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But does the tax program think that it is passive? The software that I use has a box on the K-1 that if i forget to check for active participation, the K-1 is treated as passive. It has been a long time since I used Tax Wise and I don;t remember how that worked and it might have been different then anyway.

I hope to have the energy to do what you are doing when I get that stage of life!

Unless something unexpected pops up, they would be eligible based on their averages allowable payroll costs based on the H&W (the employees). The contractors are on their own. My bank was easy to apply online, once they told me to (they had a virtual queue). (Helps that I do my own payroll...) The SBA form, with about 4 or five bits of extra (to likely help with the calculation), and controlling interest people information. Had to submit 941 forms and a payroll summary as of Feb 15. I "added" a sheet showing how I calculated the amount I entered since their instructions did not mention, or even ask for allowable health insurance costs, and since they are not shown on a 941. Best to apply with a bank you have an account with, as the bank is allowed to process their own customers first. The one delay was the online service they used for the document was a bit slow at first. I suspect it was because they were trying to verify the signing person;s identity through a credit bureau type system. I think when mine went through, they disabled the identity verification online, and will likely identify me via my account records.

Possi, if there are gains on the K-1 that are related to the non-passive activity of being a physician, then those gains would also be NON-passive. I agree with Gail that you should have a way to tell the program to NOT allow those gains to offset the losses. Only the gain on the sale of the one rental should be what is allowed, so that should be the amount of the losses used, and the rest of the losses should carry forward.

For those of you that prepare set up payment plans, OiC's, CNC's, the IRS updated the National Standards on March 30. There have been quite a few changes. https://www.irs.gov/businesses/small-businesses-self-employed/collection-financial-standards I don't know why it comes under small business/self-employed as it applies to everyone.

I prepared a PPP loan application for my largest client yesterday thru a local bank. The local bank had a much more detailed application asking questions about how many employees had been laid off due to the coronavirus. How many employees would be reinstated, on what date and the payroll cost of reinstating those employees etc.

yes, go to int input sheet , not the B. click on tab for details and click on Name heading the hit the apply sort button.

I continue to sort dividends and interest for Schedule B. It is done on the div or int input screens.

I have had similar cases where an expense related to a capital sale occurs in the following year. I treat it as a capital loss in the following year and call it something like "Expense of Timber sale in 2015". Actually, I think that could be more appropriate than amending the prior year for a cash basis taxpayer, since the expense was paid in the current year. Those are my thoughts, not saying it is completely correct.

AHHHHHHH AFFIRMATION.... I think I'll contribute in your honor!

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".)

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.

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.