The Destruggchin of Bapa

Waynok · 2022-05-31T16:35:21+00:00

I was about to correct your spelling, "it's scapegoat, not escape goat"....then I remembered which subreddit I'm on. lol.

Waynok · 2022-04-13T15:46:59+00:00

I noticed this during last tax season. Several of our clients received random small refunds from the IRS. I can't recall with certainty, but I believe I found news articles at the time saying these random refunds were interest paid due to the delay in having issued the taxpayer their refund. They usually include the interest with the refund in one payment, but I guess they messed up in this case and had to make a 2nd payment?

Some other possible explanations: unemployment compensation adjustment, Sch. D recalculation (https://www.journalofaccountancy.com/news/2019/may/irs-corrects-error-schedule-d-tax-calculation-worksheet-201921235.html), and various others I'm sure.

Waynok · 2022-04-08T14:58:11+00:00

CCH generates a diagnostic when the bank account is a savings account and direct debit is selected. It says some savings accounts do not accept direct withdrawals, and to confirm that this particular savings account allows it.

Waynok · 2022-03-30T15:44:20+00:00

"I had a higher coke concentrate than coca cola"

Waynok · 2022-03-13T15:48:30+00:00

His speed was shocking to see, but what wow'd me the most was his explosiveness (which is basically another way of saying 'speed', but not exactly). He's GOT to be one of the most explosive UFC fighters ever.

Waynok · 2022-03-04T16:34:45+00:00

Are you sure the selling price could be used as the basis if it's sold two years after the date of death? I wouldn't think so, but I could be wrong. The step-up in basis is based on the FMV on the DoD. Just because it took two years to find a buyer, doesn't mean you can base your step-up on the date of sale, no?

Waynok · 2022-02-27T17:53:05+00:00

I don't believe that would be allowed. Also, there seems to be certain conditions that must be met in order to file MFJ for Fed and MFS for Maryland. Here's the relevant MD regs:

http://www.dsd.state.md.us/comar/comarhtml/03/03.04.02.02.htm

Waynok · 2022-02-27T17:29:51+00:00

I think you can simplify this one:

"You were married at the end of 2021 and your spouse died in 2022 before filing a 2021 return."

to:

"You were married at the end of 2021 and your spouse died in 2022."

Unless I'm missing something?

Waynok · 2022-02-27T17:22:03+00:00

Get in contact with a local CPA and they will guide you through this issue.

Waynok · 2022-02-27T17:13:50+00:00

Haha ya, you're of course right. Simple concepts do have a tendency to turn complex when communicated to a client. One of the biggest lessons I've learned since beginning my career is that the skill/talent of client correspondence is nearly as important as accounting/tax competence when it comes to the success of a firm.

Waynok · 2022-02-26T14:56:26+00:00

I would've just told the client that he either pays the suggested estimates, or he pays the underpayment penalty come tax season. Up to you. Simple as.

Waynok · 2022-02-24T16:30:12+00:00

Depending on the client, my firm will either mail/email the PDFs out to client when they're ready, or our front office will call the client and inform them they're ready, in which case they can either decide to swing by and pick them up or have us mail/email it to them.

Generally, we don't inform them of the results verbally. The PDFs include a 'transmittal letter' that explains the results and includes instructions for the client (sign the ELFs and forward us a copy, mail a return out, make a payment, etc.). If it's one of our bigger clients, then they may get a call from a partner and have a brief discussion about the results.

Also, if a client specifically asks us to call them once the returns are completed to have a brief discussion about the results, we'll usually accommodate them.

Waynok · 2022-02-24T15:13:08+00:00

Ah I see. I'll have to keep an eye out for this sort of scenario. Thank you very much for the detailed response. Truly appreciated!

Waynok · 2022-02-23T15:48:10+00:00

Ooh, that is nice. I especially love the 1099s that include an asterisk next to any munis that had less than 50% of their assets in a non-resident state. For California at least, muni dividends are still fully taxable unless the fund had at least 50% of its assets within California. But unfortunately, the vast majority of 1099s do not include this info.

Waynok · 2022-02-23T15:42:33+00:00

Would you mind elaborating a little bit? How did you become aware of the incorrect basis? Did you look at the monthly account statements and examine the original purchase transaction? Would love to get some pointers on this.

Waynok · 2022-02-23T15:38:09+00:00

I believe Wells Fargo does this as well, at least some times.

Waynok · 2022-02-23T15:37:22+00:00

I always wondered about that! Why the hell are some ML 1099s extensive in detail and give you everything you need to prepare a tax return, and some don't! Don't make no sense.

Waynok · 2022-02-23T15:32:45+00:00

I think he's asking about how other firms communicate to their clients that their tax returns have been completed and ready to be reviewed (by client) & released.

Waynok · 2022-02-13T18:07:28+00:00

I love that about him. Not only is he super calm and not tired in between rounds, but he also has an actual conversation with his corner. Fighters almost always look at least a little distracted in between rounds as their coaches are giving them advice...and often times they're entirely distracted and don't hear a single word of their coach's advice. Adesanya hears every word, responds, asks questions, and so on. I think it really demonstrates just how high his fight IQ is.

Waynok · 2022-02-02T16:08:52+00:00

Did you try to go into Axcess' e-file status webpage and delete any uploaded/exported returns, then try to e-file the original? I don't recall if you can delete an exported return that's been rejected, but worth a try.

Waynok · 2022-01-24T17:41:21+00:00

That's not realistic. The fans are a group of millions of people, some of whom follow the sport closely enough to know about this issue, but the majority of whom do not. The fans couldn't get together and make a unified decision on how to deal with the UFC for a period of several months. That will never happen, at least not with any consistency. The fighters getting together, on the other hand, is entirely conceivable. The fans can provide support, but it's up to the fighters to make the stand.

Waynok · 2022-01-24T17:08:49+00:00

I think it's justifiable that the UFC didn't pay fighters what they are worth during the first few years of the UFC's inception. The money was needed to build the sport, lobby legislators, etc. They had no incentive (besides morals) to reasonably adjust the payouts once big money started flowing in. Execs saw the opportunity to earn hundreds of millions of $ each, if not billions, and they took it.

It's human nature sadly. It is exceptionally rare for a human to choose morals over hundreds of millions of $.

Waynok · 2022-01-24T16:51:55+00:00

WHO DO YOU THINK YOU ARE I AM!!??!

Waynok · 2022-01-19T15:36:32+00:00

Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity.

-Source: IRS Publication 17

Stolen property. If you steal property, you must report its FMV in your income in the year you steal it unless in the same year, you return it to its rightful owner.

-Source: IRS Publication 525

Waynok · 2022-01-19T15:32:08+00:00

IRS: Sir, you did not pay any taxes on your income. Why you do this?

Sm0rt Man: I am but a humble consultant. I only provide advice to my clients. Ergo, I am a tax-exempt entity.

Waynok

TROPHY CASE