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2nd quarter estimated extended to 07/15/20 refund for 2016 extended to 07/15/20 I am waiting for them to extend the 941 for 1st quarter.

IRS just issued notice 2020-66 which extends the RSED for 2016 returns from 4/15/2020 to 7/15/2020

2016 unclaimed refunds – deadline extended to July 15 For 2016 tax returns, the normal April 15 deadline to claim a refund has also been extended to July 15, 2020. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the July 15, 2020, date." Never thought I would see this !

If regular home office is substantially more than simplified, it's well worth claiming because it saves SE tax and income tax. Paying tax on the depreciation later (if the house even sells for a gain) is a small price to pay for that. But I do use simplified on some, for various reasons.

"Hello in There" was more the mood the news left me in. This was one of those "albums" that was so worn out, that I could listen to both sides at the same time!

I disagree with the "whoever files first wins". The IRS will send a letter to both parents and each will have to prove that the child slept more than 183 at home.

Just remember, Oregon has not extended the due dates for 1st or 2nd quarter estimated payments for 2020.

Some college websites have the housing costs plus the % of housing costs to use for off-campus students.

PPP can be for non-employees starting tomorrow the 10th. Plus, there are a LOT of other SBA loans.

I was typing when Lynn responded. Just received IR-2020-66. According to the notice, "for 2016 tax returns, the normal April 15 deadline to claim a refund has also been extended to July 15, 2020.: Also, according to this notice, 2nd quarter estimated tax payments due on 06/15 have also been moved to July 15. But, don't forget to check with the states. Tax software folks are going to have a lot of fun with all these changes.. Grace

Yes an extra bedroom can be deemed a home office - several of my neighbors do that. They can depreciate any office furniture or equipment they put in the office. Just my opinion but the safe harbor they instituted a few years ago is the best option only because you don't have to recapture the depreciation when you sell and you don't have to keep track of things each month. I've yet to meet anyone who didn't prefer that route when explained to them. A lot of the financial advisors I know who do this sort of thing actually end up signing up for an office sharing arrangement (like WeWork) just so they have a mailing address and a conference room to meet clients. For $200-300 per month they can be a good deal. CPA in my building just switched to that type of office. If you do the office sharing arrangement they lose the home office deduction.

Lion, you're one of my favorites. I'm lucky in the sense that there is very little tax work going on in my life. Postponed quite a bit until June or whenever this virus thing lets up. Best wishes.

And make it a legal "granny" unit if possible, so it could be rented out for that purpose too if ever desired, or upon property sale...

If he is serious about this, he should construct a small free standing office which he can rent back to his business, an LLC or an S Corp .

I never renew early. I always wait until the fall and then call and negotiate with the sales rep.

Yes, if she doesn't file anything, then the stimulus check would go to the bank on file where other benefits such as SSA, SSI, or VA benefits are paid. How about setting up one of those online-only checking or savings accounts with a nominal amount to open. Would that work? Edit - one I just checked is Capital One. Its "360 Checking" is completely fee free, does not require money to open, and comes with a debit card that is sent by mail. Main link is here: https://www.capitalone.com/bank/checking-accounts/online-checking-account/#id_why360checking and from there check out more account features and terms.

I think it would go to the same account, and the government isn't to grab those funds for outstanding tax debts, but I don't see the bank benig able to make a distinction of those funds if going to an account where funds are automatically garnished. If that is her only income, I'm assuming she has no filing requirement? Drake came out yesterday with the way that those "simple" returns are to be filed if there is otherwise no filing requirement and that would allow for direct deposit information to be entered. If this would work, could she possibly set up a separate account with another bank specific for the stimulus check that she could draw on? That still won't allow her to request a paper check, and that's my only idea and not sure this is possible for her. Maybe someone else will offer another option.

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.

Oh my gosh, I have been crazy trying to figure this out, but I finally did it. I sent an extension in for her with a $2 payment from the new account. Once that is ack'd, I'll send a tax return and get that $2 back into the new account. That should bring it full circle. THANK YOU again. My sister only gets about $1000/mo and her rent is over $700, so this will help her.