LateQuotient ⏰

Simple Country CPA; Snowboarder; Punk Rocker; Magnificent Rogue; Sole Practitioner? More like Soul Practitioner, amirite?

[LateQuotient ⏰ @LateQuotient]

@RoamstheRange I wish I could have seen the Costco guy but putting him on stage with a psychopath is a bridge too far.

[LateQuotient ⏰ @LateQuotient]

I rarely have anything bad to say about the AICPA, but booking Ryan Reynolds for a keynote deserves some scorn. He sucks.

[LateQuotient ⏰ @LateQuotient]

I’m not sticking around for Ryan Reynolds.

[LateQuotient ⏰ @LateQuotient]

And…I am done!

[LateQuotient ⏰ @LateQuotient]

Took a nap and woke up to one rejection and one client sending me the w-2’s and 1099s to extend. Almost done!

[LateQuotient ⏰ @LateQuotient]

Took a nap and woke up to one rejection and one client sending me the w-2’s and 1099s to extend. Almost done!

[LateQuotient ⏰ @LateQuotient]

I usually try to soften the blow by discussing the extension payments by phone, maybe do a little negotiating. But, nobody wants to pick up the phone anymore! So, I’ve been very blunt in these emails and clients are immediately calling back “there must be some mistake!” Well, that was my initial offer. What do YOU want to pay?

[LateQuotient ⏰ @LateQuotient]

I tried to ship 5 returns today. Only shipped 4. The 5th sent me their prior year IP PIN, which has been this season’s theme.

I did file 5 returns today. One guy had been sitting on his 8879 for three weeks. Glad that’s cleared.

[LateQuotient ⏰ @LateQuotient]

@dvassallo @bsuecannon @korlando2251 Nobody loses their house because their tax return has been extended.

[LateQuotient ⏰ @LateQuotient]

@loganallec

[LateQuotient ⏰ @LateQuotient]

The guy using AI to do his taxes filed the 1040 with an estimated k-1 he produced himself. Why are these cretins so anxious to file their tax returns? Just extend!

[LateQuotient ⏰ @LateQuotient]

My client has a managed taxable brokerage account and is being charged 1% by the FA. It holds an HSBC CD and a money market fund. That’s it!

1%!

[LateQuotient ⏰ @LateQuotient]

@TaxHacker @taxretreat Nobody wants a Schwab 1099 to look like an RBS 1099. Nobody wants any 1099 to look like an RBS 1099.

[LateQuotient ⏰ @LateQuotient]

I have the new puscifer album in the headphones again. I’ve been listening to it during the late shift for the past week.

It’s almost April. Keep grinding.

[LateQuotient ⏰ @LateQuotient]

I have a 10-key on my conference room table to do the maths during client meetings. It is very handy. That is all.

[LateQuotient ⏰ @LateQuotient]

@andreacpa0 I saw a post about it in the facebook group earlier today. Good luck!

[LateQuotient ⏰ @LateQuotient]

This is the time of year I get called stupid before explaining the pro-rata distributions rules to unsuspecting back-door Roth enthusiasts.

Hey, you never asked me if it was a good idea to roll over your old 401(k) to an IRA in December. I might be stupid, but it’s not my fault!

[LateQuotient ⏰ @LateQuotient]

Ahh… further in the instructions it says “QBI doesn’t include any other the following.” And the last item is “Qualified tip income under section 224.”

Got it, thanks. Saved taxpayer a whole $60!

[LateQuotient ⏰ @LateQuotient]

Does the No Tax on Tips reduce QBI? I’m thinking of forgoing a SE health insurance deduction because the tips deduction will cover it, but it wouldn’t do much good if it also reduces QBI.

We got more tip income than SE income, people!

[LateQuotient ⏰ @LateQuotient]

224 doesn’t seem to be a deduction with respect to a trade or business, which seems odd, but that’s my reading of it. I guess it doesn’t reduce QBI. Who would have thought?