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From your description, I'd deduct the costs if the course work maintains or enhances his current role and as long as they do not specifically qualify him for a new position or other job.

Give it a couple of minutes and someone will disagree.

I have been seeing so many posts online regarding consulting people with loans and making P&Ls for them. I quit preparing financials for clients when they decided that CPAs had to have an in house review for compilations, not just by mail. I don't honestly think that I know enough to advise people on what kind of loan they should be go after. I think that should be up to the bankers. I am going to check with my liabiltiy insurance, but I was just checking to see what everyone else thinks. I don't want to send my clients elsewhere, but none of this is covered in my engagement letters and I don't want to end up advising on things that I am not qualified to do. Thanks!

This is a rural area with not a lot of financial support. I don't intend to advise on what they should do,; I may in some cases direct them to websites that they can read to get up to speed themselves. I would like to know at least enough to warn them of any tax pitfalls since they do rely on me for that. Since I do the payroll for some of my clients, I will probably wind up more involved than I want to be.

I just sent a test fax to the CAF unit and it went through. I faxed a 2848 last Thursday. My concern is how long it will take to be posted.

Absolutely, Payroll Protection Program. No requirement to have laid anyone off, or had sales drop by application date. Affirmation is vague enough anyone can affirm. Just sign up after me

I don't want to have to go into my tax program to see things that can quickly be seen in a PDF. And what happens if the return file is corrupted or changed in some way, or I switch to another tax program? No thanks. I want a "carved in stone" PDF of every return I produce with ALL the useful worksheets and statements included. We have TBs of drive space these days on drives that will wear out before they ever get full.

My copy is printed to pdf and has everything. I stopped keeping mine on paper.

client/friend called crying (hysterically) today about I am not really sure - just scared! But she is still working fixing lunches at school kitchen 4 hours in am and babysitting grandkids (shes about 50) - i Not at all worried about her hubby who is a truck driver, packs his own lunch, use paper towels while fueling and rest stops, - I said he should also change his shirt! One office staff person came in - asked her to leave her coat in plastic bag - so warm when she went to car and take shoes off and wash her hands in warm soapy water at door - my she was offended - snapped at hubby - cried later as she was scared - She is not coming back for a couple months? Rest are remote .. but some stuff I needed but as of today in North Central WI we are closed to the public. And hubby says if someone is in the office I am upstairs! and they must wipe down and disinfect before I can go down and that I must wear shoes in the office and take off at stair door! I am always barefoot!! but everyone wants to come in, wants their taxes down now!! - they are not taking this seriously!! D

I started a new thread about the "Payroll Protection Program" which is a different program with a different application process. It's getting hard to keep track of all the moving parts of the different programs.

I relied on Section 6428(e)(1). Tony Nitti of RubinBrown taught a two-hour webinar to 5,000 tax preparers this afternoon and stated the following:  Basic Structure: Adds new Section 6428 to the Code  Section 6428(a): Individuals are entitled to a refundable credit on their 2020 tax return. (See Section 6428(b) for refundable status).  But in many cases, the taxpayer will receive an “advance payment” against the credit in the coming months. This advance payment is NOT taxable.  When the taxpayer files their 2020 tax return, the advance payment will be “trued up” with the credit; but only in a taxpayer friendly direction.  If the advance payment is LESS than the “actual credit” the taxpayer is entitled to the full credit on the 2020 return, less the advance payment; i.e., the taxpayer will receive the extra benefit.  If the advance payment is MORE than the “actual credit” the taxpayer is entitled to on the 2020 tax return, however, there is no mechanism for the taxpayer to either:  Report the excess advance payment as income, or  Repay the excess advance payment as is required with the premium tax credit.  What happens in 2020?  When a taxpayer files their 2020 return, a refundable credit will be computed using the same metrics and thresholds as the advance payment.  Section 6428(e)(1): the credit is reduced –but not below zero –by the advance payments received by the taxpayer.  Section 6428(e)(2): If an advance payment was made to a joint return and in 2020 they are no longer joint, half of the advance payment is treated as having been made to each spouse.

No penalty if the withdraw is for the excess contribution and any earnings on it. It's as if the excess was never in the account. Total distributions including any excess and related earnings withdrawn would be entered on form 8889, line 14a. Then the amount of the excess contribution and its earnings that were withdrawn would be reported on 14b, distributions for qualified medical expenses on 15. Any earnings withdrawn are reported as "other income." So we're all on the same page, below are instructions from Form 8889 that I referred to earlier. The instructions for Form 5329, line 47 say the exact same thing too.

I have a banker who's gotten up to speed on the new SBA loan programs that I've recommended. Some clients have their own friendly, local banker. Their payroll company should be able to help with some of the payroll "deferral" programs. I have lots of tax returns to file.

Unless the clients are over 65, there is a 20% penalty for non-medical withdrawals. HSA accounts are portable and can be used for self-employment. On the other hand, it may not be there at the end of the year, or it may be frozen. We are in totally uncharted waters now and another Lehman Bros type event could be even more devastating than before.

You know when you fill out these things you're always trying to second guess what the bank is thinking.

No, the other rentals are still cooking and shouldn't have become part of the suspended losses allowed. I have sent this to TWise and they are looking at it. I'll update when I get a response.

