An IRS notice arrived at my house a couple weeks ago for income not reported that's connected to my SS number. Apparently, my parents sold a custodial investment account where I was the main account holder. I had no involvement with or knowledge about the account, and sure as hell didn't know they decided to sell it, much less leave it off their return last year.
I'm now worried that this will pop up in a background check when I finish the exams and apply for my license. The amount of tax due was less than $300 and I feel it is quite a reasonable explanation, but I feel like it could also be a huge issue for someone going into this profession.
tl;dr: Do CPAs get in extra trouble if they get a personal IRS notice on their record?
The following list I have come across / compiled and it is nowhere near complete... It serves to spark imagination of the possibilities yet to be conceived in the space. I like juxtaposing things like this for abstract reasoning practice. Not sure if it works or not, but I think it's relevant to attempt when taking breaks from reading about fundamentals, charting, etc.
THE LIST! (Feel free to add to this list in the comments! Let's all help to inspire the advent of more use-cases!)
Banking, Collections, Finance
•Abatement of Litigation Agreement
•Account Assignment
•Accounts Receivable: General Assignment
•Accounts Receivable: Specific Account or Accounts
•Agreement for Judgment
•Assignment of Debtor’s Account Notice
•Authorization for Bank (or others) to Release Information
•Bad Check Notice: Final
•Bad Check Notice: First
•Bank (or other) Loan Agreement
•Banking Resolution of Corporation (Adaptable for other resolution purposes)
•Check, Stop Payment Notice
•Collateral Assignment of Lease (Adaptable for other assignments)
•Collection Agreement (Adaptable for other agency agreements)
•Credit Card Negotiation for Better Terms (Adaptable for other requests)
•Credit Denial Notice (Adaptable for other denials)
•Credit Reference
•Creditor Objection to Debtor Offset (Adaptable to other objections to offsets/deductions)
•Debit Your Account: One time (Adaptable to other account deductions/debits)
•Debit Your Account: Ongoing (Adaptable to other such ongoing deductions/debits)
•Debt Compromise Agreement
•Debt Settlement Letter
•Debtor Request for Statement from Secured Party (Adaptable to any similar request)
•Debtor Partial Payment on Account
•Demand for Additional Collateral
•Deposit Return for Lack of Performance (Also good for advances)
•Discharge of Guarantor
•Estoppel Letter
•Guarantee Termination (Adaptable to any notice of termination)
•Guarantor: Final Notice (Adaptable to any debt collection)
•Guarantor: Attempt to collect letter (Adaptable to any debt collection)
•Judgment: Assignment (Adaptable to any asset assignment)
•Letter of Credit Agreement
•Loan Purpose: Affidavit (Adaptable to any statement of purpose relating to proceeds)
•Mortgage Broker Agreement (Adaptable to any agency agreement)
•Mortgage Commitment Letter (Adaptable to other financial commitments)
•New Payment Account Notice
•Pawn Agreement
•Pledge of Life Insurance (Adaptable for other pledges of collater
... keep reading on reddit ➡Tis the season! First off, this is not tax advice, and you should consult whoever is qualified (definitely not me). Not surprisingly, taxes on crypto (or crypto related things) is straightforward on the surface but not so much when you get into the nitty gritty and actually try to figure out what to do.
Every year around this time, for stocks/investments, I sell the losers to offset any gains I've had throughout the year to minimize any taxes due. I mean why would I pay taxes on realized gains when I can sell losers, offset the gain, and reallocate the capital to a different investment.
Soooo, might as well do the same with crypto. I have unrealized losses (cough doge cough - you suck doge!), and while doge will probably shoot up again at some point, there's plenty of projects I believe in that I can put the money (I assumed there's some wash sale rule for crypto but according to Webull there's not: https://www.webull.com/news/42459931) - "This is where tax-loss harvesting throughout the year comes in. It’s important to know that 1) capital losses can be used to offset capital gains and 2) wash-sale rules, which prevent a taxpayer from selling a security at a loss and immediately buying back, don’t apply to cryptocurrency. This means that when the market dips, you can sell your assets at a loss and buy them back to offset your capital gains" - so I guess I could just rebuy it...?
Plus, I think I could use crypto losses to offset gains in other areas (not sure), Coinbase notes: "Losses may be used to offset capital gains in a given tax year, plus $3,000 — this means that any losses incurred on bitcoin and other crypto may be deductible, unlike losses on your car."
Figuring out how all the reporting works is where I'm primarily confused and it seems like the different platforms are intentionally unclear.
