


Ask the community...
Has anyone dealt with damaged tax documents due to the hurricane? My 2021 paperwork got wet in the flooding and some of it is barely readable now. Not sure how to proceed with filing when I can't clearly see all the numbers.
You can request copies of your wage and income transcripts from the IRS for free. Go to IRS.gov and search for "Get Transcript Online" or call their transcript request line at 800-908-9946. This will give you all the info reported to the IRS like your W-2s and 1099s for 2021. For bank statements and other documents, contact those institutions directly for replacements.
Anyone know if we're eligible for any special tax benefits or deductions related to Hurricane Helene damages when filing these older returns? My 2021 taxes don't relate to the hurricane obviously but I'm filing them now while dealing with all the hurricane aftermath.
Unfortunately, you can't claim Hurricane Helene disaster losses on your 2021 return since the disaster occurred in 2024. Casualty losses must be claimed for the tax year in which they occurred. You'll need to claim Helene-related losses on your 2024 tax return (which you'll file in 2025) or potentially on an amended 2023 return if you choose to claim the loss in the immediately preceding year, which is sometimes allowed for federally declared disasters. But for your 2021 return that you're filing now, you can only claim the extension - not any hurricane-related losses.
Has anyone tried those online CPA matching services? I've seen ads for them but not sure if they're legit or just trying to push you to the highest bidding accountants.
I used CPAselect last year and it was hit or miss. They matched me with three accountants but only one was actually taking new clients. That said, the one I ended up with has been great. Just make sure to do your own vetting even after they match you.
Thanks for sharing your experience! I'll give it a try but will definitely interview them carefully before committing.
Just want to add - check if your prospective new CPA has experience with your specific situation (small business, investments, etc). I switched to a CPA who specializes in freelancers and she catches deductions my previous general accountant missed completely. Also ask about their preferred communication method! My old CPA was phone-only which drove me nuts, new one does email which is so much better for me.
Good point! My business involves international clients and my current CPA seems completely lost with the foreign income reporting. Need to find someone who specializes in that for sure.
Something similar happened to me, and I eventually found out my payment got applied to the wrong tax year. When you made the payment, did you select 2025 instead of 2024 by accident? The EFTPS interface is confusing because you make Q4 2024 payments in January 2025, and it's easy to select the wrong year. I'd recommend checking your EFTPS payment history for other tax years - your payment might be sitting there. Also, did you print or save the confirmation page after making the payment? That confirmation number is gold in these situations.
Thanks for the suggestion! I just went back and checked payment history for both 2024 and 2025, but don't see anything for that January payment in either year. And yes, the EFTPS interface is super confusing with the year selection. Unfortunately I didn't save the confirmation page because I've never had issues before and got complacent. Definitely won't make that mistake again - I'm taking screenshots of everything now!
Call the IRS and request a payment trace. Have your bank statement ready showing the exact date and amount that was debited. The IRS can usually find misapplied payments pretty quickly when you have the proof it left your account. Also, create an online account at IRS.gov if you haven't already. Sometimes you can see payment history there that doesn't show up in EFTPS for whatever reason. The systems don't always talk to each other perfectly.
I've been a tax accountant specializing in oil and gas for 15+ years. Here's what you need to know: 1. Your new CPA is correct. IDC and depletion should be subtracted from box 14a when calculating SE income. 2. The note on your K1 about "QBI not reduced" is standard language that specifically exists to tell you these amounts need to be backed out for SE tax purposes. 3. Your former CPA was incorrect, and yes, you should definitely amend 2020 and 2021 returns. With differences of $45k and $85k, you're looking at potential SE tax savings of approximately $6,800 and $12,800 respectively. Don't be surprised that your former CPA is resistant - admitting this error would open her up to liability for the mistake. I'd suggest having your current CPA or another preparer handle the amendments.
Thank you for this clear explanation! Since my current CPA isn't being very responsive, do you think this is something I could potentially handle myself with tax software? Or is it too complex for DIY?
I wouldn't recommend DIY for this particular situation. The amendments will need to properly document the IDC and depletion adjustments, and most consumer tax software doesn't handle these specialized oil and gas calculations well. If your current CPA continues to be unresponsive, I'd suggest finding a new preparer who has specific experience with oil and gas partnerships. Look for someone who regularly works with clients who have working interests rather than just royalty interests. This distinction is critical, as they have very different tax treatments, and it's where many CPAs get confused. The investment in a knowledgeable preparer will likely pay for itself many times over given the tax amounts at stake.
A key point I haven't seen mentioned yet - the statute of limitations for amending returns is typically 3 years from the original filing date, but can be extended to 6 years in certain situations. Make sure you get those amendments in for 2020 ASAP before the window closes!
Salim Nasir
One thing to consider with high net worth tax prep is whether you need a specialist in specific asset classes. When we sold our business, we initially went with a generalist CPA who missed several key deductions related to our commercial real estate holdings. We ended up switching to a firm that specialized in both business exit planning AND real estate. The difference was substantial - they restructured our property ownership through a DST (Delaware Statutory Trust) that allowed us to defer nearly $430K in capital gains taxes.
0 coins
Hazel Garcia
ā¢How did you find a specialist who knew both business exits and real estate? I'm in a similar situation but everyone I talk to seems to know one area well but not both. Did you use a Big 4 firm or a boutique?
0 coins
Salim Nasir
ā¢I actually avoided Big 4 firms after interviewing two of them. Found our specialist through a real estate investment group I belong to - several members had used this boutique firm that specifically focuses on business owners with significant real estate portfolios. The key was finding someone who understood the intersection of business exit planning and real estate optimization - not just someone who happened to work with both separately. I'd recommend asking for specific examples of cases where they've handled both aspects together, not just checking boxes for experience in each area.
0 coins
Laila Fury
Has anyone else noticed that high net worth tax software is basically garbage? I tried three different "premium" packages last year after our company IPO and all of them crashed when dealing with RSUs, NSOs, and our donor-advised fund contributions.
0 coins
Geoff Richards
ā¢TaxPro Premier worked decent for me last year with RSUs and options, but completely failed with my private equity investments. I ended up having to use a combination of software for initial organization and then an actual CPA to review everything. Paid more in the end but avoided some serious mistakes the software made with my cost basis calculations.
0 coins