ETax847

Great article.  Thanks for sharing!

Client recently asked me "which should he exercise first: his ISO grant or my NSO grant?"   Does anyone have any reference material for any advice on how to handle different types of stock options and the tax ramifications?

Randall, are you considering filing an electronic return if its not in the system with another two months?

Agreed.  They keep suggesting that I e-file their amended return.  I'm holding off as I dont want to confuse the IRS or have them process two returns.  

I had a client file an amended return by paper in April and it still is not in the IRS system.  I'm running out of patience as they call me every monday asking for an update and I have no news to report.

Here is the link to the full article:

https://www.journalofaccountancy.com/issues/2020/sep/tax-software-survey.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=02Sep2020

Thanks Tom.  I appreciate the advice. 

I have a client who filed a 2019 amended return paper copy in April of 2019.  The IRS still has not processed it or even have record of it per the priority practitioner hotline.  Would you continue to wait or would you submit an EFiled copy now that this option exists?

I tried amending a return today but did not see any option to E-file it.  Has anyone had success with this yet?

That's a great way to frame it.  Thanks!

I have a client complaining about how much we charge.  Does anyone have a copy of HR Block's fee schedule? I would like to show this client how much cheaper we are than some of our competition.  While we don't compete on price, Ive always been told HR Block charges are outrageous.

Has anyone had any success in E-Filing an amended return for 2019?  

Did anyone see this recent announcement:

The Internal Revenue Service said Wednesday that it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS's authority to charge a fee. The fee for issuing new and renewed PTINs will be $21 plus a $14.95 processing fee paid to a third-party contractor.

Taxpayer is MFJ and only one spouse is covered by an employer sponsored plan.  MAGI is $130, however, ATX is not showing the IRA contribution as deductible.  Any idea if I am missing some type of input? 

This was reported on CNBC today:

Treasury may consider delaying Tax Day to Sept. 15, Mnuchin says

https://www.cnbc.com/2020/06/24/treasury-may-consider-delaying-tax-day-beyond-july-15-mnuchin-says.html

Thoughts?

Thanks Tom! 

Can taxpayer who is MFS and claiming the kid, still claim the Child and Dependent Care Expenses on form 2441.  ATX is allowing it, but I have read "You may be able to claim the child and dependent care credit if you paid expenses for the care of a qualifying individual to enable you (and your spouse, if filing a joint return) to work or actively look for work. Generally, you may not take this credit if your filing status is married filing separately.

Any thoughts?

I must have an incorrect link as when I clicked yours, I had no trouble.  Thanks Abby!

Has anyone tried to log in to the ATX solution center recently? When I try, I keep getting the following error message: 

AuthenticationType: UUMS-MFA-Email

Thank you!!

If a tax payers are filing under the Married Filing Separately status, is it true that the one who claims the child only receives 50% of the Child Tax Credit?  ATX software is putting the full $2k in, but I have read only 50% is allowed.  Any throughts?

Does anyone know when the E-File option will be available for filers needing to amend their 2019 Tax Returns?

Thanks for the feedback guys.  I wouldn't say I'm trying to "fix" this for them, but assist in any way I can.    

To make matters worse, the client moved the brokerage account from Vanguard to Fidelity many years ago.  Vanguard is telling him to check with Fidelity and Fidelity is saying they never received the information from Vanguard

What do you do when the 1099B reports no cost basis with Box E checked and the client has 0 clue when the stock was bought?