Randall

It's like watching a 3 Stooges movie. If it weren't so real, it would be hilarious.

I don't think they can ever do anything about it now. It's too late. They won't be able to increase taxes enough or cut spending enough. Oh well, wait for the crash and burn.

I've reminded clients to continue to track their itemized deductions even if they use the higher standard deduction because the current law expires after 2025. We won't know what they'll do until they do it. Ha.

I've had similar thoughts. I've told clients three more years. But maybe only two thru 2025 tax year. Whatever the election results, they'll have to do something about the expiration date of the current tax law at the end of 2025.

Should a US company have on file Forms W-8 for any subcontractors in another country if no US tax is required to be withheld?

Meanwhile, the debt bomb keeps ticking.

I don't know the order but I had a client with custody of grandchild. The mother/daughter was out there in never never land. He has been claiming the child as a dependent. But mother/daughter has been efiling early and claiming the child. This past year, she must have claimed the market place credit so my client's return was accepted but IRS claimed back the advance credit from his refund. He recently got it straightened out and received his full refund. But the original IRS letter noted that a dependent ssn was the catch. So yes, the ssn is checked somewhere along the line and matched up with everything else going on.

Is it the Borg or is it Landru?

We may be able to do that ourselves, without AI.

Yes, I forgot about that. Good point.

Or listen to David Bowie's album, A Space Oddity.

I thought the first deadline was the end of this year (2024).

I need to watch the Tron movies again.

Maybe Captain Kirk can talk the computer into a loop. And it will burn itself out.

I think I need to go on another week long bike ride.

Even a sole practitioner like myself? I have an EIN for the tax return number (instead of my ssn). But I'm not a SMLLC or any 'entity'.

How will clients (entities) and non-clients know if and what they may have to do? Is there a news announcement? Or some way they will be informed?

I'm paying out the whaa zoo for QB. I guess I'll keep paying for a few more years, then it's over for me.

I thought there was some holdups too. So I'm waiting for later in the year. I'm not recommending anything to clients now. I suspect most of them don't know anything about it.

I agree. I had a client in this situation but he is now retired from his regular job. Yes, he's receiving SS. I agree that most don't really know what they're signing, just saving money. I recommend they pay and receive it. I have a retired minister who paid thru the years and is now receiving a nice amount from SocSec.

I agree. I did this with the foreign accounts reporting. I'll do the Form 8938 with the return but not the online FinCen reporting. I plan to look into the new FinCen reporting and let my clients know about it but it will up to them to do it.

I found out this year that a new PIN is issued every year. I used previous PIN for a client and efile was rejected. As I contacted the client, I reviewed their current year info. I saw that the spouse had written a different PIN down by her signature on the questionnarie form. I used that PIN and return went thru. I had previously been under the impression that the PIN issued was good on going. Not so.

So far I've been warned that it is an upgrade to Win11. I don't like to upgrade OS on an existing computer. I want to get a new computer soon but I keep hearing that Win12 is coming. I thought later this year (2024) but now I'm seeing that it won't be until next year, probably fall 2025.

I thought about switching back in 2012. I've only heard good things about Drake. But I just couldn't get thru the change. Stayed with ATX. I plan only a few more years so I guess I'll just stick with ATX and pay.

Thanks Judy. That was my thinking too. I'll advise the client so and probably file. She was advised by the broker rep that she may have to file and pay some tax.