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About Edsel

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  1. Agree with Catherine. If the employee tries to make an issue of this, nothing will happen. Even if reported to the IRS, nothing will happen. People believe the IRS will act upon some party triggering a sloppy information return mess and clean it up. Instead they will view this as some problem laid on their desk, and they won't act on the extra work this causes them. The only work they do is whatever is delegated to them.
  2. I have a couple of Goodwill donees that never report giving anything to any other worthy causes. But yes, every year here they come with a handful of tickets, no doubt expecting me to place handsome values on their spring cleaning. Even now with the std deduction so ridiculously high they will expect some benefit from this.
  3. More IRS stuff to make us weary. I don't see the problem if we calaulte corrrectly other than taking extra time. And time is usually something we charge the customer for.
  4. My Take: (actually it is what I've learned from others) The test for ANY rental is whether it is a business or not. commercial or residential. Suggest if there is single ownership and the owner is not spending 250 hours per year, it should NOT qualify under QBI.
  5. Documentation requirement is what crosses the line and makes us auditors rather than just due diligent preparers. Indeed if the IRS comes calling, they only need to ask for documentation and this serves as audit papers for the taxpayer. In all honesty, they couldn''t care less about tracking down a taxpayer - if they are in your office asking for documentation they are interested in a preparer penalty. Going across the tracks to find someone whose car is up on concrete blocks with broken glass in the street and screen windows torn is NOT why they came to your office.
  6. Great question, but I would think since the insurance proceeds should be taxable and reported on Sch F, the income would give rise to the QBI. Other thoughts??
  7. what is the quickest way to find out whether we are current with our PTIN status>??
  8. To me one of the most confusing parts of the 199A. investment in a REIT qualifies. a small duplex does not. Apparently this is true even proceeds from the duplex are $20,000 and the K-1 from the REIT may show only $200. It has been suggested that the REIT reflects a business and the duplex not much of a business. Your opinion(s)?
  9. I am returning to the group. I've missed many of you. If I have any problems with monitors I will deal with them on a private one-on-one basis. On my way to Pittsburgh for a tax seminar, I had an attack of gallstones and resulting pancreatitis. I have been in the hospital ever since. Currently at a rehab facility outside Nashville and hoping for a successful procedure on the 21st of February. No tax appointments before March 1st and I am sure I will lose some clients. I have great friends helping me out. In spite of everything, I did learn a great deal of section 199A. I hope many of you will help with this. Don't underestimate the goodness of your friends. Best regards Edsel (Ron Jordan)
  10. First forum of this kind where I've found this to be true. A good idea, too - keeps from needless proliferation of names. Helpful post - hope others read it. "LaVergne" may die a premature death...
  11. Moderator note - first 5 posts here were moved from another topic that was being derailed. Rita, LaVergne is simply Edsel on a client's computer. In order to post, you have to register, and the IP address of the computer in use will not allow a duplication of another name. Apologize if you were misled, there was no attempt to "hide" my identity. I think you know I would not hide behind a tree to post, even for unpopular subjects. The client's computer is in LaVergne, Tennessee. My engagement at this client will last until January when a full-time person will take over. Thus posts from "LaVergne" will be few and not last very long.
  12. This is not the first time Mr. Golar has deemed me to be unprofessional. The reason state taxes have such a personal appeal is because I have had two government contractors with a requirement to file in every state where they have a contract. Not only that, but one of them was an S corp, meaning I had to prepare personal returns in those states as well. Although not everyone has had the same experience, I have filed probably 25 different states (without counting), some 15 in one year for one customer alone. Additionally, Tennessee is a long and narrow state, thus we are never far away from one of our 8 contiguous states, all of whom have state taxes. I have also been accused of posting political issues (on a few occasions correctly). The issue of state taxes might be considered by some to be political if you believe higher taxes support more government services and social progress. That was not the intent of the post. but I obviously do believe a super institutional structure attaching to a taxing authority does result in a capricious and self-centered administration.
  13. The sobering thought that comes when we hear of someone having a difficult operation is that it reminds us of our own mortality. All respondents have wished you well, and it goes without saying that I do as well. Remember that you (the patient) is more accurately diagnostic than your doctors, and don't hesitate to remind them when their assumptions are going awry. Although I'm hopeful you are receiving the best possible care, the medical system has various ways for things to fall through the cracks, and have isolated themselves from the fallout. In many ways, even though your doctors are more knowledgeable, you are your own best resource.
  14. I've posted something like this before, and received a resounding echo of [crickets] and a few frowny emoticons. Being unpopular never seems to derail me, so I'll try again: Criteria for the below includes states where I have had experience, states with no experience but reputation from other preparers, tax rates, other non-objective stuff... WORST 5 STATES: New Jersey (administratively bad & charges $300 if you pay by check) Rhode Island (reportedly worse than "Taxachusetts", who miraculously is not on my list) California (huge superstructure and the worst rates) Illinois (business hostile and intentionally slow) Minnesota (high rates for a midwestern state and very, very aggressive. Can find you on the moon.) BEST 5 STATES: Nevada (business friendly, no personal or corporate tax) Alaska (low tax, no personal, and no superstructure taxing authority) Wyoming (no personal, and efficient) New Hampshire (no general personal or general sales tax) Montana (no sales tax, friendly to business and individuals) The low (or nonexistent) taxes in the best 5 are not by themselves the only seeming criteria. When a state cannot collect huge amounts of tax, the state cannot set up an oppressive and irresponsive or non-caring superstructure.
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