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Well, since my last tax return's efile was acknowledged on the 6th, I can let it rip.

I think (although could be wrong) that you can continue to use the same EIN but you have to file an 8822-B indicating a change in the responsible party if the shareholder who was the responsible party is no longer involved for whatever reason.

She's still his step-daughter. The only relationship that ends at divorce is between the spouses. You're even still related to your in-laws. ( I had a student get depressed when I told a class that fact !)

I would never run an update on a deadline week.

Has ATX announced this year's official e-file shutdown date?¿ My quick search = no info. I want to use my time wisely. After 47+ yrs in "Our profession" ~ I'm ready to 98% retire. I'll likely hit 50yrs. before being concerned with only my taxes. Yes, I was @ my desk with a Pencil & ten key calculator Before "Earned Income Credit" existed. Oh, the stories all of us could tell.

Go ahead, rub it in, see if we care! (I think all of mine, that are going to be done before the deadline, have been submitted. There are always the one or two who won't send me back sig docs - and in a couple of cases, outstanding data docs - for weeks yet. That's on them, not me.) Guess it's time to break out the work on the longtime nonfilers again. Whee!

I'd wait until I got an ack acceptance back on the 2019, and then e-file. The service will sort it out eventually.

You could make that statement about almost every every tech company with an online presence.

They smear if you touch them too soon. They smear if you use a highlighter. Even on things I print for my records, such as a client email with some tax info, I like to highlight the tax info buried in a rambling email. Smear. If I look at it days later, can't read the smeary numbers. Want to highlight something FOR a client; don't even think about it. I do have an inkjet all-in-one for my personal use, but won't use it for any biz printing at all. Even then, won't print out church bulletin when I'm a liturgical assistant, because I like to highlight what I lead.

My Quickfinder handbook says that the date to establish plan and make contributions is the return due date, including extensions, for the year the plan is to be effective. I read that as making contributions even after the plan is established is good to the extended due date. Scroll down on this link https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps#contributions to When must I deposit.... it says including extensions.

PUB 560 page 6 "Deadline for setting up a SEP. You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year."

Well, this one can go nowhere until you get the docs. Including he should not pay her one red cent until the details are examined and ownership - and tax liability - shares are determined.

Danrvan is correct. You should check to see if there is a shareholder agreement that details which method the now-former owner stipulated to use in the event of sale of the S corp stock. Also, check to see if the buyer and seller agreed to a particular method at the time of sale. If you are the continuing tax preparer and advisor, you may have a conflict advising both parties on this issue because what may be good for the seller won't necessarily be good for the purchaser of the stock. These are older articles but still apply that discuss the allocation methods, and the second one specifically shows how the allocation to each side may either be beneficial or be detrimental. https://www.thetaxadviser.com/issues/2010/dec/clinic-dec2010-story-09.html https://manningleaver.com/resources/articles-alerts/s-corporations-few-buy-sell-issues-consider

The books can be closed for K-1 purposes by an election under 1377(a)(2) or 1.1368-1(g). Otherwise the pro-rata method is required where allocation is made based on number of days stock was owned for the taxable year.

I agree with Abby Normal that the corporation remains intact, continues to use the same EIN and payroll continues uninterrupted. You can close the books as of date of sale to determine the income or loss for the selling stockholders, and then reopen the books for the rest of the year to determine the income or loss for the purchasing stockholders. The corporation would file one tax return for the entire year. The mid-year closing would only be used to allocate profit/loss. cbslee may be thinking of partnership rather than corporation.

I've never waited before, just e-filed them both right away and haven't had any issues.

You can refill laser printer cartridges also. That's what everyone buys when they buy refurbished - $13 per cartridge for me because I don't want the mess. Your printer does 15ppm, my cheap laser does 30ppm. For client presentations, laser will look far more crisp than inkjet and if they set a soda on the page, it's all a big fuzzy mess that can't be read.

I do live payroll processing, so I have to have a laser printer to print the MICR code on my client's checks. In addition, if you need to print any bar codes or qr codes, many inkjet printers are not precise enough.

I would never use an inkjet printer, even at home. Strictly lasers for me. Inkjets smear if they get wet, and they're way too slow for a busy office.

