TAXMAN

Can a pin be assigned to children? I don't think so. My cohort wanted to know sine he has same problem

AS usual you are correct in that ATX sent a change down yesterday stating VA Sch A corrected to send on EFILe when present. Thanks. I did not think this had gotten fixed yet.

I think I missed something. Excess deductions on termination of Estate(form 1041) deductible on federal not subject to the old 2% but rather at 100%? I may need to go back and look at a couple K-1's.

I tried checking on one that had a 2018 return efiled in 2019. Put info from the 2018 return exactly and system said info doesn't match whats on file. I wonder what they have that I don't?

Once efiled and applied I do not think you will get it until you file next year. Someone might know a way.

Yes but the dcn number must be in the current processing year or it will bounce all over the place.

After reading the post I am wondering if tp puts down a state extension and then July decides to fund @7k will VA allow since not put in before 6-01. I believe so. VA starts with aGI and I did not see any modifications concerning IRA's when fed is finally filed. Maybe Gail will weigh in.

Question for Pacun. Can you explain your sentence concerning "will not get their stimulus in 2020". I think I got lost n that.

I am concerned. TP recently sent his 2016 return in by certified mail with a rather large refund. If no one around to sign then will tp still get their refund from 2016. BTY they filed a extension in 2017 for the 2016 return. tp has had some long term medical issues and lost half his paperwork. Transcript received closed a lot of holes.Refund or not whats your take?

Thank you. Nice change to find TP who kept all the records to verify #'s.

TP a single owner in a S corp has very detailed records on his basis #'s. However TP sold business and assets with a big gain on the K-1. TP basis was 1.5k. after all was said and done TP took all the cash. 1.0k.New owner did not buy the stock. Does TP have a deductible loss? TP never borrowed $ in the s corp or loaned the corp $, therefore no debt basis. Tp took reasonable salary each year. So can TP take a Sch d loss to help offset the large capital gain coming through the K-1? TP basis is very detailed from beginning to end.

Thanks. You pretty much matched my thoughts being a cash basis tp.

Not sure how to handle this. TP had some logs on the farm property. Rather than let the insects destroy them he sold them to the mill. Been cattle farming all his life. Received payment for the logs in 2015. Placed on Schedule d as a long term sale and a good deal of profit to which TP paid the tax. Now the Trucking Company finally sent the hauling bill to tp late 2016. TP paid the bill. What would be the best way to handle this bill. IT doesn't belong to the farm expenses. I am working on a 2016 return for TP. Don't think feasible to amend 2015 as statue closed that return.

I have not had employees in past but decided this year I needed help. I need to keep him on and cash flow is almost none. His wife unable to work due to shutdown. Can I qualify for either one of the SBA programs do you think. He and his wife are in the high risk age group. Thanks for any help.

I am really confused. Washington post and aarp both said if you get ss and were nrtf you would not have to file to get the $. Now IRS is stating you will have to file something simple. What is the correct response I am to give my seniors? Anybody know?

Any body know if the additional unemployment will be taxable next year? This may or may not create another problem. I see all kinds of things happening on the 2020 tax return. Time to retire? I am rethinking my date.

Can someone explain how the self employed can get unemployment benefits under the new rules. I cannot get it in my head?

How does that work if you have return open but say, stop to answer a question from another tp or take a phone call?

Sometimes I have had to clean out the browser, esp if I have been doing some research.

That's kinda what I thought.

I have heard that some people with an 8hr day makes sure somebody gets billed for every 15 min. I am definitely in the wrong business. I wonder how they do this.

Hey all, I was asked this question. Does moving the due date for 2019 change the dead date for 2016? I know that filing the extension for 2016 effectly moves the dead date to the extended date so I read. Right or wrong?

Rita be careful for what you wish 4. I heard stories. Anyway the way that Gail did it was the way I did it for my youngster. Worked out great.

Ran into this also. My question to tp was who got the $ and what did you do with them. Game over.