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I would add installment sales to that list.

Multiple news sources are reporting: It will take the IRS until the end of this summer before everyone gets their return recalculated and their refund issued. None of the IRS's online tools will show the status of these refunds, so we will get a number of client calls. The IRS does not want any amended returns submitted until they have finished this process.

After conversion from your previous software check all the carry forwards - NOL, capital losses, 8582 limitations, depreciation .

I converted 200 returns to ATX (from another practitioner) in the fall of 2019. Every single depreciation schedule had to be adjusted, so I would recommend converting soon so you have time to review every return. Second what everyone said about checking carryforwards, NOLs, etc. There were also random, inconsistent transfer issues, so just leave yourself plenty of time to open and review each 2020 return prior to the 2021 season. This was my second season with the new peeps, and it was much smoother, so when it feels unmanageable, remind yourself it is a one year issue.

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Robert Zimmerman is 80 years old today. "The answer my friend is blowing in the wind"

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Thank you for you help, I will do that. I had surgery scheduled on the morning of the last day of taxes and I was overwhelmed. I feel bad for such a mistake as one client is already facing an audit. The IRS wanted to confirm her identity and held her return, so of course NYS decides to do a full on audit. Luckily, my client is very thorough and keeps he receipts scanned, placed in designated folders and in put created spreadsheets classified by tax forms. Making such a mistake worries me and it is something I've never done before. I don't want to lose my clients trust or have my integrity lowered by this. The clients I have came from accountants whom did not uphold their ethics and standards causing problems that I fixed which is why they stayed with me. but mistakes like this cane cause problems, especially since so much fraud during this covid pandemic. Any mistakes I have made, I've never made my clients pay for and never will. I don't want to lose clients or their respect over this and I will of course do full disclosure. I've been an accountant for almost 15 years, so I am worried how my client will view my work going forward. Do have any advice going forward?

Unfortunately your clients don't have any assets which qualify for installment sale capital gains treatment, even though the sales contract payments may be multiyear. Therefore you are going to end up trying to balance capital gains on the sale of intangibles in the year of the sale against ordinary income spread over the years of the non compete agreement payments.

I don't have step by step solution but this is what I did with one return. make a copy of the return that you sent to the IRS. Go back to the original one and add the expenses and efile NY. Go back to the newly created copy, select amend return. This will create a copy again of the return. Go to the copy of this return and open 1040, add the expenses, then go to 1040X, make sure the changes are correct, add the explanation and create the efile for Federal. Transmit the efile to Federal only. Make sure your client has copy of the original filed 1040, the NY filed return and the 1040X return. I am not sure how NY or the IRS operates but most likely the IRS will send a note to NY and say... "this guy amended in 2020". NY might wonder in a couple of years why you didn't amend NY.

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