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  1. Yesterday
  2. Thank you, Dan.
  3. https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf This is the most authoritative source. I found answers here that could be not be found anywhere else. PPP is covered in section 1102 page 6. Loan forgiveness section 1106 page 19 EDIL section 1110 page 26. I have some anxious clients to talk to next week, this has given me a better understanding to help them.
  4. I devote a tab in my tracking spreadsheet to federal and NYS powers-of-attorney and info authorizations -- shown in an oldish 'Snip'. I keep it next to the tab for current-year returns-in-process and the tab for current-year e-filing. Simply having the tab adjacent my hottest two reminds me to keep its contents uptodate, I believe -- the reverse of "out of sight out of mind". Like Abby, I have only virtual files now, and keep an image of the signed copy of the PoA alongside other client documents of like period.
  5. Oh yes, Dan. These are the regs we live by now. I expect more clarifications; in fact, they promised to issue more. But, these Final Interim Regulations are it.
  6. ILLMAS

    PPP scenario

    This is sad but believable and understandable, one of my client that banks with a national chain institution was send packing, that they are overwhelmed and don't have a person for SBA loan and to visit another branch.
  7. I'm happy to have helped solve the puzzle.
  8. THANK YOU, ABBY! I had no idea you had to check that in Global Settings. I thought the check-off on the Election form in the return would do it. Makes sense now that I think about it. Obviously, this has never come up before and I have been an ATX user for many, many years. It worked just fine. What you don't know will kill you. & DANRVAN. (Although this is not farm/ranch property). Good to know, however.
  9. Putting that aside, since this document is destined for the FEDERAL REGISTER, it is the closest we have seen to an authoritative source. There have been a lot of articles published with conflicting information. This answered a lot of my questions.
  10. Fences used in a farm or ranch operation can be 7 year property.
  11. I just tested it and it worked for me. Try closing and reopening the return to see if it recalculates.
  12. Research of IRS capitalization rules tells me a fence is considered a land improvement. This category is depreciated over 15 years. However, when I input it on the Fixed Assets schedule it is "bonusing" the entire amount in 2019, even though I have checked the Election to NOT use Bonus Depreciation on 15-yr property. Do you know why this is happening? I don't want to expense it this year!
  13. Lion EA

    PPP scenario

    Yep, those two don't bar one another. Although, do you have to use different expenses, different employees to qualify? Or, to use for foregiveness? I'm just going into yet another webinar this morning. Tax Practice Pro Inc. with John Sheeley, if anyone's interested. Only $29. Biz this morning and individuals this afternoon at 2 pm EDT.
  14. cbslee

    PPP scenario

    One national bank, Chase I believe, is only accepting applications from businesses that have both a checking account and a credit card with Chase. Other banks are holding back because they don't like the SBA terms and rules for these loans.
  15. I do something kind of similar but less work and no math, but I've had 3 returns where it was an infinite loop because the taxpayer was very close to the 400% limit and bounces back and forth between no PTC and some PTC. I usually just take enough SEHI to get them right below 400%, and call it a day.
  16. Indeed, it was not. Judy really nailed it for me. The software was right. I just couldn't wrap my head around the analysis at all. Whew. Thank God for this forum, and especially Judy for holding my hand and walking me through this.
  17. Yes, there is another rental with income of $3091. Yes, the K1 for being a physician does have ordinary income in box 1 of $82760 on page 2 of Sch E. Holy Cow. I completely get it now. Judy, thank you so much. This was confounding me, no matter what I was looking at. I just could not pull it together. Yes, that 130,250 is what pulled both suspended losses up front, and I see it now. I looked back at another with suspended losses that I did a couple of weeks ago, and it was so smooth. This one involved so much more with multiple properties and the K1 physician income. Thank you so very much. I could have trusted the software and let this go, but I HAD to understand it all. I never let the software simply fly. And your help is a game changer. I appreciate you!
  18. Bart

    PPP scenario

    I was referring to EIDL and PPP as the two I know of best. A business can get both.
  19. DANRVAN

    PPP scenario

    I was wondering why the bank asked the question. It does't seem right that they could give preference to a business that has lay offs and rehires vs one that is trying to maintain and keep form laying off; since either way they could qualify.
  20. That's great. Could be the SEHI/Premium Tax Credit chapter in a tax textbook.
  21. Lion EA

    PPP scenario

    Bart, both what? There are half a dozen programs already, some of which are mutually exclusive. Not all are payroll based, but I think all can be used to meet payroll or provide paid time off. You have Section 7(a) traditional loan, 7(a)(36) paycheck protection loan, 7(b)(2) disaster loan, payroll tax credit in a couple different flavors, payroll tax deferral, EIDL, and more letters of the alphabet. How long does it take you to work out which is best for a client?
  22. So I got tired of trying to remember all the steps to take doing this and finally took the time to document it all. I hope this helps save someone else a lot of time and aggravation going forward. If there's spelling, grammar issues, I apologize. When I created this, I didn't intend to publish. Reconciliting Self-employed health insurance and premium tax credit.pdf
  23. cbslee

    PPP scenario

    What you say is true as far as the SBA application goes. I am referring to what the local bank is using for it's screening criteria.
  24. Bart

    PPP scenario

    You can get both
  25. I love the title Interim Final. Is that an oxymoron? And, the promise to issue more guidance soon. My brain is turning to mush. I'm returning to tax prep now.
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