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Showing content with the highest reputation since 10/12/2020 in all areas

  1. One of the *nastiest* tax seasons in recent memory, and we lived through it. Congratulations, all. Now we can start working on amended returns, non-filers, and get ready for the non-filers who outed themselves to the IRS with the EIP payment returns. Whimper.
    6 points
  2. 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.
    6 points
  3. I've been turned off by the IRS for decades.
    5 points
  4. And don't forget to tell mom she needs to report this on her taxes!
    4 points
  5. Controllers are allowed to compile a set of financial statements for management's internal purposes, and is typically part of the job requirement to do so. To be clear, the statements Tom asked about are not being issued directly by him to any third parties. Company management would be handing them over to the company's outside CPA that has been hired to audit them. The outside CPA firm is the party that is "issuing" the audit report as part of the complete set of financial statements by doing a lot of work that gives reasonable assurance that the monetary amount and other disclosures
    4 points
  6. 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.
    3 points
  7. And, payroll reports. I need to read about CT's new myconneCT and set up an account and make it work with QBDT for my tiny payroll. Except for the tax types not yet open under myconneCT that still must be paid via Taxpayer Service Center. And, PPP forgiveness applications. And, laundry. And, my NY/CT-ATP on-demand courses for September and October. And, a few other on-demand courses I haven't completed. And, sleep. And, visit my grandkids before they forget who I am! And,...
    3 points
  8. And as long as she actually gets paid, and claims the income.
    3 points
  9. but we have to wait for the super secret PIN to come via snail mail. Why they can't just email it to you or give you a pop up screen to print when you get it - like when you get your EIN.
    3 points
  10. Tuesday 20 October: CCH Software News - October 15, 2020, Extension Filing Deadline Dear CCH Customer: The extended due date for 2019 Individual (1040) and Corporation (1120) returns is Thursday, October 15, 2020. Information for electronically filing returns through the deadline is as follows. Timely Filed To be timely filed, CCH must receive your returns before 11:59 PM CDT on Thursday, October 15, 2020. Note: To avoid processing issues with the taxing authorities, we validate all returns before submission to the taxing authorities. If we stop returns for sch
    3 points
  11. 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.
    3 points
  12. We paid nothing for a long time until we paid a lot. Plus, didn't the EA renewal fee go down to balance out the PTIN fee going up? We're so lucky to pay the government to help tax payers comply with the government (sarcasm emoji).
    3 points
  13. Remember, this was the result of the lawsuit saying that the fee constituted a tax not authorized by Congress. The U S District Court agreed and as a result the fee was zero while the ruling was appealed up to the U S Court of Appeals which said the IRS could only charge a fee to recoup the cost of administering the PTIN Program and sent the case back down to the U S District Court to decide the amount of the fee allowed. The current fee is the result of all of the legal wrangling.
    3 points
  14. Been there, done that, set the drop dead date earlier. They still come in like headless chickens on October 10th, but at least they come in knowing they may well go past the deadline. It actually makes more space for the super-lateys, when the others obeyed the earlier date. And I force myself, yet again, NOT to care more than they do.
    3 points
  15. I did this today as well. Thieving you-know-whats. It's so sad that we have to pay to work for the IRfrikkinS for free.
    3 points
  16. 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, ma
    2 points
  17. 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. Hind
    2 points
  18. Received this email from my client: "I have an important tax question; I over donated to my pre tax dependent care account at work. I have had almost $3,900 deducted from my paycheck since 1/1/20. When Covid began, I removed my daughter from daycare but did not cancel or change my paycheck deduction at work until 10/1/20. I only spent approximately $2,500 at daycare and can provide receipt for that. I haven’t done the exact math, but I have over donated by about $1500. My question is this; my mother has provided daycare for my daughter regularly since 6/4/20. Is there a way that I can le
    2 points
  19. grumble...mumble..... I guess I figured it would be easy to go online and set up and be done. We'll wait. My client was great about it. He filed and paid in March last year - 2019 for the 2018 return, and IRS sent him a notice that he didn't pay. So he figures even if he pays on time it gets screwed up anyways.
    2 points
  20. We were supposed to get refunds of the excess fees. But if you believe that, I have some magic beans I'd like to sell you.
    2 points
  21. Current estimates are that the IRS still has a backlog of 2.5 million unprocessed paper filed 2019 Form 1040s.
    2 points
  22. Thanks Judy and Hahn. As it turns out, there was a listing of sales in her business that I had missed. That put her into profit and her Roth contribution is OK! Phew.
    2 points
  23. Copy and paste from last year. I bet that's what your CPA firm does. Update dates and amounts as necessary. You only need to write a new note from scratch if something is added or is different from last year.
