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Showing content with the highest reputation on 11/16/2020 in all areas

  1. I would welcome an extension, and I also tell my clients they need to get here early. I think my words were, "I have zero desire to work during the summer." My clients know I mean what I say!
    3 points
  2. I would be happy for an extension, because everything will take longer again. I will be training clients to use my new portal. ( I have to learn it later this month.) I won't be having in-person appointments indoors, since I work out of my home and I can't take any risks with my husband's health. It will be back to driveway pickups and dropoffs. Hopefully, I won't lose too many more. I've lost three in a month due to Covid and every one of them has been heartbreaking for me. I've known most of them since I was much younger. I just hope that these vaccines work.
    2 points
  3. "unfortunately" is the correct word to use since he spent time with his family. lol. I agree that they will or should extend the time to file since we don't want to have our offices with more people than needed. If you have 200 clients, that means you will have to
    2 points
  4. The $33K recontribution before 4/15/21 would reduce the $33K ratable portion that would otherwise be included for 2020, so if this is the only amount that is recontributed, the taxpayer will include the following amounts in each of the years: -0- for 2020, $33K for 2021, and $33K for 2022. The following page at IRS.gov is the Q&A clarifications for retirement contributions taken under the CARES Act: https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers . Items #6 & 7 covers only the most basic example of recontributions and refers readers to additional examples given in Notice 2005-92 for similar distributions that were allowed to help victims of Hurricane Katrina. Notice 2005-92 has the additional examples starting on page 12 in Section 4, specifically Items D through F and is found at the link below. The case you provided above matches the fact pattern in Item E, example #1. https://www.irs.gov/pub/irs-drop/n-05-92.pdf
    2 points
  5. I attended a webinar this past Saturday and the instructor mentioned that there is a possibility they might extend the filing deadline again and I have the same feeling to. But he shared something that made me smile, at another tax seminar in a state that doesn’t have all these restrictions, an attendee shared his story on how he was going to profit from people who were going to wait until 7-15-20. The tax preparer sent a letter to all his client informing them if they were going to come in after 4-15-20 he was going to charge a $250 fee for ruining his summer and taking time away from his family, unfortunately he made no money because all his clients brought in their information before 4-15 and he was able to enjoy his summer with his family.
    1 point
  6. Wow, you must really crack the whip! Say, can I swap a few of my clients that don't listen to me.
    1 point
  7. If you have 200 clients, you have about 6 clients per day. If they extend it, you can have only 3 a day (more or less).
    1 point
  8. Another one of those issues that arose from unclear and confusing info from SBA at the outset, leaving both applicants and (in some cases) lenders in the dark. I've encountered a few others.
    1 point
  9. Why? I have recently filed an amended return where husband filed separate and wife did not file. Husband had a balance due which was mostly offset on amended return by wife's business loss.
    1 point
  10. Thank you; I will look into the information you linked.
    1 point
  11. While that is the timeline for filing for a refund, I am not aware of any cutoff for filing an amended return for whatever other reason the taxpayer has in mind.
    1 point
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