Lion EA

In this case, a very small estate with no need to file an estate return. Probate courts are still closed to in-person transactions, so very far behind. No court-appointed rep. But the will named daughter to deal with paying bills, filing taxes, distributing assets, etc. I think I did what was both correct and expedient. I did not mail anything with 8453. And, in my rush, I forgot to attach the signed 1310 as a .pdf; although, the 1310 within the return itself has the daughter's name printed on the signature line. And, I have the e-file Jurat for the 1310, signed by daughter, with the 8879. I think the main reason we'll hear from the IRS is that daughter could find no EIPs received by her deceased mother, but mother's 2019 income suggests she should've received both EIP1 and EIP2 in full. My next one may have different facts & circumstances. It's November and been two very long, run-on years. I think I served this client best by e-filing and not letting it sit in a mail truck for months. I'm doing my best.

Yeah! Thank you all for sharing what worked (and didn't) for you. I just received an acknowledgement for an e=filed return for a deceased client with a refund going to her daughter. And, I have another I'm trying to e-file by the 20th. That family is out-of-state, so handing this electronically is huge. You all are amazing.

Oh, yeah, 2-3 acre zoning, wells, septic tanks, no sidewalks, mailboxes on a post on the road. I have two giant propane tanks and a generator. Weston does have 1 stoplight now (didn't when I moved here). Didn't have lines painted on the roads when I moved here in 1978. 30 minutes or more to get to a grocery store, pharmacy, doctors, etc. Compared to NYC only 50 miles away, we are in the boonies. Heck, compared to Westport, CT, on Long Island Sound, just 30 minutes away, we're in the boonies!

Out here in the boonies, people steal out of mailboxes.

Parent1 filed a gift tax return, and Parent2 filed a gift tax return, right? How many family members own the farm? At the start of the transactions? Right now? When they finish the transactions? "3rd brother is wanting to cash out" Cash out of what? Does he own the farm now with his brothers? Did he own it earlier with his parents?

Did the parents gift their farm to two brothers and file a gift tax return? Did each of the brothers gift cash to the third brother, each of the first two brothers filing gift tax returns if over the exclusion amount for that year? Is your client the third brother? Sounds like he received a gift. You'll want to read all the documents. Follow the money. If the third brother actually had an interest in the farm at any time and traded his interest to his brothers for cash or received 1/3 of the profits or...

I don't know about ATX, but the IRS announced Saturday 20 November 11:59 pm as the Individual e-file shutdown: Timeframes for Your Planning In this announcement, the IRS requires CCH, as a transmitter, to stop sending submissions at 10:00 PM EST. Therefore, you must release your returns so they are in Transmitted status no later than 9:59 PM EST on Saturday, November 20, 2021. However, to ensure all federal, state, and city returns are in transmitted status by the deadline, you should release returns as early in the day as possible. We recommend you release your returns no later than 1:00 PM EST. This is particularly important for the scenario in which states and cities are linked to the federal return. We hold the state/city in status Ready to transmit - Validation Complete until the federal return is accepted. The acceptance of the federal return could occur several hours after you release the federal return.

Then take the partnership returns you've done in the past or had as examples, problems, or tests in your classes or The Tax Book samples or..., and prepare them in your new software. If you don't have the "answers," then prepare them on paper first and then prepare them in your software to see what you might have missed in your software and to learn how your software flows for partnership returns. Ask your software company for sample partnership returns to practice on. Ask on a message board for partnership returns for tips & tricks to use your software efficiently. Ask a local firm that uses your software to mentor you for a month (perhaps for a fee) so you can re-prepare some of their partnership returns and compare results, learn from other users where to enter, what boxes to check, etc.

I use CCH's eSign for authenticating signatures, as well as delivery of the review copy of the return to the client. Actually, you can use eSign for non-verified signatures, also, such as your engagement letter. With Verifyle, don't forget to record your verification process in that client's file. Check out Taxaroo.com

I've seen people guessing about 20-21 November... (I have a dozen returns to prepare, so am watching for that date.)

