ILLMAS

Husband lost job and has been paying Cobra, can the wife’s LLC pay the premium?  Wife and family are under the policy, husband is not an owner or shareholder of the LLC.  From the research I have done, it seems the policy has to be under the wife’s name.

Thanks

Can ChatGPT make someone wealthy?  Asking for a friend.

1 hour ago, mcbreck said:

My brother was a CPA and went to work for a company he audited. He was treasurer and moved up to being CEO. Now he's the CFO of a large company. He refused to be a partner of his CPA firm because of the Arthur Andersen meltdown and financial meltdown it caused the partners. He also didn't want the stress of having to bring in clients. 

I have a CPA sister that did the opposite and works too much.

CPA's are even leaving the profession and becoming CFO, comptrollers etc...  They no longer have to take CPE hours or be licensed and probably earn more and are less stressed.

I see this program being hacked to do the opposite of what it’s supposed to do.  

I'll stick to this still

main( )

{ printf("hello, world");

}

Just out of curiosity, does anyone here use ChatGPT on a daily basis?  Like for what reason if I may ask.

https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes

What is worst, people not going into the accounting field or accountants leaving the field?

I wonder how many “Made in the USA” companies already outsource some of their operations in the recent years.  

I could imagine people rejecting this technology just like people who do not find value in using social media.

3 hours ago, David Robinson said:

Regretfully, Virginia mandates electronic filing for Virginia Form 502PTET and the manual forms shown on the internet are watermarked that they are only to be filed electronically.  The Virginia Form 502PTET instructions state that no waivers will be granted.  

 

What did state say when you called them?

No worries, Proseries has the same problem, I’m working on a multi state partnership and so far I have used ATX for some forms and some manual forms.

Tell me about it, they have an annoying pop up to remind you if use the payroll module.  I finally installed 2021 and moved my payroll clients this week.

1 hour ago, BTS said:

Look at all the Crypto companies currently in bankruptcy.    Safest way to invest in crypto is as a "Miner".   Buy or build a couple dedicated miner PC's or Asic Miner and let it go to work.  Helps if you own your own Nuclear Power Plant to runs these energy hogging miners too !!!  

Exactly, a high school custodian saved $17,000 on electricity by using the school power on a handful of machines.  

1 hour ago, Yardley CPA said:

How long have you been using ProSeries?

Since 1993 when it was called Turbo Tax and since 2008 I process returns in ATX and ProSeries.

That was going to be option 2.

Thanks

Can I resubmit an extension that was filed last night to include a payment today?  If yes how does one supersedes the prior extension?

Thanks

Hello Teresa, you would report it as like any other stock sale but you need to go back to date of death and look up the value of the stocks.  That would be your cost basis, there is a chance the stock didn’t appreciate in value between DOD and when your client sold them.

https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=Step-up in basis%2C or,the asset is sold later.

I don't know if you researched your question first, but here is good write up:  https://www.thetaxadviser.com/issues/2021/may/tax-issues-noncompete-agreements.html

Present

The state released a communication in early February that the rebate was not taxable.  

22 hours ago, ETax847 said:

I mailed a few tax documents back to the client via a sealed envelope, First Class Mail.  The client received the mailing without its contents and a letter from the post office Rewrap unit say the mailing was damaged during processing.  Has anyone ever had this happen? The client is freaking out and rightfully so.

If you want to share this news clip with your client:  https://www.cbsnews.com/chicago/news/chicago-couple-wedding-invites/

Yes, it’s very common and nothing one can do about it.  Have your client contact their senator.

1 minute ago, cbslee said:

 

?

First agent just gave me general information as to why they were assessing the penalty (agent was not helpful at all, compared to the one I spoke today), a couple of minutes ago another agent told me exactly what the problem was, as I had suspected the IRS never processed the 1099 package mailed in early 2020 and the second submission of information back in July 2021.  Once we write in, I have the confidence the penalty will be removed.