Gary

@LoZabransky After explain the comfort letter situation, a lender told the client I was holding up the loan. So I sent a letter via PDF. When the Lender and Client opened it, it was a list of lenders that know not to ask for a Comfort Letter.

If they're not asking for anything crazy, why do they need it.

Lender Request: CPA letter on CPA letterhead including CPA license # to include all of the following: CPA Letter verifying % of ownership, self-employment history, active business status, and business use of funds will not negatively impact business. I say no 👇

@TheTaxNomad I can't imagine them not fixing the gift tax issue.

Reviewed my first return that qualifies for the $1,000 pilot program funding of their child's Trump Account. Lots to learn how these account will eventually be handled but its hard to pass up the $1,000. Anyone hear that there is a gift tax reporting requirement on these?

@Buster_ESPN What about Sweet Lou? He should be ahead of Posada.

Belichick situation a classic case where something that should be very simple can be overcomplicated by voting systems. It should be a yes-or-no vote on each candidate, based on the merits of his/her record: Is this person a Hall of Famer? In Belichick's case: Of course. The Baseball Hall of Fame has had the same systemic problem, and in past years, it's really hurt the candidacies of players like Kenny Lofton, Jorge Posada, Jeff Kent, Curt Schilling, etc.

@chris_simoneau @Buster_ESPN Or Bonds?

@Buster_ESPN The thing is, this isn't a fringe guy like Kent, Schilling, etc. This is like not electing Griffey Jr.

@LazaroInvestor @FIREDUpWealth And its also a first class seat.

@FIREDUpWealth He’s prob the smartest one in the room lol

Which seat are you taking?

@kuuroishi @TolkienWorldG You mean his Dad was the Riddler?

@TolkienWorldG his dad was Gomez Addams dude

Sean Astin. He’s so good people don’t even know about his parents

@marvingardns @FortWayneCPA It started in the early 1920, so its just barely outside 100 years.

@FortWayneCPA Why is Teapot Dome not on this list? 😁

Biggest scandal in the last 100 years?

@Jwillet1Jeff @jacob_seliga He won the big 12 in his first year and was a win away from going back to the B12 championship after taking over for a scandal ridden school from its prior coaching staff. Oh my god Michigan really did need him.

@jacob_seliga You mean dillingham stuffed Arizona state into a box by making them overpay him when he hasn’t won shit.

Michigan got stuffed in a box by Arizona State. Simple as that. Dillingham used them as leverage and all of their fans/supporters went on a week long crusade being the most unbearable group on this app. They struck out on their top two targets and had to move on to their 4th after eliminating their third option. Like I said the other day, Michigan is not a top tier program in its own conference right now.

@MarkC05175523 @JameyEisenberg It doesnt have to be on to start, but if they dont understand and put it on, it might not be a long term friendship.

@JameyEisenberg I don't hang out with people who don't already have the game on.

Would you go to a new friend’s house for the first time at a party and ask them to turn on a football game if your favorite team was playing?

@MattHobson6 @YourLocalTaxGuy That's what happened. She is now better and I am still sick.

@GaryAZCPA @YourLocalTaxGuy Your first mistake. You have to wait until they’re better and THEN you can get sick.

I’ve been married for nearly 8 years. I can easily say, beyond a shadow of a doubt, that the easiest way to enrage my wife beyond all limits… is to get sick. Do any other married men have advice for me? Lmao

@MattHobson6 @YourLocalTaxGuy What if the wife got me and our 4 year old sick?

@YourLocalTaxGuy Kids or no kids tho? If you have kids then no bueno. Sickness not allowed

@bhallcpa @Stretch672 @preston_holland @PaceJordanMorby Brandon's correct. It was never mentioned what type of income is being offset. If this reduces other passive income, the answer would be different.

It’s the economic substance of the relationship and transaction that gets blown up. Same concept applies with heavy machinery. If you buy equipment and turn it over to an operator to lease out on your behalf, you are passive no matter how you structure it. If you create your own equipment leasing business and actually operate it and run the day to day, you are non passive. Buying a plane and turning it over to an operator, broker, school, etc = passive activity 100% of the time.

Buying a plane for $260,000 without pulling my credit. Putting $90K down payment. OPM. Getting a full tax benefit of $260,000 which will wipe out about $115,000 of my tax bill this year. Renting it out to a flight school for a triple net lease of $7,000 per month. Pays the monthly nut PLUS a few grand in pocket. Welcome to how the rich dont pay taxes.

@TravelnSports @DarkoStateNews @Walmart @GEDGradStudy It was a 1 point game with 1.59 left. Thats pretty close. Is it exactly 50/50. No, but its close enough to 50/50 for a twitter point.

🫡

@RealMattMoney I do. If you have enough equity to not have a house payment either by paying off your house or downsizing, that is financially a much better place than owing rent if everything else is equal.

Do you consider personal home equity in net worth, or nah?

@WoodrowPDingus @GoBlue1922 @BoardGeniuses

@GoBlue1922 @BoardGeniuses No he wouldn’t, he would fly to willow run right outside Ann Arbor

🚨FLIGHT TRACKER ALERT 🚨 There was a flight this morning from Scottsdale, Arizona to Lansing, Michigan. You know what that means…

@BringTheHeatAZ @JohnnyVenerable Also the Jets, Titans, Browns, Raiders, gaints & Saints. The Cards arent good but there are a lot of really bad teams.

@JohnnyVenerable Im pretty confident we're better than the Jets, but that says more about them then it does us.

Are the Arizona Cardinals the worst team in the NFL right now?

@FortWayneCPA You and most of the country want OSU to lose.

Go Hoosiers, I want Ohio State to lose...

@cbriancpa @FortWayneCPA I dont think its as incriminating as he didnt want his name associated with him. They were fighting the last several years. If Trump was "on the list" and the Dems didnt disclose I have questions. They spent years saying he was a treat to democracy & they really did nothing?

@FortWayneCPA Yes, they found a way to redact or delete whatever it was that they were trying to hide.

The Jeffrey Epstein news is just crazy. President Trump has fought like crazy over the last four months to prevent the Republican House from voting on releasing the files. He viciously attacked the four Republicans who were for releasing them. Not it sounds like since President Trump has changed his mind maybe ALL House Republicans will vote to release them. Something is WRONG...

55 million Americans already own and use crypto, so we asked the others what’s been holding them back. Turns out: 70% would consider crypto if they had trustworthy information. The gap isn't fear - it's knowledge. Get the key insights in one click: nca.org/resources

@allencbuchanan @jakecrandall Unlikely. With a w2 that high, your income is already reported to the IRS. There isnt much to audit. They would be more apt to audit the S-Corp because there are more variables.

@jakecrandall Plus. At that level of w-2 income you’re more apt to get audited as an individual? Yes?

A broker making $500K at a national firm was told an S Corp "wasn't worth it" by his tax preparer. He was told to stay W2. After running the numbers, we showed him: o $50K immediate tax savings o Ability to contribute $70K to retirement o Full deduction of legitimate business expenses His new financial structure gave him options he never knew existed. He'll now be able to reach his net worth goals quicker.