BHoffman

Thanks!  I guess it doesn’t take long after retirement to get rusty.

Hello all!  I retired in 2019 and moved to Florida.  Hurricane Ian hit my house but I’m blessed and grateful that it’s still standing. I’m not as sharp as I used to be and even after reading all instructions still not sure that I can file 4684 in TY 2023 to report the Ian loss.  I think so since there a reasonable certainty of reimbursement that will occur in 2023. Am I understanding this correctly?

My father passed in his sleep 1/15/2018. I inherited everything. My husband and I decided to sell our Phoenix house and be semiretired snowbirds between FL and PA. Everything was all set. My beloved husband was diagnosed with terminal cancer in July, 2019.  I retired immediately to take care of him. He passed in April, 2020.  Ever since, I haven’t been able to remember or think very well. I lurk often to see your names and your news. Thanks for any advice. 

By the time it’s resolved, your client will probably have starved to death. These are the steps I suggest, but it’s been awhile
 

1.  Call collections 602 542 5551.  They will be no help at all except perhaps if your client cries and begs.  I’m not kidding.

2.  If no help from Collections, Call Problem Resolution Office. 602 716 6025. [email protected]. I have found them to be responsive and helpful. 

3.  Last resort is the Arizona Omnibudsman office where a complaint can be filed azoca.gov

Good luck!

I’ve found QB inventory module to be heinously inaccurate if there is any WIP (work in progress) involved at all. Also, the data entry has to spot on as far as units, costs, etc.  Does the client ever do a physical count?  That’s a very significant difference. I agree that clients lump a lot of stuff into Purchases. 

I would ask to see a copy of form 8832 showing an election to be taxed as a corporation, the election start date, etc.  

IMHO this is a tax court case and your client should turn it over to a tax attorney.  

Wow!  Just got off the phone with IRS e-help and my EFIN application is updated, I'm just waiting for the code letter to complete the EServices registration, and the woman who helped me could not have been nicer!!!  

Thanks!  

Crap.  I can't register online for EServices because our cell phone is in my hubby's name

I am moving soon and wonder if I have to update my EFIN information with the IRS.  Looked online and read IRS pubs.  Not clear.  Does anyone have experience with whether this is required?

Remember this client?  She sent me an email saying that Turbox comes up with them owing less tax.  Exactly the amount if the 1099M info is entered on line 21 and not subject to SE tax.  She wants to file the Turbox version naturally although she did offer to pay for my services anyway.  I responded that the difference was due to self employment tax, she didn't owe me anything, and have a great day.

I'm on the slide to retirement and have filed zero extensions as I'm traveling all summer and into the fall.  So far, so good and it will nice to leave without any "baggage"!

I think this might help:

https://blog.foxwealthmgmt.com/2016/08/15/tax-planning-with-a-266-election/

Boy, I'm sure glad I caught that one.  This guy had whopper 1245 gains!  Thanks so much for the reassurance.

I don’t use ATX so cant help you there

SCorp client sold equipment that had previous section 179.  Big 1245 gain.  I can apply this gain to QBI for the deduction, right?  All other issues allow the deduction (wages, income, etc)

Building and land are both 1250.   

Is this what you need?

https://www.irs.gov/pub/irs-access/f8855_accessible.pdf

That’s where it’s going.  Overthinking, and they are going to owe around $2k due to underwithholding.  Ugly.

It seemed obvious to me as well but the fact that she isn’t actively pursuing this as bonafide business and Catherine’s comment about an appearance fee got me overthinking the thing.  

I have a new client who received a 1099M box 7 for appearing in an online teaching video.  The 1099M amount is around$4k.  She says she does this every year for the same company and had no expenses.  Her 2017 tax return shows as reported on line 21 Other income not subject to SE tax.  I'm not sure what to do.  She is a full time elementary school teacher and has no intention of pursuing this online video activity as a business.  Any advice or opinions?

With any luck it’s just a few more left and sitting back waiting for checks and 8879 forms to come in the mail.   Uh oh.  Hope that wasn’t a jinx!!

I'm tired and at that stage where staples are starting to bother me...a lot.

It's the sound of that screeching halt when the Sch C info they give you is a mess.  No cost basis on brokerage statement and they have no idea.  They sold their business on an installment basis and have no contract.  OOOOF!

I did exactly as GingerM says.  The client opted to report on Sch C with no S199A.  Thanks everyone!