ILLMAS

I didn't know the IRS (PPS) had this feature until yesterday, I requested to be called back and when it was my turn, I missed the 1st call because I was on the phone with a client, 5 minutes later the automated system call me back and I was speaking to an agent. My call was in regards to a client refund from early February, the agent was very helpful and was practically reading the script given by the head honcho's line by line. "Tell the taxpayer we are experiencing huge delays because of COVID" "Tell the taxpayer the service centers are not fully in operations" "Tell the taxpayer the IRS is trying to do it's best under these unusual circumstances …."

Agree 100%

One of my associates has a corporate client with a restaurant, about 25-30 years ago they changed the ownership to a family member name due to some outstanding debt, fast forward to 2021, they want to apply for a video poker license but now the family member credit history and other past items prevent them from getting a license. The ownership and management never change, it was always the original owner and the family member only loaned their name back then, now that they really want the gaming license they need to change back the ownership, would gifting the restaurant for X amount or the corporate stock be reported on the corporate level or individual? Or what would be the proper way of transferring the business back without a major tax consequence? Thanks

Deja vu - I would be more worried about them having the proper insurance, do you know how drunk people get in weddings, especially today

Not my client but my associates, his client received a letter from the IRS informing them that the state of IL paid them around $9,000 in interest for back child support, his client didn’t even know about it, just thought it was part of the child support. Now for the bad part, taxpayer income is very low and due to the interest they lost around $6,000 of EIC and need to repay it back. This is an unusual case, interest income is interest income but it’s not like the taxpayer was saving the money from their earnings, would other income work? Thanks

^^ following this worked, I am still going to attach a copy of the death certificate and court appointee document for a refund under $100

Thank you all, I'm error free now.

The name and date are on the form already FYI.

Errors get worst by leaving 2b blank.

I am getting these errors, I was planning on attaching the signed 1310 and the court letter, should I remove form 1310 after I have printed out?

Ok so mailing is the trick, box B should be sufficient since they have the court appointed letter and that should entitle them to the refund correct?

TP daughter is the court representative so I am checking box B, however ATX is giving me an error saying I need to check box C since there is a small refund that will be deposited into the estate, and if I check box C, and answer Yes to all the question, ATX is giving me an error that I need to check the Yes and No boxes. Any help would be appreciated. Thanks

I am surprised they can handle any programs at all, aren't they workstations?

IRS is not debiting balance due either FYI.

I have had this situation before, I request a prior year tax return to see how the name appears and that solves the problem.

Yes, one of my client put the state's payment in the IRS envelope and they cashed it, they have authority to do that, and the state was nice enough to return my client IRS payment back to them.

Having a little dilemma, I adjusted partners beginning capital accounts and made another adjustment to tie to tax basis. This adjustment throws off my ending retained earnings for 2019 and the other adjustment throws off 2020 retained earnings, I see I could make adjustments to M-2, but my question is, shouldn’t my balance sheet still continue to match the books (GAAP)? Right now my ending partners capital account does not match to the sum of the ending capital accounts on the k-1s but it does match to the books. Any help would be greatly appreciate. thanks

TP passed away early this year, daughter will be the executor of the estate however at this moment everything is still in the process, can the daughter sign the 8879 and send a paper check for the balance due or do I need to add a special form to the tax return?

Who is taking the responsibility for making the payments, you or your client? I do payroll for some clients and sometimes I receive calls like I closed my bank or how come you didn’t tell me they are taking out the money on the 15th so I can deposit more to cover the payment etc....

See form 8582, the loss is probably suspended.

Today I finally was able to start returning calls, a client who left me two messages one day apart of each other was praying for me to be okay and was praying to find another tax accountant like me since she had not heard back from me.

I'm behind, tired and tubby.

I’ll check again this morning to see if we have the latest updates. Thanks, I will check today to make sure we have the latest updates, on another note, have you experience in reconciling GAAP vs Tax basis on Proseries? I have the figures but I am having a hard time inputting in Proseries.

Does anyone here use Proseries? I've been holding off on a client that owed because of the PTC repayment and the amount still appears vs ATX with this week updated another clients PTC is gone.

I believe paypal acts as a merchant service if you are a business, the other cash apps are more for personal use.