MDCPA

update to the saga: Now the bar code is not printing; however a 6-digit # is printing inside a set of parentheses below the address - is any of this normal?

Most of my clients' mailing slips are printed in portrait; however, there are a few (much larger returns) that must be printed in landscape to be used in the larger mailing envelopes, etc. I noticed that the "intelligent mail barcode" is smudging when printing. Anyone else with the issue? Is it a big deal? I've attached files showing the portrait printing pefectly and the landscape is smudged. Thanks for your help.Landscape Client Mailing Slip.pdfPortrait Client Mailing Slip.pdf

Thanks for your help. Much appreciated

Yes they did efile. I’ve got confirmation of that. Is there a way to tell ATX that the original return was efiled? So do I get them to sign the 8879 that the software is producing showing the total refund or do I do a manual one showing only the amendment refund? Thanks

I did not prepare or efile the original 2020 return; however, I have been engaged to prepare an amended 2020 1040 and the 2021 returns. I entered everything as originally filed into the ATX 2020 software. Then went to "Returns - Amend Return". Did the corrections. When checking the return, I get a warning - "Per IRS, if electronically filing an amended return, the original 1040 return must also have been electronically filed and accepted. Otherwise, the amended return must be paper-filed." Will this preclude me from efiling the amendment? In addition, when I go to the 8879 it has the total refund they should have gotten on it had it been done properly as opposed to just the amendment refund - is this correct? I put in a date on the 1040 EF Info tab and click the "Create EFile Button" and it comes up with Federal 1040 and MD, but nothing about the 1040X. What am I doing wrong? Any help is greatly appreciated - thanks.

Per PA Dept of Revenue Website: Taxability of Paycheck Protection Plan Loans "Paycheck Protection Plan loans used to pay business expenses during the COVID-19 pandemic that are subsequently forgiven by the lender will constitute as taxable income for Pennsylvania personal income tax purposes. The business can deduct proceeds from the forgiven loan that are used to cover ordinary, necessary and reasonable business expenses related to that income." "For corporate net income tax, Pennsylvania taxable income is based upon federal taxable income. Pennsylvania law does not include an add back to or deduction from federal taxable income for forgiveness of a Paycheck Protection Plan loan." _____________________________________________________________________________________________________________________________________________________________________ Is this saying that corporations will not have any addback for the forgiven loan and will also get to deduct expenses paid with forgiven PPP loans (since based on federal taxable income) but self employed (sch C filers) will have taxable income for the forgiven loans? I know the expenses will be deductible if paid from the forgiven PPP loan but this isn't the same treatment as the corps get?

Abby - there are 3 zip files on techpowerup's site - do we need all 3?

Getting the unexpected error - need to shutdown more frequently - 16GB ram - I have been watching memory usage - max usage was to 800MB by ATX and then it wants to shutdown- any ideas or solutions?

Same here

Thanks Terry D - all these years and never thought of cutting the folders for the rare tax return that is too large. I have a box of fastener prongs that I could use with the top and bottom folder pieces. Never too old to learn!!!!

Any other tax covers being used for larger returns?

Historically use Nelco tax covers with the two windows centered. Is there a way to print the federal cover sheet with top window (which shows Federal Tax Return, Customer name and the year to the left and the second window remain in the center?

Congrats Abby!!! I vote for the wine bar.

Assuming when a property is listed that a real estate agent pulls comparable sales when determining the listing price, then paying closing costs, rather than reducing price helps maintain the real estate values in the area.

What about a sole proprietor forming a single-member LLC - I wonder if that would qualify as a pass-thru for the 15% rate? Possibly not, no K-1 reporting flow thru items?

5 days with family, in October, should be the priority - clients don't hesitate to take off in Jan - April 15 each year do they?

This is exactly where I'm at in my career - not about the money - wanting to do enough to keep my mind active, stay up on individual tax laws and cover the software and research costs. Full-time work as a company controller.

I am a controller full-time. Went home for lunch and checked on e-file status - "accepted"

Client wanted to e-file this year - so we did; however, I forgot to remove the Form 8948 (which rolled over from last year); not at my office today - wondering if it will be rejected? Any thoughts?

Thanks for the reminder. Thanks Eric!!!

Is it normal to receive an IRS phone call follow-up to a CAF&& request?

I believe, that since the amendment must be done as a paper return, that the date it is postmarked it is considered filed?

Thanks guys for the advice

TP refinanced personal residence in 2013. Origination charge (points) is shown on page 2 of HUD-1. As I understand it normally this amount would be amortized over the life of the loan, BUT what happens when the amount is negative. It seems the lender gives a credit against the charge based upon the actual interest rate selected by the TP. So I have a negative amount showing as origination charges - does it get offset against interest expense fully in 2013 - or should you (could you) amortize over loan life and reduce interest expense each year by a portion? I have verified that this amount is not included in the amount on the 1098. Thanks for your help.

From 4797 Instructions: "If you disposed of both depreciable property and other property (for example, a building and land) in the same transaction and realized a gain, you must allocate the amount realized between the two types of property based on their respective fair market values (FMVs) to figure the part of the gain to be recaptured as ordinary income because of depreciation. The disposition of each type of property is reported separately in the appropriate part of Form 4797(for example, for property held more than 1 year, report the sale of a building in Part III and land in Part I)."