ILLMAS

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.  

1 hour ago, Gail in Virginia said:

ProSeries does not allow you to remover the form if they have a 1095A attached.  However, the software has been updated for this issue, and if you are up to date you should still see the form but there should be no amount carried forward to Schedule 2 as a penalty. 

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.

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.