IRS Newswire Issue Number: IR-2021-212: IRS issues another 430,000 refunds for adjustments related to unemployment compensation WASHINGTON – The Internal Revenue Service recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020. The IRS efforts to correct unemployment compensation overpayments will help most of the affected taxpayers avoid filing an amended tax return. So far, the IRS has identified over 16 million taxpayers who may be eligible for the adjustment. Some will receive refunds, while others will have the overpayment applied to taxes due or other debts. The American Rescue Plan Act (ARPA) of 2021, enacted in March, excluded the first $10,200 in unemployment compensation per taxpayer paid in 2020. The $10,200 is the amount excluded when calculating one’s adjusted gross income (AGI); it is not the amount of refund. The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000. Earlier this year, the IRS began its review of tax returns filed prior to the enactment of ARPA to identify the excludible unemployment compensation. To date, the IRS has issued over 11.7 million refunds totaling $14.4 billion. This latest batch of corrections affected over 519,000 returns, with 430,000 taxpayers receiving refunds averaging about $1,189. The review of returns and processing corrections is nearly complete as the IRS already reviewed the simplest returns and is now concentrating on more complex returns. The IRS plans to issue another batch of corrections before the end of the year. Impacted taxpayers will generally receive letters from the IRS within 30 days of the adjustment, informing them of what kind of adjustment was made (refund, payment of IRS debt payment or payment offset for other authorized debts) and the amount of the adjustment. The IRS also is making corrections for Earned Income Tax Credit, Additional Child Tax Credit, American Opportunity Credit, Premium Tax Credit and Recovery Rebate Credit amounts affected by the exclusion. Most taxpayers need not take any action and there is no need to call the IRS. The IRS will be sending notices in November and December to individuals who did not claim the Earned Income Tax Credit or the Additional Child Tax Credit but may now be eligible for them. These notices are not confirmation that they are eligible for these credits and will require a response from the taxpayer if eligible rather than filing an amended return. For taxpayers who become eligible for other credits and/or deductions after the exclusion is calculated but not claimed on their original return, they must file a Form 1040-X, Amended U.S. Individual Income Tax Return, to claim any new benefits. See the 2020 Unemployment Compensation Exclusion FAQs for more information, including details on filing an amended return.

You might find it uses a different color if it has a partial match than the color it uses when it has a complete match, so you know to review that item. Find out out Paperless handles your problem.

Nope. I use CCH's Scan & Flow. It reads masked numbers and matches them to other masked numbers with the same 4 last digits and matches them to un-masked numbers with the same 4 last digits. Not a problem unless you have more than one person on a return with the same 4 last digits; then you'd have to check and assign manually. (Scan & Flow uses secondary info, such as were they both on W-2s from ABCo last year and this year, to make matches, if needed.) Demo Paperless to see how it handles your issue.

The workhorse of scanners is Fujitsu. Pick the model that has the specs that Paperless Plus requires. Do a demo of Paperless Plus to see how it works and if it works the way you work.

How much foreign tax did they pay to the foreign country on Passive category income?

We are all tax preparers on a private message board. Please contact ATX tech support or your IT support person. Read jklcpa's response to you.

Judy's knowledge and research is always top-notch. As she explained, when a PTE has an option to file a composite return on behalf of its owners &/or the owners have an option to opt-in to a composite return, there are a lot of factors to consider if your client is the company or if your client is one of the owners. And, the new and rapidly expanding into more and more states PTET, sometimes mandatory and sometimes opt-in, is just one consideration.

That article is about PTET, Pass Through Entity Tax, written shortly after IL enacted their PTET, so much of the article is from the perspective of IL's PTET. CT has had a PTET for a few years -- mandatory. NY's PTET begins in 2021 -- opt-in deadline for 2021 was 15 October 2021. There are some classes out there now; Tax Practice Pro did a live webinar that's now posted as on-demand: https://taxpracticepro.teachable.com/?page=3

23 states have or proposed PTETs: https://fgmk.com/news-resources/thought-leadership/pass-through-entity-tax-update/

I saw two different discounts offered, things like NAEA &/or NATP. One was $5 and the other was more, I think. I was sure I'd remember where to find them when I renewed, but my brain is fried. I can't find them on websites, Facebook posts, anyplace I looked. Anyone see a discount on PTIN pricing?

So, is he a bookkeeping client? S-corp tax client? Personal tax client? What kind of client is he? You might want legal advice from your E&O insurer. Or, even your own lawyer, depending on what your involvement was with this barely a client.

And, you have a conflict of interest if you advise the spouse but know of taxpayer's biz mis-dealings from your professional work for the couple, for his biz, whatever. Tell him to use his lawyer. If you agree, lawyer can hire you. Recommend a good preparer to spouse. You could work for spouse, if you are careful. I would run, not walk, away from this!

We need an incognito dope slap one to send to clients, something that looks like to us the senders but is just a neutral one on the receiver's email. You know, that dope slap that we pull back into a Hi or thumbs up to our clients!

In Pacun's example, he bought a coin with a coin. That would be a sale and a purchase, right?