ILLMAS

Has the IRS been reconciling 1099-K lately? I have only seen one IRS letter informing the client their reported income (1120) was less than the 1099-K and you owe us for the difference.

I have a handful I have never met in person and others I have not seen in many years.

Priorities

I am the only one that cringes with someone says my wife (and they are not married), my nephew (and it's their cousin kid) or when people say my baby daddy or baby momma.

I don't think so, I have an excel file I manually update.

So a S-Corp owner who received PPP, their business made more income in 2020, paid themselves more and is above the PTC threshold get one more freebie?

I’ll check ATX

Yes, that is exactly what I need to do. Thanks

I will be working on my first return using 2019 figures, TP worked very little in 2020, is there anything special I need to do? Do I just use 2019 1099 for 2020 and that's it? Thanks

Try using Internet explorer or Edge, I had the same problem when trying to use Firefox and Chrome.

Most likely the vendor got a sales tax audit and rather collect sales tax and let the buyer request the refund from the state. Many years ago a former client didn’t collect the proper forms, auditor gave them time to get resale certificate from their client, you will be surprised but many refused to give them, client ended up covering the sales tax and auditor submitted the non complaint customers for examination.

I think I am going to be in the same situation, last year client received an email to confirm her social security number, she did it and panic afterwards. I will be calling her today to see if she has the letter with her PIN.

Lol, good thing it’s Palm Sunday

Management and transferring ownership soon.

Fully depreciated building, no major improvements in 40 years of ownership.

TP took over parents zero basis investment property, TP put in over $160K to fix up the rental property and the property is now worth around 400-500K, TP plans on buying out the parents for around 80-100K the value of the property before the improvements. Parents are willing to wait until he comes up with the buyout money or do an IOU, can the TP increase their basis by the buyout money if the haven’t paid it yet?

Sams club for me, I’ll count the reams next time.

Have them check with their bank, I have a client that pays $50 a month, however do they have large amounts in their bank account.

Both are options

Title should be HOH Tables turned, not EIC

HOH Parent stuck around home to take care of the younger kids and had under $1,600 in wages for 2020, TP two daughter 19 & 20 (earned 15K, and other earned 7K) had to work to cover the food, rent and utilities and I wanted to see if the daughter can claim HOH and include the mother and siblings as dependents? Daughter that is 19 earned the most and would benefit from EIC.

I filed a HOH with an ITIN, child has a SSN, so by the parent not having a SSN this disqualifies their child, and are not entitled to the $500 and $600? I missed this, I filed my clients return like the first week of the filing season.

Does anybody here use Encryo? It was recommend to me by another tax preparer, comes with a feature for signing tax forms electronically and the pricing is not bad.

Yes, a couple years ago.

Try requesting a transcript but it’s probably too early for anything to be available, maybe wait until May.