That's fascinating! Do you need an engineering background to be credible in cost segregation, or can an accounting major learn enough to be valuable in that specific area?

You absolutely don't need an engineering background! While engineers are often involved in cost segregation studies, accountants play a crucial role in translating the physical components into tax classifications and depreciation calculations. What helped me was taking a specialized course through ASCSP (American Society of Cost Segregation Professionals) during my final semester. I combined that with reading every IRS ruling on the topic and creating sample studies for hypothetical properties. In interviews, I brought a portfolio showing how I would approach different property types. That practical demonstration of skills is what convinced the firm to place me directly in their real estate tax group instead of the general tax pool.

I'm at PwC in their real estate practice. Yes, you'll do grunt work, but it's ALL real estate-focused grunt work. Huge difference in learning curve compared to my friends doing general tax. After 2 years, I'm already sitting in on advisory meetings because I've seen so many different real estate structures.

Did the CPA help you recover the excess refunds that should have been returned to you? I'm in a similar situation and wondering if paying for professional help is worth it.

Yes, that was the best part! The CPA was able to prove that the state had received about $1300 more than I actually owed once all the calculations were corrected. It took some back and forth, but the state eventually issued me a refund for the excess amount they had received through the offset program. As for whether it's worth hiring someone - in my case, absolutely. I had been trying to sort this out on my own for almost two years with no progress. The CPA had contacts and knew exactly what forms to file and what to say to get action. The $600 I paid saved me countless hours of frustration and helped me recover $1300 I wouldn't have otherwise received, plus got my future refunds flowing again. Sometimes you need someone who speaks their language.

I tried this number and it works! It's an automated system that tells you if you have offsets, the type of offset (state tax, child support, student loans, etc.), and the amount. It doesn't give you super detailed info, but at least confirms if your refunds are being redirected.

Glad it helped! Yeah, it's not a full solution but at least it gives you confirmation about whether offsets are happening. Sometimes just knowing for sure is half the battle, especially when you can't get anyone on the phone to explain things.

An IP PIN will only protect future tax returns, not previous ones that have already been filed. For the situation with your cousin's 2022 return, she needs to report the identity theft attempt immediately using Form 14039 (Identity Theft Affidavit). For protecting previous returns from fraudulent amendments, she should consider getting a Tax Account Transcript regularly to monitor for any unusual activity. The IP PIN is still worth getting to protect all future filings.

How do you get IP PINs for minors? Do they need their own IRS accounts? My kids are 8 and 10.

You request IP PINs for your dependents as part of your own IP PIN application. There's a section where you can add dependents - you'll need their Social Security numbers and dates of birth. They don't need their own IRS accounts since they're minors. I did this for my three kids last year, and it was actually pretty simple. Just make sure to keep track of all the PINs when they arrive, as each person (including each child) gets their own unique 6-digit number.

Does this apply even if it's just a small amount of interest from the estate checking account? I'm in a similar situation and the estate only earned like $47 in interest.

If the estate earned less than $600 in total income after death, you generally don't need to file a Form 1041. So in your case with only $47 in interest, you wouldn't need to file an estate income tax return. That said, some executors choose to file anyway just to create a clear record, especially if they expect more income to come in later. But technically, the IRS doesn't require filing Form 1041 if the estate's income is below $600 for the tax year.

Good point! What states have these lower thresholds? Now I'm worried I might have missed something with my grandmother's estate.

As of 2025, there are about 12 states plus DC that have estate taxes with lower exemptions than federal. Massachusetts and Oregon have exemptions as low as $1 million, while states like New York and Hawaii have higher thresholds but still lower than federal. Then there are six states with inheritance taxes (Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania) which work differently - the tax depends on who inherits, not the total estate value. Maryland actually has both types of taxes! I'm not an expert on all state rules, but definitely check your specific state's department of revenue website or ask your tax preparer about local requirements.

Oh wow I had no idea about this! I definitely had over $10k in my Korean bank accounts... is there a deadline for this form too? Is it the same as the regular tax deadline?

The FBAR deadline is technically April 15th (same as tax day), but there's an automatic extension to October 15th - you don't need to request it. File it as soon as you can though! It's filed electronically through the FinCEN BSA e-filing system, not with your tax return to the IRS. I'd also check if you need to file Form 8938 (Statement of Foreign Financial Assets) with your tax return if your foreign accounts exceeded certain thresholds. The requirements are different than FBAR and it goes with your tax return, not separately.

I think the 2024 FEIE amount is actually $126,500, but your point still stands! Also, make sure you file Form 2555 to claim it.