Tom Gorczynski @TGorcz Twitter profile

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@GeoffLeFevre_12

Tom Gorczynski

@TGorcz

3 years

Dear Congress: We need a stable tax code. Can we stop with the massive changes every time one side wins control of government? If tax professionals can't keep up - how on earth can regular taxpayers figure out how to voluntarily comply?

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Tom Gorczynski

@TGorcz

4 years

@Lawrence Donald John Trump has never incited an erection. Absolute fact.

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Tom Gorczynski

@TGorcz

3 years

Your tax pro has probably hit the wall of exhaustion. Be kind to them. And don't ask for a status update -- trust me, we want your return done as much as you do.

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Tom Gorczynski

@TGorcz

4 years

I know people want a tax deadline postponement this year, but it is a bandaid. The real issue is IRS funding: less staff, 40-year-old technology, barely functional customer service. Can #TaxTwitter use its collective voice to help fix the real issue?

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Tom Gorczynski

@TGorcz

4 years

Instead of creating another tax regime -- a wealth tax -- how about we revise the existing federal income tax system to achieve similar goals by changing rates, reducing complexity, and decreasing the number of tax benefits used primarily by wealthy individuals?

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Tom Gorczynski

@TGorcz

2 years

The CPA community is debating whether someone needs 150 college hours to earn their credential. That's more than a 4-year degree. If you want to do tax alone, the EA credential simply requires passing the 3-part licensing exam (though many EAs, including myself, have advanced

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Tom Gorczynski

@TGorcz

4 years

I just listened to @LeahRemini and @MikeRinder on their new Scientology podcast. They are unleashed! You need to listen. BTW -- did you know Scientology got PPP loans?!? That is a disgrace.

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Tom Gorczynski

@TGorcz

2 years

Every single time I write a CE course, I learn something I did not know before. The tax law is so complex; anyone who says they know it all is lying or deluded.

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Tom Gorczynski

@TGorcz

2 years

So many hucksters and fraudsters in the tax community don't have a damn clue about actual tax law, and people eat up what they say. So many "professionals" sell services and they'd fail Tax 101. It is really disappointing. This profession is going downhill.

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Tom Gorczynski

@TGorcz

3 years

I’ve had too many tire kickers and people seeking free advice: to book a session prospectives now need to pay $100, and if they sign an engagement, they get a $100 credit. #TaxTwitter

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Tom Gorczynski

@TGorcz

6 months

@BarryMarkson1 Wait a second, MAGA election “integrity” zealots cheat themselves? Kinda like Trump I guess, who says one thing but lives his life in the completely opposite way.

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Tom Gorczynski

@TGorcz

4 months

The best tax pros understand that tax is law and not accounting and understand positions on returns often live in the world of grey.

Roger Ledbetter | RE & SMB CPA

@rledbetterCPA

4 months

Taxes are hard. They are harder when you don't know accounting. The best tax guys think in debits and credits. Before trying to understand tax loopholes, try to understand a financial statement.

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Tom Gorczynski

@TGorcz

4 years

I know tax pros are anxious to file returns, but please wait until your software is updated. The 2020 UI exclusion is added back to MAGI for several provisions, like SS taxation, and if you do it manually you may miss those adjustments.

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Tom Gorczynski

@TGorcz

6 months

If an industry has multiple licensure paths to be able to do the same work, then the license ultimately doesn’t matter. The knowledge and experience and work ethic does. But on social media, it’s all about creating outrage and clicks. In my career, I have reviewed thousands of

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Tom Gorczynski

@TGorcz

10 months

The BOI reporting system is up and running. I’ll be testing it today and releasing a Tom Talks Taxes article soon on its functionality. #BOI #TaxTwitter

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Tom Gorczynski

@TGorcz

4 years

"Can you do my 2020 returns?" I look at 2019, and there is a $13,000 Schedule C loss from running the solar panels on the primary residence. "You know, I think I am at capacity for this season."

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Tom Gorczynski

@TGorcz

3 years

If you already filed a 1065/1120S and realize that it required the K-2/K-3, you can do a superseding return prior to the entity return deadline.

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Tom Gorczynski

@TGorcz

6 years

@EPStandLeague @LeahRemini @MikeRinder @TonyOrtega94 Lots of buildings, but no people, of course. Oh, by the way... where’s Shelly?

