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Me, too. When the postponement was announced, I started getting an extra hour of sleep and not working on Sundays. (Can't sprint long distances.) But, then the calls started coming in for information, advice, financials, and help finding things I didn't prepare, such as their payroll reports. That led to me taking a LOT of webinars to get up to speed on these non-tax credits/loans/etc. And, that information continues to change, be clarified, get reinterpreted, revised, as well as we just don't know yet. I'm not quite where I usually am 15 April. Still a small stack that were in-house when I started taking webinars and answering non-tax questions, questions and education that I would've postponed until after tax season. But, in our current upside-down world, those non-tax issues became more time-sensitive than tax returns. Longer tax season, but thank goodness a later deadline, because I'm not caught up yet.

^^ All of this!

I'm not feeling particularly whiny about it, but the only downside is that I don't feel that 'post tax season' relief/freedom that I usually feel. Because I have work in the office, I still feel like I need to spend weekends/evenings preparing returns. On another note, did anyone else get behind on returns that would usually be out of your office by 15 April as a result of providing countless hours of support/assistance to people applying for PPP/EIDL loans, self-employed unemployment, or just trying to run various cashflow scenarios, or am I the only slacker? I hope everyone is doing well.

If you are already deducting the expenses then it might be immaterial to make a minor allocation.

The way I look it is, it saves from having to do a lot of extensions. I wish the due date was changed to 10/15 (no need for extensions) and balances due had to be paid by 4/15 (or 5/15). This really wouldn't change my workload. The people who come in before 4/15 will still be the same people, especially if they normally get a refund. And the ones who show up in August or September will still show up in August or September. But we won't have to spend time doing extensions, and we'll have until 10/15 + 3 years to amend for refunds.

If it's your own business, you set your own hours, closing date, criteria for accepting clients, etc. Why would it matter to you if a different preparer works until 15 July or 15 October or year-round or only until 15 April or doesn't open up until February each year or takes Fridays off or golfs every morning or anything else? You don't have to do any of those things. Or, you can do bookkeeping or sell insurance or sell securities or paint houses or vacation or babysit the grandkids or read or anything else to earn money &/or enjoy life. Even if you work for someone else, you can negotiate your needs or quit or find a different employer or go out on your own or retire. Keep Calm & Carry On in your own way!

I will be more worried about having the proper insurance if I was the TP, bring this up to your client and parties will probably stop ASAP.

Mr Schiralli - I believe most of us probably are aware of people who received stimulus $$ which were not entitled. I am further told by good sources on this very forum that the 2020 line item can result in a credit only - and cannot result in a payback debit. I believe these sources to be correct. Absent any way to recover this $$$ on the tax return, the only way appears to be for the IRS to chase down improper payments on their own, and someone is going to have to fund administrative money to their collection department to get this done. Additionally, it is hard to imagine most of these improper payments being any mistake other than the IRS. Given the political climate involved with this stimulus, I don't see the above happening. I'm telling my people if they get a check, just to simply enjoy it. I could be wrong.

I disagree. What grounds would the IRS have to classify a one time payment to find a renter as a management fee? A management fee is paid to third party to oversee the day to day operation of the rental on an ongoing basis. There is not enough information given here to address those issues which are based on facts and circumstances.

Neither have I, but I once had a landlord tell me that some (evicted) renters had celebrated their home country's national holiday by slaughtering a goat on the apartment living room carpet. He was mad enough to have chewed that goat up raw.

I just want most of them over. I can handle some extensions until October, but my son had to postpone his May wedding and now it's set for September. I will be too busy for people to show up with their stuff in late August. I'm not even sure yet, if some are still coming back to me.

Hear Hear. If the amount is a credit on the 2020 return (as is what I believe to be the case), then those who were alive on any date in 2020 should be eligible (including some COVID babies!). For those who passed before 2020, it seems reasonable there could be a claw back attempt, but at first, I remember reading articles which stated no claw backs. Like PPP forgiveness, until we see the rules, it is only a guess, since I suppose the credit could be given a specific must have been breathing date range.

fouled, right?

Grandmabee is correct. The way this actually works is that it is all accounted for and reconciled on that year's return even though the excess is paid back (or refund received) in the following year. The adjustment becomes part of the calculation for the deduction on Sch A or for SEHI. Here's how it works: the total gross premiums for that tax year are reduced by the actual PTC that is allowed as calculated on the return. not the amount of advance PTC that was claimed during the year. What that means is that if there was an excess claimed throughout the year, the premiums paid by the taxpayer out-of-pocket should have been higher, meaning that the Sch A medical deduction or SEHI are that much higher. If the return shows that the taxpayer could have utilized more APTC that results in an additional refund, then his out-of-pocket for premiums should have been lower during the year, and therefore the Sch A medical or SEHI would be that much lower. The tax program should be doing this automatically for you, but you should check to make sure this is how ATX is handling it. My program does do this automatically, but I no longer use ATX. If that isn't clear, here is an example: Total gross premiums for year: $12,000 APTC utilized throughout year: $7,000 Taxpyr prems pd during year: $5,000 If the amount of APTC used was the exact correct amount, then the taxpayer has a deduction of $5,000 for Sch A or SEHI purposes. If the taxpayer should have only used $4,000 of credit during the year causing a $3,000 payback, then the share of premiums he should have paid during the year should have been $8,000, and that amount would go to Sch A or to SEH I even though the $3,000 payback occurs in the next tax year. If the taxpayer was entitled to use $9,000 of credit and therefore has an additional refund of $2,000 on his return, that additional $2,000 effectively reduces the $5,000 of premiums paid down to $3,000, and only the $3000 is allowed as a deduction on Sch A or for SEHI.