    2 points
  24. Don’t quote me on this, the AICPA or our state’s society prohibits non- CPA (licensed) on preparing financial statement to present to third parties and worst prepare notes. I believe this applies to when compilations and audits are required, I remember in the past sneaky clients would say, can you send the bank our companies financial statements on your letterhead, here is our QB backup, they are already done. Read this: https://www.accountingweb.com/aa/standards/new-financial-statement-service-a-gift-to-cpas-and-clients Maybe they think you are a CPA
    2 points
  25. Found it myself. Had my screen to big and couldn't see it in the details section. I think partly is because I am getting tired, working too many hours for these late comers. I need to figure out how not to be in this situation next year. I need to have a drop dead date, if not in not going to be done.
    2 points
  26. GAAP, partnership, audited financials. Knowing the specific industry may also be helpful if there are specific guides for it. Fwiw, I use only the guides from PPC (Practitioner Publishing Co) through Thomson Reuters. If looking at its products, I'd start with the guide called "Preparing Financial Statements" that goes through each major item on each statement and has a chapter on disclosures that includes summary and comprehensive checklists of required disclosures, either in the statements themselves or in the notes. The appendix to that chapter also has some illustrative notes. PPC al
    2 points
  27. 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
    1 point
  28. MD did the same thing with unemployment and QB hasn't finished the programming yet. Thanks for reminding me I still need to file my unemployment report. Also, my EFTPS password expired so I go to update that and then enter it in QB so I could pay my 941 taxes. Good thing I wasn't doing it last minute!
    1 point
  29. At this point, if it's not a lot of money, I'd just wait two weeks for the PIN.
    1 point
  30. Call the Taxpayer Advocate Service, this is the kind of stuff they help to resolve.
    1 point
  31. The question is, for 2020, will they able to file a return and receive the stimulus payment as a refundable credit.
    1 point
  32. Last year Form 1040 efiling shutdown on the 16th of November.
    1 point
  33. I received this email today: Congratulations! To thank you for repeatedly renewing your preparer tax identification number (PTIN) early, you have the opportunity to renew your PTIN before the season opens to other tax return preparers. The PTIN system is ready to accept your renewal from today through Oct. 15. Should you miss this opportunity, you can still renew your PTIN during renewal season beginning later in the week. All PTINs expire on Dec. 31 and must be renewed annually. You must have a valid PTIN if you plan to prepare any federal tax returns for compensation or you
    1 point
  34. Thanks Abby, that did the trick! I appreciate the timely response.
    1 point
  35. I do it in December every year. It's a repeating task on my calendar. When there was no fee, I did it in January once or twice.
    1 point
  36. There are checkboxes on the Sch E to mark the rental as a complete disposition.
    1 point
  37. I'll do it late this week, or next. Yeah, I got the email too. You probably did, Lion, and it never registered because it wasn't germane to your current workload.
    1 point
  38. I didn't receive an invite to renew early and wouldn't do anything that reduces my sleep time until after 15 October! But, I usually get to it right after extensions to get it done and over with.
    1 point
  39. I just did it to be done with it.
    1 point
  40. One solution is to leave it in and pay the 6% excess contribution penalty and then apply the contribution to 2020. Of course, this only works if she has earned income in 2020, is not over the income thresh-holdings, and otherwise meets the contribution requirements.
    1 point
  41. Saw on another site that a tax preparer is interpreting the 21 November end date for using the non-filers portal to file for an EIP as the possible end date for e-filing.
    1 point
  42. I'm also not a CPA and haven't had to learn footnotes. (My MBA is in finance, but I was only one accounting course short of a double major in accounting. My best instructor told me to major in accounting but to never tell anyone or I'd end up doing all the grunt work!) I do know that CCH has great textbooks. Also, webinars. And, they purchased CPELink a few years ago, so all the CCH CPELink education now benefits from the CCH inhouse experts/CPAs/lawyers as well as their stable of national speakers/writers. I would think AICPA would have great resources, too. Good luck. They are
    1 point
  43. Not yet. It's always sometime in mid- to late November.
    1 point
  44. Like not needing tax preparer?
    1 point
  45. Quick fill it out before there's another interim final rule!
    1 point
  46. Just count backwards 3 years: 19, 18, 17. We can only efile 3 most current years. 17 will drop off as soon as IRS closes efiling in November (usually).
    1 point
  47. Notice 2020-76 extends the due dates under sections 6055 and 6056 from Jan. 31, 2021, to March 2, 2021, for insurers, self-insuring employers, applicable large employers, and certain other providers of minimum essential coverage to furnish to individuals the 2020 Form 1095-B, Health Coverage, and the 2020 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. However, the notice does not extend the the due date for these forms to be submitted to the IRS! If you have to have these forms complete and submitted to the IRS no later than Jan 31, 2021, what is the point
    1 point
  48. No, you'll have to paper file. E-file current and prior 2 years.
    1 point
  49. Actually, the things they have on there are not included in Max. Normal Education Credits are in MAX, but the optimization of them is not. The 2 year comparison will show the net income from Sch C, E or F, but not the details of the forms. The other states tax credits do not automatically populate in MAX. To me, with my clients, there is not enough of these returns to justify the extra expense of the functionality. I only have 3 clients with other state tax credits. I can print out the prior year C, E or F if I really need to drill into it. I have 1 client with a child in college
    1 point
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