ILLMAS

I am currently doing a training on PPP and if you think this is bad, many business did not need the PPP loan and they don't need to pay it back.

Separated TP child lived with him since 2019 and after the 2019/2020 end of the school the child went abroad to spent summer with mother in another country. Child was living in another country from June to November, child came back right before Thanksgiving and decided they wanted to stay with the father, child has been doing online school from ever since. Father is not the legal guardian of the abroad school so he cannot request any school records for HOH, however he could for the 1st half of the year, would this be sufficient for proof? TP has provided 100% support for the months child was living with him.

Ok, I figure it out, you need to input zero on line 16 and 19 on the recovery rebate worksheet if in 2019 they were a dependent, and not in 2020.

Just to confirm, any whipper snapper 17 and over (dependent on someone's tax return) in 2019 will not qualify for the $500 stimulus payment in 2020? Worst, they won't even qualify if there are no longer a dependent in 2020?

Has anybody reconciled their clients $1,000 per employee (up to $10,000)? I temporary have it on the balance sheet as a liability but I am not accounting for it on the tax return balance sheet and I am off by that amount. Wondering if someone reconciled the amount on the M-1 schedule and on what line was it put? Thanks MAS

Everybody hates bad news, but the only bad news here is all the tax law changes and delays, and if you feel Eric is doing a good job with the site don't forget to click on the "Donations" link, lets show our appreciation to him.

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.