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Since everybody is talking about how they are making a killing on stocks and bitcoins, wouldn't it be nice if employers were able to take a cut of those lovely gains from day trader employees using company time and resources?

There is a bill in committee that would make the first $10,200 of unemployment for 2020 not taxable. It is not law. IMO, it should have been passed last year or fuhgeddaboutit. But that doesn't seem to be the way some congress-vermin roll.

In previous years (dating back to the stone age), putting a negative number in these fields was acceptable. This was useful when we needed to enter reductions to provide an easy-to-see trail. This year, it is not allowed. UGH.

All I heard after Technically was blah blah blah! Like the teacher on Charlie Brown!

For any here filing DE returns - DE Div of Unemployment sent a second page with the 1099G stating that legislation was in the works to make unemployment N/T for 2020 DE purposes and to watch the DDOR website for updated guidance. I actually had to check the status of the state's legislation and saw that the bill was signed on 2/8, and Drake issued an update for the change on 2/13. Still no official pronouncement on DDOR website though. Its latest news update was on 1/27 about the 2/12 delayed start date for this filing season.

I'm a lot like Joan, so as this whole pandemic lasted longer last tax season, I thought I'm not affected by Covid. But two clients died. Two great friends died, so I lost two days to attend outdoor funerals. And, a handful of my clients who were affected, furloughed mostly, asked to pay me in installments. I did receive the final installments from everyone by December. But my software renewal was August, my remote IT guy is on a monthly retainer, taxes/licenses/SOS report/etc. at various times during the year, so I ended up using personal funds for biz at a couple times last year. Now, I think I really AM affected by Covid. I'm also older than 59.5 but did take my RMD, couldn't skip it, needed it for biz and personal. Don't know if I'll spread it over three years, because our income won't drop because hubby started SS this January. But it's a case-by-case decision re qualifications, projected income, working with what each client did or didn't do during 2020 (most times without asking us), and we have to spend time explaining to every client who might qualify for various Covid-related benefits.

Ah, Pacun, I have not been affected by Covid. Have not gotten Covid, I've always worked from home remotely. I see very few clients. I was never shut down, because-remote! My husband is my assistant. Lost one (major) client, but it's because he's gotten WAY too complicated and decided to go to a bigger firm. I agreed with him. I've gotten 3 new clients already.

No, you should not call support. You should not try to use 2019 income if the person doesn't qualify or will not benefit.

Put it on Line 8 Schedule 1 and deduct it on Line 22 Schedule 1 of the 1040 if it qualifies.

Not until/unless Congress votes...

The excess distribution will be closed out to retained earnings that will create a negative balance. That will happen when the shareholder has used up stock basis. Some others here may also suggest creating a shareholder loan, but I'd caution that this should be fully documented and make sure that is the shareholder's INTENT, including paying it back with interest that at least meets the current AFR. Also talk to your client about not using the S corp as his or her personal checkbook.

To avoid many little issues, file jointly. It seems that husband is a high earner and wife is making enough money to make sense to file jointly.

Anytime there's a new tax law after the year begins, tax preparers get to deduct all the chocolate they want as a business expense. Or wine. Or liquor.