Abby Normal

She is a part time musician, part time college music teacher and plays music at her house of worship. All three stopped last spring, so she applied for unemployment. She had no income coming in. Now, MD is asking for all of her unemployment back because she got W2s and 1099s. They interviewed her by phone and decided she wasn't entitled to any unemployment. I told her to contact her politicians and the Baltimore news stations and make a ton of noise. Go after the fraudsters, not a hard-working mom who legitimately needed the money to get by.

Basis can NEVER be negative. Whoever prepared that K1 basis worksheet did not know what they were doing. Partners have basis worksheets too. I would ask for the final K1 with basis worksheet for the 1065, but I probably wouldn't trust it after the mess they made of the S corp basis.

Are you saying that you can't amend to switch to mileage in the first year? Because I would think that you can. It's not like a formal election that needs to made by the due date. And we need to remember that mileage does contain a depreciation amount, so you're actually depreciating the vehicle either way.

I never use the NEC or MISC input forms unless there's tax withholdings. I override sales on Sch C and rents on Sch E, all the time. I sometimes use the Sales tab on Sch C to list multiple 1099s if it would make the organizer more useful next year.

I hate the letters where the total payments are correct, but I just had them on a different line than the IRS does. I entered it as a 5th estimated payment but the IRS has it as an other payment. CHECK THE TOTALS!!!

Without the extension, most of our returns would have needed to be extended. Some forms were just barely ready by 4/15. 6/15 would have been ideal this year.

Working for me. https://support.atxinc.com/User/Login.aspx

The only things we shred are IRS notices (after scanning, of course), and old 8879s.

IRS needs to move to paperless. What are they copying and printing? And who thought asking Grover Norquist about this was a good idea. He is full of .

You mean payer info. Payee is your client. Yes, the IRS only validates that it's a valid EIN for efiling. And as long as the total 1099R income equals what the IRS has, their computer won't kick it out.

I would not use fixed assets to do this. In fixed assets, use the disposal code of removed for personal use. Then go to 8949 and enter like any other sale of residence, just enter the total depreciation claimed and pay tax on only the depreciation.

It won't help to install 2011 because the 2011 forms files are offline now, so you won't be able to download any forms... unless you can convince ATX to send you the forms or provide a link to the forms. If you have ATX 2011 installed on another computer, or know someone who does, you can find and copy the forms to the new install. I have the install file if you can't get it from ATX. We'll just have to figure out how to get it to you (Drive, Dropbox, etc.)

It would kill me inside to have to answer calls all day about where's my refund. I'd need a tape player like the IT Crowd had.

Well I haven't seen one in awhile (yay!), so either I'm misremembering or they've changed. But in either case, an IRS notice without a number to call is absurd... unless they're trying to reduce the number of calls they receive, and who can blame them.

If you can't make it a late election effective 1/1/21, then yes the short year return is due May 15 (2.5 months after year end.). In ATX, you use the month/quarter tab to rollover the 2020 return to a short year 2021 return filed on 2020 forms.

I think they're screwed, at the technical level, but it might be worth an appeal.

I've never heard of such a thing. I've had installment sales in S corps before and the realized gains and interest were simply passed out to the shareholders in the normal boxes on the K1 each year.

That's the collection number for individuals. The one for businesses is 800-829-3903. I've used both for years and they're right on the notices taxpayers receive. Although in my Contacts I have the 3903 for individuals and the 7650 for small businesses. Hmmm. https://www.irs.gov/businesses/small-businesses-self-employed/federal-and-state-levy-programs https://www.irsmind.com/irs-notices/irs-reopens-its-phone-lines-heres-the-frequent-numbers-and-hours/

Well, it seems odd to call something 'deferred' and then not defer it, from a pure logic standpoint. Unless this was deferred from prior years and has to be reported now.

I would think that if any gain actually passed out, it would be in another box on the K1. I suspect those deferred amounts are just informational, so the partners know what's coming in future years. But I'm just guessing.

I don't believe the IRS tracks carry forwards, as crazy as that sounds. And I agree to just correct the return in ATX but not amend. The your rollovers will be correct.

If you don't save the return when you close it, it will still be the way you filed it. This was one of the main reasons I printed so many pages of each return to a PDF. It gives me a snapshot of what the return looked like, should anything ever change.

Tell them to make sure their partnership agreement allows partners to deduct unreimbursed partnership expenses (UPE) then add the total mortgage payment to her outside basis every year and deduct the interest portion as UPE.

Life lessons are fun!

PINs are per individual. I've already gotten my PIN for 2021.