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Well on a more upbeat note, I feel prepared and ready to go

Tom, hopefully, this is one of those times that will open the doors to other opportunities.

Amen! Good luck Tom

I'm not ready at all either. Software is available but have not bothered to download it. I did get the MFA set up though, testing it on the prior years' programs. That was very easy and no problem. Comcast was here for close to 4 hours today, initially to fix a connection issue with a spare TV in the basement, and he found multiple issues with all of our services and damage to the line on the poles on each side of the road. We have new connections and will soon have a new heavier underground cable that will give better signal because of the distance from the road, and we also now have a new, faster modem/router.

I am sorry to hear that you lost your day job - although I think the owner may be sorry too. It sounded like you were working way above your pay grade sometimes.

Excerpted from the Journal of Accountancy: https://www.journalofaccountancy.com/news/2020/dec/tax-provisions-in-covid-19-relief-bill-ppp-and-business-meal-deductibility.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=22Dec2020&utm_content=button Many tax provisions appear in year-end coronavirus relief bill By Alistair M. Nevius, J.D. December 27, 2020 CARES Act extensions and pandemic provisions Educator expenses for protective equipment: The bill requires Treasury to issue regulations or other guidance providing that the cost of personal protective equipment and other supplies used for the prevention of the spread of COVID-19 is treated as an eligible expense for purposes of the Sec. 62(a)(2)(D)(ii) educator expense deduction. The regulations or guidance will apply retroactively to March 12, 2020. Payroll tax credits: The bill extends the refundable payroll tax credits for paid sick and family leave, enacted in the Families First Coronavirus Response Act, P.L. 116-127, through the end of March 2021. It also modifies the payroll tax credits so that they apply as if the corresponding employer mandates were extended through March 31, 2021. The bill also allows individuals to elect to use their average daily self-employment income from 2019 rather than 2020 to compute the credit. Deferral of employees’ portion of payroll tax: In August, Under the memorandum, employers are required to increase withholding and pay the deferred amounts ratably from wages and compensation paid between Jan. 1, 2021, and April 30, 2021. The bill extends the repayment period through Dec. 31, 2021. Miscellaneous tax provisions Temporary allowance of full deduction for business meals: The bill temporarily allows a 100% business expense deduction for meals (rather than the current 50%) as long as the expense is for food or beverages provided by a restaurant. This provision is effective for expenses incurred after Dec. 31, 2020, and expires at the end of 2022. Certain charitable contributions deductible by nonitemizers: The bill extends and modifies the $300 charitable deduction for nonitemizers for 2021 and increases the maximum amount that may be deducted to $600 for married couples filing jointly. However, the Sec. 6662 penalty is increased from 20% to 50% of the underpayment for taxpayers who overstate this deduction. Education expenses: The bill repeals the Sec. 222 deduction for qualified tuition and related expenses but in its place increases the phaseout limits on the lifetime learning credit (so they match the phaseout limits for the American opportunity credit), effective for tax years beginning after Dec. 31, 2020. Depreciation of certain residential rental property over 30-year period: The bill provides that the recovery period applicable to residential rental property place in service before Jan. 1, 2018, and held by an electing real property trade or business is 30 years. Temporary special rule for determination of earned income: The bill allows taxpayers to refer to earned income from the immediately preceding tax year for purposes of determining the Sec. 32 earned income tax credit and the Sec. 24(d) additional child tax credit for tax year 2020. Modification of limitations on charitable contributions: This bill extends for one year (through 2021) the increased limit from the CARES Act on deductible charitable contributions for corporations and taxpayers who itemize. Disaster tax relief Qualified disaster-related personal casualty losses: The bill permits individuals who have a net disaster loss (as modified by the bill) to increase their standard deduction amount by the amount of the net disaster loss. Tax extenders The bill makes permanent the following provisions: Sec. 213(f) reduction in medical expense deduction floor, which allows individuals to deduct unreimbursed medical expenses that exceed 7.5% of adjusted gross income instead of 10%. The complete article is about 6 pages long, so I have excerpted the most common provisions. As usual their is very long list of tax extenders! Please copy and paste the above link for the complete article

I think the client has to call to change. Just tell her how much additional to pay and have her do it via IRS's DirectPay. Or if she's within one of the safe harbors, just tell her how much to save to pay with her returns.

Don't be shy about asking your good clients to refer you to other good clients just like them, family, colleagues, etc. And, make sure everyone you know knows what you do, your broker, lawyer, banker, church friends, neighbors, kids' friends parents, the small businesses where you shop, everyone. Just say that you're expanding your company and have room for a few more good clients. Your business will grow rapidly, and you will forget your old company!

Oh Tom, I am so sorry to read this but, as Gail said, it may back fire on the employer. I hope things work out better for you and your business. Let's hope 2021 will be better.

@BulldogTom I, too, am sorry about you losing the job. From some of the questions you asked about things you were tackling, I believe that he and his company will be the bigger loser to have let go a valuable employee. I know it's not much consolation, but he will have a hard time finding a replacement and will end up paying a greater price because of it.

I will join the chorus of those who miss the musical family at my church. We did have a very small bell choir for Christmas that taped a few songs, and we occasionally have the praise band play outdoors if we do services int he parking lot. But no chancel choir since last March. I think that is just another reason that I dread tax season - band and choir practice were my stress relief during tax season.

Anybody heard from her lately? I'm kinda missin' that girl.

According to the IRS ( https://www.irs.gov/individuals/international-taxpayers/fulbright-grants ) there is a good chance that a payment was received in December, as that is when the first payment goes out for a Fulbright Grant starting the following year. There are a lots of traps and pitfalls that could occur, such as, blocked foreign currency, foreign taxes paid, whether it is W-2 income or Other income, plus more.

Our daughter is in a professional choral group Concinnity that's part of Consonare. They were anxious to be singing again so explored signing in unconventional places (outdoors) masked and distanced. It started raining during one of their recordings, and they put up a poll to ask if they should edit out the rain noise; I think it was 100% for leaving in the sounds of nature. They have an outtakes roll with things like wind blowing over music stands and beeping car locks. https://www.consonare-sing.org/

Last visited this site 2 hrs ago according to her profile.

IR-2020-279, December 22, 2020 WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020, 16 cents per mile driven for medical, or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020. The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2021

I just don't want to do this again...... I haven't updated my software yet. I haven't sorted thru 1099 people yet. I haven't even purchased some jugs of water for the fountain. I don't have any motivation. I don't have a secretary - maybe that would help. This season is just going to stink!

I hear you. I feel like I am not ready for anything this year. I have my software, that is a start. I am going to a Spidell webinar next week, hoping that gets the grey matter moving. 1099s and W2s are ordered but not here yet. I was just reading the article about all the tax law changes and I am thinking that I am woefully inadequate for preparing tax returns this year. I just know I am going to miss something and it will cost me clients. On the other hand, I just got fired from my day job today. I complained to much about taking a pay cut while taking on the extra work of laid off staff. The owner felt I should be grateful not to be on UI myself. I did not take kindly to that remark, and he did not take kindly to my characterization that he was preserving his wealth at the expense of my income. Case closed, owner wins that argument every time. So now I have lots of time to devote to tax season. But I still dread this year. Tom Modesto, CA