mcbreck

The 1099-k can be taxable and the IRS has a copy of the form so how do you just ignore outlining it on the fed 1040? Individuals could be getting 2-3 of these easily for personal transactions or business transactions and I'm thinking the IRS instituted this reporting requirement because they want to receive an explanation. H&R Block has this: Personal transactions – You’ll report the amounts form your 1099-K on Schedule 1 (Form 1040), line 8z. You should include the Form 1099-K’s issuer’s name and Employee Identification Number (EIN). On the same form on line 24z, you’ll subtract the same amount. Again, you should include the issuer’s name and EIN. IRS has this: Form 1099-K includes the gross amount of all reportable payment transactions. You will receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third-party network transaction. Intuit has this on their site: If you receive a 1099-K with reportable transactions, you will need to claim those amounts on your tax return to avoid receiving a CP2000 notice from the IRS after filing. However, if you are sure the amounts are not taxable income to you, you can create an offsetting "other income" entry as a negative amount, and "Gifts reported on 1099-K" in the description line.

As I understand if it's personal / non taxable you report on Schedule 1 line 8z and then you back it out as personal on 24.

I'd like to be judgemental on people not doing things correctly with funding their trusts but our checking account and savings account are still in our joint names. When Covid hit, it was a pain to get into the bank so we've never made the switch. My wife is off next week, that might be our goal!

IRS website says if you received a 1099-k and it is not taxable, you should report it on Schedule 1 line 8z and then back it out on 24z as non taxable. In Drake it appears you have to enter it manually on the lines? There isn't a 1099-k form? When I go to 99k, it says it is only to be used for State purposes and will not be entered on the federal return. Is this all correct? I'm anticipating a lot of people receiving 1099-k forms this year for non-taxable events but maybe I'm wrong.

Yep. I've had many cases over the years where someone applied for the EIN and the IRS mailed them a letter 2 years later wondering why nothing was received. I spend more time on the letter than I do a 1041 showing $1 of income.

Maybe I'm confused. Are they filing a 2022 tax return showing this capital gain via the 1065?

I wrote our own trust agreement. Found a Stanford Law book online which had sample trust documents and modified it for my own usage. As with all of you I had a bunch of copies of some client's trusts and I compared them, they are all exceptionally similar except for special issues. Some are in easy to understand wording and some use ol English phrases but the crux of it are all the same. If you have a lot of assets, special assets or special situations (disabled child, step children, dependents with special management needs...) you should meet with an attorney.

An estimated tax payment is not required to be made. https://dor.mo.gov/faq/taxation/business/entity-tax.html They need to pay the tax on the 1065 (make the election) and pass thru the credit.

Will commercial real estate ever return to where it was prior to Covid? I read San Fran commercial space is 40% unused. Locally we are probably in the same situation but they are saying a BUNCH of the buildings are off-market so they aren't included in the available space. I had to go to our downtown for a jury duty appearance last March and I thought it would be a great time to eat at one of the restaurants I used to eat at every week when I worked down there. None of them were in business still. The buildings are mostly empty so all the restaurants are closed.

If last year's copy of the guide is good enough, you can download it for free via Paychex. You set up a free log-in, go into the guide and when you try and download it the site will email you with a link to download the entire guide.

100% agree.

Malware has been for sale on the TOR dark web for years. The CIA had a suite of spy software and it was stolen and put on the web for purchase. https://9to5mac.com/2017/03/07/cia-ios-malware-wikileaks/ A long time ago (18-20 years ago?) the US Government / CIA used malware to get into the databases of Petrobras the Brazilian oil company. They then gave it to US oil companies so they had an advantage in negotiations.

Nope. They do offer a digital version (first year for that) but I can order as many copies of the book as I want for $30.38 per copy.

I have 1 Master Tax Guide book from a few years ago. The company I work with offers them for $31 each and I bought 20 and handed them out to attorney's and it became obvious nobody really wanted them.

I've never seen a minimum - you just need to pay the fee and do the CE. As I recall from my training, professors and attorneys sometimes become EAs just to show they have the knowledge without ever following through and doing tax returns.

Not that it has happened here but I love threads about how much people charge on other boards. Guy in Manhattan charging a massive sum and declaring it to all as if it is representative of the rest of the country. Another degrading people for how little they charge in Pine Bluff Arkansas compared to San Francisco. Another guy declaring their minimum is $750 because they are "experts" which implies everyone else is less than. Again, this hasn't happened in this thread but I find it hilarious on other boards.

Google is also involved. Sounds like the methods used would mean the professional software versions weren't using this but it seems there should be some clarification on that fact. I'm sure nothing will come of this but the IRS needs to take some serious action very soon. Again, doubt they will.

About 6-7 years ago I fired all the jerk clients. Really wasn't a large number but holy cow my life became more enjoyable. Ever since I have routinely eliminated jerks from my life. (Co-worker's son and wife were the most recent) Raise prices but also suggest jerks go to another firm. Local investment firm does taxes for people and fired anyone without at least $500k in investments. Their letter just said they have refocused their practice to handle certain types of clients and listed 3 firms they suggested they contact (HRB, JH and a local EA). Do it politely and give them time. When you see someone's name on an email or caller ID and your heart hurts - fire them. Life's too short for that crap.

Sister in law and BIL have a 7 acre place with 2 barn cats, a freakishly awesome dog, 2 horses, miniature donkey, 3-4 cows and multiple chickens. It's a joy visiting their home and I keep a bag of biscuits in my car just for their dog. They enjoy visiting us in the city also - see it as a big vacation. I live in the city and owned an 1870's home with this wild skylight on the third floor that shined down onto the main floor. I had a cat who would bring me those "praise me" trophies and the birds would fly around leaving blood on my third floor walls.

I don't see how buying TaxAct impacts the Drake software. Intuit has Turbotax, Lacerte, Proconnect and ProSeries. Wolters Kluwer has Tax Wise, ATX, Access and Prosystems. WK bought a few other tiny ones to boost their footprint if I recall correctly. Thompson Reuters has GoSystems and UltraTax. I would expect Drake to make another purchase down the line like TaxSlayer. I'd also expect a consumer accounting software program.

I was at my grandparent's farm (as a youth) and they had a rental home on the property. I'm sitting on the tailgate of the truck playing with a cat, their black lab is sleeping on the porch and another cat jumps up onto the porch with a dead mouse. The cat is playing with it, tossing it up into the air, rolling around with it, pouncing on it. Black lab gets up, walks over and eats the mouse. The cat is POed as the lab gives it a look as it lays back down. Lesson of the day is don't tick off a sleeping dog during his nap. Greatest days of my life were on that farm.

Status of Processing Form 1040-X, Amended Individual Tax Return: As of November 5, 2022, we had one million unprocessed Forms 1040-X. We are processing these returns in the order received and the current timeframe can be more than 20 weeks.

I've only ever had 2 people not pay me & I considered them gifts. I don't require payment to e-file as lots of clients mail me a check after pickup and that can take a full week.

All that drama and rushed training for essentially nothing.

How many does Drake allow?