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According to that article, they will not. The bottom line here is that, once again, we tax professionals are under the gun. The IRS imposes so much pressure on us with zero compensation, zero thought, zero zero zero. "We'll fine you if you don't do this, don't do that, don't dot your i's and cross your t's, and do it in a powder keg in split second time. Oh, and we won't compensate you for it." They shaved all this time off our prep time, and no extension. Can you tell I'm a little ticked off? I'll shaddup now. Sorry. Not sorry.

Feel free cause I have trust issues.

Don't we have a liaison or representative standing in the gap for us? Last year the deadline was extended for COVID. What the heck changed from last year to this year? geeeeeezzzz

You are so right! I always tell my clients that my deadline is March 15th. They know I have zero intension of working all year. There has to be a dangling carrot for me, and that is the fact that the business is seasonal. This year, it's Gatlinburg. It doesn't take much to make me happy.

What do we tell our clients????? I tell them, even if the IRS will extend, I will close my office after April 15 and go to Bahamas. That's what I am telling them now and that's what I will tell them in March and that's what I will tell them up to April 7. But if the same person calls me on April 10th, I will tell him/her that the government extended the time to file and that my office will be happy to have their business and my office will stay open The IRS is doing the same thing because if they announce the extension now, people will relax too much.

You are correct. A roof is specifically excluded from QIP but IS one of the items eligible for sec 179 treatment. Also, don't forget to write off the remaining cost of the old roof that was replaced, if that was separated out on the fixed asset schedule.

Hopefully the new administration will follow the lead of the previous administration when it comes to this. Even an additional month would be useful.

Thank you for responding to yourself. I was going to check that out in a few minutes.

Never mind. It is staring me right in the face on Form 5329. I guess I cannot entirely rely upon Code 12 on Form 5329. My bad. Carry on.

This article is from today's USA Today: https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/ Bummer!

I've seen similar when a client purchased PTPs via his broker. He eventually receives the Forms K-1, but also had the "Other" reporting on his Consolidated 1099. In those cases, I report from the K-1 ONLY. I have NOT had it where the partnership was Canadian, though.

OK, after thinking about this over the weekend, I believe I figured out the instructions. I read it as Roofs being QIP, but I think what the instructions are saying is there are two things that are eligible for §179: QIP and Roofs, HVAC, Fire, Alarm and Security systems. So I think I should use the same coding on the return for 39 year commercial property and take the §179 on it. I hope I have this right. Tom Modesto, CA

Been using 9 zeros and accepted.

Have we heard when they will be fixing the error on the 1040 worksheet for taxable SS with the 300.00 donation deduction? it is still wrong. if you are not at max taxable SS and do the 300 donation it is wrong.

Its other income old line 21. PTP distributions is usually stated as such.

An election and a 3115 had to be filed a few years ago inorder to do the "partial asset disposition" PAD. We did these for almost every real estate client. [lots of work but good revenue source]

Be very careful, there are a lot of scam emails just like this, purporting to be from will known businesses that we all deal with. In years past these emails were a bit crude with obvious grammar errors and were easy to spot. I was reading an article several days ago about how the majority of these emails were coming out of Nigeria. They did an in depth interview with a Nigerian engineering student who said he made $ 50,000 last year doing these emails.

go to this link https://squareup.com/help/us/en/contact click other click I Don't See My Issue Click Call Support write down your customer code call 855-700-6000

Not surprising. I'm guessing a software update will be required. Please keep us posted. This could be a problem for more folks this year with the expanded IP PIN availability.

It was on a personal tax reporting statement, no trust. Based on the information provided it seems like some type of interest or dividend and that is why I wanted to seek input on here. I never saw this before either. I'm placing it on Line 8 and moving on.

Their customer service number is 855-700-6000 according to Google. I don't know why they sent you that letter.

Yes I did look at how they have the name listed and that's OK too.

Do we have to use 8915 if the client wants to report the entire distribution in 2020? Can we use Code 12 on Form 5329 Line 2 to show the distribution is not subject to the early withdrawal penalty and be done? ATX is allowing me to do that. Can I trust ATX? Forgive me for not reading Instructions to Form 8915 yet.

The 8915E is not scheduled to be available until March 2

In Taxwise, my 1099R has a worksheet, line 5 that, when checked leads to the 8915E.

Actually this trail of breadcrumbs leads to Form 8915E

Answer to question: Use code 2.

But the OP said this year's 1099 was reported using the beneficiary's SSN, so the nominee reporting would be the other way around with daughter nominee-ing out to the mother.

Went there to watch Sammy Sosa try and break the home run record back when, (he struck out 4 times). That food stand had about a hundred lines and there were 20 to 30 people in each line. There were more people at that stand than in the stadium. A couple of people said it was worth the wait, but alas, I would wait!

Amazing how all the sudden these dead beat kids of my clients are "miraculously" on their own and not a dependent anymore. Tom Modesto, CA

ATX realized their programming blunder and you are no longer required to enter an EIN for each group of forms that have withholding. It was a tremendously stupid idea to begin with because most people have multiple W2's, 1099s, etc., and the efile already contains the EIN for each W2, 1099, etc. I'd love to know what the concept was behind this idea to begin with, as I can't see any problem that it was solving.

Thanks, Max, for the reference. Curious that it isn't on the forms and has to date not been required. Guess we needed more work to do

The EIN for Railroad Retirement Board is actually on the RRB-1099R and the RRB-1099. It is 36-3314600 so it is different than the number Max provided for SSA.

$300 x 12% = $36 in tax savings, which I'll take but it's just crumbs. $3,000 would be a lot more useful, obviously.

That's what what is so insidious about them. They have learned how to spoof any email address, just like scammers spoofing any phone number. Last year my wife received phone call from a scammer and the spoofed phone number was her own cell phone number!