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Tom Gorczynski

@TGorcz

2 years

Well, #TaxTwitter , finally, I've hired a part-time administrative assistant. Time to learn to give up control!

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Tom Gorczynski

@TGorcz

2 years

I contemplated getting the CPA credential; I sat for and passed REG. But none of the other content mattered to my career. I have a great tax career with an EA license. I stopped pursuing it.

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Tom Gorczynski

@TGorcz

3 months

We live in the 21st century, and tax educators must realize this. Not every married couple is "husband and wife." The man isn't always the primary earner or business owner. Don't use offensive terms to refer to different racial groups. I can't believe this is an issue, but it is.

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Tom Gorczynski

@TGorcz

1 month

NATP announced today that it is eliminating its tax research program, which is staffed by trained humans, and replacing it with access to Blue J, an AI tool designed for tax research. While humans occasionally get it wrong, using AI here, and in general, for the entire research

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Tom Gorczynski

@TGorcz

4 years

Thank you @TaxNotes for providing free access to your robust Tax Notes Research database. It is a win for taxpayers seeking guidance and tax professionals who cannot afford tax research products.

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Tom Gorczynski

@TGorcz

3 years

Today is the U.S. Tax Court exam for nonattorneys -- if you pass, you can represent taxpayers in Tax Court as counsel from petition through trial. It is really tough - average pass rate is 10-15%. It is a great goal for EAs and CPAs who want to be able to fully represent clients.

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Tom Gorczynski

@TGorcz

4 years

The IRS revised the 2020 unemployment exclusion worksheet. MAGI is computed by subtracting all UI then comparing to $150k.

Exclusion of up to $10,200 of Unemployment Compensation for Tax Year 2020 Only | Internal Revenue...

If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan Act enacted on March 11, 2021, allows you to exclude from income up to $10,200 of unemployment compensat...

www.irs.gov

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Tom Gorczynski

@TGorcz

4 years

2020 UI guidance is live:

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Tom Gorczynski

@TGorcz

9 months

Important information for #TaxTwitter as millions upon millions of taxpayers bought I bonds and T bills over the last few years.

Tipswatch

@TipsWatch

9 months

TreasuryDirect 1099s: How to find these important tax forms, and then decipher them.

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Tom Gorczynski

@TGorcz

1 month

Every tax issue is nuanced, and the outcome is taxpayer-specific. A generic statement like "never do this" or "always do that" is very rarely, if ever, entirely accurate. This is why social media is a dumpster fire when discussing most real tax issues.

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Tom Gorczynski

@TGorcz

10 months

Hi @FinCENnews - can you please issue an FAQ with respect to entity interests held as community property for #BOI reporting. This is an urgent need. Thank you!

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Tom Gorczynski

@TGorcz

25 days

Happy Sunday! CE/CPE companies are selling courses on election tax proposals. Don't waste your time - planning can only be done for what we know the law is now. 98% of proposals die. Also, for my EA friends, this does not qualify for CE for EAs, regardless of what the provider

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Tom Gorczynski

@TGorcz

4 years

I'm amazed by how many 1099s are issued to my S corporation by tax organizations and businesses when they have a current W-9 showing I am exempt as a corporation.

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Tom Gorczynski

@TGorcz

3 years

Schedule K-2/K-3 - deep breath - there's transition penalty relief - let's see how this shakes out for a bit before going crazy - remember for many small businesses you'll have the shareholder/partner information already

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Tom Gorczynski

@TGorcz

3 months

I have created a new word: BOI-phobia. The irrational fear of helping taxpayers with the BOIR requirements.

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Tom Gorczynski

@TGorcz

10 months

Can tax CPE/CE instructors stop using “husband and wife” and simply use “spouses”? Can you use a same sex married couple as an example?

Brian Streig, CPA

@cbriancpa

10 months

I have to say, being gay and taking openly about LGBTQ issues in a large public setting like @westerncpe #NewMoneySummit isn't always easy to put those fears of rejection out of your mind. Thank you to all the attendees for being so supportive and engaged with our discussion.

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Tom Gorczynski

@TGorcz

11 months

The solution to problematic tax law is not for the IRS to exceed its authority by simply ignoring it, but for Congress to fix it.

