Randall

I'll keep trying until the 14th, then mail.

I ask them to check again, I look at when 2019 was filed, AGI, and 2018 AGI to see if maybe they were or were not eligible, explain to them they should have gotten it (or not). In the end, I go with what the client says. A lot of them bring in the statement (letter) from the 2nd but don't have the letter from the first one.

One I did Feb 23 has gone thru. But I only recently efiled the extension so I don't know how long it took IRS to update the data base.

I've had it happen only a few times. In past years, it happened when I had big print jobs. Much less this year. But I've always closed the program when I was going to be away from it for a while, like checking news.

I got an EIN last Friday for an estate. I've been trying to efile a 1041 extension. I keep getting a rejection notice that it doesn't match the IRS data base. Does anyone know how long it takes IRS to update their data base for new EINs? At first I thought it would have been overnight.

I thought if you 'Amend' return from the open original, then the efile option for 1040X does show up.

Ohio's latest website seems to refer to the old IRS rules, just saying Ohio uses Fed AGI but mentions Fed taxes unemployment so Oh does too. Seems like it's not up to date.

Ky Revenue Cabinet made it official. UI is taxable. Any Fed exclusion will have to be added back for Ky. I haven't heard yet on Ohio but Ohio did conform to the Fed filing date extension.

Ky legislation session closed yesterday. The Ky Revenue Cabinet is supposed to issue a comment about the UI soon.

In my case, the client didn't apply for forgiveness until Feb, 2021.

Ha. Those PTPs. One client a few years ago had to report $29k in cancellation of debt income. He was in a high tax bracket too. A few days after I saw the K1, the company was in the WSJ.

I thought this was discussed earlier but I can't find it. If the PPP loan has not been forgiven yet but the application is in, do we just carry the loan on the balance sheet as of Dec 31, 2020 and wait for 2021 to record it as tax exempt income?

I have a similar situation. I'm just going with the 1099B. There's no way I can do what Lion did.

I can't speak for Owensboro, but if it's a W2, he shouldn't be running a business and therefore no filing an occupation tax. Most local Ky govts have a payroll tax that is withheld by the employer. I would think that is what the W2 indicates.

I don't know how I'm suppose to audit the broker. I have a client with about $10k in his account with proceeds of $35 million. I have to rely on the 1099B. If the client has a problem, he can take it up with the broker.

Me too.

It seems all the 1099-Bs I've seen are including the adjustment in the gain or loss they show.. That is, not including it in the basis. But adding back the disallowed loss in showing the gain (loss) on the form. How would you know otherwise. If proceeds shows $100, cost basis $200, the normal loss would be $100. If disallowed wash sale loss shows $150, the gain would show $50. This is what I'm seeing, the $50 gain on the 1099B.

That's what I was thinking too. I have a client whose payroll service insists they don't have to do it that way. I have to prepare corrected W2s for the two shareholders every year. Sheesh.

Is this still the proper way to show S Corp shareholder health insurance? Not an expense on corp. Added to W2 for income tax purposes, not FICA tax purposes. Deduction on 1120S as Salary. Individual shareholder shows higher W2 income, then takes the SE Health insurance deduction on his 1040. This has been my understanding. I know some things changed with Obama care. But even with a 'group' plan, I thought the shareholders still had to report it this way. It makes no sense since the net effect is the same.

I give the client paper.

Yes but the other party probably wouldn't paper file because of the time. They need to get in there fast and first.

Don't you have to answer the 2nd question. I think the 1st question populates, then you click on the 2nd question and the rest populates.

I use Quill (owned by Staples now). Delivered, 10 reams a case, 92 bright, last case $29, March 10. It's their 'Quill' brand and I pay an annual fee to be in their 'club'. I'm not sure if that's a bargain or not. Supposedly special prices. Ha.

I thought the May 17 was official for paying as well as filing. Can't your clients wait until May 17 and mail a check. I think the original post was for the automatic debit to be taken out beyond April 15.

I looked on irs.gov. It seems you can get a pin for a dependent. I didn't try myself. I think it might be new. ATX has a place for a pin on the dependents worksheet. I wouldn't count on IRS sorting it out for future years. Another client, grandparents with two grandsons (son died, mother is out there in drugville). Every year their return is rejected, mail the paper returns. They get their refunds and acceptance of the dependents. But there's no hold on the mother doing it again and again year after year. This was my initial question, why can't IRS put a stop on the person claiming the dependent. But if the dependent can get a pin, that may work for future years.