Replace a Lost or Stolen Card If you have misplaced your Economic Impact Payment Card, you can lock it by logging in online at EIPCard.com to prevent unauthorized transactions or ATM withdrawals while you look for it. If your Card is permanently lost, it is important that you call Customer Service at 1.800.240.8100 (TTY: 1.800.241.9100) to report your lost or stolen Card immediately. Your Card will be deactivated to prevent anyone from using it and a new1 replacement Card will be ordered. Fees may apply1. Please refer to the material in your Welcome Packet or see your Cardholder Agreement for more information

I was wondering if IRS has a tracking device for all those cards that were not used and send TP a notice as if they nothing else to do? I had several that said they did not get them and then when filed 2020 IRS said they did. What a mess. I am wondering how they will handle the 1400 one when we do the 2021 return.

early on you could find stim 1 & 2 for taxpayer under "where's my stimulus"(or something like that). that was shut down after awhile but way too early why a confusing debit card was issued is a complete mystery to me...irs morons

I started one last night that'd been angry that it wasn't completed yet. She's SE and artistic. But she usually gives me a stack of 1099s and a messy spreadsheet of expenses. This year, one 1099 for $500 and nothing else, not even car tax or a Goodwill receipt. I wrote her before I slept with a long list of her usual clients and expense categories from last year, and told her today or I prepare in November. She wrote this morning that she signed our engagement letter, but she didn't send it to me. Nothing else. She will rant for a month when I can't complete her returns. I'll brace myself. By the way, she sent me the one above (that one I charge a LOT). So, I'll probably lose both of them after spending time on both of them -- but next year will be more pleasant.

Down south, we say, "Hold my beer and watch THIS $h**!" I'm straight up stealing "DOG FIGHT" when I need to get off the phone! LOL

Amen. What does the divorce decree say?

A legal issue for sure!

No! You need documentation to prove that a portion of the gain was not his. If you allocate 1/2 gain to wife that was not hers it can come back to haunt you. It sounds like the property was titled solely to him after the divorce was settled. If so, I don't see how she could have any legal ownership or a share of the gain at that point. That does not sound like part of divorce settlement since it happened after the fact. He might find relief under 1-1041-1T (b) as a transfer of property incident to divorce, but I believe the transfer would have to go back to her share of the property instead of the proceeds of the sale. Also she would have to agree that she was a party to the property sale and 1/2 the gain was hers. He would need to get a lawyer to straighten that out. Unfortunately, he decided to save on legal fees and look where it got him. Without legal documentation, he might have gifted away $34,000.

I've only got one more that I will try to complete by the due date (if she gets back to me with answers to my questions). Several others I've sent reminders from time to time. But even if they call today, I'm not even going to try by Oct 15.

These are always hilarious.

I have a client that calls all year but she always adds $100 to my invoice because she knows she can be a pest. But this year or the last month is different, her college son has been day trading, big time and early on she has been telling me the kid is awesome, making tens of thousands of dollars. First thing I told her was to remind him to watch his wash sales. Didn’t listen and after 176M of sales and over 2M in wash sales he has 326K in gains. But only 50K in the account. She wants to strangle the kid and worst part she’s trying to hide it from the father. Can’t wait to see how this turns out on 10/15.

I've been telling people November. So far only one has raised a fuss. She sent me 30 pages for her bank statements to find her EIP1 and EIP2, not sending me any 2021 pages where EIP2 might be. And, her 1099-B is dozens of pages long; I hate to use summaries (prefer importing) but it'll be summaries if October. Is your back 40 getting crowded? I own a few acres in IL, so I could start my own land of former clients. Does it help increase the yield of corn and soy beans?

Got three emails today from one I hoped was gone. First one "No wonder I put this off. I didn't make anything! Oh, I did get a $17,000 PPP loan that was forgiven..." Second one: "Here are ten screenshots of my closing documents where I bought a house." Third one: Also, I think I get to claim Buffy for 2020. Yeah, no.

So I am glad that you had the soothing remedies of chocolate, tea and music but, yeah, sometimes that isn't enough. Those adventures haven't happened to me often but they do try one's patience. When that happens, I do remember that I am billing time. One client this past spring was shocked! shocked! at my invoice but I pointed out the umpteen calls he made about so many things many of which he could have researched himself. This is a higher 6 figure IT person, too. I'm not sure he will be returning - don't care. My current thorn is waiting for the neurosurgeon (yes, that one) to deign to reply to my emails, calls or even the return to review in Verifyle. I can't make the horse drink the water. Oh well, maybe she won't come back either so less work for next season and inching ever closer to calling it in.

I remember years ago when my wife was a Girl Scout Leader ( we had 3 daughters ), she was calling a girl's mother to ask her to help with something. All of a sudden right in the middle of the phone call, the mother yells , "Dog Fight" and hangs up!