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About BulldogTom

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    ATX Supreme Guru

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  1. The unemployment boost of $600 per week, no waiting period, should be able to cover most of what is missing from payroll for a lot of those folks. That is $15 per hour for a 40 hour week on top of what they would normally get from their state. I am not heartless about this, but this situation is temporary and congress did something to take care of the massive layoffs. I can't agree with this one, no matter how hard I try to see the compassion that others do. It is long term damage to these people's financial health. We are just going to have to disagree (respectfully) on this one. Tom Modesto, CA
  2. This is stupid, stupid, stupid. How many of our clients are going to raid their 401k's and then get the shock of a big tax bill. And they are going to raid the account and the worst possible time, when the value of the account is incredibly low. Locking in losses forever, paying taxes on the money, and not having a chance to recover those losses or additional earnings. I cannot believe how incredibly stupid our leaders are sometimes. How will our population ever learn how to use these accounts properly when every time there is an economic downturn, the government basically tells the population to treat their retirement accounts like a piggy bank. STUPID, STUPID, STUPID. Off my soapbox now. Tom Modesto, CA
  3. Did you charge him for the time spent looking for the file? Tom Modesto, CA
  4. They call those people LAWYERS. Tom Modesto, CA
  5. I tried both the Client Copy and Preparer Copy batches and CA still shows the full SSN of the beneficiary. It works on the federal K-1, but not CA. Thanks Tom Modesto, CA
  6. I checked the box in the global settings to Truncate the SSN, but it is still printing the full number on the CA K-1. Don't see a spot on the CA global tab to do this. Anyone know where I should look to get the CA K-1 to truncate? Thanks Tom Modesto, CA
  7. Not me. But I am interested in what ATX told you. The DPAD being still available to certain taxpayers was something I heard at one of my seminars, but I looked real quick at who it applied to and I just blew it off since it did not apply to any of my clients. Tom Modesto, CA
  8. @Medlin Software Do we know what the mechanism is for claiming the accelerated credit? I figure you will be dealing with this right now. At my day job, we are going to run into this. We furloughed 151 employees. There are about 15 employees still on payroll. We pay employees bi-weekly and are a semi-weekly depositor. If all our furloughed employees claim the 2 weeks of Paid Sick Leave, we will have a large credit on our next payroll submission. We will not use up the credit and would like to get it refunded as soon as possible (because, like, there is no income while we are shut down and money is tight). How do we get the refund as fast as possible? I went to the IRS website and did not see anything, but I am the worst at finding these things? Any help appreciated. Tom Modesto, CA
  9. We know better Rita. Some of us have been to your home and seen how beautiful the garden grows. Who knew hugging was such a good fertilizer. Tom Modesto, CA
  10. let me try asking this again using a couple real world scenarios. 1. I have a client who is a hairdresser. Sch C. No employees. Non-essential. Makes quarterly estimated payments. How do I get her the credit? 2. I have a client who works a regular job and has a sch. C business. Has employees. Is laid off from work. Gets 2 weeks sick pay, but has to give his employees two weeks of sick pay. What do I do for each of these clients. Thanks Tom Modesto, CA
  11. Can someone help me unpack this as it applies to SE individuals? They get a tax credit. Can that credit be used against regular tax or only SE Tax? I know it is early, and there is not a lot of guidance, but we are already getting questions from our SE folks. They seem to think they can call the EDD and get a check like their friends who are employed. Tom Modesto, CA
  12. Those are the easy ones. The transaction happened and was just mis-coded. Or the transaction is not deductible by the company. But to go back in time and recreate what should have happened is a little different. The S shareholder knows or should know that they need to take a reasonable compensation. If they choose to ignore the law, it is not for us to force them to do so. It is no different than worker classification. If the company brings me their 1099's showing 10 workers as independent contractors, should I make them go back and do payroll for it if I think they are employees? If the company presents the documents, says they made their determination, what are we to do? IRS would love for us to do just that, but we are hired to do the work for the client, not the IRS. It seems to me that the IRS wants us to do their job as well. These are the sticky ones. We see these things and we advise our clients on the law, but ultimately, they sign the return attesting to the accuracy of the positions taken on the return. I am not arguing with you Dan, I really see your point, but we are put in these moral dilemma's every day. Tom Modesto, CA
  13. This is always the problem. What to do when the accounting has been done wrong. Edsel got scolded earlier this month by me for suggesting to change the accounting to benefit his client to get a tax credit. (BTW - I am sorry I came off so hard on Edsel, I still feel the same way, but I should not have said it). If we are not paid to do the bookkeeping, we should not be doing their bookkeeping. We advise on the tax laws, we prepare the forms based on the presentation of the books. The client is responsible for the information they give us. But the rub is we need to make "reasonable inquiries". And what if you find something wrong? How to handle it? This is where the IRS tries to drag us in to audit work. This is the dilemma of the tax preparer since the beginning of the code. Tom Modesto, CA
  14. I think your statement above is correct sir. It is getting to that time of year. Tom Modesto, CA
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