Sadly, the least confusing article came from Montley Fool (I feel dirty just writing that): https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/crypto-taxes/
Take aways: realized crypto gains are taxed (we all knew that), "Crypto is taxed like stocks and other types of property", and
"The IRS has been taking steps to ensure that crypto investors pay their taxes. Tax filers must answer a question on Form 1040 asking if they had any type of transaction related to a virtual currency during the year. Crypto exchanges are required to file a 1099-K for clients who have more than 200 transactions and more than $2
... keep reading on reddit ➡I don't want to step on anybody's toes here, but the amount of non-dad jokes here in this subreddit really annoys me. First of all, dad jokes CAN be NSFW, it clearly says so in the sub rules. Secondly, it doesn't automatically make it a dad joke if it's from a conversation between you and your child. Most importantly, the jokes that your CHILDREN tell YOU are not dad jokes. The point of a dad joke is that it's so cheesy only a dad who's trying to be funny would make such a joke. That's it. They are stupid plays on words, lame puns and so on. There has to be a clever pun or wordplay for it to be considered a dad joke.
Again, to all the fellow dads, I apologise if I'm sounding too harsh. But I just needed to get it off my chest.
Alot of great jokes get posted here! However just because you have a joke, doesn't mean it's a dad joke.
THIS IS NOT ABOUT NSFW, THIS IS ABOUT LONG JOKES, BLONDE JOKES, SEXUAL JOKES, KNOCK KNOCK JOKES, POLITICAL JOKES, ETC BEING POSTED IN A DAD JOKE SUB
Try telling these sexual jokes that get posted here, to your kid and see how your spouse likes it.. if that goes well, Try telling one of your friends kid about your sex life being like Coca cola, first it was normal, than light and now zero , and see if the parents are OK with you telling their kid the "dad joke"
I'm not even referencing the NSFW, I'm saying Dad jokes are corny, and sometimes painful, not sexual
So check out r/jokes for all types of jokes
r/unclejokes for dirty jokes
r/3amjokes for real weird and alot of OC
r/cleandadjokes If your really sick of seeing not dad jokes in r/dadjokes
Punchline !
Edit: this is not a post about NSFW , This is about jokes, knock knock jokes, blonde jokes, political jokes etc being posted in a dad joke sub
Edit 2: don't touch the thermostat
Do your worst!
They were cooked in Greece.
I'm surprised it hasn't decade.
Ants don’t even have the concept fathers, let alone a good dad joke. Keep r/ants out of my r/dadjokes.
But no, seriously. I understand rule 7 is great to have intelligent discussion, but sometimes it feels like 1 in 10 posts here is someone getting upset about the jokes on this sub. Let the mods deal with it, they regulate the sub.
Don't you know a good pun is its own reword?
Two muffins are in an oven, one muffin looks at the other and says "is it just me, or is it hot in here?"
Then the other muffin says "AHH, TALKING MUFFIN!!!"
For the second time in as many months, a dozen or so police traipsed all over my front lawn and driveway with live assault weapons drawn while executing an arrest warrant or something on my neighbour.
Like, I get it -- that's my neighbour's fault, not theirs. But late last night LPS needlessly and loudly occupied my driveway for almost 3 hours, about 8 feet from my bedroom, starting around 11:30PM. Without apology, warning, or even acknowledgement that anything was even happening.
It started with lights out front. I carefully opened the door to a mostly empty street except one officer walking by and I asked "everything ok?". A muttered, miserable "yup" in response. Ooooook, be that way, sourpuss. Nice community relations but whatever. (Could have easily given me a heads up here; everybody knows the neighbours are trouble.)
Suddenly my driveway motion detectors are going ballistic and I'm of course startled and scared to see 5-6 cops and a German shepherd just outside my driveway door in the pitch black. They were using my car (that, though old, I love and baby) as a rifle turret and leaning all over it in the dark. Succinctly voicing my concern at yet another surprise trespass I was aggressively yelled at and cursed at in return.
90 minutes later, with clearly nothing of substance happening, I tread lightly and ask if they could try to be quieter (they were chatting like they were at a bar together) and stop leaning on my vehicle unless absolutely necessary and I was fully ignored.
On both raid dates they recklessly positioned rifles directly between the target window and our beds and desk inside our home. Had things gone sour, they'd have drawn fire exactly toward where we are most likely to be in our house. Without ever informing us a potential standoff was happening! For hours. They get danger pay to put themselves in danger, not us!
Of course, just like last time, it was nothing nearly so eventful. Needlessly idling several loud vehicle engines for the duration, they'd hop on the bullhorn every 15 minutes or so, lazily requesting the occupant come to the door. Now I'm no expert or anything but is this the best possible police work? I'm pretty sure 2+ hours might be just enough time for someone to dispose of evidence or something. But what do I know?
I do know, though, that last month's virtually identical action, which also required covertly occupying at least two neighbouring properties and putting my family at risk,
... keep reading on reddit ➡