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  2. After they do the direct deposits, the experts say that the IRS has the capacity to mail out 5 million checks a week. At that rate the experts say it will take 16 to 20 weeks to mail out all of the stimulus checks , so this will be going on for some time.
  3. My question was when will they stop looking for 2019 returns and calculate off the 2018 returns. Yesterday, tomorrow, in a week? I do realize everything will settle out when the 2020 returns are filed.
  4. Today
  5. Deep diving into this. DOL is using "intent of Congress" to smooth over some of the bumpy parts in the law text. My eyes are blurry... so I may be slightly off on some of the things not directly affecting me! Hopeful the good faith provision prevents anal type auditing. For instance, calculating the pay rate allowed for reimbursement accurately can be a chore, and I suspect many will pay based on the current pay rate, which could be more than allowed for reimbursement. I don't have the cite handy, but I saw something where the intent rule is allowing employers not to restrict the credit to their SS match amounts, they can retain FWH if needed to "cover" the emergency leave. I have seen at least one state which affirms sick leave, even this emergency leave, is subject to WC premiums. States tend to use the same remuneration rules for WC, or I have not yet seen a state have something drastically different from the others. The reimbursement must be added to business gross income to avoid the dreaded double dip. Employers do not have to allow start and stop. They can restrict it to once started, it cannot be restarted . Plenty who grasped this incorrectly. This is not retroactive. Did not start until Apr 1, 2020, so there are likely few, if any, who need to pay it out or file a 7200 before at least Monday. I have several customers who closed before Apr 1, but think they have to pay this because the employee's school is also closed. One has a part time employee who is still working, but is asking for the free leave extra money because their child's school is closed. The DOL is likely the best current official one stop source. Their Q&A is lengthy, but every employer should read it. https://www.dol.gov/agencies/whd/pandemic
  6. But wait, wasn't it his to begin with? If I am following this correctly, how can son receive a gift of property he already owns? How can dad establish a basis in property he never owned? On son's side of this, I believe a 3115 is in order.
  7. What he said! (Except I'm using Drake now.)
  8. I don't mind deleting the links, but when I clicked on the first link I was able to view the entire 11-page document. The second link took me to an email that I've deleted and included the modified contents without links and that removes the ability for anyone to unsubscribe you. If that isn't sufficient, please let me know.
  9. Thanks for the heads up on the link. MODERATORS, help! I can't edit the post anymore. I'm not a customer of theirs, but somehow got on the email list anyway. Hmm, I'm so tired, maybe I was researching in my sleep.
  10. Thanks, Gail, but I think you have to be a customer to subscribe to those emails, at least, I didn't find a way to subscribe. I could have unsubscribed you, though, so you might want to delete that link!
  11. I've over-ridden the first two due dates in the 1040-ES Record and the resulting PDF looks fine. Also, I don't use instruction "letter" but, rather, the whitespace-rich, larger font "Client Instr" -- and over-ride its "Post return by" date to "quarterly".)
  12. Exactly, this is a one time event and the IRS will run the report and send the money. After the report is run and checks are sent, the IRS will say "Finito la musica.... if we made a mistake, it will be corrected when you file your 2020 return".
  13. And in that unlikely event, you tell the auditor that the former spouse skedaddled years ago and cannot be found. Hey, auditor - can YOU guys find him for the client; he oughta know that the client's great-aunt Millie died six years ago and left him her plastic rosary bead set.
  14. Correct as it is stated, assuming other requirements (son's age, marital status, full time student etc) are met.
  15. Its been the opposite for me (grateful), but with many of my clients being home and now having time to put the paper work sooner, I notice my voice/throat has been horsed for the past three weeks.
  16. taxpayer received 1065 k-1 distribution and paid tax to a foreign country. can he claim foreign tax credit for that payment? My first thought is that he can as although the distribution (if less than basis) is not taxable, the distribution is actually part of a pool of ordinary income plus contributions, etc. all of which have been taxed, so, he should be able to claim foreign tax credit to avoid double taxation. Can anyone comment on this? Thank you so much!
  17. This was a solid read regarding the various options for small business assistance from the U.S. Senate Committee on Small Business and Entrepreneurship. It answered a lot of questions I keep seeing people ask. Hope this helps others. The Small Business Owner’s Guide to the CARES Act In addition, I subscribed to Live Oak Bank emails and they have been great about getting specific and changing information out really quickly. Here's an example of what they sent out yesterday. Live Oak Bank Wed, April 1 Email (link was removed, contents posted by JKL in a post below) All the best ya'll. Last year's tax season was brutal with all the tax reform changes, and I thought this year would be much, much easier. HA! Enter, the Coronavirus & CARES Act. BAM! I'm a hot mess again. Be well!
  18. Here's a good place to start with a ton of info. (There are so much on the internet now, it can be quite overwhelming. https://www.sbc.senate.gov/public/_cache/files/2/9/29fc1ae7-879a-4de0-97d5-ab0a0cb558c8/1BC9E5AB74965E686FC6EBC019EC358F.the-small-business-owner-s-guide-to-the-cares-act-final-.pdf The Covid-19 forum has a lot of great info already!
  19. The IRS first said yes, but just announced that if you are getting SS or Railroad Retirement, you don't need to to file anything - they will use that direct deposit information for the stimulus payments. https://home.treasury.gov/news/press-releases/sm967
  20. to all my ATX brothers and sisters. Every since the filing date got moved to July 15th, I have been in vacation mode. Nobody's bringing stuff in, or wanting stuff done, but I do have a ton of work still to do. But I'm so unmotivated. And now every body and their brother is asking about the CARE laws - nooooo - I haven't studied it yet. It's too early for CPE....... I just want to stay in bed with the rest of my lazy family.
  21. I am getting a lot of calls. Do those who are not required to file a tax return because they have too low of income or just on Social Security need to file a tax return to receive the stimulus?
  22. yes, that's how I thought, just looking for something else to help the son out. It was just a mistake on the previous tax preparer, but nothing to do about it now, I guess. thanks
  23. And if is passed as a gift, even though it might be long term, the part of the gain that is recapture of depreciation is ordinary income. And it sounds like that will be almost all of it.
  24. Judy, thank you for fixing the link. I have not heard or seen more info for helping those who do not meet any of the other parameters. When, or if, I do It will be posted here, hopefully with a good link. Lynn
  25. Thank you, Lynn. This is good news for those that don't need to file, but that leaves the question about my clients I was trying to help and other seniors that do file and whose 1040 always shows a balance due. Will IRS look for the direct deposit information on file with SSA?
  26. I have looked back at a couple of discussions on this, and I think I'm right, but looking for validation. Parents phase out of claiming any education credits, income over $200k. Son has no wages. Son goes to school out of state. Parents funded VA 529 college account for son. VA 529 is in son's name. Total distribution was $30,500. Earnings were $11,880. All of that was spent on college expenses, tuition and fees, supplies and equipment, room and board, etc. Correct me if I'm wrong, but 1099Q in son's name is not a taxable event to son. Parents can claim son on their tax return.
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