Lynn EA USTCP in Louisiana

Was the unemployment more than $10,200?  Are they in a community property state? 

2021-49 dropped last week. Don’t remember if it is a notice or rev proc 

IMO the costs to engage someone to prepare (and follow through) an OIC far outweigh the amount of remaining tax due.  The other options should be pursued. 

Did you look in the Elections Tab ?

paper filed return

Corduroy Frog, online credit card vendors such as Square have no monthly processor fee though there may be an upfront charge for the swipe device.  I no longer use the swipe device. In my practice if a client wishes to pay by credit or debit card I go into my online square account, issue them an invoice which is emailed to them. The client may remit payment by clicking on a link to enter their credit or debit card details or ACH details for direct debit from their checking account.  In doing so the fees are 2.96% for credit/debit or 1% for ACH.  Yes, it is an extra step for me, but facilitates payment. I see vendors these days adding a credit card fee; I do not , or it is not separately stated since my fees for tax returns generally increase a bit every year. Oh, for direct deposit of refunds I require a voided check. 
 

My experience has been a delay of 10-12 weeks after EF acceptance. Good news is IRS pays interest.

After conversion from your previous software check all the carry forwards - NOL, capital losses, 8582 limitations, depreciation . 

NAEA partners with Surgent for the SEE prep courses.

@Max, CSEA decoupled from NAEA a few years ago.  One could join either organization without being required to join the other. Many current members of NAEA are from California. 

I've had at least 2 - 3 emails.  My rep is Torez Brown -   [email protected]

Enter the same numbers in FEIN format instead of SSN format.

It's really true for tax year 2020 !!!  Prepare the 8962 and the bottom line will be -0- to be repaid.

My post should have stated ' will NOT be fixed' by ATX.  Thanks Gail for understanding what I really meant to say. 

My guess is it will be fixed for those of us LA, OK or TX. Would your client do a direct debit themselves at IRS dir3 t pay ? 

Pacun, have you tried to use the foreign earnings worksheet (FECWKST)for this? No SE tax will apply with this worksheet. 

56 minutes ago, DANRVAN said:

I agree Lynn, EIC could out weigh the benefit of the exclusion but was wondering if form 2555 was the reason EIC was not allowed.

 

Yes, if all wages are excluded via 2555 then there will be zero wages upon which to calculate the EIC.

If the earnings are $18K the HOH standard deduction would wipe that to zero amd leave the TP eligible for child related credits , without using form 2555. Take FTC a for taxes paid to Spain, if any. 

Use the foreign earnings worksheet , which should flow to the line for wages . 

Wish I had seen this 10 days ago.  

the choice to include scholarship in income is done on the student's tax return, not the parents.  click on the arrow on the wages line and a worksheet should come up.  input the $ amount on the scholarship line.  when you close that tab "SCH" should show on that line next to the $ amount.  And yes, the scholarship amount (on the parent's return) is reduced by the amount included in income on the studen'ts tax return.

Yes , the depreciation is taxed

Yardley, ATX will now send an email or text to the client, for a fee of course.  On the 1040 Main Info tab, scroll down to the bottom of the page and see the info on Versicom.

8 hours ago, Yardley CPA said:

Not sure if this was posted or not but, My Wish For ATX is to have them send the client an email notification or text that the return was efiled and approved.  It would be a nice touch to receive that automatically once the return is approved.  

I tried direct debit ONCE - on my own tax return.  It did not end well and will never offer it to my clients.  They are given vouchers (1040-V or 1040-ES) and advised to either send checks or pay online via IRS Direct Pay.  I use IRS Direct Pay to remit my taxes.

I would look to the operating agreement for any verbiage re UPE.  If UPE is allowed, then I'd allow the OIH expenses, using the 8829 worksheet for an allocation.  Totally unresearched caveat.