Catherine

I'll chime in too, although a lot has already been covered. Back when the FBAR was on paper, I prepared them for clients to sign and mail in. Now that they're 100% online, once I read the possible peril to *me* I figured no one would pay me enough to make it worth the risk. What I have done, after providing the online link, has been to review the preliminary (basically the paper/pdf version people fill in to be ready) and made sure boxes were checked, etc. Yes, much of the same info is needed for the 8938 - and part of the reason I "review" the FBAR form is to make sure I have all the required 8938 information (if any). As far as the "weird pension" goes, boy there is so much there. Tax treaty needs to be read, first off. Many pensions are like social security here, or defined benefit plans here, where there is no reporting requirement for FBAR purposes because the person has NO control over the funds. They show up in a bank account on some schedule. But sometimes they're more like a 401k, under some level of control, and therefore reportable. That makes "weird pension" not always an issue. I'm glad it turned out well for you in this case as they were not willing to pay your fee. But in your copious free time, read the preparer liability on the FinCen site. No way, Jose; I'm never going there.

Always, always, ALWAYS report the house sale and exclude the gain. The last thing anyone needs or wants is a nastygram from the IRS, two years post-sale, demanding tens of thousands of dollars in taxes not actually owed. The younger folks just have to change their pants before they call you, screaming or in tears or both, and I frequently wonder how many heart attacks those letters have caused in the elderly.

Y'know, sometimes the instructions HIDE the information until AFTER you ask. I think it's to keep us humble, or something.

Again, depends on the trust. If it is a grantor trust but docs were issued in trust EIN, you can put it in and back it out with "reported on t/p Form 1040; ssn xxx-xx-xxxx" or flow it through on a K-1 if the t/p is the beneficiary. I've generally done the former, with never an issue, when required.

Bingo. There's a huge difference between someone clearing the good-but-don't-fit items out of their closet and selling them on ebay or etsy and likely making nearly nothing after shipping costs and fees (and certainly not profit compared to what they paid in stores), and someone who makes a living cruising yard sales and picking up the "good stuff" to sell for profit.

Some of the states (like MA) will inquire, even if the feds don't. I've seen this. Selling personal property at a loss is not a taxable event. (If they sold at a gain, that's different.) What I have done is put it on the "other income" screen (I use Drake) description "1099-K" with a second line description "sale of personal property, no gain" with a negative number $1 LESS than the 1099-K amount. Why less? Because the detail screens don't transmit unless there is a net amount. And $1 additional income won't break anyone's tax bank.

Employers of boyfriend of the barber's cousin, and other knowledgeable tax super-experts!

We also have this requirement for the few who "forget" to pay us. Once, in over twenty years, I had a client pay for the prior year and current year, and then not return. Whatever. Her information was always a bit sloppy so it didn't hurt to see her walk away.

Welcome back!!!

Use one of the online services like eFileMyForms or Eagle or TaxAid. A couple of bucks resolves the problem; well worth your time and trouble. Add (or take out) a middle initial and send a 2nd 1099 to the person. We do that for one client; someone who sends out rent 1099s for two properties to the same woman, who wishes them to be separated for her own reasons. One goes to Mary Smith, the other goes to Mary J Smith. Boom; done.

The ones with direct deposit only noticed (maybe!) that their balance was higher than expected at some point. Checks... maybe they'd remember the amount. Debit cards, no chance.

My preferred response was always "Answer hazy; ask again later!"

I think all that transmits is the name and EIN. The rest is for your own tracking?

What's up with the EIN application tool? I've been trying off and on since last week to get an EIN for an estate. I keep getting errors we can't get that for you at this time call this number with error blah-blah. If I call the number, eventually I get a recording that there are too many calls they can't answer click. Earlier today that section was down for maintenance, so I had hopes... nope. Same error this afternoon as on Friday and Saturday and Thursday and and and. Anyone have any clues out there? It's not like we can expect any response *mailing* an SS-4 in, after all.

pronounced eep? or EEEEEEEEP!!!!!! inquiring minds want to know...

Most people can't think, most of the remainder won't think, and the small fraction who do think mostly can't do it very well. --Robert A Heinlein

We had an IRS person talk at a cont ed thing some years ago. Yes, best practice is to file a blank 1041 with only the top section filled out plus some verbiage about all being reported on taxpayer's 1040. The person said, off the record, that they rarely see those and pretty much don't worry about them.

Yes, ma'am!

HAPPY NEW YEAR to all my dear friends here on the forum. May this new year coming in be nicer to us ALL than the one we're leaving behind!

I'd say a call to tech support is in order. I don't use it - but I *have* noticed that other 2FA items have been flaky about needing a lot more confirmations. For example, QBO required a code every. frimping. login for the better part of a week - and it just stopped. On a day when twice earlier I'd needed to get a code from the same computer and browser. All of a sudden - log in straight out with no 2FA. Computer gremlins, I figured. ymmv

I kinda knew, 'cuz it took me two hours to drive to the Nashville Airport a couple summers ago after our ATX Friends bash.

Might I recommend what we plan on doing this year? Put ALL of these clients on extension. At some point the rules WILL get straightened out and finalized. I, for one, don't want to do endless amended returns after the rules change for the fifth time. We are TELLING (not asking) our affected clients that they WILL go on extension this year, and also telling them that this way they won't be paying us to prepare an amended return when the rules change.

Thanks, @Lynn EA USTCP in Louisiana

@BulldogTom - my sympathies on the job loss! It *will* backfire on the boss' company; from queries you've posted here it's been clear that you're doing the work of at least two additional people at higher pay grades. He was getting a super-bargain and now he's going to pay through the nose, and that's if he survives, which is not at all assured. This may be the silver-lining disaster you needed. There is a HUGE need for tax preparation and also representation. All the representation firms are talking about an expected immense increase for that need, between all the people now behind on taxes, small businesses ditto, and the ones who "outed" themselves to the IRS as non-filers when they filed for stimulus money. As Lion said, tell EVERYONE that you have room for "a few new, good, clients" and watch them pour through the door. Make sure you have a web site with a portal. There are a number of excellent all-in-one sources (CPA Site Solutions, GetNetSet, Tenenz, and more) that come with site templates, branded portals, dedicated email, automatic monthly newsletters, financial calculator tools, and all manner of good things. It's worth the cost just for the portal and email. If you need appointment booking help, look at youcanbookme dot something or book dot me. We've used it for years and it's easy to use, and the lowest tiers are free. It's also linked on our site home page ("Book your tax appointment online - click here" it says). Saves SO much hassle and time with the ditherers who can't make up their mind when they want to come by. May you look back in three years and think, "Getting fired was the absolute BEST thing that happened for my career."