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Let's take time on Monday to remember those who have died in defense of this country.

In that case I would consider filing form 1065. In a similar situation, I worked with the attorney to back date the effective date of capital contributions.

Yes, I also have it set up for recurring donation. Makes it super easy, and the system (Eric, again; he is SO good at this) sends a reminder a week or two beforehand, so if you need to change, cancel, adjust, or whatever, you have time to get it set!

It was one of the worst decisions the IRS ever made. All that was needed for joint Sch C or F was a % field for the main spouse. Then you have separate Sch SE forms. That's all they were really trying to accomplish, getting the Social Security record right.

The FAQs say return $1,200. The CARES Act says keep it. I'm telling clients to wait for potential clarification; hold it; don't spend it. Read the recently updated (6 May) FAQ 10 and 54 (11 May) and make up your own mind. We're all just guessing at this point. https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Remember that these are just FAQs and not law. I've been suggesting to people to just wait a bit (don't cash or don't spend) for potential clarification. BofA called my biggest biz client early on to urge him to apply for a PPP loan. This client's biz is NOT touched by COVID-19 at all. He got the money. Forgiveness will be an issue (he'll fuss at me) because it looks like employee-shareholders do NOT get the healthcare and retirement matches added, only for non-shareholder employees. I'm hoping for clarification. And, hoping I do NOT have to be the messenger. One of my clients keeps writing me that she heard/the IRS says that she should get a stimulus check because she's on SS; when will her check come? She's on SS but also gets a NYC teacher's pension and a CT teacher's pension and still taught the first half of 2019, so she made way too much in 2019 (and even more in 2018) to get an EIP. I keep telling her. I copied her on some info from IRS.com, and it was ambiguous about SS recipients getting an EIP direct deposited. (I added a phrase before emailing her the copied text !!) I spend half of each day, sometimes more, communicating to clients, answering questions, and taking webinars. I enjoy the learning but want to prepare tax returns. But, all my clients are long-time clients and families/friends of clients, and I always take care of them to the best of my ability and knowledge. This year is stretching my knowledge far from just tax. And, the questions about unemployment !! I don't even know how to navigate the CT system for a SE or a partner, let alone NY and PA and.... I have no idea when their benefits will start or how much they'll get or whether the $600 will show up at the same time. I really want to return to answering TAX questions and preparing tax returns, but I foresee a bunch of Forgiveness Applications in my future plus more questions I can't answer. Let's start a pool re how many FAQs there will be re the Forgiveness Application. I guess 44.