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Been busier than ever this year. No time for virus fatigue and depression. But there is sadness for those I know that have been affected physically and economically. We need to stay strong because so many depend on us. I’ve been checking in with clients on a regular basis, most doing well. It helps me being stuck inside other than very early bike rides and supermarket trips.

Everything I send outside of the organization (banks, insurance companies, etc.) is labeled "Unaudited". I have a good idea of what I am and am not allowed to do in my position in the company. I don't sign on the bank accounts (especially payroll) because I do our internal audits and bank recs. I don't make any assurances that the work I have done can be relied upon for credit or lending decisions. In fact I always state that the financial statements are not to be relied upon for any reason and I reserve the right to revise or correct them as needed without notification. Hey, maybe I could be a CPA. I think this is what the 4 page engagement letter they send me every year says. Tom Modesto, CA

What always strikes me is how the seemingly smallest thing can affect one's life. One of our kids had an inkling to go one way with his career, which said career is gone until at least the middle of 2021, and instead took a liking to an internship he was doing, and has become a medical researcher - at present working with COVID patients. He is considering the MD route if he can find someone or something which will pay his way (he refuses to be a freshly minted MD with 20 years of work to pay his med school debt). When I look back, I see a few key twists in my life choices as well. Hindsight and all that...

The difference is that Tom asked for suggestions for books or resources to prepare the notes to be submitted to the CPA, and the CPA is the one being engaged and paid to be auditing and ultimately issuing the statements. In your case, iirc, you were the one being engaged for pay and asking for direct help for work that was then going to be "issued" by the company's bookkeeper directly to the bank. There is a difference.

The idea of this calculation and limitation is to adjust for the difference between between our ordinary tax rates and the capital gain rates that a foreign gain is actually being taxed at. It sounds like you are doing it correctly though. If you'd like to read a more detailed explanation of how and why this is done, I've linked to an article from The Tax Advisory that delves into all of this. Keep in mind that the article is several years old and the multiplication percentages for the rate differential calculation are different now, but the overall concepts are still valid: https://www.thetaxadviser.com/issues/2017/jul/foreign-capital-gains-losses.html

And don't forget to tell mom she needs to report this on her taxes!

If you just need 5 more days, change one letter of the first four letters of the last name and transmit it tomorrow. It will reject and you'll have 5 days to correct and not be considered late. I've done this at least 3 times in the past and I think one of my coworkers is doing it this year.

Yes, the returns will just be filed late. IRS MeF will accept the current and prior 2 years (2019, 2018, 2017) up through the date of shutdown that occurs sometime in mid- to late-November. When e-file reopens in Jan 2021, you will be able to file returns for 2020, 2019, and 2018 at that point.