Roberts

T Rowe Price doesn't have to think anything is weird about someone not taking a distribution since it is an accumulated figure and they could have been taking their distribution from another IRA at a different firm. You aren't required to take the RMD from each account. Their only requirement is giving you that RMD number each January. IMO you need to figure out the RMD from EACH account and compare it to what they took out. I have clients who might have an RMD of $21,230 per year and they'll take out $23,000 just to be sure. If that forgotten IRA was small enough, they might not have any problems at all.

I've had multiple clients where this has happened on the state return. In fact it has happened to me. No clue why and never received an explanation why. This year on my local state I've had two clients call me up and tell me they received checks from the state with no information, no explanation. Two weeks later the state mailed them each a letter demanding the money back and it was sent in error.

I agree, have been slowly acquiring information and have done only a few actual cases thus far. I think it's a lucrative area and I think it's going to explode but thus far what I've done isn't exactly enjoyable work. Several years ago I did the American Society of Tax Problem Solvers boot camp (dvds) - sadly that was limited to OICs but had decent information. Jassen Bowman and his Tax Resolution Training videos on Youtube (free) are rather informative. Locally we have several law firms that are advertising tax resolution work non-stop.

Do you handle much representation work?

You can watch their previous ones for free but not receive credit. I like free. Canopy Tax has free webinars you can watch whenever you want for free and get CE credit. Just had a weird tax client phone call. He insists I told him to not make his January 15th estimated tax payment because of the virus and the IRS had delayed everything. Told him the IRS didn't delay anything until mid-March and I hadn't even heard of the virus in early January. He still insists I told him that back in December!

For the Enrolled Agent CE requirement, it doesn't include courses focused on state forms does it? I thought I read that it only works on federal tax

I'm in my 1st year of the 3 year CE cycle. I've already done 25 hours of CE, will do 15 more over the next week or two. Every time I've done the webinar route like Tax Forum is doing or gone to a major forum event - about 1/2 way through I'm zoning out and wondering why on earth I ever thought it was a good idea for me.

Never heard of the Dissenter browser. Downloaded - will give it a look.

There was a guy who did taxes out of his home very near my previous home. Newspaper said he owed over $180k in back taxes so I looked him up. Multiple restraining orders against him and charges of beating people up, people claimed he never actually filed their taxes and he had a ton of lawsuits against him. He plead guilty and settled on his tax bill, still owns the home and somebody is still doing tax prep and accounting out of the home office.

When I started working as a FA in 1992, I generated a spreadsheet which gave the cost basis information on the AT&T split up. It took me several Saturdays to complete it even though I had a book that had all the percentages. I went around to estate planning attorney's and CPAs pitching to them that we'd generate their cost basis for $200 - free if they became a client. By about 1997 it was so freakin complicated I had to give up on it. When they started buying back / merging with their own spinoffs I became lost in how to do it. The spinoffs from the spinoffs were coming so quickly I couldn't keep up.

If they can't prove their cost basis to the IRS, they are supposed to use $0. It's up to the client to provide you with a date and cost basis. Reality is we have someone who will produce a cost basis and put it on their letterhead.

From my FBI client - never trust encryption. Ever. My nephew works at Apple headquarters and when I asked him about it his reply was basically to never expect anything that is encrypted to actually be safe. He compared it to putting the "club" on your car steering wheel - the hope is that the crook will just go to an easier target. I trust encryption only because there really is no other alternative. I don't use cloud storage not because I think the data will be stolen but because I'm more concerned that in an emergency event, I may not be able to access that data for a few months which doesn't work for me.

I've used it for several years. I haven't seen a single con.

I only have two people who pay me in cash. One bounced a check about 10 years ago and for some reason thinks I don't want a check from her. The other makes a living as a musician and giving lessons.

Resilio Sync I run essentially everything through a single folder on my desktop and everything in that folder is backed up onto a laptop at home. Whenever I save a file, it sends a copy to my home via an encrypted connection. Every Friday I save a second copy onto a USB drive.

I never realized this but that's why so many bars price beers at $3.50 instead of $3 or $4. Many years ago my barber (when I had hair) went from $8.50 to $9.00 to get a haircut. I joked with him that it was a pretty big percentage raise and he said he didn't make any extra money. Everyone always paid him $10 regardless but now he has to share more with the owner. He said he didn't think he'd get an actual raise until he raised it to $10.50.

I'm working on some continuing education - like to get the bulk of it done before vacation each year! The segment is on tip income and I notice something odd: When most people think of a profession that is largely driven by tips, naturally the food service/restaurant industry comes to mind. Few other professions rely as heavily on the generosity of their clients instead of the pay of their employer. However, there are a significant number of other jobs and professions that do count on gratuities to supplement, if not comprise the bulk of, their regular income. Some examples of these other industries include: taxi/limousine drivers hairdressers/stylists/ barbers card dealers/casino workers golf caddies airport skycaps/employees bartenders hotel employees/housekeeping staff delivery people landscaping/gardeners exotic dancers child care providers valet parking attendants pet groomers gym attendants manicurists/pedicurists masseuses tax preparers We are supposed to be getting tips?

My wife works at a University with this program and this is a tax free benefit. I'd think the child would have to be a dependent to qualify for the benefit so why would last year's status matter this year? I'd call the University and ask. I know on my wife's they have a weird one where step children are able to receive the benefit but if your step child is derived from a "domestic partnership" (gay marriage) it would be a taxable benefit.

I'm not sure how there is a corporation above a group of 1065s. Who was receiving the K-1s? I corporation can be a partner in the partnership. There isn't really a way for an unknown corporation to be above a partnership that I know of.

Our VOIP provider gives us an email with voice to print copy of all voice mails. I can also download any voicemails I think. I can also record any phone calls I want (my state only requires one side to know a call is being recorded).

Tax software is IMO the ultimate in finding something that works with your brain. If their style isn't intuitive to how your brain works, you are going to struggle. Intellitax worked so amazingly well for my brain and OLTPRO is very VERY similar so it's why I stick with it. Forms entry seemed so impossible to learn but once I did - I couldn't go back to anything else. I switched around on my own until I found TRX and then THEY switched me around until the debacle that was 2013.

Can you provide an example where they got a TIN, moved assets under the TIN, you now have a 1099 or K-1 in your hand showing income associated with that TIN and a 1041 would be wrong? OP said it is a settlement trust. A 1041 should IMO be prepared. Instructing non-lawyers (like myself) to read legal documents seems fruitless to me. Especially if the goal is to uncover a remote instance provided for within the legal jargon. Ask the lawyer.

That's the one I was thinking about. H&R Block owned them.

I always assumed ATX stood for Advanced Tax software. Anyone ever make a list of all the tax programs they've used? TaxAct, TaxWise, Drake, Intellitax (My favorite), ATX, Proseries and OLTPRO are mine I think. Has to be another 1-2. H&R Block had software they sold to professionals - anyone remember the name?

Then you almost certainly need to do a trust return.