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Plus, non-qualified use will impact their 121 exclusion when they sell.

No payback if the stimulus check received is too high.

I'd call you software provider. Some 1041s require a state tax ID number where I just enter all 0's. If it requires an amount, enter $1 - it won't be taxable.

"The Internal Revenue Service has stopped processing paper tax returns, with much of its staff now working remotely because of the novel corona virus pandemic, and is encouraging taxpayers to file their taxes electronically during the three-month extension period for this year’s tax season." With the focus on stimulus rebates, everything else is on the back burner!

The only way would be to adjust the scale as I described in this topic with my post of Feb 5th above. It will make everything on your desktop and in all of your apps larger though.

"Yes. Employers receiving a PPP loan may defer payment of the employer’s share of Social Security tax for the period beginning March 27, 2020 through the date the lender issues a decision on the forgiveness of the loan. At that time, the employer is no longer eligible to defer payment. The Social Security tax that is deferred from March 27, 2020 until the date of the forgiveness will be due 50% by December 31, 2021 and 50% by December 31, 2022."

I'm told it will be similar to the ACA credit/tax. Too much ACA benefit results in a tax, too little ACA benefit results in a refundable credit. The amount of stimulus being forwarded now is calculated based on 2019 tax return (or 2018 tax return if 2019 is unavailable). As part of the processing of the 2020 tax return next year, the income criteria on the 2020 tax return (no other year) will be measured and compared to the stimulus payment. If stimulus was overpaid, the difference becomes a separate tax under "Other taxes." If stimulus was underpaid, the difference becomes a refundable credit. It is expected that the overwhelming majority of taxpayers will have neither a tax or a credit.

What about the "REPORT VIEWER"? After transmission the MEF ACK Report comes up and it is so super tiny I cannot read it AT ALL. I have to PRINT AS PDF then open in PDF Viewer just to read the dang thing. Called Drake Support and they were of no help. There is a menu (PRINT, EXPORT, 1st, Prev, Next, Last) then a dropdown to change the FONT SIZE, but it's greyed out at 8 FONT. If I could just click this and make it larger????? Why is it greyed out and how can I change this report viewer so I can actually READ IT?????? Thanks!

When my clients do that, I don't remove the Sch E, but I stop all depreciation on the date they moved back. Taxwise won't attach it if there isn't income and expenses. I just have to be sure it's clear. That way, if they decide to sell, you'll have that record of depreciation for recapture. I'm sure others will chime in on this.

Roberts, you're work around worked! Thanks so much for the timely response.

I did have it on the Fed for 2019, but it didn't go on the state. I'll check with him to see if he heard from VA and if not amend that. Thanks for the heads-up there! For 2018 it wasn't on either since it was expired at that time. Just wasn't sure where to put it on the return. Thank you both!

It's too bad that not enough tax pros used the eservices POA feature, so the IRS eliminated it. Would be really handy right now. I really, really miss EAR, too.

"The IRS is holding mail in trailers during the pandemic Due to shelter-in-place orders, the Internal Revenue Service has shut down all of its processing centers and has stopped processing paper returns. This means that many unopened business tax refund requests have been moved into trailers. “There is so much mail that the Post Office can’t hold it,” said Sunita Lough, deputy commissioner for Services and Enforcement at the IRS during a panel webcast by the Urban-Brookings Tax Policy Center last week. “So we are literally holding it in trailers until our employees can get back,” she said."

Are the phone calls about this driving anybody else nuts? Typical: Where's my 12/24 hundred bucks? Did you file for '19 yet? Nah. What about '18? Uh, I dunno.

AND NOW THEY ARE AUTOMATICALLY GIVING IT TO VETS - ABOUT TIME!! and the soc sec not getting theirs yet - thank goodness I have access to my moms - so I can tell them to be patient! and when she gets hers I will know to tell them they will get theirs or out of luck! I am "glad" to hear I am not the only one getting these calls!! But we have been checking online and inputting bank accounts in for them that have been getting mail checks or owed...

I've only heard that they are not processing any mailed returns cause there is no one there to handle them. However, they are processing EFTPS enrollments. Just finished one tonight that was applied for last week. I had a client mail a trust return certified mail with return receipt. That was two days before the announcement by the IRS that trust return filing deadline had been extended as well. That's twice the IRS has gotten me this year. I did inform the client that the mailing receipt with the tracking number was evidence of the mailing in the event it gets lost. After this mess is over, I feel there will be another jumbo mess coming. Am I the only one????

Could have bonus depreciation of 50k on equipment bought with loans. Seemed like a good idea at the time.

That is wonderful for taxpayers who cannot e-file because ex-spouse wrongfully claimed dependent and related tax benefits.

My bank's mobile and online banking is broken. The message says that it's form everyone checking for the payments.

The balance wasn't due until 7/15, but was that the actual date entered as the scheduled date for the withdrawal? Did you prepare her return, or did she do this herself, possibly before the dates had been extended? The reason I ask is that I received an email reminder yesterday that it was the final day to reschedule any payments that had originally be set for 4/15.

Judy, I see what you are talking about so I stand corrected. Maybe this is something we can suggest to Drake for them to allow in the future.

That selection within Drake won't increase the size of the Client Manager that Deb is asking about, but it may help with choose forms to print in the print/view mode though.