Lee B

The IRS still has 3 million pieces of unopened mail plus 1 million unprocessed paper filed tax returns.

I really hope this works out for you.

The Senate Finance Cmte is making a bipartisan push to have the both the loan forgiveness and the PPP allowable expenditures be non taxable. They are trying to have this included in the Omnibus Spending Bill which needs to be passed no later than December 11th, in order to avoid another government shutdown. I really hope this happens. It would be a big relief to have this resolved before the end of the year!

Exactly, my client's bank told her, they required notification the next business day in order to reverse the charges.

Most of us are familiar with the rules protecting personal checking and credit card accounts. However, business checking and business credit card accounts have far more lax protections. Although many financial institutions will apply personal account protection rules to their business accounts. Unfortunately for my client their very large bank has been very unhelpful.

Small monthly write up client an Espresso Coffee Kiosk banks with one of the big 3 national banks. Back in September their checking account was charged twice with ACH Debits totaling $ 1,498 from a small former supplier from several years ago. My client notified their bank as soon as they received their September Bank Statement of the fraudulent charges. Their bank told them they couldn't do anything, because they weren't notified soon enough. I had my client file a Police Report. Is this a deductible business expense?

It actually might be faster to wait until efiling reopens in 8 or 9 weeks

We'll see what happens

As they say the devil is in the details. Are they asking for 40 % of their client base gross revenue at the time of sale to be paid years 1 thru 4, in effect 160 % of gross revenue. If they are that's unrealistic. It depends on what kind of clients they have. Are their client fees below average, average or above average for your area. If the book of business is heavily weighted toward Form 1040 clients then they are asking way too much.

Well at least this clarifies the IRS position on this issue. I will be advising my clients to go on extension while we wait to see if Congress cleans this up.

Interesting, since Drake is accepting Form 1040 efiles up until 11:55 PM EST on November 21st.

I have used APC for 28 years now, no complaints.

Copied from CPA Practice Advisor: Differences between tax reporting at the federal and state levels Over the last few years, a number of states introduced legislation to align Form 1099-K reporting with Form 1099-NEC in their states and require TPSOs to report Form 1099-K at the $600 threshold and with no transaction limit. For example, in 2017, Vermont introduced a bill to eliminate the 200-transaction limit and reduced the reporting threshold to $600. The state also aligned laws related to information reporting penalties for failure to file with these new rules. Similarly, Pennsylvania introduced a proposed reporting requirement that would reduce the 1099-K reportable threshold to $5,000 and eliminate the transaction rule. At the eleventh-hour in December 2018, the District of Columbia changed the reporting instructions to include Form 1099-K at the $600 threshold and no transaction limits. Last year, Illinois passed legislation that moved its threshold to $1,000 and just four transactions per year. And in 2020, Virginia and Maryland have both adopted $600 reporting thresholds with no transaction limits for Form 1099-K reporting in those states.

Wow, you must really crack the whip! Say, can I swap a few of my clients that don't listen to me.

I quickly reviewed the course materials from my second online class and "Gross Tips" are allowable as wages!

The only thing I can add is that tips one way or the other were not mentioned in the 3 or 4 online CPE classes that I took.

I received this email late yesterday which also has a supposed "Security Update" link plus Microsoft logos etc. As far as I can tell it's a scam or hack of some kind PLEASE NOTE: YOUR EMAIL WILL BE SHUT-DOWN IF NOT UPDATED AS IT WILL BE ASSUMED AS NO LONGER IN USE. Thank you for using our services. We respect your privacy. Windows team 2020

Every time there is a new Win 10 update, I see a lot of tech news articles about a long list of problems caused by the updates. Just curious, have any of you actually had any of these problems? Or is this similar to y2k ?

It's very interesting how many different opinions exist among tax professionals about this topic and the thread about"mileage logs". Business mileage and mileage logs are something that we all deal with every tax season with multiple clients. Yet there are so many nuances that many of us adopt a simplified interpretation so that we can get thru tax season.

If he goes home home and returns to the same site, I believe that mileage is considered to to be commuting.

Your hurdle is to establish that his tax home is where he lives and that he is not a "transient" worker. If you can establish that, then home office is not required. There are examples and from what I remember court cases to back this up.

First, just let me say, while I give my clients general advice about estates and trusts, I don't do estate and trust returns. My client's spouse passed away 5 years ago. Her house and the related mortgage still has both her and her deceased husband's name on both the property and the mortgage. Now she is trying to refinance and it's creating some issues. What should have done after her husband passed away?

Last month my brother in law's email account was hacked. Everyone in his contact list received an email requesting a personal favor. My wife replied and asked what he wanted. She received another email asking her to help him by buying a gift card as a present for a relative, which she didn't do.

Be alert, your contact information may have been sold some where in the hacker universe. You may end up having the same issues on your cell phone. You should probably check your credit information and be actively monitoring your financial accounts for awhile.

Don't know about Form 990, but last year business efile was shut down for the last week of December thru the first week of January.