BulldogTom

I am a little confused about what I am reading. I think what it says is if you are: 1. Over 65 2. Income below 75K S / 150K MFJ You get an additional 6K standard deduction. My Questions: 1. Do both spouses have to be over 65? 2. Do both spouses get 6K? 3. Does this affect the additional over 65 Std Deduction? 4. How does the phaseout work? Is it a cliff? What is the basis for phaseout income? MAGI? I am sure I will get all my answers when I do my CPE in Nov. Tom Longview, TX

Just saw that I can renew by mail. I think about 1 million people ought to renew by mail. That'll teach 'em. Then we can have all our clients opt out of efile and mail in returns with staples and staple checks to the returns and then send letters asking when the return will be processed and then send more letters asking for interest on the late refunds and swamp their whole system with mail. Not like I am being childish about this or anything.... Tom Longview, TX

Exactly. If hackers can get into the Iranian equivalent of coinbase and make 90 million in digital assets fly into the ether, you think they can't get into ID.me? Tom Longview, TX

I am not a techy type, so take this with a grain of salt. But I have found that the issue when the software won't open is the database is not started, or it needs to be restarted. If you can get to your control panel, check the status of the database for the year in question and the year before the year in question (for some reason if the year before you want to use does not have a running database the year you want will sometimes give you trouble). If that does not work, ask @Abby Normal That is what I do when I need to confess my ignorance. Tom Longview, TX

I am just philosophically opposed to giving my face to a for profit company to add to their data base so I can continue to work in my chosen profession. I don't know what has gotten into the IRS that they think we are the problem. They know us. And the ones who are running Turdo out of the garage are not going to do this anyways? What in the world? Conspiracy theory Warning ****** The government promised to put as many people into ID.me when they signed the contract so ID.me would have a larger data base. End of theory***** How about requiring everyone to takes a tax credit to have an ID.me account and give their face to that company in order to get a tax break? I am so pissed I am not thinking straight. The IRS keeps shooting at the wrong targets. Tom Longview, TX

Uhhhh....not so much. Tom Longview, TX

Microsoft Authenticator. Old phone is flaking out again. Won't open. I will try when it "gets in the mood" to work again. I will try your suggestion then. Tom Longview, TX

My cell started flaking out on me - screen decided when it wanted to open rather than opening when I pushed the button, so I got a new one today. I put the authenticator app on it, but now how to pair it with ATX? I hope someone here has a better suggestion than calling support. I am getting new computers this year like a lot of you. I saw the thread on older versions of QB running on W11. I am hoping my 2003 desktop Pro version will still work on W11. It cannot hurt to try and load it. I think I am going to have to re-pair my phone authenticator when I re-install ATX 2024 on my new machines? Again, any suggestions for how to do that without calling support? Thanks in advance. Tom Longview, TX

I just got it. Sent an email to my Congressman telling him if the rule goes into effect on July 1, I will not vote for him again. Tom Longview, TX

If your client wants to pay on Oct 15th, you could hold the return and file on that date. The funds will be withdrawn within about 2 business days. ATX has the same issue as Drake, you can't go out even 1 day. I filed a return a few weeks ago after the end of the banking day, so smart me I put in the next day as the bank withdrawal date. REJECTED. Even at 10PM. It is just the rule that if you owe and you efile and you want the direct debit option you pay immediately...but I don't have a source for that rule. Tom Longview, TX

Wow, I never knew you could do that. Thanks @Lee B Tom Longview, TX

"Everything is bigger in TEXAS!" Oh, you said TAXES....oops Tom Longview, TX

I think they call it the sausage making in DC. I call it Halloween - Senators go to the doors of lobbyists and hold out a bag looking for cash to be put in. The more cash the AICPA can put in the senator's candy bag, the more chance the senator will make changes to the sausage recipe. Not appealing to watch.... Tom Longview, TX

Is it an ABLE account or a SNT account? It can be confusing to interpret what the client is telling us. If it is a SNT, then all income is taxed to the trustee. Not a tax advantaged plan. Take a close look at what she is doing and see if it makes sense for what she is trying to accomplish. Tom Longview, TX

