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Donnarae

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    VA

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  1. The irs doesn’t always recognize the basis unless reported on the 1040. I always file if the sales exceed the threshold.
  2. So, it’s not taxable to fed or state? I have 2 in my office coming up. Can you post a link? gaaaaah
  3. In the case of Virginia state taxes, governor Youngkin found a pocket of money and decided it was better in the taxpayers pockets. So, all taxpayers, who had any state tax liability in 2021 received free money in 2022. We were instructed to include this as income if the tax payer had itemized the year before, but that doesn’t make any sense to me because the distribution had nothing to do with itemizing or not itemizing. It seems to me like it’s simply free money. Taxes we paid in the past came back to go back in our pockets.
  4. Donnarae

    POA

    I keep a copy on file and have them sign as POA. “Taxpayer name, by so and so, POA”
  5. It’s amazing how quickly they catch up when the shredders are properly functioning.
  6. I think EVERYONE should respond by mail. This is ridiculous and has caused my office a lot of time and trouble.
  7. Looks good on paper, but I wish they would tighten up on fraud by eliminating refundable tax credits before opening the floodgates to welcome even more. …and there’s your run-on-sentence for the day…
  8. And now they will be handling millions of responses to letters they sent for non-payment of taxes owed. I’m having every client print the proof of payment from the IRS website and respond by mail. Bwaaaaa
  9. When clients shop for prices, I tell them “I don’t strive to be the cheapest, I strive to be the best!” If they are still on the phone after that, 99% of the time, I’ll get a great client. They are ALL referrals. So, I’m also quick to say that I’m sure they spoke to “so-and-so” and already know the value in my work.
  10. Yes, you might say we share the building!
  11. It looks great! Man, that’s alotta work!
  12. I’ll check back with them when I get home next week. Thanks!
  13. I’ve had 3 of those notices. I checked all of them and the IRS is wrong on every one. I told my clients to wait for the IRS to straighten it out and if it’s still unsettled in a few months, we will contact them. I’ll check back with them. Yes, it makes us look bad. It also wastes our time, and time is money.
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