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ILLMAS

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About ILLMAS

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    ATX Supreme Guru

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    IL

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  1. I should add, when they don’t itemize, cannot take rental loses etc...
  2. I feel embarrassed asking this question, but has someone saved/reduce (tax liability) their W-2 clients?
  3. Well it seems people are taking it upon themselves to extend the filing season because they are coming in very slowly, and no I don’t want an extension.
  4. Since everybody is talking about how they are making a killing on stocks and bitcoins, wouldn't it be nice if employers were able to take a cut of those lovely gains from day trader employees using company time and resources?
  5. What happens if they are in a common law state, would you have to split the wages?
  6. TP received a notice from the department of education, canceling their student loan, the notice can be used as a 1099-C, however the cancellation amount is zero, does this sound right? Or do I have to request the amount from the TP and use that amount?
  7. Who is a qualifying child? An eligible individual may also receive up to an additional $500 per child, if the child meets the definition of a qualifying child of the individual for purposes of the child tax credit. To be a qualifying child of an individual for purposes of the payment, generally the individual must live with the child for more than half of the tax year, the child must not provide over half of his or her own support for the calendar year, and the child must not file a joint return for the tax year. The child also must be the individual’s child, stepchild, eligible fost
  8. HOH of didn't qualify for the 1st and 2nd stimulus payment because of an ITIN, however their dependent child (under 17) has a valid SSN, does the fact that the parent has an ITIN still disqualified them of receiving it for the child?
  9. I am currently doing a training on PPP and if you think this is bad, many business did not need the PPP loan and they don't need to pay it back.
  10. Separated TP child lived with him since 2019 and after the 2019/2020 end of the school the child went abroad to spent summer with mother in another country. Child was living in another country from June to November, child came back right before Thanksgiving and decided they wanted to stay with the father, child has been doing online school from ever since. Father is not the legal guardian of the abroad school so he cannot request any school records for HOH, however he could for the 1st half of the year, would this be sufficient for proof? TP has provided 100% support for the months child wa
  11. Ok, I figure it out, you need to input zero on line 16 and 19 on the recovery rebate worksheet if in 2019 they were a dependent, and not in 2020.
  12. Just to confirm, any whipper snapper 17 and over (dependent on someone's tax return) in 2019 will not qualify for the $500 stimulus payment in 2020? Worst, they won't even qualify if there are no longer a dependent in 2020?
  13. Has anybody reconciled their clients $1,000 per employee (up to $10,000)? I temporary have it on the balance sheet as a liability but I am not accounting for it on the tax return balance sheet and I am off by that amount. Wondering if someone reconciled the amount on the M-1 schedule and on what line was it put? Thanks MAS
  14. ILLMAS

    Bad News

    Everybody hates bad news, but the only bad news here is all the tax law changes and delays, and if you feel Eric is doing a good job with the site don't forget to click on the "Donations" link, lets show our appreciation to him.
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