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Tom Gorczynski

@TGorcz

2 years

I have gotten more tax senior/manager job solicitations in the last month than in the prior three years... not that I am looking... but also interesting these are CPA firms and I'm a lowly EA. The labor shortage is real!

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Tom Gorczynski

@TGorcz

4 months

Crappy @OptumRx Speciality Pharmacy called me to let me know my oncologist denied my refill for my cancer medication - but no, they sent it to the wrong doctor, and they did not bother to do anything further. Once again, the patient has to do the legwork... incompetent!

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Tom Gorczynski

@TGorcz

3 years

I am shocked by the number of #taxpros who either (1) aren’t doing a MFJ/MFS analysis to maximize credits or (2) won’t allow clients to file MFS to maximize credits. It is not a preparer’s choice to file joint - it is the taxpayer’s decision!

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Tom Gorczynski

@TGorcz

1 month

@OpsAccounting There are crappy EAs and crappy CPAs in the tax world. Let’s elevate the knowledge profession regardless of credential and recognize the limits to our knowledge and refer appropriately.

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Tom Gorczynski

@TGorcz

3 years

Because people really need accurate employee retention credit information, I decided to make my review of Notice 2021-49 and Rev. Proc. 2021-33 open to everyone, not just paid subscribers:

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Tom Gorczynski

@TGorcz

5 months

Teaching with @RETaxStrategist for the Oregon Society of Tax Consultants to a sold-out house - easily over 200 people here!

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Tom Gorczynski

@TGorcz

8 months

When someone says to form a "family management company" Schedule C to funnel cash from an S corporation to avoid payroll taxes on the child's wages, I ask what the bona fide business purpose is to avoid the §7701(o) economic substance doctrine issue. There is never a response.

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Tom Gorczynski

@TGorcz

7 months

I don’t understand why tax pros need 8 monitors (and brag about how many they have). One quality large monitor is all I ever needed. Having 23 things open dilutes my concentration.

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Tom Gorczynski

@TGorcz

4 months

I have an exciting announcement coming soon that you do not want to miss. Give me a follow so you do not miss it!

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Tom Gorczynski

@TGorcz

11 months

Here is my likely unpopular take on CTA/BOI: (1) We have known this was coming for years. It should not be a surprise. (2) Completing the form if the taxpayer tells you the beneficial owners is not UPL. A lot of the information is already information you need to complete the tax

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Tom Gorczynski

@TGorcz

1 year

IRS interest rates are going from 7% to 8% in the 4th quarter of 2023. This applies to both refunds and balance dues. Taxpayers with unpaid balances should make every effort to accelerate payment if that is the ultimate goal. #TaxTwitter

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Tom Gorczynski

@TGorcz

1 month

@mountainwesttax The EIN letter does not determine the entity classification. Simply file it as a SMLLC.

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Tom Gorczynski

@TGorcz

10 months

BOI Reporting is Coming Soon! Get prepared with this extensive article in the Tom Talks Taxes newsletter:

BOI Reporting is Coming Soon

Learn about this new requirement and the tax professional's role in it

www.tomtalkstaxes.com

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Tom Gorczynski

@TGorcz

3 months

@cordes_tax Not a debate, honestly. A disregarded entity must use its owner’s TIN [SSN or EIN] for federal tax purposes unless provided for otherwise in regulations or guidance. See Treas. Reg. §301.6109-1 (h)(2)(i). If the DE gets an EIN for employment or excise tax purposes, it uses the

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Tom Gorczynski

@TGorcz

2 years

@danchodan I’m going to start marketing myself for ERC audit work.

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Tom Gorczynski

@TGorcz

1 year

Once again @Walmart Specialty Pharmacy has completely screwed me over and I’ll go multiple days without my cancer medication due to multiple failures on their part. And, of course, I am forced by my insurer to use them. What a racket.

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Tom Gorczynski

@TGorcz

3 years

I recently had to look at the NATP Fee Survey for 2021 and I was shocked/embarrassed by how low those fees were. How can we get our community-at-large to understand their value, show that value to clients, and get paid for their value?

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Tom Gorczynski

@TGorcz

3 years

I hear a lot "Get rid of TurboTax and H&R Block: the IRS can send a form most taxpayers can sign." While tax simplification is an urgent need, this is just unrealistic - even if most of the social policy in the Code is eliminated, a LOT of taxpayers have self-reported tax items.

