ILLMAS

why do they complicate things, this was such a simple process.

TP had an over payment of $400 from 2019 applied to 2020 and an over payment of $3,000 applied to 2021 estimated tax payments, TP receives a check for $3,000 today.  IRS check is for the period of 12/2019 for $3,000 plus some interest and when I called the IRS, I was told since the TP didn't have a balance due for 2019 and 2020 the IRS released the over payment, the options the TP has, was to give send it back (voided) to the IRS or to cash it and send the payment back with the 4th quarter ES payment 

TP originally tax return did not include form 8867, return is being amended to include a K-1, do I need to include form 8867?  TP already received their refund a while ago.

Thanks

I believe you will have to wait until they efiling season opens up again.

30 minutes ago, Chowdahead said:

So the consensus is that I should not file an amendment with the same amounts but different W2 Payer info, while explaining the amendment under Explanation of Changes on Page 2?

Would the Payer info on the W2 Entry form being different not typically trigger such a delay?  The IRS Where's My Refund page is useless as it has said "Your tax return is being processed" since March with no specific info.

I know there may be two forms the IRS uses to authorize the preparer to discuss a client's return with them.  One is the  2848 Power-of Attorney which I believe is more effective.  I can't remember the other.  Is the 2848 generally sufficient?

No

No

Yes

Have your client call and find out what is the delay, I have been warning all my clients, if you refund doesn't arrive in a timely manner, call the IRS and keep me posted.

Not an issue at all, just as long as the SSA-W2 Copy A numbers matches the tax return, your okay.

TP incorporated back in 2014 and started doing over the road driving in 2015, if the TP would of come on time, I would recommend them to elect to be treated as a S-Corp, fast forward to today, they bring in 2015 to 2020 because they have a loan expiring and they need their taxes, how far back can I make the election?    Their only source of income is from the corporation and a rental property, I don't know if the bank would consider the corp's income if the mortgage is personal.

Thanks

I'll be more interested in fooling the "all our representatives are busy....."

I am preparing a 990 long form and when I hit print I get the following message.

The form will be efiled, just don't know why I am getting this message, form has been approved for efile.

If you are going to be preparing a handful of tax return, I would also recommend getting a big monitor and wait for it, a keyboard and a mouse.  

I remember back in 2005 a new client asked if we offered that protection, because HR Block offered it to them and that they pay any additional tax I have always wondered how that worked for them

Does is it at least have Windows 11?

This the time you tell the client to lawyer up, I would not touch it.

On 10/8/2021 at 11:16 AM, michaelmars said:

If not forgiven in 2020 then its a liability.

as of 12/31/20 yes.

Here is Chris' email: [email protected]  I am sure he willing to help out, very nice and knowledgeable person.

https://chrisbirdseminars.com/about

I attend a tax training every year and the presenter raves about the app coinbase:

https://youtu.be/4-qvFIosxt4

brother HL-L6200dw under $200 last a couple of years only but very inexpensive to replace.

https://www.vallartaeats.com/history-of-the-taco/

It would be nice if the IRS did a similar line like they did for unemployment first $10,200.

What is the contra account for the PPP loan liability forgiven in 2021?

Thanks

How likely would the state of CA waive a penalty?  Thought NOL was enough to cover the tax and that was not the case.

Thanks

IDOR will allow you set up an account for a business or personal, can you make various payments online, I use if for most of my business clients.  It's very simple to register and it's free, the only issue I see, if you schedule a payment for a certain day, it takes up 2-5 days for them to withdrawal the amount, but they still give you credit for the scheduled day.  

https://tenor.com/bcOpx.gif

I just spent an hour writing a letter to the IRS and going to post office for my personal tax return, I would be lying if I'm expecting them to drop everything to adjust my account, but I will cross my fingers.