Abby Normal

It was one of the worst decisions the IRS ever made. All that was needed for joint Sch C or F was a % field for the main spouse. Then you have separate Sch SE forms. That's all they were really trying to accomplish, getting the Social Security record right.

Can they both go into the bank together? They might be able to do a deposit with cash back.

Tax-wise, the IRS may not care. It's a 1065 either way. Legal-wise, I would want that building titled in the LLC's name.

I go into the ATX server backup folder and delete many GBs of Payers backups and Companies backups. I've already done an interim cleanup a few weeks ago and Payers had almost 5,000 backups! I've asked ATX to fix this but it's never been done. Just leave the last 5 backups, because you'll have hundreds more soon enough! FYI: When you delete the older backups, the ones that are left are the highest numbers, and ATX will start numbering them at 1 again. So go back into that folder in a few weeks and delete those high numbered ones, after checking that you have at least several lower numbered backups.

Sounds like a soap opera! Or a romance novel.

Every time I consider deleting all returns older than 7 years, I remember those (admittedly few) times I needed those older returns to see energy credits, education credits or various state credits or deductions that have limits, or ??? ... and so I don't delete. But I should probably delete all returns older than 15 years, at least.

Yikes! That's 94% full. I suppose SSDs don't slow down as much as HDs when almost full, but still. I'd have your IT guy swap in a 2TB SSD as soon as possible. And put in a 2nd drive that you clone to every night.

Yeah, I misread what you were asking.

BINGO!!!

The only paper we keep is signed efile signature forms and POAs. Any misprints or copies of documents the client doesn't want, get shredded every other month. We use a mobile shredder service and you can watch it being dumped into the shredder. The shred size is nowhere near the required tiny size, but most documents, including the copy of returns that we print, have masked ID #s anyway.

Not a Drake user, but whenever I need a number like that. I do a with and without on the return to calc the difference.

Or screenshot, print and attach the dependents section of the 1040.

I don't think the IRS will accept an e-signature on a 2848. Also, fax a copy of the durable poa along with the 2848.

I do it 'down and dirty' by putting half the profits as sales on the second form. My old software allowed you to enter a percentage (usually 50%) to split the forms into two. It was pretty sweet.

Revoking her S election would make her taxed as a C corp. The dissolution was the correct process. Her mistake was creating a new entity with the same name. File a name change with the state then apply for a new EIN. And the bank may want her to open a new account for the new entity. https://www.thetaxadviser.com/issues/2008/apr/understandingthetaxconsequencesofliquidationtoansshareholder.html

At this point, it's just another drop in the bucket. I gave up on debt when, after the budget was close to being balanced around 2000, they passed, not one, but two big tax cuts, started two wars and passed an a giant unfunded prescription plan, which blew a ginormous hole in the budget, because math. Then the banks blew up the world financial markets! Ah, good times!

It's an assumption that it was a mistake. If the money is out there in circulation, then it's achieved the purpose of stimulating the economy.

And he may need some permit or zoning allowance. If I was a tenant, I might not renew my lease if loud parties were going on all the time. I'd be checking my lease for 'peaceful enjoyment' clauses.

The way I look it is, it saves from having to do a lot of extensions. I wish the due date was changed to 10/15 (no need for extensions) and balances due had to be paid by 4/15 (or 5/15). This really wouldn't change my workload. The people who come in before 4/15 will still be the same people, especially if they normally get a refund. And the ones who show up in August or September will still show up in August or September. But we won't have to spend time doing extensions, and we'll have until 10/15 + 3 years to amend for refunds.

I would argue that holding onto payments until the 2020 tax forms come out, is prudent.

From the law: "For purposes of this section, the term ‘eligible individual’ means any individual other than— (1) any nonresident alien individual, (2) any individual with respect to whom a de- duction under section 151 is allowable to another taxpayer for a taxable year beginning in the cal- endar year in which the individual’s taxable year be- gins, and (3) an estate or trust. That is it. Pretty wide open if you ask me.

https://www.journalofaccountancy.com/news/2020/may/expenses-reimbursed-by-ppp-not-tax-deductible-paycheck-protection-program.html

I'd like someone to show me in the law where it says you have to return it. It's simply not there.

This is a complete mess! There needs to be an arbitrary date that if you died before you aren't entitled to the 2020 credit, regardless of the date you actually received the payment, because the payments are slowly getting paid over several months. And what if you die after you received the check but before you had a chance to deposit it? Will the IRS check the 2020 date of death to the date the check was issued, or the date the check was cashed, to determine whether to disallow the credit? And is any of this fair? People who got their payment direct deposited on 4/15 and die today can keep it. But people who die today and get a payment in June or August, can't keep it? Can we please stop the insanity?!