Jared Trexler

[Jared Trexler @jaredtrexler]

@KurtSupeCPA IRC 2040? IRC 2036?

[Jared Trexler @jaredtrexler]

@adammarkowitzEA We sent out letters to all non-farm clients for the last 2 years letting them know the majority of returns will be extended with explanation (why, what it means, etc.). Our "status update" calls are mostly non-existent, which has been one of the best things about the process.

[Jared Trexler @jaredtrexler]

@tax_zack We sent out letters in advance to all of our non-farm clients letting them know we would be extending the majority of the returns we prepare. Explained what it meant and why we were doing it. It helped manage expectations and gave them a chance to find someone else if desired.

[Jared Trexler @jaredtrexler]

@abharris03 Love it Andy!

[Jared Trexler @jaredtrexler]

@TaxHacker If B provided no consideration for the joint interest, then I believe B should still get step up without having to gift interest back to A.

[Jared Trexler @jaredtrexler]

@andreamacdcpa Consider a daily step count target. If I tracked by distance/time, I would not actually do it unless I had enough time set aside to log something substantial. With steps, I find myself being more aware and active to add to the step count, even if it's a little bit at a time.

[Jared Trexler @jaredtrexler]

@MikeSyl36625988 It depends. If paid cash, then usually S179/bonus. If financed, usually discuss and encourage to spread out so deductions better match cash flows. Some clients don't care and want to accelerate regardless to pay the least tax in the current year...

[Jared Trexler @jaredtrexler]

@MikeSyl36625988 We sent a letter to all clients except our farm clients.
The letter explained: we are extending the majority of returns, what it means, why we can't get it done, a payment may be due, and re-iterated that there is no cost or increased risk of audit, and requested info by Mar 22.

[Jared Trexler @jaredtrexler]

@paul_chenot @brady_h If I tracked by distance/time, then I would not actually do it unless I had enough time set aside to log something substantial. With steps, I find myself overall being more aware and active to add to the step count, even if it's a little bit at a time.

[Jared Trexler @jaredtrexler]

@paul_chenot @brady_h It's not a headache at all. My watch counts it for me. Tracking steps has been easier for me than tracking distance/time.

[Jared Trexler @jaredtrexler]

@uptonaccounting Curious how you're handling farm returns w/ significant bonus depreciation? Are you going ahead and filing w/ 80% bonus and then dealing with amendment if legislation passes to increase to 100%? Hate to amend...but have several who didn't pay estimate and should file Mar 1.

[Jared Trexler @jaredtrexler]

@BowTiedOx It was always just an excuse for me to binge eat for "one last weekend".

[Jared Trexler @jaredtrexler]

@loganallec I like to sprinkle some crushed red peppers on my pizza, but that's next level. That looks like the lid came off of the shaker...

[Jared Trexler @jaredtrexler]

@kjb_cpa @LoganGrafTax @cordes_tax If the taxpayer can establish by adequate records or other sufficient evidence that the amount allowed as a deduction for any period was less than the amount allowable, the amount taken into account for such period shall be the amount allowed.

[Jared Trexler @jaredtrexler]

@kjb_cpa @LoganGrafTax @cordes_tax 1250(b)(3) may help. Still included in overall gain, but if less than S121 limit, it shouldn't matter.

[Jared Trexler @jaredtrexler]

@LoganGrafTax @cordes_tax @kjb_cpa Is the gain on sale less than the S121 exclusion?

[Jared Trexler @jaredtrexler]

@Jameslishere Hadn't seen that until PPP when banks/clients thought they had to "pay" themselves.

[Jared Trexler @jaredtrexler]

@AccountingAsArt We just moved to Right Networks Cloud Premier and have been happy so far.

[Jared Trexler @jaredtrexler]

@tallycpa @aterrycpa74 @MikeSyl36625988 How was the migration from OTP?