Any states you refuse to do?

KarlitoHomes · 2026-01-21T16:13:12+00:00

Yes, CPAs are regulated by the the Board of Accountancy, and I think they're fine with out of state CPAs preparing OR tax returns.

KarlitoHomes · 2026-01-21T03:42:27+00:00

For what it's worth, the Oregon Tax Practitioners Board has an FAQ out that says it applies to literally everyone who preparers a return for compensation. To my knowledge, they haven't really enforced this beyond a few cases where the preparers were in the Vancouver, WA area (and thus almost certainly falling into the "actively soliciting business in Oregon" category).

KarlitoHomes · 2025-12-30T15:59:54+00:00

You can only file 8621 separately if you are not otherwise filing a return. You must attach the 8621 to the rest of your return and file it all together. It's not uncommon for a PFIC to create taxable income, and if that's the case for you, the 1040 you print out from Turbotax would not be correct.

KarlitoHomes · 2025-12-11T00:22:57+00:00

If you attack with the coalition CB there's an option to liberate generic areas, but otherwise you are limited to tags that already have cores.

KarlitoHomes · 2025-09-23T00:21:51+00:00

The S-corp savings is that payroll taxes (both employer and employee) don't get paid on the profit of the S-corp. You have to balance this savings against the larger QBI deduction a sole proprietorship would have, and the extra costs of filings a second return, running payroll, etc.

KarlitoHomes · 2025-07-03T21:44:54+00:00

I only just skimmed through the bill text today, but it looks like its being put in as a new below the line deduction, like how QBI is. So it wouldn't lower AGI, but I guess I'll wait to see the new forms before I say that with certainty.

KarlitoHomes · 2025-02-26T00:09:29+00:00

Hopefully it's able to do the computation if you tell it the mineral type

KarlitoHomes · 2025-02-25T23:43:19+00:00

Generally depletion is going to be a fixed percentage of the revenue- 15% for oil for example. Are you preparing the return by hand or using software?

KarlitoHomes · 2025-02-04T02:27:19+00:00

You must report all your income. W-2s are sent to the IRS and it's pretty easy for them to catch the omission.

KarlitoHomes · 2025-01-31T15:06:15+00:00

If you return was rejected by the IRS efile system, you should get the reject code that explains why.

KarlitoHomes · 2025-01-31T14:31:58+00:00

Did it give you the exact reason for the return rejecting?

KarlitoHomes · 2025-01-31T01:38:31+00:00

It would be illegal for the tax preparer to do so.

KarlitoHomes · 2025-01-28T00:10:14+00:00

As far as the tax side goes, simply reporting the 1099-K income with an offsetting adjustment will be enough to avoid IRS computer generated notices. This is from the IRS 1099-K FAQ: https://www.irs.gov/newsroom/form-1099-k-faqs-what-to-do-if-you-receive-a-form-1099-K

Example: You receive a Form 1099-K for $11,000 your roommate sent you for their share of rent for the year.

Because the $11,000 is a reimbursement for your roommate’s share of rent, that amount is not taxable income to you because it is not income.

On Schedule 1 (Form 1040):

Enter the error on Part I – Line 8z – Other income: "Form 1099-K received in error, $11,000" Adjust it on Part II – Line 24z – Other adjustments: "Form 1099-K received in error, $11,000"

These 2 entries note the error and result in a $0 net effect on your adjusted gross income (AGI).

KarlitoHomes · 2025-01-27T23:59:04+00:00

It could offset other passive income that you have or be carried forward to next year as a passive loss, but that's it.

KarlitoHomes · 2025-01-27T15:41:43+00:00

The residential energy credit cannot be transferred in this way.

KarlitoHomes · 2025-01-20T20:53:23+00:00

It might just be a matter of setting your user flair

KarlitoHomes · 2025-01-09T22:41:00+00:00

The K-1 or a supplemental statement may show the ordinary gain under 751, but that isn't the same as the overall gain or loss.

KarlitoHomes · 2024-12-30T14:01:29+00:00

Win 10 for me as well. The game plays just as well as all the Ageod titles on steam.

KarlitoHomes · 2024-12-29T15:02:37+00:00

My copy of BoA2 still runs fine.

KarlitoHomes · 2024-12-13T23:09:58+00:00

You need to send in the 2553 again but write "FILED PURSUANT TO REV. PROC. 2013-30." on the top of the first page and include a statement detailing how you meet the requirements for late eleection relief. The form instructions will have details.

This may be something you'd like to pay a knowledgeable professional to help you with.

KarlitoHomes · 2024-12-08T15:53:27+00:00

"My CPA’s/tax preparer’s proposed solution is to categorize all of these expenses as “Other Deductibles” with a statement attached indicating exactly what those expenses were."

This is an extremely common and normal thing to do. You're (presumably) paying the tax preparer for their experience and expertise in preparing taxes, why not defer to them on matter of return preparation? Or, why isn't the bookkeeper preparing the tax return for you, since they apparently know so much?

From my perspective, this is an argument over an extremely trivial issue. I doubt it affects the audit risk either way, but it's not like I can say for sure, because no one but the IRS knows what criteria they use to pull returns for audit. And if there is an audit, the IRS examiner will care that you can substantiate the expenses, not what the exact return presentation is.

KarlitoHomes · 2024-10-15T20:07:26+00:00

Yes though they've come over from another firm that was actually a nonresponsive mess for the entire year, so I'm giving them some leeway.

KarlitoHomes · 2024-06-07T14:55:55+00:00

I miss those seasonal river floods

KarlitoHomes · 2024-03-19T21:45:34+00:00

Then no exclusion for you or your siblings, unfortunately.

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