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Everything posted by Randall

  1. A princess kept a view.
  2. Can we renew PTIN yet or do we have to wait until Nov 1?
  3. Randall


    Congratulations. My ten year plan has 3 more years left. That's not definite but I'll play it by ear.
  4. A general article indicated that the regs gave real estate agents the non-SSTB category. When I looked at 199A and the regs, I didn't see anything specifically listing RE agents one way or the other.
  5. RE Agent is not specifically listed as a SSTB. But principal asset is their personal skill. I can't find anything specifically discussing a RE agent. Anyone have anything specific on this?
  6. Thanks for the reference. This appears to say the the phase out levels still apply if contributing to a 529 plan. My previous source left this a little vague.
  7. Apparently, you can exclude bond interest if you contribute to a 529 plan. From what I read, you have to contribute the redemption proceeds (principal and interest). Is that so or just the interest portion? Also, is this excluded (if contributed to a 529) even if modified adjusted gross income exceeds the regular exlusion amount?
  8. I think you can but there are dollar limitations, much lower than for other assets.
  9. Further clarification from the client. Previously, the software was sold as a perpetual use software. Now it is sold as a one year license that must be renewed every year.
  10. What about the matching of sales and costs? The cost was paid in 2021. Cash basis. But the revenue was received in 2022. Cash basis. If costs are recorded, shouldn't sales be using the accrual basis as to match in the same year?
  11. Client sells software. Not a physical item but I think it should be treated as inventory. He paid his cost ($250k) in 2021 but didn't receive his payment from customers until January, 2022. S Corp is on cash basis. But I understand that this should be treated on accrual basis and sales and purchases should be consistent. Client has inquired about this. My references are IRC 446 and 471 plus the regs 1.446-1 and 1.471-1. Just looking for reassurance here and any other references.
  12. Am I missing something? ATX Fixed Asset input. New vehicle. S Corp. Max allowed in first year is $18,200 whether Sec179 or Bonus Depr. When I treat it as 1st year bonus depreciation, an amount for next year depreciation shows up. But when I show it as Sec 179, a recovery basis amount shows up but no next year depreciation amount shows up. The next year amount shows up for state (Ky) either way. I was wanting to use Sec 179 in order to give a larger deduction for state. Fed is the same either way but I'm wondering about the next year depreciation and carrying forward to next year.
  13. I called last spring for a client. IRS Rep cancelled the scheduled ES payments, gave me confirmation numbers. A different confirm number for each scheduled payment. Did not ask for POA. Amending the return will not work because the 1040-ES info is not submitted with the amended return since the amended ES amount is zero.
  14. Sorry to hear this. All went well with me. I kept details of Mom's money and things and had records. But my 3 siblings never asked or questioned anything.
  15. Not sure about this. If there is no QBI for that income, why would it be double dipping? I can see it if the QBI deduction were including that activity's income.
  16. Client has S corp pass thru income. It qualifies for the QBI deduction. Client has separate 1099-NEC income with SE tax due. ATX us saying the 199 activity does not have the 1/2 SE tax deduction in the QBI calculation. If they are two separate activities, do I still have to reduce the QBI by the 1/2 SE tax deduciton?
  17. Randall

    K2 & K3

    I see ATX has these forms now. My client works in US, has remote software IT consulting business. Some revenues coming from other countries. I'm wondering if this constitutes foreign activity. I've looked at the K2 instructions and form. It doesn't appear anything applies to my client. Any comments on this.
  18. That was from a recent hike in eastern Ky. The Sheltowee Trace. Mother Nature did the honors.
  19. I'm not sure if I can help. I have not encountered that except for Ky pass thru returns (PTE) or Single Member LLCs (725). Maybe look on the main info sheet under the state tab and see if there is something you can do there.
  20. My rep called. I renewed. I'm not changing software and I like to get it out of the way.
  21. Back to taking Fridays off. And the weekend of course.
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