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  1. Has anyone seen confirmation that owners are eligible for ERC? A bunch of my S-Corps are single owner corps and I haven't seen any guidance from the IRS that owners are definitely eligible. Only that relatives of owners are not. As I'm filing Q1 941s (and looking over 2020's previously filed 941s that were PPP borrowers) it's a lot of potential money for most of them.
  2. Wow, that's sounds AWFUL. During questionably the worst tax season EVER, I can only imagine your stress level.
  3. Just wanted to do a follow up to this. I've now been using TaxDome for nearly two months and it becomes more and more apparent how valuable it is. I love the internal messaging I have with clients, signature features, document approval, email sync. Clients seem to find it VERY easy to use. They have a cell phone app too so getting client documents scanned and sent to me has been a MUCH, MUCH faster turnover. I only had two clients that had issues and it's because they are business and personal clients and they didn't know how to toggle between accounts. Other than that, it's been VERY smoo
  4. Taxpayer reached out to the guy that gave her the money and today he replied, "I should have given you a 1099-NEC, but I didn't. You owe the SE tax." Now I'm wondering if I have an argument for filing it on a Sch C, and claiming QBID.
  5. Well she lives in NY sooo.... her taxes are worse than VA. :( I've explained her options and she's decided on the conservative route, she's filing as if she got a 1099-NEC. Thanks everyone for the input.
  6. I agree, I think it's a big red flag. I have documented my own discussions with my client and asked she forward all written communication she had with the guy to detail the history of the payment and also detail her timeline of assistance for him. All points you've made are spot on. It's why I'm struggling so much with the reporting. I doubt a gift return was filed. I struggle with my client being liable for all FICA when she didn't have a profit seeking motive or business structure of any kind. Clearly the guy did something wrong, but what is her obligation to correct it
  7. I joke that 1/3 of my clients could walk by on the street and I'd have no clue. Aside from copies of their Driver's Licenses for some state return filers, I have no idea what they look like. I haven't actually seen a client in my office in 2 years. Covid protocols nixed those couple old-schoolers than liked to come in person so now I'm totally remote.
  8. I set up a question on my tax organizer that asks how much they got for EIP1 in April/May of 2020 & EIP2 in Dec2020/Jan 2021. Having the dates there as a reference seemed to help most remember to go back and check their bank statements for the amounts.
  9. Given the abundance of "we forgive you, you don't have to pay back the error" approaches Congress continues to pass in our tax code, does anyone think that the CTC advance payments will likely be forgiven anyway come 2022 tax season? I mean it's like a carbon copy of the APTC, and I've got a number of clients who are getting away with murder in that area. Just my Saturday morning thoughts...
  10. Weird situation (what else is new these days.) Client worked for a company. Covid hits and the company goes under. She is laid off. The company hires another company to wind down the company's affairs and collect whatever outstanding invoices they could from customers. My client offers to help in the collections. There is no discussion of pay, no employment or contractor agreement at all. She'd worked for company a long time and just wanted to help where she could after a sad ending to the company. She never expected to be paid anything. (Hand to God, she's a good, honest pe
  11. Just finished watching Compass Tax Educators Webinar - American Rescue Plan Act of 2021. It was an EXCELLENT breakdown of the many complicated changes and tax strategies we can employ for 2020 & 2021 tax planning. I HIGHLY recommend it. In particular the MFJ vs MFS details in the webinar go against so many staples in tax prep thought but, it is what it is in today's wild times. I find their FB group quite valuable too. Just thought I'd review it for those looking for a good overview of many of the changes. If there are other webinars or newsletters you frequent for great in
  12. I assume you mean this one.... If so, this yes I had read that already. Your IRS FAQs you posted match the above approach. Still looking to see if others preparers that file 1120S are handling this on their returns the same way.
  13. Wow, this tax season feel like college. I have to learn something new every week! 1120S, 2 owners. Both on payroll, no other employees. They filed for the ERC in Q3 for $5000. I just want to confirm I'm reporting this credit accurately. 1120S, pg 1, line 7: Reduced the owner wages by $5k. Sch K, line 13g, code P: $5,000 (which prompts form 5884-A to open) Form 5884-A, line 3: $5,000 Does this look right? What I really hate about this approach is that the 1120S wages won't match the W-3. But I guess that's what the 5884 reconciles out. Also, if the I
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