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Must be a Catch-22. Don't explain and possibly get grief, explain and either get grief from the fee for your explanation time, or get internal grief for not charging for your explanation time. Out of all of my customers, I think I had one employer defer for their employees (against the advice of their payroll processor).

I'm going to have to explain the options to Sch C clients (and take up even more time explaining lots of new tax laws) for them to decide. If I don't tell Sch C clients and Congress decides to forgive the deferred SS (my crystal ball predicts a D Congress might), clients will be mad at me that they didn't defer, kinda like PPP. I'm more angry about having so much to explain to Every. Single. Client this year than I am about a few bad tax preparers.

Back in the early to mid 2000’s mortgage lender would quote a buyer a monthly payment that included escrow, the day of the closing they would tell the buyer I lowered your payment and the buyer was happy. Well it turns out brokers were just removing the escrow ( and adding additional closing fees) and would let the buyer find out they had to shell out $$$ down the road. I see many tax preparers doing the same thing to Sch C clients and telling them I saved you 50% of social security and failing to disclosed it has to be paid back within two years. Will this give a bad name to honest tax preparers? If it wasn’t for the financial department requiring brokers/lenders to issue good faith estimates, this practice would of continued to today.

Indeed. For me, I get many inquiries asking how to do things which are not allowed. I stick to the rules, then get told I am inflexible. Or, as happened earlier today, someone asks about starting to use my payroll software, and based on their questions, I ask if they have any experience or training, and when they say no, I suggest they will be better of hiring out their payroll until they can gain experience and training. Usually goes over well enough, but some try to make me license to them, which I refuse, because I am not in the business of teaching payroll accounting. It is one of my exceptions to there being a price where anyone is worth having as a customer.

Medlin, I can't help how people think, especially non-clients telling ME why they do what they do to save taxes! But I know I need to lay out the options for my own clients and let them decide, even when I think I know what's best for them.

ATX still hasn't updated the worksheet. Both go on Line 30, but the new worksheet has two separate lines. They're calling it EIP1 and EIP2.

I saw the IRS instructions on line and the worksheet does have 2 separate line items, one for each stimulus.

I don't care whether my software calculates one RRC or two. I care about finding out how much EIP my clients already received.

Likely the similar wonder of those who have had student loans in the past, should current loan holders receive forgiveness.

I know anything is possible in our whacko world. But if they forgive the deferral, how can they not give credit back to those who did not defer.

Yes, kind of irritating, aren't they? Options/Preferences/Open Return then unclick Display Tax Research Tool Tips.

M-1 adjustment on the balance sheet.

Since no one commented on this post. Can you share something that you have researched about covid-19 that will affect this tax season... I mean law changes, credits, etc. I have seen post about SE being deferred for Schedule C filers... Can someone elaborate a bit on that and also mention C corps, partnerships?

Yes, ma'am!

Tom: do NOT charge too little or accept the wrong clients. You are NOT a newbie that needs any tire-kicker that happens to call. You are an intelligent and experienced preparer and have this water cooler surrounded by colleagues. Take ONLY the clients you want and CHARGE THEM WHAT YOU'RE WORTH. PS That goes for ALL of you, whether it's your first year or your last.