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Tom Gorczynski

@TGorcz

3 years

Two clients this morning: wage earners with kids and 2020 AGI just a shade over $160k. We need to pull every strategy out of the toolbox to get them under $150k for 2021 to get over $5,000+ in free tax benefits.

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Tom Gorczynski

@TGorcz

2 years

Proud of myself today: I used @zapier to automate an annoying manual process. Zoom recordings now auto-upload to a Google Drive folder, and those who have access can watch the videos. I can cut my $40/mo Zoom cloud storage. Automation makes all the difference!

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Tom Gorczynski

@TGorcz

2 years

Ok Twitter, who can help me get to 1,000 followers? I am only 5 away.

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Tom Gorczynski

@TGorcz

3 years

RP 2021-48: IRS allows TPs to increase basis from PPP forgiveness either (1) when funds spent (2) when forgiveness app submitted or (3) when forgiveness granted, but never provides an analysis as to the legally correct timing. Very taxpayer friendly. #taxtwitter

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Tom Gorczynski

@TGorcz

4 years

@adammarkowitzEA I never bad mouth another preparer to a client. By doing so, we are indirectly criticizing the client for making that choice, and it doesn’t help the situation.

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Tom Gorczynski

@TGorcz

2 years

I am in full holiday mode. I will do some small projects here and there this week but we all deserve the time off! #TaxTwitter

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Tom Gorczynski

@TGorcz

4 years

Congress should be ashamed with its constant last-minute changes to the tax code. How can taxpayers effectively plan in this environment? Can’t they provide assistance in a more direct way? Ridiculous.

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Tom Gorczynski

@TGorcz

11 months

Apparently wanting to help clients navigate their business obligations is the same as the ERC mills fleecing taxpayers… you have to be joking. This is so off base I can’t believe it.

Ryan A. Elblein, CPA

@RElblein

11 months

Anybody else feel like the tax pros trying to turn BOI reporting into a new revenue stream without actually thinking through the potential liability have the same mentality as those that created ERC mills? #TaxTwitter

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Tom Gorczynski

@TGorcz

1 year

Yesterday I asked a question on Twitter and got scolded. Today I asked the same in a FB group I moderate and got thoughtful responses and interesting things to investigate. While I like Twitter, Facebook is still my primary go to for all things tax. It is easier to build

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Tom Gorczynski

@TGorcz

3 years

“Do I really have to pay $X with my extension today?” - on repeat this morning.

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Tom Gorczynski

@TGorcz

3 months

Since my last post generated some controversy, let me state what I have been teaching about BOI for the last two years: tax professionals, in my opinion, have an obligation to help their clients meet their BOI requirements as the primary advisor to their small business clients.

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Tom Gorczynski

@TGorcz

4 years

IRS says do not amend your 2020 tax return due to UI exclusion at this time.

IRS Statement — American Rescue Plan Act of 2021 | Internal Revenue Service

March 12, 2021 The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded...

www.irs.gov

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Tom Gorczynski

@TGorcz

1 year

@kristenkeatsCPA It’s made up and incorrect. Reasonable compensation is based on the facts and circumstances of the situation, period.

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Tom Gorczynski

@TGorcz

10 months

The House passed a #BOI bill yesterday. Contrary to what everyone is saying, it is neither a postponement nor a delay. It gives two years to file initial reports for existing entities and 90 days for updated and corrected reports. If this passes, #BOI reporting still starts on

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Tom Gorczynski

@TGorcz

2 years

One of my favorite types of cases to work on is a non-filer: I just finished one I was able to get over $10,000 in refunds due to missed COVID benefits! And now the taxpayer is compliant after not filing for over 10 years. #win #TaxTwitter

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Tom Gorczynski

@TGorcz

2 months

I am better off now than in 2020. No question!

Donald J. Trump

@realDonaldTrump

2 months

Are you better off now than you were when I was president? Our economy is shattered. Our border has been erased. We're a nation in decline. Make the American Dream AFFORDABLE again. Make America SAFE again. Make America GREAT Again!

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800K

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Tom Gorczynski

@TGorcz

4 years

The Schumer amendment to the ARPA added Sec. 9675 to amend §108 to provide a general CODI exclusion for student loan debt cancellation during tax years 2021 through 2025. I assume this is in anticipation of a general grant of student loan forgiveness.

