@BrianDavisTax @stevenfcpa That has been my experience as well - if there is no bank info on Page 2, the client gets a notice. Even if they had a balance due.
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Andy Smith
1.9K posts
Andy Smith
@adsmith482
Founder of @numberwisebooks providing cloud accounting and tax services to growing businesses. Specializing in fitness studios. @Xero gold partner.
Newbury Park, CA Katılım Mayıs 2009
1K Takip Edilen538 Takipçiler
@stevenfcpa only on every single person in america. this is what i think: when they owe the bank information doesn't show up on the 2nd page of the 1040. I think the IRS programmed the computer to send a letter if there was no account info shown on the return. That's my assumption
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Client received a CP53E Notice. Problem is that they owed on their 2025 tax return, and the payments were made by their bank account. So the IRS should have their banking informaton if there is a supposed refund due. Anyone else seeing this occur?
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@LoZabransky Without fail - deliver a tax return with a balance due. Get an email "Did you take all my deductions?"
No - I hold some deductions back and wait for you to beg me before I take them. It makes me feel alive.
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My tax due is higher than I expected, any ideas for lowering it?
I don't man, commit tax fraud? #taxtwitter
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@cordes_tax nothing like having to download an extension to get my accounting system to properly show me an income statement.
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@adsmith482 One word: RightTool
If you're not using it with QBO, you should be.
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I don't think I hate Xero.
I just think I only get in it once a year for 2 clients.
So, I shouldn't say I hate it.
Right?
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@cordes_tax Even with the new reporting? You know what I want? I want to have to resize the columns every time I run a report just so i can see the numbers. And be sure to have a ton of white space on either side.
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@adsmith482 Like I always say: QuickBooks doesn't bother me, but Intuit....
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No one has more expenses than a client with three 1099-NECs totaling $3500.
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@TaxSouthwest Related question - has anyone just tried filing a return with PTET and paying with the return? Has CA denied the election?
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I believe I know the answer on this (no), but has anyone been successful/ heard of anyone being successful getting relief if a June 15 CA PTET payment is missed?
#TaxTwitter
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Not for nothing, South Korea has some of the strictest gun laws in the world. Ownership is generally illegal for civilians, all private guns must be stored at police stations, and owners must undergo extensive background checks and receive regular permits
Wall Street Apes@WallStreetApes
Charlie Kirk showing in South Korea they have large inflatable “cushy chairs” for everyone to hangout on in public areas “This would last about 35 seconds in most American cities” “You can have nice stuff. Crime is a choice. We shouldn't put up with it. South Korea doesn't. We shouldn't either” America could be a paradise, instead all our tax money gets laundered and our public areas are trashed
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@cbriancpa If schools shouldn’t be funded by property taxes, and the state doesn’t have an income tax, then … what? Not trolling, just genuinely curious.
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This is an interesting poll.
I'm not in favor of completely abolishing property taxes, but reforms are warranted.
In TX, schools shouldn't be funded by property taxes since the property values aren't spread evenly. Robinhood policies by Texas mean more than half of my school property taxes for Austin ISD are distributed to other school districts.
The problem with this, I don't have any representation in the other school districts to monitor that the tax revenue is being spent appropriately. At the very least, we should get to vote in the school board elections for the districts that receive our money.
Jon Elder@BlackLabelAdvsr
Should property taxes be abolished?
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@BrianKirschner_ @McLeanGolf I am 100% convinced that all the Ryder Cup lineup takes are all engagement farming and nobody actually cares. Because nobody actually cares, do they?
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@McLeanGolf There wasn’t a Ryder cup in 2011? He made the team in 2012 so I am not sure I understand your first point
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Keegan Bradley was #11 on the Ryder Cup rankings in 2011 and was not picked (he won the PGA and the Byron Nelson in 2011–and was Rookie of the Year. But not picked.
In the last Ryder Cup he was again in the top 12 in rankings. He was not picked. That was very controversial. This year he is again ranked in the top 12, but he was not picked again. But this year he was the captain and he did not pick himself. 3 times he was a probable pick. 3 times not picked for something so important to him. I was hoping he would pick himself to play this year and have 40,000 NY fans rooting and screaming for the St John’s kid. It was a once in a lifetime opportunity. If you are the captain, and the player, and you win it all—he would go down in history. It would have been historic. If the team loses Keegan will be criticized no matter what. Winning the Ryder Cup is a matter of putts going in at the right time. It’s usually close. I know Keegan will do a fantastic job as captain. In my opinion he should have played.
@RyderCupUSA @PGATOUR
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@CTW_SMB I want to hear about the picture on the left! That's awesome.
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Sometimes flexibility is amazing so you can take a few days off living out a dream inside the ropes at the U.S. Am. More on this later
Some days you just need it to attack an ant problem
Either way, don’t forget, ETA has tons of perks
Even if hard
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If you’re making so much money as a doctor/dentist/whatever that you need to find a way to defer taxes by buying an Airbnb
My contrarian take is you should just enjoy the money instead of subjecting yourself to the active management of an Airbnb required to qualify for said tax deferral😅
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@BuySideCPA Since he didn't have enough money to buy groceries in year 1, there's a good chance he will die in year 2 and pay no taxes
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@FortWayneCPA It has always seemed that "partner" was both a job title and an ownership description for accounting firms. It never made sense to me - the partner term needs to go away when it is only a job title.
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I am sorry, you are not a partner at a CPA firm if you have no equity...
Just the way it is...
GIF
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@FPasselli94 This tries to explain it x.com/DKThomp/status…
Derek Thompson@DKThomp
New newsletter: The US economy is splitting in two. There’s a rip-roaring AI economy. And there’s a lackluster consumer economy. - Macro: Last quarter, spending on AI outpaced the growth in consumer spending - Stocks: In the last two years, ~60% of equity returns have come from “AI-related” companies, esp the hyperscalers like Microsoft and Meta (per JPM) - Micro: According to Stripe, firms on the platform that self-describe as “AI companies” are dominating revenue growt, far surpassing the growth rate of any other group
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It appears the market does not care about tariffs anymore. What are we missing?
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@tailor_hartman And the moving walkways are just that - “walkways”. This isn’t a ride at Disneyland - get moving.
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We put together a (new) 50-minute masterclass on how to optimize your 1040 tax prep process
5 members of my team spent 2 weeks on this one. It may be the most complete 1040 workflow resource on the web.
It's broken down into 11 steps:
1. Engage
2. Schedule
3. Intake
4. Workpaper Prep
5. Request
6. Input
7. Self-Review
8. First Review
9. Partner Review
10. Billing
11. Delivery
For each step we cover:
• The ways firms do (or don't) do it
• The leading tech to enable it
• Whether AI can automate it
• And how to deskill it
Important: you'll be shocked to see how firms use wildly different levels of expertise to get the same work out the door, so deskilling is a big talking point throughout the video.
I'll DM you the private link, no email addy required:
1. Reply with "1040"
2. Retweet
Let's get those 1040s out the door like never before 🤜🤛
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@cordes_tax @ajthecpa1226 and every day at my office is like a party - so always 100%
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@adsmith482 @ajthecpa1226 If I eat the meal in the office, it is an office expense.
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After seeing more horrible tax advice online about deducting meals, I put together this quick reference guide to help answer what qualifies as a deductible meal. Feel free to share with anyone that might find it useful!
Campo Financial Group@CampoFinancial
🧵 A common question we get is what meals can you write off on your taxes as a business owner? So we put together this quick reference guide to help! Now let’s break down what’s deductible and what’s not. 🍽️👇
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