JohnH

Sorry, I wasn’t clear about that. It was Max W who posed the question. I was making a loose connection between the two having the same name.

My high school football coach was a survivor of the Bataan Death March. Ironically, his name was Max Beam. Coach Beam didn’t have any patience with slackers, and he always said we were too soft & had no idea what hardship was. Wonder what he’d say about today’s generation?

Old accountants never retire. They just become unbalanced.

I did not know, but I'm sure Drake will know when they send out 2021 s/w.

You could also set up a personal EFTPS account. I think it’s an excellent way to handle tax payments, estimated tax, extension payments, etc.

I'm seeing this played out, as a half-dozen of my clients are dealing with unpaid refunds or penalty notices due to IRS not having processed their 2nd quarter 941 prior to processing their 3rd quarter 941. (or a smilar scenario with other back-to-back quarters) Therefore, their overpayment from the 2nd quarter was not applied to their 3rd quarter 941 and a notice for failure to deposit has been generated. The largest one was hit with a $900 P&I assessment, which I told him to pay in order to avoid a levy, and to not expect it to be refunded for 6 months or more. The upside is that he wil be paid interest at a rate better than anything he can get right now. (Fortunately he can afford to wait and he likes the idea of the iRS paying him interest.)

Isn't it possible that the executor might be liable if the heirs stonewall on paying the taxes? Sounds like the executor did a distribution to heirs before settling all the outstanding debts (including taxes).

You make a great point. Personally there's no way I'd stand that close to a mother bear and her cubs. If one of the cubs begins to make its way in their direction, the mother bear may spring into action in an instant. Then you'll hear someone screaming "You can't outrun that BEAR!" And the response will be "I'm just trying to outrun YOU!"

Oh, I can't bear to think of what direction these comments may take.

Glad to help a little. Hope this works out for her.

She could go online and request a 120-day extension of time to pay without setting up a formal Installment Agreement. That gives her 4 months of breathing room. Then if the adjustment has not been made by the end of that period, she could try calling and requesting an additional extension of 60 more days. If she can't get through, then setting up a formal I/A with the minimum payment might an additional option. For some people, the fee for setting up the I/A might be a small price to pay to retain access to her $900. (She might even qualify for waiver of the fee, depending upon her income)

Wouldn’t that be “Knights of the Tax Table” ?

They might change the taxation of winnings vs losses at some point to allow netting out , but I wouldn’t bet on it.

My Mac has a blue stripe at the top with the words " Browse Activity Leaderboard. Donate". and then a search box at the far right.

My barber uses Square. I can’t think of a better recommendation for its services. But he doesn’t dispense tax advice, which is a bit puzzling.

Great point about Venmo's weird social aspect, Eric. I use Venmo to send money to my grandsons (age 20 & 21) occasionally for gas, food, etc while in college. Amazing what I see in some of those comments between them and their friends, and sometimes more amazing they aren't aware that Pawpaw is seeing some of that stuff. Or maybe they know I've already seen & heard it all and it won't make any difference in what I'm sending them. Back to the main point, I've had clients use PayPal to pay me a few times, and it is super easy. I guess Venmo would be just as easy & safe for business. There's also Zelle to consider for business payments, although it's a little more complicated.

Just curious. Do you use keyboard shortcuts and macros? That will significantly speed up your efficiency if you're not taking advantage of them. (Or have we talked about this on another thread? I can't remember. ) Once I settled in with Drake, I realized the mouse was often slowing me down.

Has he actually shown you the letter from the IRS? I'd take a very careful look to try and determine if it's legitimate. (Before he calls them). Would also be wise to have him check his transcript online before calling them if possible..

You won't beat Drake in this price range. You owe it to yourself to take a good hard look at it. I switched from ATX to Drake during the 2012 meltdown. I only wish the ATX meltdown had happened 10 years earlier so I could have gotten on with the transition. Can't imagine using anything but Drake now. It's lightning fast, uses very little resources, and customer service simply cannot be beat. There's a bit of a learning curve ditching forms entry and going to data screens, but it's just a matter of giving up a crutch. I switched in January of that year and was moderately up to speed within a couple of weeks. One you get the hang of it, Drake will make you more efficient, which translates into more profit. Or more free time, whatever you prefer.

Congratulations!

You can also make a reply on a post that includes info of special interest to you. Then if you want to find it later you just look at your profile. It will provide a list of your activity, including your replies, which will significantly narrow your search.

There are some clients you just can't charge enough to make it worthwhile to fool with them.

Here's a new WSJ article about Cryptocurrency and increased IRS attention. Reading the article it reminds me exactly of the issues & misinformation that used to surround the barter exchanges - right down to some of the silly notions about whether or not they were taxable. (The article appears to be behind a paywall, but I was able to click right through & get access). https://www.wsj.com/articles/bitcoin-irs-comes-for-crypto-investors-who-havent-paid-their-taxes-11620937095

I sure was glad to see this discussion. Just ran into the exact same situation on my final return before the 17th and was planning to come here to ask about it. The only difference is that mine was a K-1 from a trust. Glad I procrastinated. Thanks for the excellent replies to Max, and thanks to Max for asking such a fine question.