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Tom Gorczynski

@TGorcz

3 years

The so-called "Billionaires Income Tax" is not an income tax because unrealized gains are not income under existing Supreme Court case law. How about we just modify the existing rules rather than make a new, complex, and legally questionable tax regime?

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Tom Gorczynski

@TGorcz

3 years

@taxtherapist505 The new W-4 is a disaster. I'd rather have a series of percentages you can select, or override for a fixed amount per pay check. The form can use prior year return data as estimate to guide selection.

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Tom Gorczynski

@TGorcz

2 months

Want to avoid tax season craziness? Tax pros I have coached have implemented a simple formula: -Set boundaries -Offer additional value-add services like tax planning -Price appropriately using value pricing principles It can be as simple as that.

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Tom Gorczynski

@TGorcz

3 years

Sec. 80604 of the infrastructure bill terminates the COVID-19 ERC after 2021 Q3 except for a recovery start up business, which still applies to 2021 Q4.

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Tom Gorczynski

@TGorcz

3 years

I have a pretty extensive Schedule K-2/K-3 Tom Talks Taxes newsletter article coming out tomorrow. If you'd like to join as a free or paid subscriber, join here:

Tom Talks Taxes | Thomas A. Gorczynski | Substack

A newsletter for tax professionals to learn about federal tax issues and stay connected with Tom Gorczynski. Click to read Tom Talks Taxes, by Thomas A. Gorczynski, a Substack publication with...

www.tomtalkstaxes.com

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Tom Gorczynski

@TGorcz

3 months

Let me be clear: the source of your continuing education matters. Choose wisely. It's urgent that our industry education does better in terms of content selection and accuracy. Everyone makes a mistake, but it is easy to tell when someone is just dialing it in. I have seen really

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Tom Gorczynski

@TGorcz

11 months

@JoshYoungblood As a speaker, for many years, I never felt I could be out. Got tired of people asking about a potential wife. Now I don’t care - you have a problem with gay people - don’t come to my education. I don’t want you benefitting from my knowledge if you are a homophobe.

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Tom Gorczynski

@TGorcz

5 years

IMPORTANT: My analysis indicates IRA contribution deadline not affected by IRS deadline postponement. See Treas. Reg. §301.7508A-1(b)(4).

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Tom Gorczynski

@TGorcz

7 months

Cheers from Dublin, Ireland! #TaxTwitter

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Tom Gorczynski

@TGorcz

10 months

Tom Talks Taxes has almost reached 4,000 subscribers in the last three years! Help us spread the word and reach our 4,000 subscriber goal before the close of 2023. Most content is FREE, while there is bonus content for PAID subscribers.

Tom Talks Taxes | Thomas A. Gorczynski | Substack

A newsletter for tax professionals to learn about federal tax issues and stay connected with Tom Gorczynski. Click to read Tom Talks Taxes, by Thomas A. Gorczynski, a Substack publication with...

www.tomtalkstaxes.com

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Tom Gorczynski

@TGorcz

3 years

If a SALT cap provision is essential to passage of the reconciliation bill, I think a straightforward solution is to double it to $20,000 for a joint return. A more broad relaxing of the cap would be way too expensive.

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Tom Gorczynski

@TGorcz

10 months

Regarding BOI from FinCEN itself: "FinCEN does not expect that an inadvertent mistake by a reporting company acting in good faith after diligent inquiry would constitute a willfully false or fraudulent violation." #factsmatter #TaxTwitter

BOI Reporting is Coming Soon

Learn about this new requirement and the tax professional's role in it

www.tomtalkstaxes.com

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Tom Gorczynski

@TGorcz

3 years

A complete fabrication. The IRS is an administrative disaster.

Secretary Janet Yellen

@SecYellen

3 years

It's a stunning achievement. In the midst of a crisis, the IRS has put on a masterclass in implementation and how the machinery of government should work. And our Administration is fighting to get them the resources they need to continue good work.

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Tom Gorczynski

@TGorcz

6 months

I would not recommend @LogMeIn only because you must make a phone call that takes over 20 minutes to simply stop renewal of a software subscription. I question your product if you must put barriers to people ending services.

