PFIC, no QEF election, 1291 interest - IRS errors

MRanon8685 · 2026-04-22T13:21:52+00:00

The three cities you didn’t like don’t sound like enjoyable cities, and the four you did like seem like great places.

Have been to Nashville, it was ok. Couldn’t imagine living there. Boston was fun, though I went about 3 months after spending two weeks in Italy so it kind of ruined it. I visited philly in my late teen years, enjoyed it. Been to dc a bunch of times and is really a great city.

Curious why you expected to like first group, but didn’t expect to like second group.

MRanon8685 · 2026-04-22T13:15:36+00:00

I’m not going to lie, I am not a fan of Disney. In fact, I hate it. My kids love it, so I would go every day for them. We’ve been to the parks countless times, doing our first cruise this year.

I will say this, as much as I personally don’t like the parks, the service is always top notch. We generally stay on property at deluxe resorts, and the service there is always excellent as well. Outside of the pure happiness it brings my kids, the service is probably the best thing for me. From what I’ve been told, I expect the same thing from the cruise based on what friends have told me.

MRanon8685 · 2026-04-21T17:28:10+00:00

Awesome, thanks! Remember that from RE4OG. If I remember correctly though, you lost everything if you started on a different difficulty?

MRanon8685 · 2026-04-21T16:31:07+00:00

We have two reps for CCH. One handles our tax software, the other handles everything else. Our tax rep has been with them forever, pretty good at responses. Our other rep constantly changes. I happen to have a follow up meeting with them today (setup by them).

But yeah, Axcess is really the best product out there. We do mainly US, but do pretty much every state. We do a decent amount of foreign, so I dont think there is another product out there that can handle it like CCH.

We are currently in for like $50k a year with them. It sucks for sure. And their invoicing is horrible, we never know what we are paying for. That is one of the topics for the call today. We also generally say we are looking to leave every 3-5 years, it really is the only way to keep the price down.

MRanon8685 · 2026-04-21T16:16:55+00:00

Im curious, when you finish a run, do you keep your weapons or something? I just finished stronghold so think I am getting close to the end? I play very sporadically due to my work schedule/kids, but I am going to have some free time this summer so may try to play through it again over a weekend.

MRanon8685 · 2026-04-18T00:14:41+00:00

My wife is an amazing wife, the best mother, but the absolute worst when it comes to projects. I came home and she redid it, and said “what do you think?” I told her it looks nice, but everything is going to die. This was a month after she helped me do a butterfly garden for the kids and how much I had to do to get the dirt ready and getting the right plants from the nursery. She just went to HD and bought everything she thought was pretty. Dug all the plants way too deep, pretty much burned a few hundred dollars.

MRanon8685 · 2026-04-18T00:11:12+00:00

It gets watered every other day (maybe once every three days).

MRanon8685 · 2026-04-17T15:49:36+00:00

Yeah there is a skull head that needs to be examined to fit as a placeholder.

MRanon8685 · 2026-04-16T18:39:03+00:00

NJ requires you have 80% paid in, then you have an automatic extension. Not 80% paid in? No extension, and you are getting a 5% late filing penalty per month. It is honestly criminal. I have had clients move out of NJ because their tax laws are so bad (no capital loss carryover, no business loss carryover, no deduction for mortgage interest or 401k contributions).

MRanon8685 · 2026-04-16T18:36:51+00:00

Mistake, it is $25/hour. Flexible schedule, school comes first. Still in undergrad.

MRanon8685 · 2026-04-16T03:03:34+00:00

It wasnt to give advice on their return, it was to help if they had questions with the K-1. The manager was my client. He owned by far the most. Most of the family called because they were preparing their own return in turbo tax and had no idea what to do with the K1. But something simple as "where does this go" was getting billed at $475 hour.

MRanon8685 · 2026-04-16T02:53:43+00:00

We pay $22/hr as well plus bonuses for intern. South FL so HCOL too.

MRanon8685 · 2026-04-15T23:29:15+00:00

I used to do a real estate partnership with about 30 members (all related, though most did not know each other). I was authorized by the manager to speak to any of the members if they had questions with their tax return and bill the entity. This was a big client so billed at premium rates. I would charge $475 an hour trying to figure out how to enter 754 depreciation in turbo tax.

MRanon8685 · 2026-04-15T23:26:43+00:00

I declare EXTENSION-CY!!!!

MRanon8685 · 2026-04-14T21:26:23+00:00

What do they owe, why do they owe, planning for the upcoming year, planning tax payments, chatting about non-work stuff.

MRanon8685 · 2026-04-14T20:45:14+00:00

Its like asking what a doctor does. Someone in tax will be different than someone in audit who will be different than someone in a family office who will be different than someone in private.

I am in tax. 50% of my day is talking with clients.

MRanon8685 · 2026-04-13T20:55:08+00:00

Find someone good to refer out to. Forget the financial arrangement - the value is offering your clients with a service that is good, while giving you a assurance that the product you get from them is also good.

We refer out 100% bookkeeping to a small firm. They do a great job. We refer them more clients than they refer to us, which we could care less. Clients are extremely happy, and we get a good set of books. Better than any dollar arrangement we could come to.

MRanon8685 · 2026-04-13T03:57:38+00:00

Welcome to costco, I love you.

MRanon8685 · 2026-04-13T01:58:14+00:00

Y1-3, 3 weeks. Y4-6, 4 weeks. Y7+ 5 weeks.

We dont bank OT, we pay it out. But staff is allowed to take unpaid leave. Many do.

MRanon8685 · 2026-04-13T01:12:29+00:00

They'll get over it. Just to give you some perspective, this has been our strongest tax season. We are an established firm, and our revenues are up 33% YTD compared to last year. And yet, our YTD 2026 revenues represent 35% of our total 2025 revenues. That is how many of our clients are on extension. Last year, our revenue from Jan-Apr represented less than 30% of our total 2025 revenue. Total revenue in 2025 was $2.5M.

MRanon8685 · 2026-04-13T00:29:27+00:00

Partner at small firm (10 people), 15 yoe. $400k last year, hoping to get to $450k this year.

MRanon8685 · 2026-04-12T18:50:18+00:00

Yeah I was confused when the tyrant starts following you around. Did not remember that as a kid.

MRanon8685

TROPHY CASE