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I agree, this is absolutely an allowed double dip. Also, I have a minister whose family received APTC (100% of premiums for five paid by the taxpayers) and Retirement Savers Credit because 17,500 of his income was excluded as HA. I don't blame the pastor. He's a very nice guy, does not appear to hate paying Caesar the small [to me] amount he owes, is not impoverished, and his wife is able to stay home with the kids. This is the wrong thread, but we were on cricket mode, so I'll pile on.

Print money? Is that how they do it? I thought the government just went out and got a second job to pay the extra bills when it spends more than it takes in. Wow, was I wrong or what?

A client died on January 13, 2019. I get a bit confused about estate tax years but as I read it her year would be January through December 31, 2019. Is this correct ? Any income received after January 13th would fall into her estate as well ? I really dislike a 1041 and do very few of them.

"Specifically, this notice clarifies that no deduction is allowed under the Internal Revenue Code (Code) for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to section 1106(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) According to the IRS, Sec. 265(a)(1) prohibits an otherwise allowable deduction under any provision of the Code, including Secs. 162 and 163, for the amount of any payment of an eligible Section 1106 expense to the extent of the resulting covered loan forgiveness (up to the aggregate amount forgiven) because that payment is allocable to tax-exempt income. This is consistent with the purpose of Sec. 265 to prevent a double tax benefit. The IRS cited Rev. Rul. 83-3 for the proposition that deductions must be decreased to the extent the associated expense is allocable to amounts excludable from gross income." Copied from Forbes: "The Paycheck Protection Program offers an alluring loan of up to $10M tax free. If you comply, you don’t even have to pay it back. What’s more, there is no forgiveness of debt income when your loan is forgiven, something that is standard fare if you are relieved of paying back debt. However, IRS Notice 2020-32 confirms you can’t claim tax deductions, even for the wages, rent, etc. that are normally fully deductible. The CARES Act provisions for small business include the Paycheck Protection Program, which calls for up to $10 million in forgivable loans to cover employee payroll, and immediate tax credits that are designed to do the same thing. AICPA Position: "The CARES Act itself does not address whether deductions otherwise allowable under the Code for payments of eligible Section 1106 expenses by a recipient of a covered loan are allowed if the covered loan is subsequently forgiven as a result of the payment of those expenses. The AICPA believes strongly that the IRS’s interpretation denying deductions of expenses forgiven under the PPP program is contrary to Congress’s intent. Chris Hesse, CPA, chair of the AICPA Tax Executive Committee, said: “In effect, the IRS guidance means that the taxability provision [Section 1106(i)] has no meaning. Why waste the ink to say that for purposes of the Code, the loan forgiveness is not includible in income, if the government will just take away deductions in the same amount?” Because it believes the intent of the CARES Act was to allow businesses to deduct all of their ordinary and necessary expenses — including any expenses used in determining PPP covered costs — the AICPA plans to seek legislative clarification. “We’re hopeful that we’ll see movement on the legislative front early next week,” according to Edward Karl, CPA, AICPA vice president–Tax Policy & Advocacy." I was just thinking about the potential impact on a Schedule C Taxpayer who could have to pay both additional Income Tax and SE Tax on these non deductible expenses. The moral of this story is: 1. Sometimes what seems to be too good to be true . . . . . . . 2. Always look inside your boots before you put them on . . . . . . 3. Sometimes there actually is a lump of coal in your Xmas Stocking

After my second ipod died from a 5 inch drop onto a table, and I saw online this was common and due to an inherently cheap design of the switch, I vowed to never give the evil Apple corporation another dime of my money. This decision was cemented when I found out my android phone sounded much better than my ipod ever did.

Of course they print it - what did you think happened to all the toilet paper? They have to print it on something....

If she reported the cash income and filed a schedule c then she shouldn't have any problem

Good result! Be thankful the parents didn't ask you to advance him until he gets it.

