Florida Girl

@Sassafrass_84 Keep going

Ugh. I just got to episode 9 in season 2, where Ainsley meets her new roommate. Pronouns. Are you kidding me? Why did landman add that woke crap to the show?! Pronouns vegan bs. I was really enjoying it up until now. 🤦‍♀️

@AccountingAsArt Fidelity is the only Brokerage House that got this memo. The other ones are like “let’s take them on a scavenger hunt”

Dear Brokerage Houses: If you can break out the Foreign Dividends, you can total them. If you can break out the US Gov't Interest, you can total them. Sincerely, So tired of mathing

@AndrewOakleyCPA Extension! Buh bye!

Isn't it funny how everyone is going on vacation or traveling April 1-15 and just so happens to need their stuff done now? #TaxTwitter

Hey #TaxTwitter does anyone use Tax Dome and Ultra Tax? I need a replacement solution for my File Cabinet Solutions and I do t want to go into debt.

@andreamacdcpa Never used the patch, always used bioidentical cream to the vag. Absorbtion is a game changer. No there is no mess.

Ladies, if you are on the weekly estrogen patch and are having trouble keeping that drink-coaster-sized-monstrosity sticking to you, ask your doctor about switching to the twice weekly patch. It’s so small! Like less than 1/3 of the size of the weekly patch (which makes no mathematical sense).

@FortWayneCPA Welcome back! I totally agree with that!

I have been offline awhile. Had some personal things come up and I am back and alive. Can I just say this? Curling not a sport.

@jessajayne10 @CPATaxTeam IRS deferred to the State Rulings. the State deferred to the Local Health Department rulings. Funeral home locations could only have 10 people in attendance, which if you have 3 employees, then only 7 people. Or outside….. weather issues, bugs. OR shutdown lasted the longest.

@RobinJCaston1 @CPATaxTeam Crap. What rules are they trying to change?

Client gets a bill from the IRS for $133k due to a payroll credit they didn't qualify for. We just found out that 4 years ago, prior to becoming our client, an accountant filed ERC for them as a Recovery Startup. They've been in business for years. IRS just denied the claim. Should the firm who filed this pay all penalties and refund entire amount they charged? #taxtwitter

I love this!

@BrianDavisTax I tell the client to fax it or email it to me after they text me a ridiculous blurry photo of the document. My only exception is the 80 year old client who want to constantly drive to my office and drop off. I’m not mad at that because I understand the lack of knowledge

i'm feeling very demoralized by the clients who see my message that they should upload a document to my portal and think.. guess i'll text it to him.

This video says it all. It also explains why John Thune’s scuttling of the SAVE America Act is the most treacherous gambit since RussiaGate. We citizens will lose our nation in the midterms, and we will never get her back.

@willixm4america @RonDeSantis Well we haven’t seen improvements in our roads with the explosive growth. How about tree management which is the responsibility of the respective county? How about potholes? Those are counties. If you look at the numbers the largest by far are salaries and not fire/police.

@RonDeSantis Does that not happen because of the sudden sharp growth Florida has seen in the past 10 years? More homes more tax revenue more demand for services etc

The reality is that local governments taxed $32 billion on property in 2019. Today, that has ballooned to $60 billion. If no relief is enacted, that number is projected to be $84 billion by the beginning of next decade — almost a tripling of the tax revenue in a little more than 10 years. Not sustainable for our homesteaded taxpaying Floridians!

@natesosa_CPA Yeah, I have a huge client that has been electing out of bonus for years for that very reason. It’s a pretty big recapture if you don’t plan for it.

"I took $400K in bonus depreciation. Now I'm selling. What's the damage?" Now they're selling and they get to see the other side of the cost seg And btw, this is just part of the game. This is precisely when good planning comes into play. It's depreciation recapture. And the IRS says you got an ordinary deduction yesterday, so you get ordinary income today. Here's how it actually works. When you sell, the gain gets split into buckets. Each bucket has its own tax rate. § 1245 property. Everything you took bonus depreciation on through your cost seg. Appliances. Flooring. Cabinets. Land improvements. That gain? Taxed at ordinary income rates. Not capital gains. Ordinary. Up to 37%. Unrecaptured § 1250 gain. The building itself. Straight-line depreciation over 27.5 or 39 years. Taxed at a max rate of 25%. Better than ordinary. Still not capital gains. Everything left after those two buckets fill up? That's your long-term capital gain at 0%, 15%, or 20%. That's the rate everyone thinks they're getting on the whole thing. They're not. Here's where people blow it. They run a cost seg in year one. Take $400K in bonus depreciation. Love the tax savings. Never model the exit. Then they sell and a chunk of their gain hits at 37% instead of 15%. The deduction wasn't free. But it was a deferral, and time value of money play. That said, the cost seg is still worth it almost every time. Why? Time value of money. A dollar saved today is worth more than a dollar owed five years from now. And you have exit strategies. → 1031 exchange into like-kind property. Defer the entire gain, indefinitely under § 1031. → Hold until death. Heirs get a stepped-up basis under § 1014. All that recapture disappears. → Installment sale under § 453. Spread the gain across multiple years to manage your bracket. The point isn't to avoid cost seg because of recapture. The point is to plan both sides of it. Model the exit before you take the deduction. Or work with someone who thinks about that aspect of it too!

@MathewP100 @adammarkowitzEA Yeah, that is just stupid. But I have to clean up the mess. I’d change FA.

@adammarkowitzEA Got it. Crazy they are trying to blame you.

It's not my job to make sure your financial advisor authorizes your RMD, k thanks. #TaxTwitter

@SBakerMD I think the success has been towards women’s menopausal health and hormones and even that is like pulling teeth. I appreciate Dr. Makary but otherwise very disapppointing.

How successful would you rate the MAHA movement on a scale of 1 to 10 ?

@taxpreptech Complainers have got to go for sure, but I’m not about to leave behind a Sr. Who doesn’t understand portals and virtual. After all, this was the OG way and the only way they know.

@RobinJCaston1 I do too, but I’m moving away from changing my processes for everyone simply because they complain. Custom processes just create more work and inconsistency and there are plenty of others willing to sort through unopened mail.

I run a paperless virtual practice and the lengths some people will go to avoid using the document portal are absolutely stunning.

@lecternleader I would say that at least 5-10 years ownership in FL.

Florida became a magnet for new residents over the past few years. Overdeveloping and an open door policy has consequences in our elections. We saw this yesterday. I'm going to say something very controversial that will get push back. If we vote to end property taxes, the magnet will grow in intensity and draw millions more to my state. We should really be considering adding a legacy clause to ending property taxes that only extends to Residents who have been here for 20 years and with Florida being their primary residence. We obviously need relief, but we need to consider the consequences and talk about real long-term solutions, not just quick fixes.

@wlthyaccountant You know it!

How many have PITA a premium.

@2laurabone @ChrisMartin1961 Generation Jones here. I think we were the start of the latch key kids before Gen X. The 70’s and 80’s were so simple with great music and no cameras and we learned how to do stuff.

@ChrisMartin1961 You're not a Boomer. You're Generation Jones. We didn't get the boom years of the Boomers. But we had one glorious decade in the 80's with great music, relative affordability, and tech didn't rule our lives. Then the system got rigged by the rich, but let's blame Boomers.

I’m seeing, yet again, this surge of hatred for the Boomer generation. I’m a late season Boomer, born in 1961; I’ve worked for nearly 50 years, have been in the same profession for 37 years, I’ve routinely worked 45-60 hours a week. I don’t get why we are so vilified.