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mcbreck

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  1. mcbreck

    IRS Letters

    My state does this also. Only solution I've come up with is to call the tax authority. The problem is both are past the Check Box authorization so you have to file authorization. No clue why anyone in management thought it was a reasonable process.
  2. Once my mind turns off - I'm not coming back.
  3. 2022 is just last years tax return. Seems very reasonable to still be processing returns since W2s are often paper filed.
  4. Personally, I'd report it on Schedule D with a cost of $75k. If it's not a viable sale that they received an asset in return, they didn't have a gain and you can't report a loss on the sale of a personal asset. (assuming it's not a business)
  5. I'm at the age where every get together with friends includes a discussion of how long until we retire..... Oddly the closer I get the more stressed I am about it because it feels like this huge irreversible life decision. I've been asking people what they do all day in retirement just to get an idea of what's to come.
  6. Agreed. Between AI, form readers like Gruntworx and offshoring, watch out. Imagine for a second, Quickbooks has your online software - what if they just offer to produce the tax return for you from the file? People use Gruntworx, that's going to be quaint 10 years out. Things like Turbo Tax - you can download or upload into it your 1099s, W2s and even K-1s. What percentage of people is that good enough for a virtual automatic tax return prep? If you uploaded your Profit Loss / Balance Sheet / Cash Flow statements - a Schedule C is done in a few years.
  7. I like when it's a 45 year old, they withhold 5% and you explain the penalty is 10% before you even get to the tax. Every year the same client thinks she can deduct all the clothes she buys for work entertainment events. I explain she can't deduct dresses but every year she sends me all her receipts. Seeing the prices of those outfits, I'm glad my wife is exceptionally cheap.
  8. I'd love to hear their arguments / thought process. Have a client who inherited about $5m from her brother and had NO CLUE it was coming (he was much younger, they didn't really talk, died unexpectedly and had no one else in his life). Every time I talk with her she's royally ticked off that she owes taxes on the income. Um, you retired expecting to live on $40k, now live on $200k per year and you are upset?
  9. While the PIN isn't overly common, 90% of people who got the protection pin lose the letter from the IRS and we have to paper file.
  10. mcbreck

    Tools

    Saw an Instagram video where they went through the garage of an auto repair shop and asked each mechanic their SnapOn Tools current debt balance. If you want to see a REALLY impressive tool collection, visit an old farm equipment repair guy. My grandfather had a Massey dealership and worked on everything except Deere (which his brother in law owned).
  11. This right here. Some new clients come in and are so used to spending hours filling out and reviewing their "organizer" that it's sad. I have a bunch of new clients from a CPA who told everyone he might be retiring and then didn't - they keep bringing in these 16 page organizers that they hold in their hands as if they are the holy grail I need to fill out their return.
  12. The beneficiary (unless spouse) is required to withdraw all the funds within 10 years and you should take yearly distributions. Doesn't matter if the original owner was taking distributions or not. Even before this new set of rules, inherited IRAs were supposed to take immediate RMDs based upon their own life. There are exceptions to the 10 year rule - spouse, disabled child, child of the deceased who is a minor and if the person inheriting the IRA is <10 years younger than the original owner. As your brother, you MUST begin taking RMDs now. Whether it is your life expectancy or 10 years I do not know. You'd be called an "eligible designated beneficiary." I think it's probably your life expectancy if you wish it to be but check with the custodian.
  13. Thanks. I'll check that.
  14. Mine doesn't show that. I'd need the detail anyway as I show a bill price and then give a discount. Thanks.
  15. Is there a way to see what I charged last year without going into last year's software? If not, I'll add it to my preparer notes.
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