Lion EA

If there are bunches, or bleepity-bleep bunches, then do a profit for each month and a loss for each month. In your case of 6 months, you'd have no more than 12 lines, fewer if not all months had both gains and losses. It's almost April, and I do less typing as it gets closer to the deadline. Not right, but it's practical. The more lines I have to type, the longer it takes me to proofread. Don't tell the IRS. Or, my clients!

Constructive Receipt.

I've also seen 50% wrong. But I've seen 90% in the client's favor. The woman who baked and took her entire country kitchen as OIH, saying it's 25% of her house; and then using .25 as the depreciation factor instead of 0.0256 or whatever it is, depreciating in 4 years instead of 39 years, but continuing to depreciate on her DIY return. The man that drove 90,000 biz miles in prior years, meaning he drove 360 miles a day and had no time to actually work (CT's small with old roads, long rush hours, and slow speeds during prime drive times). Those that claim their parents who probably make too much to qualify as dependents, because CT homes in Fairfield County are pricey with high property taxes and large oil heat bills, so don't get me started. Those that failed to start with Federal AGI on nonresident state returns, so their tax bracket was too low. Huge "cash" donations that were actually in-kind and likely not FMV, as well as needing to be on 8283 with details, such as the guy who gave away $10,000 of computers EVERY year. At least I'm not seeing those huge unreimbursed employee expenses on DIY returns now.

I'd ask the trust lawyer who set it up, if available, or a trust lawyer. The "hold AND administer" wording sounds different than what you're saying the trustee could do. I don't think is the same as HOLD and administer. It's not hold OR administer. Let the lawyer answer to your client.

Father didn't own the land in 2002, so father's death didn't step up land basis. But my brain is fried, so keep researching!

I charge no less for prior years than current year. When I'm running late, I charge the same. When the client was late, I charge a bite more, making sure I take into account my time dealing with past info/forms/etc. (and, of course, more for additional forms/issues/etc. in those prior years). A new client with multiple years, probably the same price, but based on what's in each year. But I'm not taking new clients except good referrals! Schirallicpa charge them royally for your brain power and angst to go all the way back to the beginning of Covid.

Does anyone have a Disclosure Form that I can use to have a current client sign giving me permission to disclose info to a new preparer for 3 years? I'm selling a few clients to a nearby preparer with the band width to take on new clients. We don't use the same software, and all clients DO have paper copies of their prior returns. But there will be questions. The new preparer is paying me over 3 years, but I think 1 year would be adequate for answering questions. Any forms you've used. Anything else you want to tell me?!

That's from memory. Check on it if it's a big enough number!!

Do you know the IRS Liaison Joe McCarthy. His wife, also with the IRS, may be one of their experts on ROBS. If not, either Joe or his wife would know who is. [email protected] 203.415.1015

How long ago did ROBS come about? I wonder how may are getting inherited each year now with our aging baby boomer population. We're expecting your ROBS webinar this fall to teach us everything you learn!

If you choose to use Form 1116, you can carryover. If you use either of the other two FTC methods, there's no carryover.

ROBS. Or, are ROBS only within IRAs? Too complex and scary for me. If you make one misstep, you disallow the entire retirement account. And, now inherited. Wow! I think you have a big, hopefully very profitable, summer project.

Check with your professional organizations for group rates. I use the E&O + Cyber group insurance plan via NAEA.

$3,000 net capital loss allowable per year. I have clients who won't live long enough to use all their capital losses!

https://support.cch.com/kb/solution/e-file-rejection-x0000-005-the-xml-data-has-failed-schema-validation-in-a-return-using-atx-or-taxwise

I agree with you. Assessments probably. HOA fees, no. I have a few clients in CO, but no one in a condo, so I haven't researched this issue. However, CO does follow the feds. Don't you love realtors who give tax advice?!

I love real books. We felt it was one of our missions to keep small independent book stores alive during Covid, so we bought lots of books. Still do. Give books to grandkids for every occasion and any reason. (Another mission was to keep our favorite restaurants alive by doing take-out every Sunday; we're still doing that.) However, we both have Nooks, and hubby has the Nook app on his tablet also. Sometimes the Nook is lighter, plus it doesn't require an external booklight to read at night. And, I don't have to wear my reading glasses in bed, because I can adjust the font. (I've bent and broken a few reading glasses by laying in bed reading.) I just got a cover that has an elastic hand-hold-thing, because I usually drop my Nook on the floor when I fall asleep in bed. As well as preferring the Nook for reading in bed to unwind so I can fall asleep after working late (unless I'm reading a lightweight book that holds my booklight without flopping), I prefer it for travel to take lots and lots of books with me in one compact, lightweight package. Right now, I have one hard-cover book and my Nook on my nightstand; hubby has a tall stack of books and his Nook on his nightstand and his tablet in the living room.

...or, if she sold personal property at a profit. We report ALL worldwide income from ALL sources unless specifically exempted by law.

Agree with jasdlm. Also, your client received the toys as gifts, so she didn't owe any tax upon receipt as gifts. But that's as far as their status as gifts goes. She didn't give them away. She sold them. It sounds like she sold most of them at a profit. Investments? Form 8949/Schedule D. Business selling toys for a profit motive? Schedule C. Facts & circumstances.

Yep, some income to report. But, hey, she's getting a free college education, including R&B, for just her tax rate X about 8K. Pretty good deal. And, it set her up for a major shoe brand deal... IF she still qualifies as a dependent, she can take in an extra $4K income so her parents -- if they're at a higher tax bracket -- can take AOL. Or, if she's NOT any one else's dependent but still in a low tax bracket this year, she can maximize scholarship vs AOL. This all assumes her scholarship can be used for other than tuition & fees, but you say it can be used for board/housing. https://www.journalofaccountancy.com/issues/2019/mar/education-tax-credits.html https://www.cpapracticeadvisor.com/2017/08/15/four-tips-for-maximizing-your-clients-education-benefits/26651/

If they haven't formed a state entity (SMLLC or MMLLC or whatever your state allows) and are H&W and are filing their first return for 2023, they can choose between a QJV and a PTS. (IF in a community property state, can choose QJV even with a state entity.)

And, you may have some amendments to prepare.

Can a GA resident file a Protective Refund Claim just in case she finds out later that she was pregnant?!

A good primal scream out in the backyard works too.

I do tax returns for a lot of states, but thank goodness I have NO and never had any and will NOT accept any Georgia clients.