Pacun

For 2020, the employee retention credit was not taken. I have read in one place that I have to amend, get the credit and reduce my payroll expenses by the amount of the credit. I have also read that employee retention credit is tax free. Which one is correct?

My question was answered 10 years ago by Jack from Ohio. Go to the state efile form and unlink it (on top).

The message reads: "The IRS submission ID referenced in the State Submission Manifest must be present in the efile data base. " Does any one know what it means? I need to confirm my idea.

If he is a non-dependent, then he is not a child, correct?

Well, my client told the auditor that he took his vans to a friend mechanic that didn't give him a receipt. When the auditor left, I told him "you should at least use Jiffy Lube because they write down the mileage when doing oil changes". He said, the vans don't fit in their installations, which I didn't know. But I have seen his van and they are tall and all of them have 2-4 ladders on top. Another interesting thing that I noticed in this audit, is that the auditor has access to all years. I thought they only had access to the year in question and then they requested access for the adjacent year but I was wrong. I believe that the IRS will have to accept actual expenses in a review. This client was audited in 2008 but during that visit, the auditor said that he was within the industry's mileage allowance or something like that. Thank you to all of you who have replied to this post.

client made a million dollars home repairing and has 4 vans. Auto deductions using miles is $34K. For some reason the officer sought it was only one van and thought it was excessive. She was always asking about personal usage and I explained to her that it was a van full of materials, tools and you name it. The front seat of those vans barely have space for the passenger. She wants logs but she said that she would take amounts from the bank statements. Actual expenses are $25K in gas and maintenance plus 5K in car insurance. I told her that without depreciation, we are almost to the amount claimed but she wants to see the charges, which we are highlighting for her. Reporting a million dollars, I wonder what the industry average for auto expenses is. I told her that auto expenses for construction people was ordinary and necessary but she didn't entertain that thought. Any suggestions will be appreciated.

If your client owes 10K then each will list $2,500

There is no way to super cede a return using efile, as the second 1040 will be immediately rejected by the IRS efile "acceptance department". The only way to be efile-accepted is with a regular 1040X.

wrong post

I would add, create the new efile file and then transmit it. Don't forget to explain that you are adding 1099-int that were left out and as a result lines, 1, 3 and 5 are changing as well as the tax liability and other lines.

"Jan 1, 2023 the volume restriction went away" So, if someone purchased a car Dec 31, 2022, no credit but if someone purchased it a day later, s/he will be the credit?

So based on that link... the sales people know that Chevrolet/General Motors doesn't qualify for the credit since a couple of years ago and yet they tell people that their tax preparer will get them a credit. Am I reading it right?

I have not done any research... does any one know if a 2022 Chevrolet Volt gets any "electric" credit on 1040/W2 filing?

Yes, DC gets the income amount when you input box 1 of the W2. I have my program to calculate automatically, so I enter box 1, box 2, box 15, and box 17, besides entering the name of the company and FEI number. When you efile, you don't have to do anything special for DC and the 1040 is automatically attached when the efile file is created. If you are filing married, DC has special category "married filing separate on the same return" and it is helpful when both spouses work. Let's say that each earn 100K, you split the income and taxes is higher when paying on $200K and cheaper when paying taxes on $100K and 100K. Another helpful refundable credit is rental paid for apt or house on Sch H. Income limit is about 60K I think but you have to have lived in DC the whole tax year. Regular years, DC give you 40% of Federal EIC, but this year was increased to 70% but the extra 30% is sent evenly every month for 11 months. If you are filing 1099-NEC with Schedule C, you might need to eliminate form D-30 because ATX automatically adds it and send 1099-NEC income to that form but most of the time is not needed.

Thank you for the link. I need to correct one 1099-NEC.

very.

Keep in mind that if one spouse itemized, the other one doesn't have to itemize but must take a 0 standard deduction.

Which one is your client? As you can see, you might have a conflict form the get go.

So, you have to have the appraiser with you each time you want to donate crypto? He is the one that will give faith to the price. How about the passage that reads that you can deduct the amount that the "church" received when property was sold?

I assume the appraiser will use this link below to know the FMV when the coin was donated. Let's say that you donated some solana SOL on April 15, 2022. You will enter SOL on the search bar, then you will click "all" and expand the chart and move the cursor to the date you are looking for. In this case the FMV of each SOL was $101.3 https://coinmarketcap.com/gainers-losers/

while you have the old server running, print to PDF every client for every year that you are not going to install on the new server. I would install only two or three years on the new server. Since you give copies to your clients, you should be OK.

If you are going to trash the old server and if you are required by law to have records for the last 7 years, that would make sense. Other than that, you only need a couple of years plus the current year and you should be 99% OK.

Is Jan 23rd the date to start efiling 1040s with the IRS?

The service provider could report the income in 2022 or 2023 depending of the accounting method, but your client can only issue the 1099 for the year in which the money was paid, as Bulldog Tom said.

That's not true... unless when you purchased your old computer 4 years ago, you asked the technician to buy a 3 year old computer because you were afraid of windows 10 at the time.