Corduroy Frog

Great Idea Mr. Normal

mcb: [I have never been in favor of paper checks]. Understand. But there are options to commerce, and the powers that be want to force you (kicking and screaming) into the electronic age, and removing conventional options. How do you like the new pressure for things like "Let your bill pay itself" wanting you to allow XYZ to suck the $$ out of your bank account before you ever see it? Or telephone menus instead of a live person?? A.I. is just around the corner, and just wait until it is running the entire economy when you will have only one fiddler to pay.

Millions of taxpayers will pay in their own manner and the IRS will have more problems on their hand to chase them down. Some people will revolt.

Sounds like Drake (and ATX also) are not the problem, but the IRS itself won't allow direct withdrawal after April 15, even if they have extended the due date. Doesn't make sense. I think my client wants to pay on October 15th, so I'll just send him a voucher and he can send in a check any time he wants. Thanks to all -

For this year only, Tennessee has been told they have until November 3rd to file, pay, pay estimated taxes, whatever. A return I completed owes $35,000 (not the real number) and client wants to pay it October 15. Drake won't allow it. Their message says April 15 is the last acceptable date, and goes on to say that this is true even for states with disaster declarations. I've second-guessed Drake before and I'm usually wrong, but I'm wondering if they've updated properly.

Strange that no part of North Carolina is on those releases. I just returned from Asheville, NC and the flooding there was the absolute worst on either side of the state line...

On a Nashville radio station, where listeners call in to ask tax questions and get them answered. One of my clients apparently heard the same thing. Lion, you are correct about the disaster area with hurricane Helene, giving those in certain East Tennessee counties until November. However, the radio station did not limit the canvassed area, and the radio station which hosts the program is powerful, and can be heard in 5 different states.

I've been hearing about some bizarre schedule where all estimates can be paid on November 7th. So....what is going on? Can it be this simple for 2025?? Date of Payment #1________________ Date of Payment #2________________ Date of Payment #3________________ Date of Payment #4________________

Yes Miss Sara, that is exactly what has been happening.

Good advice from all. I have told him to expect anything. And, yes, his AGI was $750,000 this year.

Thanks for the responses. The sale will not occur until 2025, so I will not be able to advise about this until we have the information of which you speak. Interesting...

Thank you Mr. Normal. This is a PTP. Taxpayer paid $175,000 for it, and has been reporting income for 5 years, and has been also receiving distributions which are not necessarily equal to the income. Will sell in 2025 for $200,000. If there is no need to track basis, then is it as simple as reporting $25,000 LTCG? Can't find this in IRS Sch D instructions, and not sure I would understand it anyway.

The formula for partnership basis calls for a decrease if there are nondeductible expenses. One example is 50% nondeductible meals. However, in a "limited" partnership, nondeductible losses could include losses disallowed because they are passive. Question: Are passive losses required to be deducted from basis according to the formula? I don't see why they wouldn't but thought I would ask...

"Go to the ATX forum, idiot."

Thanks for all the comments. Looks like the "plan" won't really work. This is not "acquisition debt." Dan, I did research the (voluminous) instructions to Sch E, line 12. Lots of cross-references to other situations. I'm happy you understand it. Thanks.