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If only 1040-ES were included.

The preliminary payment of EIP2 and EIP2 were based on the filing circumstances of 2018 or 2019, depending on what was on file at the time they sent out the payment. They are reconciled on the 2020 tax return, so that is the only return that really matters for EIP1 and EIP2. The preliminary payment of EIP3 will be based on the 2019 or 2020 return, depending on what has been filed when they send that payment. That will be reconciled on the 2021 return. This may result in duplicate payments for someone, but that is perfectly acceptable. There is plenty of money to go around, apparently.

My guess is that when you file the parent's return, the IRS will see that the dependent's SSN was already issued the $1,400 and therefore only give the parent's their $2,800 ($1400 +$1400). I would not send the dependent's $1,400 back. I'd wait and see how it plays out on the parent's return.

Usually better to take the foreign tax credit. Also, use the FECWKST to report this income (I think).

I've never held any of my small business accountable for inventory because of the limitation, knowing it's not necessary. HOWEVER, when I saw his purchases to sell were over $20k more than his sales, I DECIDED to ask him about inventory. I just had a bad feeling. Turns out, I was right.

Have her on the phone while you do it.

This is something I've NEVER understood about the 1310. The instructions read (working from memory here, at wrong computer) that if you DON'T have a court-appointed person, you can e-file, but if you DO have a court-appointed person, paper file only. Seems absolutely positively 100% back-asswards to me. The court appointed person has a fiduciary duty; the random non-appointed person may well not.

According to Pub 334, this guy doesn't need an inventory: Inventories Generally, if you produce, purchase, or sell merchandise in your business, you must keep an inventory and use an accrual method for purchases and sales of merchandise. Exception for small business taxpayers. If you are a small business taxpayer, you can choose not to keep an inventory, but you must still use a method of accounting for inventory that clearly reflects income. If you choose not to keep an inventory, you won’t be treated as failing to clearly reflect income if your method of accounting for inventory treats inventory as non-incidental material or supplies, or conforms to your financial accounting treatment of inventories. If, however, you choose to keep an inventory, you must generally use an accrual method of accounting and value the inventory each year to determine your cost of goods sold in Part III of Schedule C. Small business taxpayer. You qualify as a small business taxpayer if you (a) have average annual gross receipts of $26 million or less for the 3 prior tax years, and (b) are not a tax shelter... Treating inventory as non-incidental material or supplies. If you account for inventories as materials and supplies that are not incidental, you deduct the amounts paid or incurred to acquire or produce the inventoriable items treated as non-incidental materials and supplies in the year in which they are first used or consumed in your operations. Inventory treated as non-incidental materials and supplies is used or consumed in your business in the year you provide the inventory to your customers. So, you could have gone with the numbers he first gave you. The offer to find more numbers, however, negated any possibility that you would want to work with him

Copied from the J of A: "Under the notice, the postponement applies to any individual who files a federal individual income tax return on Form 1040, 1040-SR, 1040-NR, 1040-PR, 1040-SS, or 1040(SP) (the Form 1040 series) or has a federal tax payment reported on one of these forms that would otherwise be due April 15, 2021. The IRS says the postponement also applies to the filing of all schedules, returns, and other forms that are filed as attachments to forms in the Form 1040 series or are required to be filed by the due date of the Form 1040 series. The IRS lists as examples Schedules H and SE, as well as Forms 965-A, 3520, 5329, 5471, 8621, 8858, 8865, 8915-E, and 8938. Also, elections that are made or required to be made on a timely filed form in the Form 1040 series (or attachment to the form) will be considered timely if filed on such form or attachment, as appropriate, on or before May 17, 2021. The notice also extends the postponement to claims for credit or refund of federal income tax that absent the notice would expire on or after April 15, 2021, and before May 17, 2021 (this generally affects 2017 tax years). The notice also automatically postpones to May 17 the time for affected taxpayers to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). The postponement also applies to the time for reporting payment of the 10% additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans. The postponement also applies to individuals who are required to file and furnish Form 5498, IRA Contribution Information; Form 5498-ESA, Coverdell ESA Contribution Information; or Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, (the Form 5498 series) that would generally be due June 1, 2021. That deadline is postponed to June 30, 2021."

HE'S ALL DONE IN MY OFFICE. Just got a call back telling me that if we "need more income, I can give you at least $15k more because if I use Friends and Family on paypal, they don't report it to the IRS..." Click... buzzzz..... access/denied

I often find the 5 minute limit to editing my own post too short , because I left out a phrase or several words etc I think 15 minutes would much more reasonable and less frustrating

I can't speak for Owensboro, but if it's a W2, he shouldn't be running a business and therefore no filing an occupation tax. Most local Ky govts have a payroll tax that is withheld by the employer. I would think that is what the W2 indicates.

