ILLMAS

Fictional TP owes 15K, making an IRA contribution right now would save them around 2K, TP is buying a house after paying for the taxes they are barely going to have for the down payment. They would need to shell out 5-8K to get the tax savings, so would option B work? I looked at the rules and I see nothing on amending after the fact, just as long as the IRA payment is done before the deadline. I have never encountered a scenario like this before and wanted to get people thoughts. Fictional TP is having a hard time getting financed because they have been SE for a few years and bank loves W-2s customers

Let's say a TP would benefit from making an IRA contribution for 2020, however down the road, they don't know if they will have the money to make the contribution by the filing deadline. Would any of these two options work: A. File now including the IRA contribution and amend to remove the IRA contribution if they don't have the money by the deadline. B. File now without the IRA contribution, amend before deadline to now include an IRA contribution (they came up with the money). Thanks

Pick one, it's on the news everyday in your city: https://www.youtube.com/results?search_query=cbs+2+chicago+unemployment+fraud

Any one use Atom portal here?

https://www2.illinois.gov/rev/questionsandanswers/pages/933.aspx

Who is going to be charging their clients to reconcile the credit? And how much would be you be charging?

How about using thrift-value, there has to has to be some profit in what they are doing.

No worries, just make sure you entered the states number under the tab.

Cash or accrual?

https://images.app.goo.gl/kuqmhjp7yv5DCDoJ7

Prayers

Paper file it better.

Go to 1099 data entry page, on the bottom you'll see some tabs, click on Detail, I tried it and it's pretty simple to export/import.

Just received an answer to my question via the facebook ATX support group, ATX creates two 1096's, you need to click on the arrow for the next page and there you will see the 1096 for NEC's. There shouldn't be any problem efiling them.

Do I have to prepare two sets of 1099s, I prepared 10 1099NEC and 1 1099MISC for rent, I would think the information would be combined on the 1096, however, only the 1099MISC is populating to the 1096. What are others doing? Thanks

Have you tried using Firefox or chrome browser? Also have you checked the path user/download

I have a friend who always say, I should of played the lottery.

Back in the early to mid 2000’s mortgage lender would quote a buyer a monthly payment that included escrow, the day of the closing they would tell the buyer I lowered your payment and the buyer was happy. Well it turns out brokers were just removing the escrow ( and adding additional closing fees) and would let the buyer find out they had to shell out $$$ down the road. I see many tax preparers doing the same thing to Sch C clients and telling them I saved you 50% of social security and failing to disclosed it has to be paid back within two years. Will this give a bad name to honest tax preparers? If it wasn’t for the financial department requiring brokers/lenders to issue good faith estimates, this practice would of continued to today.

I prefer Dells XPS desktop with Win Pro and a 1 TB SSD.

I agree 100%, TP has been inform to contact the IRS and the collections company.

Now that the IRS has outsourced to a third party collections agency, today was the first time I have ever seen a letter from one of the companies, but it's kind of weird since the TP is on a payment plan

You have no obligations of giving them your notes, fire them if they disrespect you.

FYI not trying to be an A-hole here

Just imagine if someone from your office gets COVID and you are forced to shutdown your entire office and clients have no sympathy and want there information done now.

I did a quick amortization calculation 2% vs 2.5% on a 30yr loan, for simplicity I used $100K as the principal amount: $33,063 of interest at 2%, $42,243 at 2.5%. If I were to add $3K to the 100K to finance the closing cost, financing $103K you would pay $993 more in interest totaling $34,056.