimbursing our employees for things."

Yeah, I've seen some over the years. The ones I hate are the ones that keep adding new accounts. I had one that set up new accounts with the year in the name. Serioulsy? We already have dates in the general ledger.

I hate doing tax returns without reconciled bank statements and balanced books. There's close to zero chance that the return is correct.

If you're using depreciation and not ever choosing mileage, just enter the expenses directly on Sch C in other expenses.

The tax is the only number that matters. What you've paid and what you owe are not a consideration.

One of my customizations of the 4868 in ATX is to link the prior year tax from the Comparison form to the 4868. I figure last year's tax is better than a zero, especially if I have no documents from the client. Programmers should add an option to the 4868 to use last year's tax rounded up to the next thousand, to make our lives easier.