I found a quick little blub that says if the local tax was withheld at the correct amount I don't have to do anything. Which sounds good at 7pm at night.....

If ever a non-tax comment needs an edit, it's my second paragraph that is one loooooooong run-on.

Everyone always has the ability to hide his or her own post and start again fresh, and that ability to "hide" the post does NOT have a time limit. From a member's perspective, that appears to delete the post from view, so copying and pasting the contents (not quoting) into a new dialog box before hiding will allow the poster to have the whole text of the original post for further editing. Note that hiding still allows Eric and I to see all of the posts made so that we can see what transpired or caused someone else to respond in a certain way. If we allow editing up to 15 minutes, others may respond to that in a certain way, and then the person goes back to edit and it changes why the conversation and subsequent posts may have been made unless we start quoting of others if following a post within the 15-minute editing window, and sometimes I may be addressing the OP and don't necessarily want to include that other person's statement in my response, but my response may be a result of it.

I've called each brokerage's tax department or asked brokers I know, if I know that they understand wash sales. I also have clients that include every piece of paper when they give me their tax information, so I have their purchase confirmations and can see their purchase cost and compare to the adjusted cost basis on their 1099-B. I once had a broker client who did not get the comprehensive reporting package that his clients got and did a LOT of trading with a LOT of wash sales. I told him what I needed from him. He chose to pay me thousands for a few years to take his spreadsheets and adjust the disallowed wash sale losses into the adjusted basis of each respective purchase. It was a great income stream for me for about three years until he was fired and no longer trading.

Daughter in 2020, filing on her own and not eligible to be claimed as a dependent, is eligible for both EIP1 $1200 and EIP2 $600, and EIP3 $1400.

Yes

RRC1 and RRC2 are 2020 credits on the 2020 income tax return.

There is about $90 Billion left plus PPP Loan processing has almost ground to a halt due to the SBA's enhanced electronic screening which has now rejected about 200,000 loan applications and sent the applications back to the lenders, which requires manual intervention by the lenders for each SBA generated "error code" This has given new meaning to the phrase, "Our government at work"!

Doesn't ATX require the 1310 to create the efile? I haven't done one recently.

The court appointed PR does not have to file 1310 with an original return, but instead attaches a copy of the appointment to the return. ATX has a link to attach it to e-file.

I just gave up and mailed. There does not seem to be a way around it, at least not with ATX. The IRS rejected it every time for various errors. ATX support was worthless this time. I think that it is definitely a programming error. They just said to mail. It makes me mad, because I am going to go through the same mess for 2020.

I hope I'm wrong, but I think you're going to have to call with a 2848 and permission to move the payment. I've had numerous examples of clients getting dunning notices while there's a payment 'out there' hanging in the incorrect spot. I've tried moving them before with simply the preparer authorization on the return - total no go. I'd be interested to know if anyone has had better luck than I have in this arena. I was encouraged by the thread indicating that many of you had been able to move estimated payments erroneously made to the correct year. This is from the IRS website (payment option choices): The purple bit is what makes me think they'll leave it hanging out there waiting and dun your client for the balance due. Eager to hear other thoughts. ********************************************* Proposed tax assessment (e.g. CP 2000 or a Notice of Deficiency) 1040, 1040A, 1040EZ Health care (Form 1040) Current calendar year or prior years going back up to 20 years Make a full or initial payment for a proposed amount. Payments of this type may post in advance of the actual tax assessment. If you have an installment agreement, select Installment Agreement as the reason for payment.

This type person offends me to no end. We have made it easier not to work than to work for years, but now we're full blown, "Hold my beer..." And if Jesus was in my lobby healing people, ISTG some of my clients would say, "Don't touch me, I'm on disability."

Hahahaha if they only knew what we've been thru.

Hmmm, no wonder things didn't smell right.

You can give him some assistance with guesstimating a year end inventory. If he doesn't follow through, what are you going to do,?

Yes, and that's the way you get him to straighten up. The other thing you might try is making him tell you a fixed markup, and you back into what you need using sales. Which is not possible if he's rehabbing, I realize. So this guy sounds like a catch and release if he can't provide you with an ending inventory.

I used to hit Staple's back-to-school sales for my tax folders at $0.05 each. We'd go after Sunday brunch when both kids were with us, each grab the maximum (25ish) in my color of the year, and check-out in four different lines. I'd add some fatter vinyl folders in my stack, and be set for the next tax season. I think hubby got a teachers' discount by showing his union card, also.

Wow. I'm going back to review my confidentiality/proprietary agreement with employees right now!

I found this site and it's updating as the states decide: https://support.taxslayerpro.com/hc/en-us/articles/1500004451042-State-Conformity-to-the-2020-Federal-Unemployment-Compensation-Exclusion