Abby Normal

I have to get one filed (that I know of) that had high income in 19 but will be very low income in 20.

Sounds like almost everything is a temporary change. Monthly checks for the child tax credit is interesting as is paying tax on any excess advanced, which is of course still a good deal.

Code M is your friend! You don't even have to enter dates.

I've only done totals for over 10 years and I never attach anything and no one's yelled at me yet. I don't care what form instructions say. They are not the law.

Correct!

I efiled a MD only because fed had to be paper filed (due to being filed late with a deceased dependent). There's a box at the top of the MD EF Info form to 'disconnect' from the fed MeFile.

Facebook post by MD yesterday: https://www.facebook.com/ComptrollerofMaryland/posts/5238802726161232 TO THOSE WITH UNEMPLOYMENT FILING THEIR TAXES: There are a few things to know due to the changes resulting from the RELIEF Act: (1) We are urging those taxpayers to PLEASE WAIT to file until we can update our forms and system to match the details of the legislation allowing for unemployment to be nontaxed/subtracted. This is a process that typically takes months given the number of vendors and regulations we must follow, but we are hoping to have them completed within the next few weeks. We appreciate your patience on this. We will alert you when those updated forms are available. (2) It applies only to individuals earning less than $75,000 or couples who file jointly and earn less than a total of $100,000. (3) If you have already filed and are eligible for the unemployment tax subtraction, PLEASE WAIT to amend your taxes until our systems & forms are updated.

Never experienced that. I would suggest restarting ATX immediately before importing K1's and also only import 2 at a time. Then save the return before importing more.

You don't have these icons down the right side? Maybe you've hidden them in a view setting. The purple one I circled is called Fill & Sign and that allows typing. This is in the free version.

As long as you increased basis for this capital contribution, it will work, but I think I prefer the M1 method to leave a clearer trail.

K is for kilobytes and I've never had an efile rejected as being too big. The best thing to do is try it and if it won't transmit, find some software to reduce PDF size. There are many to choose from, but some will degrade the readability. But, to be honest, there's no way I believe anyone is reading attachments to efiles. Not even if the return is given extra scrutiny. I may test this by attaching PDF's of a picture of Mickey Mouse to see if anyone notices.

For S corps, you don't choose a business. You scroll down and find the box that asks for medicare wages from the S corp (or something like that).

If I'm not deducting it on the 1120S, I would just add it to distributions, but M1 does keep it separate and more clear.

The regular version of Acrobat has the typing function. I don't use Acrobat much, but I recall it's on the right side menu. Kind of hidden if you ask me. Just search for how to do it.

Just print the mailing slips and use window envelopes. Less likely to send the wrong K1 to someone with window envelopes. Or, you know, email them.

That's how I handle it. If audited, I would offer to prepare a W2c and a 1040X but point out that the tax will not change, and hopefully the auditor will agree to let it go, because there's zero money in it for the IRS.

I would assume the prior preparer did it wrong, and move on.

The comparison form is the main reason I set the preference not to print zeroes. I sometimes want to type notes on it in the PDF and the zeroes make that difficult.

If just the bank account was wrong, you just debit distributions and credit sales. But was she paying S corp expenses out of the S corp checking account? If so, where was the money coming from to pay expenses? Other sources of sales (cash, cc)? Was she transferring the square deposits to the S corp checking account? And why did she not correct as soon as it started happening? Sounds like she was nowhere near ready to go the S corp route.

You can override that line if you don't want to wait, but it may cause problems with the states.

Yep. Not sure why I'd ever worry about FICA withholding when it has no bearing on the tax return. I get W2's with no FICA withheld a few times every year. I just delete the FICA wages on the W2 and move on.

You get a deduction for having a sexually transmitted disease? Is that for the porn industry?

You can get rid of all those referral parts of the url: https://www.accountingtoday.com/news/lawmakers-ask-irs-to-extend-tax-season-until-july-15-due-to-covid

I did mine several years ago and had a similar experience.

Exactly. My clients come in when they've been coming in for years, early for the big refund people and late for those who owe, typically. An extended deadline just saves me preparing a bunch of extensions.