ILLMAS

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.

I prepare their 941's and I do see in the month of December 2020, 12-25-20 (Friday) payroll was paid on 12-23-20, one darn payroll caused this mess.

I have a client that received a notice, I don’t prepare their payroll but at first the notice didn’t make sense but I am wondering if this caused the problem. Employees are supposed to get paid every Friday and payroll is prepared on Tuesday or Wednesday, I am thinking the person preparing the payroll is using either Tuesday or Wednesday date as the check date and not Friday, or sometimes they run payroll checks outside the payroll cycle. Your thoughts?

As I was driving to the office, I am now thinking they applied for the EIDL (received $2,000 forgiven) and the rest was a loan. Cry me a river, their payment is going to be like $60 a month for 30yrs.

Agree, but just don’t understand how “contractors” status slipped through the cracks, I heard of people getting busted for submitting fake payroll documents, so I am thinking something along the line might of happened.

https://chicago.cbslocal.com/video/5412047-music-business-owner-on-the-hook-for-36000-she-cant-afford-after-mixup-with-ppp-loan-i-feel-that-i-was-misled/

Prayers

Q1 up by 21% Q2 down by 23% Q3 up by 42% Q4 up by 39% Overall sales increased by $200K Ok so for PPP2 that requirement remains the same even if it's the TP first request correct?

Can someone confirm this for me, if a business sales did not drop by more than 25% they don't qualify? Or they do if this the first PPP loan to them? I did an analysis for one of my client and their sales did not drop by more than 25% but they still want to apply.

Hope you are charging just for thinking about this mess, get compensated, don’t play a super hero for free.

Thanks

I don't remember if it was mentioned here or on the Facebook ATX group, this was around the time they were talking about potentially making the first $10,200 of unemployment non-taxable.