Has anyone tried just calling Apex Clearing directly? Last year they sent me a corrected 1099 over something stupid, and when I called them, they actually told me the correction was so minor I didn't need to amend. They even emailed me something saying that for my records.

I went through this exact scenario last year with a corrected 1099-MISC from my brokerage. The difference was about $3.50 in dividend income. I called the IRS directly (after waiting forever on hold) and the agent told me that for such small amounts, they don't recommend filing an amendment unless it affects other parts of your return like tax credits or bracket thresholds. The agent explained that their matching system has tolerance levels built in, and tiny discrepancies like this are essentially ignored because the administrative cost exceeds any potential tax recovery. She said to keep both the original and corrected forms in my records just in case, but not to worry about amending. Fast forward to this year - no issues whatsoever. My refund came through normally and I never heard anything about the small discrepancy. So for your 27 cents difference, I'd say don't stress about it. Just keep good records and move on.

Is the profit your client made more or less than $250,000? If they lived in the house for at least 2 years out of the last 5 years before selling, they might qualify for the Section 121 exclusion, which means up to $250k ($500k if married filing jointly) could be tax free.

Great question! As a fellow tax professional, I can confirm that you're absolutely right to avoid Schedule C for a one-time flip. The key test is whether this constitutes a "trade or business" - and a single transaction by someone not regularly engaged in real estate typically doesn't meet that threshold. For reporting, you'll want to use Schedule D and Form 8949 to report this as a capital gain/loss. The holding period will determine if it's short-term (less than 1 year) or long-term (more than 1 year), which affects the tax rate. Make sure to properly calculate the adjusted basis by including: - Original purchase price - Closing costs on purchase - All capital improvements (not repairs) - Selling expenses (commissions, closing costs, etc.) Since your client never claimed depreciation (and couldn't on a flip property anyway), there's no depreciation recapture to worry about. The gain calculation is simply: Sales price - Adjusted basis = Capital gain. One thing to watch out for - if the IRS later determines this was part of a business activity, they could reclassify it and assess self-employment tax. But for a true one-time flip with no business intent, capital gains treatment is appropriate.

Quick question - if we file with the W-7 renewal, do we still need to include the tax payment if we owe money? Or do we wait until after the ITIN is renewed?

I went through this exact process with my spouse last year and wanted to share what worked for us. The key thing that helped reduce our stress was finding a local Certifying Acceptance Agent (CAA) - many tax preparation offices are authorized to do this service. The CAA was able to verify my spouse's original passport and other documents, then provided certified copies that we could mail with our tax return and W-7 form. This meant we kept all our original documents and didn't have to worry about them getting lost in the mail or waiting months to get them back. The whole process still took about 10 weeks for the IRS to process the ITIN renewal, but our peace of mind was worth the small fee the CAA charged (around $50). You can find authorized CAAs on the IRS website - just search for "Certifying Acceptance Agent" in your area. Also, make sure you file everything together in one package - the tax return, W-7 form, and all supporting documents. The IRS processes these as a unit, so separating them can cause delays.

I've been through three tax seasons with an IP PIN now. In 2022, I had to verify despite having the PIN. In 2023, no verification needed. This year, verification required again. From my conversations with the Taxpayer Advocate Service, the IP PIN primarily prevents someone else from filing under your SSN, but doesn't exempt you from the IRS's internal verification algorithms. These algorithms flag returns based on multiple factors including income changes, new credits claimed, address changes, etc. Your remote work situation might be triggering geographic inconsistency flags if your employer is in one state and you're working from another.

I've had an IP PIN for two years now and got hit with verification both times, so you're definitely not alone! The frustrating part is that the IRS documentation makes it sound like the PIN should streamline everything, but in reality it just prevents fraudulent filings - it doesn't bypass their verification algorithms at all. What really helped me was keeping detailed records of every interaction. I document every call, reference number, and rep name because the systems don't always talk to each other properly. Also, if you're still working remotely, make sure your W-2 address matches what you have on file with the IRS - mismatches there seem to trigger additional scrutiny even with a PIN.

Don't forget about getting properly registered with the IRS as a tax preparer! You'll need a PTIN (Preparer Tax Identification Number) before you can legally sign returns as a paid preparer. It only costs about $35 and can be done online through the IRS website. Without this, you can't legally charge for tax preparation services.

As someone who's been doing tax prep for several years now, I'd strongly recommend starting with an established firm for your first season. The learning curve is steep, and having experienced preparers around to answer questions is invaluable. You'll also get exposure to professional-grade software and a steady flow of clients without having to market yourself. That said, don't underestimate the demand for competent preparers. While DIY software has captured some market share, many people still prefer having a real person review their taxes, especially when they have life changes, small business income, or just want peace of mind. The key is positioning yourself as more knowledgeable than the typical seasonal preparer - your accounting education gives you a real advantage here. For building your own practice later, start documenting everything you learn about client acquisition, common issues, and efficient workflows. This knowledge will be gold when you eventually branch out on your own. Also consider specializing in a particular area (like small businesses or rental properties) rather than trying to be everything to everyone.