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About ETax847

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  1. Per this article: https://www.cnbc.com/2021/03/05/unemployment-benefits-deal-to-waive-taxes-on-first-10200-dollars-of-ui.html As part of that compromise, Democrats added language to the bill that would provide a tax waiver on up to $10,200 of unemployment insurance benefits for 2020, staff for Sen. Ron Wyden, D-Ore., confirmed Friday to CNBC Make It.
  2. Per the deal reached yesterday in the Senate, "the deal will extend a jobless benefit supplement at the current $300 per week through Sept. 6, according to NBC News. It will make the first $10,200 in unemployment aid non-taxable to prevent surprise bills. The provision will apply to households with incomes under $150,00" This is not official yet, but its something to keep in mind, as there will be the need to amend many tax returns. As if tax season was not full of enough headaches.
  3. Funny how that worked out. Did they actually pay the bill?
  4. Let's say you prepare a client's tax return, the client is not happy with how much he owes and he asks to have it prepared elsewhere. Would you still charge him the full prep fee given all the time spent in preparing the return, or would you just say good riddance and not worry about the fee?
  5. This is a tough one. Some folks need their refund so are torn if they should wait for something that may or not happen. Very interesting predicament to say the least.
  6. Client turned his previous residence into a rental for the past 2 years. He sold it so is still eligible for the homeowner's exclusion. On what schedule does the depreciation recapture come into play?
  7. This article appeared in Account Today this past week: https://www.accountingtoday.com/news/lawmakers-ask-irs-to-extend-tax-season-until-july-15-due-to-covid
  8. ATX is requiring the 8915-E be signed and attached as a PDF. However, the form itself, says sign here only if you are filing this form by itself and not with your return. Any idea why the discrepancy?
  9. This article is from today's USA Today: https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/ Bummer!
  10. ATX is giving me an error message saying the character limit has been exceeded in the client's last name and the return needs to be paper filed. Does anyone know a work around for this error?
  11. Ah I see! Thanks for your help!
  12. Thanks for sharing, while a similar issue, its a different question. I was not sure the best way to proceed.
  13. What about when there are multiple 1099R's, how do you handle that?
  14. Why are they now asking for the EIN for taxes withheld on this worksheet. Its aggregating the tax withheld (ie for 1099R) and now asking for an EIN? What does one put on this line? If there are multiple TIN's there would be multiple numbers but its only allowing for one entry. Any thoughts?
  15. Agree with those above. 5 minutes of your time in reporting it can save many headaches of having to deal with the IRS down the road.
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