Leaderboard

I found the problem! I was having problems with the Drake program not starting when I clicked the desktop icons. Evidently when that happened DStart would start running and not stop. After several attempts, the apps would run the CPU up to 100% and slow everything down. I ended the DStart apps and re- installed the desktop icons for the 2 years of Drake that were the problem. Everything is running up to speed now. Thanks Abby for your suggestion. That got the ball rolling for me.

That would be a big, fat ZERO. I am asking for the totals and if I have to ask more than once, or if they get the answer wrong, I'm charging them! LOL

You need to read the trust document. If the parents retained "power of appointment," meaning they could change the terms, beneficiaries, trustees, borrow against trust assets, etc.--in other words, they maintained control over the trust assets and what they did with them--this is a grantor trust and income should flow to their personal return like you plan. Some irrevocable trusts are written to be "intentionally defective" so your plan still works. The trust doc may contain that exact phrase.

Is there a way to have ATX add a paragraph on the ATX generated letter when filing form 3520? After filing multiple previous years, one of our clients potentially didn't mail the 3520 and claims to have never heard of receipt confirmation. They are claiming we take care of everything of course. I would like to ATX to automatically add a paragraph for returns with a 3520 that states to mail it in separately and to send it certified mail for receipt confirmation. I know ATX will do this for IRA Contributions, but wasn't sure if there were edit options to have the software do this for other items as well. A penalty like that makes you want to decline these taxpayers as clients, or get a 2848 on file so we can call to confirm receipt! If only we had that much time on our hands

Posted on the IRS Website Friday: "Under section 206(c) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, an employer that is eligible for the employee retention credit (ERC) can claim the ERC even if the employer has received a Small Business Interruption Loan under the Paycheck Protection Program (PPP). The eligible employer can claim the ERC on any qualified wages that are not counted as payroll costs in obtaining PPP loan forgiveness. Any wages that could count toward eligibility for the ERC or PPP loan forgiveness can be applied to either of these two programs, but not both. If you received a PPP loan and included wages paid in the 2nd and/or 3rd quarter of 2020 as payroll costs in support of an application to obtain forgiveness of the loan (rather than claiming ERC for those wages), and your request for forgiveness was denied, you can claim the ERC related to those qualified wages on your 4th quarter 2020 Form 941, Employer's Quarterly Federal Tax Return. You can also report on your 4th quarter Form 941 any ERC attributable to health expenses that are qualified wages that you didn't include on your 2nd and/or 3rd quarter Form 941. If you choose to use this limited 4th quarter procedure, you should add the ERC attributable to these 2nd and/or 3rd quarter qualified wages and health expenses on line 11c or line 13d (as relevant) of your original 4th quarter Form 941 (along with any other ERC for qualified wages paid in the 4th quarter). You should also: Include the amount of these qualified wages paid during the 2nd and/or 3rd quarter (excluding health plan expenses) on line 21 of your original 4th quarter Form 941 (along with any qualified wages paid in the 4th quarter) Enter the same amount on Worksheet 1, Step 3, line 3a. Include the amount of these health plan expenses from the 2nd and/or 3rd quarter on line 22 of the 4th quarter Form 941 (along with any health expenses for the 4th quarter) Enter the same amount on Worksheet 1, Step 3, line 3b. We understand this might be difficult to implement so late in the timeframe to file your 4th quarter return. You do not have to use this limited 4th quarter procedure. You can instead choose the regular process of filing an adjusted return or claim for refund for the appropriate quarter to which the additional ERC relates using Form 941-X."

This machine has 16 GB RAM. The problem affects resident programs, internet and network based programs. This is a rebuilt machine with Windows 10 Pro installed and has been quite good until today. I've re-booted several times. When i tried to access Task Manager I got a message that no apps were running at this time. Is it time to get a big hammer?

You need to watch the software too, for dead people. My client lived for the first payment but was in Heaven for the second payment. Software gave her $600. Although she was dying to get it, she can't take it with her. Access: denied. I have another client coming in whose husband's stimulus payment was automatically deposited while he, too was in Heaven. I don't know how I'll handle that one. I guess he won't be paying it back, though. "Come and get me..."

I threw mine out without even scanning, but I have an IRS account and can download my transcript if I want. Also, I won't forget how much I got, but if I did, I can search my bank account for those deposits. I'll probably tell clients to search their bank account for the deposits. This will be easier for those who have direct deposit.

Yeah, I efiled a 2019 Form 1040 with Drake 48 hours ago and it's still setting as "pending".

Sadly till a red error, but this from the ATX message board: "Just spoke to a support rep, they are aware of this, IRS is updating their system She said , as per the IRS, the resolution is to put in all zeros into that number There will be an update shortly" per NYTaxLady

If it is a revocable trust, this is correct. If it is an irrevocable trust it is wrong information. An irrevocable trust must have its own TIN.

I'm still getting the error today. I have SS income and other retirement income. This is just repetitive and senseless

Are you sure it is an Irrevocable Trust? If it is a Life Estate, yes it would be a Grantor Trust, which is a Revocable Living Trust.

I'm not going to send before the 12th. I can't count on no more new clarifications of laws, reprogramming, etc. In fact, the 12th will probably crash the IRS computers! I might e-file on the 13th. But, yes, you can send to your software company when they're ready for holding until the 12th. I will probably have two different partnerships shortly and two different S-corporations to keep me busy after I finish payroll taxes/W-2s/1099s.