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cbslee

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Everything posted by cbslee

  1. cbslee

    verifying ID

    Copied from the Office Of Personnel Management website: Holidays for Federal Employees New Year's Day (January 1). Birthday of Martin Luther King, Jr. (Third Monday in January). Washington's Birthday (Third Monday in February). Memorial Day (Last Monday in May). Independence Day (July 4). Labor Day (First Monday in September). Columbus Day (Second Monday in October). Veterans Day (November 11). Thanksgiving Day (Fourth Thursday in November). Christmas Day (December 25
  2. I don't know what kind of assets the pts owns, but if the husband is still alive what is the logic for dissolving the partnership right now ? Given what you have posted so far, I would probably wait until the end of 2021 to switch over the payroll and the pts at the same time.
  3. Copied from The IRS Mind website: "Many penalty abatement requests are denied – requiring the taxpayer to appeal the adverse decision: the IRS uses an automated decision-making tool to make penalty relief determinations. This tool is flawed and often produces incorrect adverse penalty determinations. Taxpayer often receive adverse penalty abatement determinations that appear not to consider all of the facts and circumstances. Taxpayers should appeal their decision to the IRS in order to have the entirety of their circumstances considered."
  4. cbslee

    verifying ID

    Copied from the IRS Mind website: "Many penalty abatement requests are denied – requiring the taxpayer to appeal the adverse decision: the IRS uses an automated decision-making tool to make penalty relief determinations. This tool is flawed and often produces incorrect adverse penalty determinations. Taxpayer often receive adverse penalty abatement determinations that appear not to consider all of the facts and circumstances. Taxpayers should appeal their decision to the IRS in order to have the entirety of their circumstances considered."
  5. Given the details you provide this sounds like a knee jerk response. I think you would have a very good chance of getting this reversed in appeals..
  6. "Rev Proc 2013-30 facilitates the grant of relief to late-filing entities by consolidating numerous other revenue procedures into one revenue procedure and extending relief in certain circumstances. This procedure provides guidance for relief for late: S corporation elections, Electing Small Business Trust (ESBT) elections, Qualified Subchapter S Trust (QSST) elections, Qualified Subchapter S Subsidiary (QSub) elections, and Corporate classification elections which the entity intended to take effect on the same date that the S corporation election would take effect.
  7. "Intuit developed the Non-filer Sign-up tool for the IRS and delivers this tool through its participation in the Free File Alliance." Interesting
  8. cbslee

    verifying ID

    If you want to seriously blame someone, blame the elected officials in DC and their appointed servants who created this situation.
  9. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
  10. cbslee

    advance ctc

    Wouldn't you have to have a signed 2848 in order to do it for them? I think that the approach that Sara's firm is taking makes a lot of sense.
  11. "Taxpayers who do not wish to receive the advance payments, whether for changes in income, status of dependents, or otherwise, will be able to opt out of automatic advance payments in order to avoid having to make a year-end repayment. The unenrollment process will be completed via a tool on the online IRS portal; however, this feature is not yet available as of their June 7, 2021, announcement and any alternate means to opt-out in the meantime have not been provided. A similar tool to be released later in 2021 will allow taxpayers to update relevant income and dependent information on the IRS
  12. Perhaps these returns or your program somehow reverted to an earlier version. First check the version of your program to make sure it's the current version. If it's not the current version, back up all of your clients before updating if it is, then reload forms on one of these returns to see if that fixes the problem.
  13. This is not inventory, its an investment so it's just like buying and selling stocks,bonds, mutual funds or ETFs, except that you can that you can buy something directly thus skipping the intermediate step of selling for cash then buying something. Perhaps in that sense it's kind of like bartering.
  14. "Small Business Administration funding for the Paycheck Protection Program has been exhausted; however, $6.2 billion remains available for underserved areas. Applications that are already in the pipeline will likely be approved and funded. The state tax treatment for PPP loans and forgiveness varies from state to state, and there continue to be changes. The Restaurant Revitalization Fund is for more than just restaurants, Mankowski noted. “It includes caterers, bars, wineries, and other entities in the food industry. There have been over 300,000 applications. $2.7 billion has been distrib
  15. "It’s been a busy year for the Internal Revenue Service. More than 136 million federal tax returns have been filed so far in 2021, with over $254 billion in refunds processed, despite the problems caused by the shutdowns and additional legislation generated by the pandemic. The service shared a number of additional stats at a recent update meeting with stakeholders, according to Stephen Mankowski, the tax chair at the National Conference of CPA Practitioners, including: 94% of refund returns were filed electronically, with 92% direct deposit. The IRS answered 9.9 million calls,
  16. cbslee

    WI LLC ?

    Especially when they don't even bother to implement a solid operating agreement and if they have one they don't follow it. Too many clients think all they have to do is register with their state, get an EIN and file a tax return, then they're golden.
  17. cbslee

    WI LLC ?

    Your tendency to abbreviate and not complete explanations and questions leaves me unsure of what the your clients situation really is and what are the questions you are asking???
  18. I do live payroll processing so this last year has definitely kept me on my toes.
  19. Somethings just don't make any sense
  20. IR-2021-123, June 4, 2021 WASHINGTON — The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income. IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for the adjustment. Some will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. For some t
  21. cbslee

    Venmo

    "BuzzFeed News found President Joe Biden’s Venmo account after less than 10 minutes of looking for it, revealing a network of his private social connections, a national security issue for the United States, and a major privacy concern for everyone who uses the popular peer-to-peer payments app. On Friday, following a passing mention in the New York Times that the president had sent his grandchildren money on Venmo, BuzzFeed News searched for the president’s account using only a combination of the app’s built-in search tool and public friends feature. In the process, BuzzFeed News found ne
  22. cbslee

    Venmo

    The Wall Street Journal: "The Consumer Financial Protection Bureau is probing the way that Venmo, the digital money-transfer service operated by PayPal Holdings Inc., treats customers who the company says owe it money for transactions that went awry. In a regulatory filing Friday, PayPal said it had received a “Civil Investigative Demand” from the CFPB “related to Venmo’s unauthorized funds transfers and collections processes, and related matters.” The company said the CFPB had requested documents and answers to written questions, and that it was cooperating with the regulators.
  23. cbslee

    Venmo

    So your balance in a Venmo account is just an electronic number. It's not a bank account, it's not FDIC Insured,it's not real money.
  24. There is no logical reason for interest income on a 1 year or longer Certificate of Deposit to be taxed at a different tax rate than capital gains. There is not a single serious economic study that supports the "Trickle Down" economics that you are espousing.
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