As a programmer: The "features" of the different OS' are enough there is no one good programming tool to make an application appear the same on all platforms. There are some tools which can be used, but the resulting app is so "plain jane", it looks unprofessional IMO. If there was such a multi platform programming tool, I would give up my 20+ year tool immediately, but there just is not one that is good enough. While I am a small player in the game, the 800lb gorillas also agree, and if they have not done away with their apple apps, they are so outdated or limited, they are hardly functional. (Referring to general business apps.) Once there was good desktop publishing for Windows, the last/only niche for apple machines was removed. Web based apps are a possibility, but that seems to have gone nowhere either, such as chrome books. As with VHS over Betamax, the consumer has spoken, loudly, so unless you need or want to use an app which is only available or best works on a non Windows machine, Windows is the only practical way to go.

I think that like most tools, it depends on what you are going to use it do as to what you should buy. If I were in a business where I was primarily editing video, I might buy a MAC because I hear they are great for that. For accounting and spreadsheets, I will stick to PC for now. I do like my iPhone and my iPad, but my computers are all windows.

Me too BulldogTom. Hold check and wait.

I agree but there is one situation that irks me. Ministers' housing allowance. The amount used to pay a mortgage is non-taxable and the amount paid for mortgage interest (and real estate tax) is also deductible. Sort of a double tax advantage for the same dollar. May not be as applicable now with the higher standard deductions but still annoying to me.

One of my clients has only Macs and wants her company's books kept only on her computers. I hate QuickBooks for Mac. It's a couple years behind the PC version. Then, I have to export her financials to Excel for her accountant who uses only PCs. I have another client who uses a Mac for himself for radio production, but has PCs for the rest of his staff. He has to use a program (Parallels?) on his Mac to be able to produce documents that his clients can open, Word and Excel, for instance. I don't think much tax software is written for Macs. Research carefully, or you'll end up paying more less useful computers.

Apple computers are very sickly when trying to use tax software. Take the Apple computers back, and buy PCs. If you change to Apple, you will have never ending problems, because software companies will not spend development money on software, that less than 10% of the computers out there can use. DO NOT BITE the poison apple.

I don't think a dependent gets a check. No.

No, you don't need to do that. PTP losses are limited, even if you have basis. See and print the PTP summary tab in the K1 input form. When a PTP has income, you can use any carryover losses up to the amount of income. All losses are deducted on a final disposition. When a PTP is sold (OR PARTIALLY SOLD), you will get a worksheet showing the adjustment to basis AND the portion of gain that will be ordinary income (on form 4797). The brokerage statement of investment sales will show the original basis of the investment. On the 8949, enter codes BO in column f. B for basis adjustment and O for other. (Enter BMO if ther are multiple transactions on that line as well. BMOW if wash sales are in the mix. Codes are entered alphabetically.) Net the basis adjustment and the 4797 portion by ADDING the basis adjustment and SUBTRACTING the 4797 adjustment. This might seem backwards, but it's not, because 8949 adjustments are adjusting the gain/loss, not the basis. Then go to 4797 and enter a part II gain for the amount of the ordinary income adjustment. There is a drop down where you can choose the K1 that was sold or partially sold. It's extremely easy to miss partial sales because the K1 isn't marked final. You have to carefully read all the attachments each year with the K1. And you're supposed to attach 751 statement to the return. I have a generic 751 statement typed into a blank ATX statement for just this purpose, but I seriously doubt any problem could arise by not attaching this statement. Thankfully, I've never had to test that hypothesis. https://www.thetaxadviser.com/issues/2018/apr/reporting-publicly-traded-partnership-ordinary-income.html

I never thought of it as being any other way. It would be absurd to allow a tax deduction for an expense which was paid by a third party. If I volunteer to pay my client's payroll and rent, common sense would indicate they wouldn't expect to take a tax deduction for it.

This makes sense. I can only see two logical ways of dealing with the forgiven amounts (grant) designed to keep your employees tied to your business while receipts are down: 1) Include the grant as income and deduct the expenses paid by it. 2) Exclude the grant from income and don't deduct the expenses paid by it. Business is business. And, yes, if you received a grant while your gross receipts did not suffer as much as the grant amount, your net income is higher. And your tax bill is higher. Your business made money. Surely we can explain this just as we educate the ones who call asking if they should take a raise at work. If not, they can return the money to save the tax.

Does the 1099 give totals for short term Box A and long term Box D? If so, I just put those totals on the Sch D. Even for Box B and Box E, I just input total for each stock into the 8949 and don't bother with a separate line for each date of sale.