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Showing content with the highest reputation on 05/15/2020 in all areas

  1. Yikes! That's 94% full. I suppose SSDs don't slow down as much as HDs when almost full, but still. I'd have your IT guy swap in a 2TB SSD as soon as possible. And put in a 2nd drive that you clone to every night.
    2 points
  2. Oh no! Judy, I was convinced my Facebook arguments were so persuasive they were winning people over to my political opinions and religious views on a regular basis. I'm crushed.
    2 points
  3. This is the final paragraph of a very long article on PPP loan forgiveness. Pretty much sums it up. Tom Modesto, CA
    2 points
  4. Has form 56 been submitted to the IRS? This simplifies the process as a 2848 can be used instead of a non-IRS POA which has to state specifically what year and tax form it applies to and contain wording used in the 2848. After that, if the return is e-filed, the POA, or the 2848, has to be mailed in with form 8453. http://www.mclr.net/siteAssets/site12603/files/MCLR_Signing_a_Tax_Return_for_Someone_Else.pdf https://www.irs.gov/instructions/i2848
    1 point
  5. I think you are correct. The parent might be able to claim the kid if the income for the kid was low enough to qualify as an other dependent since the parent provided 100% of support. However, for head of household the kid would have to live with the parent for more than half of the year except for temporary absences such as school. Living in another state, even in a home the parent pays for, is not living with the parent. And it can't be considered a temporary absence for school since the kid wasn't in school. That would be my take on the situation.
    1 point
  6. Every time I consider deleting all returns older than 7 years, I remember those (admittedly few) times I needed those older returns to see energy credits, education credits or various state credits or deductions that have limits, or ??? ... and so I don't delete. But I should probably delete all returns older than 15 years, at least.
    1 point
  7. Why? WHY?! Is this for all of your clients? Last time I looked, the AICPA said seven years, but I'd suggest that you make sure to hold them for the statute of limitation for any jurisdiction you've prepared returns for or your state requirements, if any of those are more than seven years. You should also have a written record retention policy. I'd get rid of any beyond whatever period you decide is required for your firm because any records older that that can still be subpoenaed.
    1 point
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