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Awww, thanks, BB, and hey, my friends, I'm here! 75 miles from Nashville, and hoping 2021 walks in with a smile, sits down, and doesn't touch anything.

How can anyone be prepared when the rules keep changing?! I have completed my CEs for the year, including lots of updates so I'd be ready, and now it looks like I need update courses on my updates. (Last course I took spend 1/2 hour on not deducting expenses covered by forgiven PPP loans, what to do if forgiveness application denied or not completed after all. All out the window now--I need a course in unlearning things I just learned.) And now we're learning that the rules we haven't learned yet for 2020 will change again in 2021. We are all geniuses and will figure it out. Although we feel lost, we have to realize our clients will never be able to navigate any of this and need us now more than ever. I usually look forward to the new tax season but it seems like the last one was never ending and the new one has more hurdles than ever before. We've done it before and will do it again, right?

Yeah, turns out I'm 112 miles from Nashville, who knew? My cell phone was fine, but we had a substitute 911 phone number. And, when 911 was back, they had to announce on Facebook: "Please don't call 911 to see if it's working - it is."

or sneeze or cough on anything!!!

I hear from Rita all the time. We're co-dependents and proud of it! LOL The bombing was a horrible thing, alright. Praying for Nashville.

Might I recommend what we plan on doing this year? Put ALL of these clients on extension. At some point the rules WILL get straightened out and finalized. I, for one, don't want to do endless amended returns after the rules change for the fifth time. We are TELLING (not asking) our affected clients that they WILL go on extension this year, and also telling them that this way they won't be paying us to prepare an amended return when the rules change.

Tom, I am in line with Catherine's last thought, that this turn of events might well be the best thing to happen. About 20 years ago I thought I was in the perfect place working full time tax season and part-time the remainder of the year with a small firm. That firm decided to buy a new building and realized that I was unaffordable with that. So rather than being an employee, they offered contract help during tax season only. I (respectfully and other emotions) declined and went out on my own. BEST DECISION EVER! It wasn't easy in the beginning but am so happy that happened. We all here, your virtual support system, are rooting for you and a great future ahead. 2021 could be the best professional year for you - make it so!

I was thinking about her this weekend with the bombing in Nashville. Glad she is not any closer to Nashville, but was wondering if any of our members were actually in the city?

Thank you, Sara, for giving yourself and all of us a pep talk. I feel more behind than ever. However, I've taken lots and lots of webinars and on-demand courses and have lots more scheduled this week and January. I think my brain is full. But, like you, I know our clients can't begin to deal with all the new laws without us. And, we have each other!

I kinda knew, 'cuz it took me two hours to drive to the Nashville Airport a couple summers ago after our ATX Friends bash.

Tom, I'm sorry (I guess). You may look back at some point and conclude this was the best thing that ever happened to you. Just reading your recent posts it may appear that you were not afraid to speak up about your increased frustrations as your company piled more and more on you. Your employer must have been terribly remote to be so out-of-touch with what was going on. I have to take a page from Sara's post and conclude that the govt believes they can pull the rug out and change the rules up-to-the-last-minute. Just in the last couple weeks the EIDL grant had to be deducted from PPP forgiveness, and now suddenly it doesn't. Tax issue? Maybe not but all along we have to make allowance for non-deductible expenses paid from exempt funds. Oh, wait a minute! Now all-of-a-sudden these items change too, such that they are fully deductible. One of the worst things about it for people such as accountants and tax professionals: So much time is being spent on being sucked into PPP forgiveness applications and tax changes that we cannot address day-to-day normal issues that help management and profits.

