When your CPA screws up?

[California]

You mean she and her fellow PATRIOTS.

How is it patriotic to kill the Vice President?

 

[LouNY]

How is it patriotic to kill the Vice President?

I'm going to not respond to your post as if it continues this thread will likely get shut down and you are not worth it.

 

[California]

I'm going to not respond to your post as if it continues this thread will likely get shut down and you are not worth it.

Plus, you can shoot anyone and get a medal of commendation! Just like on 1/6!!!

Lou, tell that to Hay Dude.

 

[ultrarunner]

Wow. Just sell your interest in that REIT! That's no way to live, buried in complexity that you have no control over.

An audit by any one of those states could drag you through misery for years.

So what if you lose a little money or the potential to earn a little more. Buying your freedom will benefit you more. A calm life is a worthwhile goal!

It’s a private REIT so only can be sold to another inside and the tax implications outside of an inherited position would be huge…

The REIT performs well and weathered the pandemic…

I’m way out of my league…

However if it does go public cashing out would be simple.

 

[ultrarunner]

I composed and gathered cancelled checks I had requested from the partnership and K1 and submitted the package via the fax number last night…

Now I pray I have provided enough for someone to match up the payments to my return.

The money paid had to go somewhere… so where is it?

It’s clear it’s not being credited to me.

PTE is short for pass through entity.

Also clear as day by admission my CPA missed it and why within 24 hours an amended return was filed and this is the fallout.

 

[ultrarunner]

For anyone interested…

34 Latest States with a Pass-Through Entity Tax - CrossLink

A total of 34 states have enacted legislation that creates a pass-through entity tax as a workaround to the $10,000 cap on the state and local taxes (SALT)

www.crosslinktax.com

The pass-through entity (PTE) tax strategy came about due to the limitation on the State and Local tax (SALT) deduction created by the Tax Cuts and Jobs Act (TCJA).

Prior to the TCJA, individuals could deduct, subject to alternative minimum tax and overall itemized deduction limits, state and local taxes on their personal returns. However, beginning with the 2018 tax year, the TCJA limited the SALT deduction to $10,000.

Many taxpayers across the country, especially in high tax states were hit hard.

Since that time, the PTE strategy has been implemented by 34 states across the fruited plain.

It’s paying taxes owed at the source before any distribution…

 

[California]

... It’s clear as day by admission the CPA missed it ...

If that's so complex that a professional CPA missed it, then at least for me I would get out of that investment.

Selling to a co-investor may not get what you know your share is worth but as I said, this may be what it costs to buy peace of mind. Living surrounded by stress-inducers isn't fun. Reduce stress where you can.

 

[5030]

Here is the actual job description. Note that it's not for your typical IRS clerk;

across the fruited plain.

Irregardless, it appears to me that the 'fruited plain (plan) is dying on the vine....

Tip toeing around the content of the thread, I'd say that Washington is so far removed from reality today that none of them really have a clue about reality and don't care either.

All about the pound of flesh and nothing more. I sure am thankful tax time only comes around once per year.

 

[ultrarunner]

If that's so complex that a professional CPA missed it, then at least for me I would get out of that investment.

Selling to a co-investor may not get what you know your share is worth but as I said, this may be what it costs to buy peace of mind. Living surrounded by stress-inducers isn't fun. Reduce stress where you can.

Sage advice to be sure… I’m at a point where I very much want to declutter my mind.

Having to become conversant on the tax law of Pass Through Entities was not even on the horizon.

It’s not unique as 34 states now are on board…

I often think of my grandparents dairy operation… they never owned a car or had a checking account… worked 7 days a week and the happiest most content people I know.

Grandpa did buy a tractor in 1948 and he had a motorcycle.

That tractor was still in daily service 35 years later with sickle bar mower.

Sold milk through the farmers coop and paid bills in cash… all with a simple ledger and fountain pen entires.

Grandpa said finances are simple as long as cash and carry…

 

[ultrarunner]

Irregardless, it appears to me that the 'fruited plain (plan) is dying on the vine....

Tip toeing around the content of the thread, I'd say that Washington is so far removed from reality today that none of them really have a clue about reality and don't care either.

All about the pound of flesh and nothing more. I sure am thankful tax time only comes around once per year.

Ever look at a 1913 tax return?

About as simple as can be and it didn’t even apply to the masses…

Not to worry… I’ve heard politicians say we have to pass bills to find out what’s in them…

It begs the question of how much is science vs art?

Accounting is numbers but bring a situation to a dozen tax lawyers and just as likely to get dozen nuanced strategies...

Still recall my first meeting with a tax CPA and I was asked my philosophy at 22???

He went on to say there is the aggressive approach as well as grey or unsettled areas in tax law... he had a few letter rulings to his credit.

I replied... I want to pay what I owe and sleep at night... rental property isn't that complicated... he said understood....