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Everything posted by jklcpa

  1. I don't mind deleting the links, but when I clicked on the first link I was able to view the entire 11-page document. The second link took me to an email that I've deleted and included the modified contents without links and that removes the ability for anyone to unsubscribe you. If that isn't sufficient, please let me know.
  2. Thank you, Lynn. This is good news for those that don't need to file, but that leaves the question about my clients I was trying to help and other seniors that do file and whose 1040 always shows a balance due. Will IRS look for the direct deposit information on file with SSA?
  3. Thanks for the heads up. I fixed the link in Lynn's post to go to the proper page, now found at "sm967".
  4. Thanks, Gail, that does make sense in a way. I'm going to drop my suggestion and see if some family member will be able to help these few folks when the "portal" becomes available.
  5. That's an idea but I have several returns like this where the clients are elderly and have never used the internet. I was trying to come up with the easiest solution for all of these people and me at this point. Plus, you know how many older people worry, worry, worry, especially when it comes to money.
  6. No penalty if the withdraw is for the excess contribution and any earnings on it. It's as if the excess was never in the account. Total distributions including any excess and related earnings withdrawn would be entered on form 8889, line 14a. Then the amount of the excess contribution and its earnings that were withdrawn would be reported on 14b, distributions for qualified medical expenses on 15. Any earnings withdrawn are reported as "other income." So we're all on the same page, below are instructions from Form 8889 that I referred to earlier. The instructions for Form 5329, line 47 say the exact same thing too.
  7. Client always has a balance due so IRS does not have banking information from any return. If client wants direct deposit of the stimulus check, could the client set up a nominal 1st quarter estimate withdrawal authorization to be transmitted with the e-filing, and would the IRS use that banking information for the stimulus amount too? Any other idea besides waiting for this "portal" that's supposed to be set up?
  8. Give it a couple of minutes and someone will disagree.
  9. From your description, I'd deduct the costs if the course work maintains or enhances his current role and as long as they do not specifically qualify him for a new position or other job.
  10. The excess contribution and any earnings can be withdrawn before the due date of the return. Page 5 of the instructions for From 8889 covers this. Look at the section " Excess Contributions You Make".
  11. The article doesn't specifically say, so sorry if I'm confusing the two different programs. Is this the one that allows for borrowing at the lesser of $10 million or 2.5 times average payroll over the last 12 months? I do see that one has forgiveness, and 75% must be used for payroll during that 8 week period. The forgiveness sounds great on paper, but if the borrowing occurs in early April and businesses still aren't allowed to open at the end of the month, not as much of the funds may be used toward payroll and forgiveness may be less than anticipated. Am I thinking about this all wrong? Another question I had about this one. Can this be used for rent owed that is already in arrears, or would it have to be current rent due? I really wish we didn't have changes coming every.single.day.
  12. jklcpa

    SBA Loans

    I agree. If you or someone here has a brief summary of the SBA EIDL loan, grant and how this works that I could share with a couple of clients, I'd appreciate it. I haven't had the time to look into this that much. Does this one have the provision to be forgiven? I think the PPP is the one that has forgiveness for the portion used in the 8-week period for rent, payroll & taxes, health insurance, utilities and interest expense on indebtedness. Is that correct?
  13. My client copies do not have the SSNs masked in Drake. The only thing I've noticed where the SSNs are masked is on the main demographics page of the organizer. Masking SSN, EFIN, and PTIN on the client and preparer sets is an optional setting found in Setup>Options>Calc & View/Print tab.
  14. Here are links to IRS site for the draft of Form 7200 and its instructions. Link to CARES Act: Employee Retention Credit FAQs put up by the U.S. Senate's Finance Committee
  15. Locking this topic. Please post in the one for SBA Loans instead.
  16. There's a whole topic in the COVID-19 forum. See below. Also, I found this page with the highlights that seems pretty good from the National Law REview https://www.natlawreview.com/article/summary-cares-act will be moving this topic to the other forum.
  17. jklcpa

    SBA Loans

    Hi Texas, are you in the business of tax preparation or related industry? Do you have a cite?
  18. Yes. https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed Moving this topic to the COVID-19 forum.
  19. I too recall reading that, and I think it was in a Journal of Accountancy article.
  20. To be perfectly clear, there are a lot of sites saying "no payback". The IRS' official page for coronavirus has a lot of good information, but IRS does not specifically say "no payback" yet.
  21. IRS has now extended the deadline to July 15th for Form 709 for gifts and GST. Per notice 2020-20.
  22. Yes! That's exactly what I enter in Drake's program using screen DD2, and I do have it entered as Q&A. The program will print a page that has signature boxes at the bottom.
  23. I have clients sign statements too and a page from Drake's program with notes I've entered that has signature lines. The statements I use were shared here last year by our member, Ringers, and I slightly modified them mostly for my own formatting. If anyone wants them, here they are in Word that should allow for your own modifications. Let me know if there's something wrong in them. 2019 Cert-Child Credit or Other Dep Credit.docx 2019 Cert-Amer Opportunity Credit.docx
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