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GLJEANNE

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Everything posted by GLJEANNE

  1. Has anyone tried to apply for this yet, or helped clients through it? MN is telling everyone they should sign up this week, and then when the state knows more from the feds they'll share it. Once an application is finished, the next step is to Request a Benefit this week for (presumably) the previous week. This has t be done each week, if you don't request you don't get paid. Well, based on what?? First of all, how are they going to measure SE income - work billed or received? And then how is the loss measured - by comparing to the same week last year? That's going to be fun, since I'm guessing not many people can run reports for a week. Plus the application process itself tries to shoehorn SE folks into the same questions employees use, but we don't all work the same way. If you asked me what my hourly rate is, i couldn't begin to tell you - I track hours for some accounting clients, others have a monthly fee, or a project fee, or tax clients pay by-form fees. I'm guessing a lot of other fields have similar disparities. And because that's not fun enough, there are strict schedules for when you're allowed to call with questions, based on your SSN. Oy! Has your state issued any guidance yet?
  2. Ok, so just like IRAs. But I'll probably have them leave it for now, if they can afford it, and wait til the end of the year to withdraw it; hopefully they'll get new jobs and become eligible for it again.
  3. Has anyone run into this before, during a normal year? I have a couple clients who normally fund their HSAs in full in January, but now they've lost their jobs and insurance. At least one has low prospects of getting another job any time soon (non-essential industry). Is this just handled the same as excess IRA contribs would be? At this point, I've told them both to leave it for the time being, in hopes that further COVID legislation might address it.
  4. I read somewhere along the line that one of the loans required that the company had already applied and been rejected for a normal loan. I'm glad they're specifically mentioned the re-hire part, though; I know the earlie one assumed you hadn't laid off anyone yet, but it came after many business had already been shuttered for a week or more.
  5. I can't recall the cite, but my understanding is it will be an advance of a refundable credit on the 2020 returns, so it's a wash on the return. But no idea how they're going to make that work for people who would get different amounts based on 2018 vs 2019 vs 2020. Good luck figuring that one out, IRS.
  6. But, it can be more or less if they had to pre-pay their 2019 or 2020 January premiums, or if there insurance company had to issue a rebate last year.
  7. GLJEANNE

    SELF EMPLOYED

    The MN unemployment site says they're still waiting for guidance from the US Dept of Labor. So I imagine that must be the case for the other states as well.
  8. I'm not getting the "home and bored" calls, just dozens of panicked emails from small business clients who are trying not to go under, with questions about all the various provisions. There's so much news floating around, plus all the things that 45 says and I have to explain to clients aren't actually real, or are only proposals. It's all a muddle at this point! I'm high-risk, so I'm only going to the post (where I can drop off and pick up without going to the counter or standing in line), the bank drive thru, and my chiro doc. But like many of you, I'm a natural introvert, so this isn't that different from usual. I do have a niece nearby who I'll ask to do some shopping for me at some point. But it being tax season, i was already stocked up pretty well. A lot of restaurants here are trying to survive by switching to curbside pickup, or delivery, so trying to support them. I do find I really want good hearty comfort food! Otherwise, I'm still trying to get caught up with the returns I have. I'll probably send out reminder emails later this week to the folks who haven't come in yet, reminding them that if they get refunds, or have estimated taxes, we want to get those returns done, and they should mail or drop off their stuff.
  9. MN Revenue just issued a release, they will be matching the feds July 15th date. Whew. We would normally require legislative action to move the date, and the legislature is adjourned, but I guess the gov did it under the peacetime emergency powers act. Good thing! BUT, this does not include estimated taxes, which are still due April 15th. Well that bites.
  10. I'm assuming it will take ATX a while to make the change. I've been holding some returns, but mostly telling folks to just pay by check or go online and do it themselves. I was behind before all this virus crap got bad, I want to get these returns out of here!!
  11. Those are two separate paragraphs, the April estimated taxes ARE extended. My question now is - all the clients we've already filed who chose Direct Debit for their estimated taxes - or for their balances - what's the process if they want to cancel those and take advantage of the extension?? Do they need to contact the IRS directly for that? We don't have any way of changing things once it's been e-filed, do we?
  12. Ugh, photos are the worst. I'm sure there are people who know how to easily make them come out right, but I'm not one of them! Every time someone does that, I waste a lot of time getting it to print out correctly.
  13. I work from home, and a better than usual amount of my clients came in early this year. At this point, I've cancelled all remaining appointments and told them to just leave their paperwork between the screen and front door (at set times, so I'll be available to grab it right away) or to mail it. Wishing I'd looked into the CCH portal, but that's on my summer research list for next season. Other than that, wiping down doorknobs, phones, keyboards and mice daily, all the usual stuff. I'm in a high risk group, but I'm also an introvert; we've been practicing all our lives for self-isolation, lol. So I'm not very nervous about catching it, but am anxious about a number of my clients losing their businesses. So far my state has been doing great with their response, but I hope Congress and the WH can get their crap together quickly to put out some relief packages.
  14. I wondered the same, because Amazon owns Ring (doorbell) now. But Ring Central seems to be totally different.
  15. Ok, I have what's probably a stupid question. I have a regular old fax machine, and I've never switched it to my computer because my desk is way too far away from the only phone jack. Not to mention that my crawling around under the desk days are long gone! So, with these electronic fax services, does that mean you don't have to have the land line at all, it just all works like email would? I use mine even less than Terry, and would love to get rid of the cost; but like Gail said, I'm afraid some clients would still fax to the old number.
  16. My minimum is $150, and that sounds like what I would charged your client. I had a new client yesterday, after I finished going through the mountain of pages from last year's HRB return, I found their bill for $529. Well no wonder they give the client so many useless worksheets and statements, they have to justify that ridiculous price! I'm thinking mine will be around $300.
  17. Just FYI, tech is working out a problem with the MN M15 (Penalties) being rejected for a non-existent calculation error. Said it should be fixed tomorrow or Saturday, so I'm holding those returns until next week. Also, in Bizarro Land. the M1MT shows up with no numbers on the screen, but prints filled out. Go figure.
  18. Oh man, I've "lost" many an item to the copier! I don't do on-the-spot returns, so they leave everything. But this is the first time I've had a scare like that - unless I've blocked the memory of it happening before, lol.
  19. I got my day off to such a good start today (not), when I went to compile a finished return, and the client’s original forms weren’t in her file. I always clip the originals with a green or blue paperclip, so they're obvious when I'm ready to mail everything back to them. This morning I started to compile, and the originals were nowhere to be found. 10 minutes of pure panic as I flipped through all my other open return files, and was thinking “OMG, what if I mailed them back to someone else??!” Finally I remembered - oh yeah, she was the one who came in super early and completely unprepared, and had to email me all her forms. I never had any originals! Whew!
  20. It's pretty bizarre changes. I've had one client need help with it so far. Basically it assumes the Standard Deduction based on your filing status, unless the employee claims otherwise and goes through all the work. For her employee, claiming just Single ends up taking out about $20 less per paycheck than the old Single 1. Since the employee wanted to raise her withholding from each check by $20, i had to tell her to claim extra $40 - that was fun explaining.
  21. Oh, Windows. Can't ever have an update without breaking something. I got one of those messages last night when I was trying to open settings on some program. But as soon as I hit Continue, it let me open it anyway, so I guess they don't really care if I have permission or not!
  22. Not sure how all softwares are going to change to accommodate this, but they have until next year.
  23. Thanks Eric, you're the best!!
  24. Remember when ATX was just a little company in Maine, with great communications? The good old days.
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