Ask your hairdresser Tom Longview, TX

You are doing business in the state. CA has never made an issue of unlicensed preparers or preparers unlicensed in CA preparing returns. They recognize all EAs, CPAs and Attorneys from other states to practice in CA. That being said, if you are organized as an LLC, Corp, Partnership or any entity organized under the SOS of your state, they do want you to register as a foreign entity and pay the fees and taxes associated with doing business in CA. They do like their nexus. Not a problem for me as I am a SP, so my Sch C just goes to them with my 540NR, no special filing required. I keep my workpapers for my allocation of income and expense but they have not audited me on my application of the market based sourcing rules. The statute is running on my first year filing an NR with them, so I might see a letter at some point before it runs out. Tom Longview, TX

The rule in CA is "where the benefit of the service is received, that is where the tax lies". In practice, it means that any client who is a resident of CA at the time I prepare the tax return received the benefit of that service in CA. Therefore, the income I received from that client is taxable to CA. Even if they come to my office in Texas, CA considers the benefit received in the state. I have a few clients that are non-residents of CA but who still have CA sourced income. Because they do not reside in CA, the preparation of the 540NR is not sourced to CA and I don't pay tax on it. The benefit of the service was received in their home state. I think OR is pretty much spelling out the same schema for their income tax sourcing rules. Tom Longview, TX

@Abby Normal what website did you get that radar image from. I have not seen one like that before. @RitaB take care of yourself. This spring the weather is not fooling around. Tom Longview, TX

Not a surprise. But based on your earlier email they are not going to have out of state EA preparers anyways because they don't recognize our licensure. I don't have any OR clients, and I guess I never will. I will send anyone who asks to you Lee. Tom Longview, TX

I had an issue when the IRS missed my renewal. 3 years later I went in to the website and renew and it asked me for proof of my CE. I freaked out and called. When I did, the agent was like "we don't have record of your XXXX renewal". I was like "can I send you over my application and receipt with the date and time stamp? I renewed on the first date the application was on line" The dude was like "you have that available?" and I was like "Of course I do. I can email it to you right now, give me your email address". They asked me to mail in my application and my cc payment receipt from three years prior and in a few weeks I got my enrollment card. I think it had something to do with being the first day to renew on the website that caused the issue. Tom Longview, TX

I stay out of my client's investments, until last year, I broke my rule. Client is in a PTP for 30 days, loses $100 and the K-1 drops a few dollars of interest expense and depreciation on her. Add in my charge for Sch E page 2 and the 1256 straddle form and she lost a couple hundred bucks for a 30 day investment. I asked if she knew what the partnership did, she had no clue. So I gave her some questions to ask the advisor. She called me back and said he promised not to put her into those investments again. I never know where the line is to talk to my clients about their investments when I think they are being taken advantage of. I try to tell myself it is none of my business, but I care about my clients and it pi$$3s me off when I see these "professional advisors" putting their profits before my clients best interests. Tom Longview, TX

I hope you have been paid. And I hope you will send this client packing! Any client who makes my fee dependent on their tax outcomes is not someone I want to deal with. If you let them get away with making that statement, they will make it again the next time they don't like the outcome. Tom Longview, TX

I was looking around for a CPE seminar in Late Summer or Early Fall. NY EAs are having an education seminar in Saratoga Springs Oct 26-28. Never been to upstate NY, worried that it might be winter conditions. Any of you going? Advice for that time of year in that place? Tom Longview, TX

Oil rich areas West Texas and Eastern New Mexico. Northwestern Nevada is barren north of Reno (pretty, but not very populated) and except for weed growers, I don't know who is getting rich up there. Wyoming has some cattle and the price of beef is high right now, but ranching does not normally produce consistent high income (because they always need new trucks!). Curious indeed. Tom Longview, TX

EAs left out? Not surprised, most politicians can't spell EA, let alone describe our licensure. Tom Longview, TX