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Tom Gorczynski

@TGorcz

4 years

@JStaatsCPA To me, this shows we have too many clients and we do not charge enough of a fee. This is why I advocate for far fewer clients and much higher fees so we can do this deep-dive work when it is in the client's best interest.

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Tom Gorczynski

@TGorcz

2 years

Today I had to go #fullambo ( @taxtherapist505 ) because a tax deduction consulting firm called to "vet" me because they "heard" their client had been referred to me. NOT YOUR JOB. I'll talk with the prospect and WE will make that mutual determination. #TaxTwitter

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Tom Gorczynski

@TGorcz

3 years

@CountingCrows Sullivan Street... hoping you'll play it in concert sometime when I'm there. I'm 0-10. LOL

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Tom Gorczynski

@TGorcz

3 years

Strategies for dealing with Schedule K-2 and K-3 reporting - Tom Talks Taxes - February 6, 2022 -

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Tom Gorczynski

@TGorcz

2 years

@LoganGrafTax I use Calendly as a filter for my ideal client: clients who won't use self-booking tools are not my ideal client.

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Tom Gorczynski

@TGorcz

4 years

IRS Notice 2020-32 disallows tax deductions for expenses used to qualify for PPP loan forgiveness. This is consistent with existing law. Congress will have to step in if it disagrees. The CARES Act and the JCT Explanation were silent on the issue.

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Tom Gorczynski

@TGorcz

3 months

Great article Jeremy! I agree: the balance sheet is key to an accurate entity tax return. Accounting for an S Election

Accounting for an S Election

How to Prepare an Initial Form 1120-S Schedule L

www.jwells.tax

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Tom Gorczynski

@TGorcz

10 months

As an experienced speaker, it is tough to hear critical feedback from attendees. Don’t blame them; learn from them and the comments to do better. If a lot of people had problems with the class, I’ve learned the problem was the class not the people.

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Tom Gorczynski

@TGorcz

2 months

If you need a tax pro, finding a competent professional for your particular situation is of utmost importance. That professional should have a license, such as an EA, CPA, or attorney, so they can also represent you before the IRS if needed. Focus on skills and experience, not

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Tom Gorczynski

@TGorcz

4 years

Here is the Senate-passed version of the American Rescue Plan Act of 2021:

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Tom Gorczynski

@TGorcz

11 months

Let me recommend a few classes I particularly liked: S Corp 2-Part Series: Everything S corporations from start to finish. On-Demand Crypto Series - @EmDeeEm gives both basic and advanced crypto topics that you need to know. Data Security for the Tax Business - @bradmessner

Compass Tax Educators

@CompassTaxEd

11 months

If you've never taken one of our webinars -- join us for one or more at a substantial discount this weekend only.

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Tom Gorczynski

@TGorcz

4 years

Word on the street is that 2020 UI exclusion guidance is coming today - very soon.

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Tom Gorczynski

@TGorcz

5 months

The new "pizza tracker" in TaxDome better be able to be turned off, or this is my last year with TaxDome. I don't sell pizza, I provide valuable services to my clients.

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Tom Gorczynski

@TGorcz

2 years

@FSteinCPA Because they don’t make a commission on them.

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Tom Gorczynski

@TGorcz

3 years

I did a brief, free video webinar on Rev. Proc. 2021-48, which relates to when a taxpayer gets the basis increase from PPP loan forgiveness. It is only 5 minutes or so but covers the basics and discusses some planning considerations. #taxtwitter

Rev. Proc. 2021-48: PPP Loan Update

Thomas Gorczynski, EA, USTCP, discusses the updated guidance related to PPP loan forgiveness and partner/shareholder basis from Rev. Proc. 2021-48 in this complimentary short video from Compass Tax...

on-demand.compasstaxeducators.com

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Tom Gorczynski

@TGorcz

4 years

Depreciation and cost recovery deductions aren't "loopholes". I buy an asset for $10k, I get to deduct $10k, either up front or over time. This is no different than any other business expense.

Tax Foundation

@TaxFoundation

4 years

Myth 8: Expensing is a loophole. A “loophole” is best understood as an omission/ambiguity in law that unintentionally allows certain taxpayers to escape paying taxes. To the contrary, expensing is a clear/intentional feature of the US tax code (and many others across the world)

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