@BulldogTom - my sympathies on the job loss! It *will* backfire on the boss' company; from queries you've posted here it's been clear that you're doing the work of at least two additional people at higher pay grades. He was getting a super-bargain and now he's going to pay through the nose, and that's if he survives, which is not at all assured. This may be the silver-lining disaster you needed. There is a HUGE need for tax preparation and also representation. All the representation firms are talking about an expected immense increase for that need, between all the people now behind on taxes, small businesses ditto, and the ones who "outed" themselves to the IRS as non-filers when they filed for stimulus money. As Lion said, tell EVERYONE that you have room for "a few new, good, clients" and watch them pour through the door. Make sure you have a web site with a portal. There are a number of excellent all-in-one sources (CPA Site Solutions, GetNetSet, Tenenz, and more) that come with site templates, branded portals, dedicated email, automatic monthly newsletters, financial calculator tools, and all manner of good things. It's worth the cost just for the portal and email. If you need appointment booking help, look at youcanbookme dot something or book dot me. We've used it for years and it's easy to use, and the lowest tiers are free. It's also linked on our site home page ("Book your tax appointment online - click here" it says). Saves SO much hassle and time with the ditherers who can't make up their mind when they want to come by. May you look back in three years and think, "Getting fired was the absolute BEST thing that happened for my career."

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.

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

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!

Amen! Good luck Tom

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

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.

@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 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!

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

I am 60 miles from downtown Nashville and have AT&T supplying my cellphone. Could use my cell for about two days. Rita is further away, so don't know whether she was affected or not. If she doesn't use AT&T, she should have been OK. Is anyone's guess as to whether we have been given all the relevant facts about the bombing. For whatever benevolence may ascribe, it is obvious that the bomber didn't want to kill anyone but himself.

If you have an AMEX card, you can get 10% cash back on any Dell purchase (Add the offer to your card on the AMEX site). I have Dells and I am happy with them. Tom Modesto, CA

Yes, this is new and also I believe temporary for tax year 2020 only. I haven't seen any additional commentary on this.

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

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.

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.

The current bill under consideration in Congress includes a second round of Stimulus Payments, $ 600 Single and $1,200 for a married couple and if the qualifying parameters get changed, the start of tax season will probably will be delayed. For the IRS, this comes at the absolute worst possible time!

I am looking to buy a new computer this week for my employee. Any suggestion on what I should get and have you seen any great deals. It will have the ATX program on it and QuickBooks in the near future. I am looking at a HP Intel Core i7 with 16gb ram, 512 gb SSD. 870.00 TIA

I do not have any experience with Florida, but found this via a google search: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwi6lIDUkPbtAhXjmq0KHSB-CEIQFjALegQIJBAC&url=https%3A%2F%2Ffloridarevenue.com%2FForms_library%2Fcurrent%2Fgt800034.pdf&usg=AOvVaw3AXWx70wWSeA7Ox086-vn1 A 4-page pdf comes up

The client can always go to Direct Pay and pay in the difference. You wanted to add $500 to the payment? Pay $500. They will happily take the money.

And mom/son threw some more things at me. I did a pro forma with the things they said, things I knew. But, neither son nor mom know about the Fulbright funds, amount, timing, anything. He already has nearly $15,000 income for 2020 with NO withholding BEFORE the Fulbright, and most of it is SE. Thanks, Max, for the heads up about the timing. Knowing it might be available to him this month/this year lets me know to ask more questions. Going to email them right now.

After being a Quaker for awhile, I attended a regular church service and felt like I was at a musical play. I enjoyed it but did not find it spiritual at all. Guess I'm just a quiet man.

This is a Drake product, so you should go to their knowledge base and look up 10307. Support will also answer your question.

Apply basic partnership tax rules: -Partners share of losses are limited to basis at the end of tax year, you do not go back and amend. -Reduction of partner's share of liabilities is treated the same as a cash distribution. (sec 752(b)). -Distributions in excess of basis are income to partner.

H & R Blocks advertises that people can bring their last paystub... I guess they use some sort of RALs. I guess the difference between H&R block and myself is that they are running a business like a business and make enough money to pay their executives much more money than what I make and they don't even prepare a return. In my case, I don't make enough money to pay someone to answer my phones. Perception is key and people rather pay double to H & R and the person who will prepare their taxes doesn't even know half of what I know.

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