THANK YOU. I U

The excess contribution and any earnings can be withdrawn before the due date of the return. Page 5 of the instructions for From 8889 covers this. Look at the section " Excess Contributions You Make".

It's $9 per month but how many months do you need it? I think it's pretty cheap for a client portal. And less expensive than the membership dues for the organizations that include it. As I am already a member of AICPA and the state society, I really didn't want more dues for more info. Actually, I set up a personal account to test some features and received an email that it is free to go Pro for a while now. Might check it out.

If you have F1 visa, you don't exist in the US... basically you are invisible. You don't accumulate physical presence in the US for the first 5 years, provided you stay within the requirements of the visa. For example, if I come and study and don't violate the visa requirement, I am invisible. On the other hand, if I start working in the U.S. in violation of the visa status, I am technically not covered under the visa and I should accumulate physical presence. As you stated, in 2020 you should be able to file 1040, so the question is only for 2019. See if there is a difference in tax due or refund before you dig more.

Good point about the date, Max. Probably 15 July, because everything that starts with "1040" moves. But, I'd probably aim to get it in 15 April unless I found something official moving the deadline. Lloyd has time. I got a couple things off my desk that I couldn't verify postponed deadlines.

Normally that can only be done by filing the two MFS returns before April 15. Is this extended now to July 15? Most likely, but does anyone know for sure? Amend the Primary on the 1040 MFJ to MFS and create a MFS for the Secondary.

Or, free from NAEA or NATP.

e-Services. Or, if your POA hasn't been processed yet, the client can use IRS's Get Transcript.

Here are summaries of the two programs: * Paycheck Protection Program The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Under this program: Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination. * Economic Injury Disaster Loans and Loan Advance To apply for a COVID-19 Economic Injury Disaster Loan, click here. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

I haven't charged any of my clients for helping with the short form application. I just want to do what I can to help them stay in business. The income stream from not losing them due to business failure is worth a lot more than a few $ in the present. I consider the time to be an investment in their future and mine (or the tax preparer I hand them off to when I retire). They will have to prepare more detailed financials when the actual loan process starts and that will be the time to discuss fees. Personal experience - this evening I was speaking with my daughter and her husband on my way home from work. I mentioned the EIDL in passing during our conversation. She had to cut the conversation short because an HVAC repair guy had dropped by to pick up his check for some work he had done for them. A short while later she called to ask if i minded giving some details about the EIDL program because the HVAC guy had just told them he wasn't sure his business is going to survive this situation. She put him on the phone and I spent about 30 minutes explaining some aspects of the program and telling him exactly what he needs to do AS SOON AS HE GETS IN FRONT OF A COMPUTER. Then I ate my dinner which by now was getting a little cold. No charge for the advice, but maybe he and 5 or 6 of his employees may continue to have jobs that would have disappeared in the next few weeks. That's worth more to me than a processing fee. But if I were seeking clients, I'm betting I'd have a pretty good chance of stealing his business from his current accountant.

Just fyi, in Drake there are client copies, preparer copies, and filing (mail-in) copies. (Those last have all the ssn digits, etc.) Banks want those numbers, so they get "filing" copies. Taxpayers get the client copies that also include most of the worksheets, and have ssn's masked. Preparer copies get *all* the worksheets, plus diagnostics and notes and carry-forwards and the like.

Thank you, Lion!

One amended return to keep one taxpayer. One original return for the other spouse to file. (But I just got out of a 2-hour webinar on tax and Small Business Act changes and don't trust anything I thought I knew!)

Oddly specific.

A problem we see is that some will see "penalty free" but they hear "tax free" and then they don't even read the part about paying the tax over three years because in their mind, it is tax free. And those are the ones that don't give us the 1099R "because it is not taxable.... just like the ones who don't think their distribution needs to be included on the return because "I already paid tax on it". Yes, we tell them, they withheld some tax, but it IS INCLUDED!

I now know 8 people (and 2 that I don't know personally) with the virus, 2 are over 80 and suffering at home as they were told they would be better off there. Each one's family is now infected. They are all from NYC. The last few days I work from 6am to 12, then after lunch I spend some time on the phone checking in on older clients and friends. Everyone is home when I call. I sense a lot of understandable anxiety, fear, and worry. But having a conversation helps to smooth things out a little especially since many people don't know what to make of this. I feel that staying in touch helps us to cope.

It is sad and worrisome to think that we may actually lose a family member or someone we know firsthand to this. I hope each of us are trying our best to follow the safety protocols to stay safe and healthy.

Hi, see my reply to this in the other thread. Yes, they can send all paperwork that way. Even photos.

And don't forget to input his Medicare wages from his W2.

An entry on Line 11 of the Ln 16, Sch1 worksheet triggers the S corp shareholder healthcare deduction. The premium amount goes on Line 1 of the worksheet. The Business 1 and 2 lines at the top of the worksheet don't pertain for this.

Talent lost too soon. And, it's scary seeing these people younger than I am dying or in ICU.

The songwriter of "I Love Rock n' Roll," Alan Merrill, just died; only 69; performed only two weeks ago.

CBS said his wife had it also.

I was not familiar with Diffie but I see John Prine is in serious condition with it.