Abby Normal

Psych! Got an email this morning saying it expires in 7 days. Oh well, at least it comes at a good time to do a lot of research.

Tell them what the IRS just said. They will have to go online and file something simple. I'm guessing this is because it's the easiest way for treasury to get them on the list.

I went here and the offer just popped up: https://taxna.wolterskluwer.com/coronavirus-covid-19

You can't use the same wages to both get loan forgiveness and get reimbursed with tax credits. That would be double dipping. I mean, that only makes sense.

Here's the link if you want to share it with your clients: https://covid19relief.sba.gov/#/

It will be a miracle if they can develop a web portal in a matter of weeks, but my son is hoping they do because he recently switched banks, and his refund went to his old bank.

If they have a 401k, they can take a loan and have extended repayment terms, and not have to worry about taxes unless they eventually can't pay it back.

They have 3 years to return it all and not pay any taxes. They can spread the tax over 3 years if they don't intend to pay it back. It remains to be seen how this will work in years 1 and 2. Will they have to pay taxes and later amend if they pay it all back?

MD site for businesses. https://govstatus.egov.com/md-coronavirus-business

MD issued a "stay at home" order effective at 8pm tonight, 3/30. I saw the town police cordoning off the basketball court in the park last evening. https://governor.maryland.gov/wp-content/uploads/2020/03/Gatherings-FOURTH-AMENDED-3.30.20.pdf

https://www.natlawreview.com/article/cares-act-relevant-tax-summary

Try redownloading all forms for that return.

I have never seen an AMT credit. I was beginning to think they didn't exist. Just rare as unicorns, I suppose.

I was able to do a DE individual return with a 7/15 debit date, so I'd assume it will all be changed, eventually. But if it's not changed, we just have to wait to file balance due returns that want direct debit, or tell clients pay online or by mail.

Or are out of ink/toner.

If the taxpayer uses the e-signature option, the ERO must use software that includes identity verification. The software must record the following data: Digital image of the signed form; Date and time of the signature; Taxpayer’s computer IP address (remote transaction only); Taxpayer’s login identification — user name (remote transaction only); Results of the identity verification check validating that the taxpayer’s ID verification was successful; and The e-signature method used to sign the record. From: https://www.irs.gov/e-file-providers/frequently-asked-questions-for-irs-efile-signature-authorization Does the e-signing method you're using meet these requirements? Are these requirements BS because if the taxpayer signs with a pen and emails/texts it to you, how do you know it was really them signing it?

The box says 'complete disposition of a passive activity' on Sch E.

Or do an Itemized List.

I just learned you can use Google Drive to do the same thing. Open Google Drive app on your phone Click the + sign Choose scan Take picture Click checkmark At this point, you can click the + sign to add more pages, click the circle arrow to take a better picture, or click the checkmark to say you're done. When you're done, you name the file and it's saved to your drive. It does a really nice job of turning a photo into a nicely cropped PDF scan, and even tries to make the PDF searchable. Clients could share a drive folder with you, or you could share a folder with them and you have a free portal! After you download files from Drive, you can delete them, if you like.

Yes, the IRS coronavirus FAQs confirm that 2016 amended refund statute of limitations is 4/15/20, not 7/15/20.

I have the same problem with the MD K1s, and ATX insists that MD won't allow it. But since I print to PDF, I just edit the PDF to mask the Social Security numbers. but that's a real pain with a bunch of partners and with MD K1 being 3 pages now. Or, if you print them in the Client Copy batch, and have masking turned on, all the ID#s will be X'd out.

Had a good laugh when I misread this title first thing this morning with bleary eyes.

Looks like programmers and tax preparers are going to have a busy summer! Thanks, as always, Judy! We should meet up for a beer when the coronapocalype is over.

Great song, great lyric. People who have no knowledge of acting, struggle with understanding this lyric.

https://www.journalofaccountancy.com/news/2020/mar/cares-act-economic-relief-coronavirus-tax-provisions.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=25Mar2020&utm_content=button