Leaderboard

If you have a Krispy Kreme near you, they have Free Coffee and a Donut tomorrow and on May 24th.

You can also make a reply on a post that includes info of special interest to you. Then if you want to find it later you just look at your profile. It will provide a list of your activity, including your replies, which will significantly narrow your search.

https://www.irs.gov/pub/irs-pdf/f4852.pdf If your client took all the steps possible to obtain his W-2, I'd probably do whatever I could to e-file and keep very, very good notes.

You should google "next winning lottery numbers" with the luck you have. It amazes me every time how good you are. Tom Modesto, CA

You can click the Follow button at the top of every post, but since I've never done that, I can't say how well it works. If I really want to save something, I print it to a PDF in my Tax Reference folder, which has many subfolders to keep things organized. One important thing to learn is how to name files so that a search of your computer finds what you want. Also, if you're not using the Everything search utility instead of the lousy one that comes with windows, you have no idea what you're missing.

For IRS, the tax forms (1040 series, 1065, and 1120 series) all have a "name change" box near the top. Check that and it will change the IRS master file. You could write to the address where the return is filed, but I've never bothered. YMMV for the state(s) and their various depts. My state DOR requires it in writing for a global change for all its separate depts (withholding, inc tax, gross receipts tax, unemployment) and DE Sec of State for franchise tax is completely separate from DOR and definitely requires notification along with a fee.

Others can chime in with official notices and cites. All I'll say is that the IRS master file goes by EIN and name control. If the first four letters of the name remain the same, would they even notice? Especially when so many companies get information reported with obvious, or subtle, mis-spellings, or do business under multiple names.

I googled "OIH for partial year" with that acronym and the IRS FAQs page was at the top of the list. I guess I get lucky with a lot of my searches.

She's probably referring to an EIDL Loan, which are not forgiveable. She should have already received an SBA 1601 statement letting her know when the monthly loan payments start and how much. These loans can potentially be a real can of worms because they have very restrictive loan covenants which can really hamstring a business! So you are either going to have to dig in and learn about these loans or refer her to someone else so you don't get blamed if problems occur.

Woo hoo The SBA just officially forgave 100% of the PPP Loan for my largest client. I am surprised because it was only two weeks ago that I submitted the application and all the supporting documents to their bank. It was the long form 3508 with all the supporting document requirements. I must say, it was the most strenuous project that I have tackled in many years. Darn, I wish I could take the day off and celebrate

Employers are entitled to tax credits for providing paid leave to employees who take time off related to COVID-19 vaccinations. Just another thing to be aware of for your clients: https://www.irs.gov/newsroom/employer-tax-credits-for-employee-paid-leave-due-to-covid-19

Don't tell my employee..... shhhhhhh......

Copied from the IRS FAQs: "59. Are wages paid by an employer to employees who are related individuals considered qualified wages? No. Wages paid to related individuals, as defined by section 51(i)(1) of the Internal Revenue Code (the "Code"), are not taken into account for purposes of the Employee Retention Credit. A related individual is any employee who has of any of the following relationships to the employee's employer who is an individual: A child or a descendant of a child; A brother, sister, stepbrother, or stepsister; The father or mother, or an ancestor of either; A stepfather or stepmother; A niece or nephew; An aunt or uncle; A son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. In addition, if the Eligible Employer is a corporation, then a related individual is any person that bears a relationship described above with an individual owning, directly or indirectly, more than 50 percent in value of the outstanding stock of the corporation. If the Eligible Employer is an entity other than a corporation, then a related individual is any person that bears a relationship described above with an individual owning, directly or indirectly, more than 50 percent of the capital and profits interests in the entity. If the Eligible Employer is an estate or trust, then a related individual includes a grantor, beneficiary, or fiduciary of the estate or trust, or any person that bears a relationship described above with an individual who is a grantor, beneficiary, or fiduciary of the estate or true." If related individuals do not qualify, I think we should assume that owners don't qualify. In addition, if you look deeper into the FAQs regarding what constitutes qualifying wages and what doesn't, I really don't see how wages paid to an owner would meet the definition of qualifying wages. would ever qualify.