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Lion EA

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About Lion EA

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    ATX Supreme Guru

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  1. No. But, there are certain programs that can block you from certain other programs. That's why you have to run the numbers for everything, to see what fits a client. Too complex and time-consuming for me during tax season!
  2. Won't it be 4797 if they were farming with the machinery? If machinery had been depreciated on son's return, it would've had a low basis at time of sale. So, it should have a low basis. Father's basis and holding period passes to son if a gift.
  3. Straight from the horse's mouth: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know "I need to file a tax return. How long are the economic impact payments available? For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020."
  4. I have a banker who's gotten up to speed on the new SBA loan programs that I've recommended. Some clients have their own friendly, local banker. Their payroll company should be able to help with some of the payroll "deferral" programs. I have lots of tax returns to file.
  5. And, the bank is trying to figure out what the SBA is thinking!
  6. I think it's truly COGS. In going through it with a client via messaging, later the application/bank asked for rent, utilities, and payroll. But, I was just answering the questions via message that his bank asked him via telephone, so it could've lost in the translation.
  7. Good point about the date, Max. Probably 15 July, because everything that starts with "1040" moves. But, I'd probably aim to get it in 15 April unless I found something official moving the deadline. Lloyd has time. I got a couple things off my desk that I couldn't verify postponed deadlines.
  8. My copy is printed to pdf and has everything. I stopped keeping mine on paper.
  9. e-Services. Or, if your POA hasn't been processed yet, the client can use IRS's Get Transcript.
  10. I relied on Section 6428(e)(1). Tony Nitti of RubinBrown taught a two-hour webinar to 5,000 tax preparers this afternoon and stated the following:  Basic Structure: Adds new Section 6428 to the Code  Section 6428(a): Individuals are entitled to a refundable credit on their 2020 tax return. (See Section 6428(b) for refundable status).  But in many cases, the taxpayer will receive an “advance payment” against the credit in the coming months. This advance payment is NOT taxable.  When the taxpayer files their 2020 tax return, the advance payment will be “trued up” with the credit; but only in a taxpayer friendly direction.  If the advance payment is LESS than the “actual credit” the taxpayer is entitled to the full credit on the 2020 return, less the advance payment; i.e., the taxpayer will receive the extra benefit.  If the advance payment is MORE than the “actual credit” the taxpayer is entitled to on the 2020 tax return, however, there is no mechanism for the taxpayer to either:  Report the excess advance payment as income, or  Repay the excess advance payment as is required with the premium tax credit.  What happens in 2020?  When a taxpayer files their 2020 return, a refundable credit will be computed using the same metrics and thresholds as the advance payment.  Section 6428(e)(1): the credit is reduced –but not below zero –by the advance payments received by the taxpayer.  Section 6428(e)(2): If an advance payment was made to a joint return and in 2020 they are no longer joint, half of the advance payment is treated as having been made to each spouse.
  11. I'm doubting everything now! Too many tax and business law changes during tax season to keep everything in the right compartments in my brain.
  12. Thanx, Eric. Yes, the box opens, I type in a Message and To and Subject and hit Send and Subject disappears so box just sits there without Sending. I put the Subject back in, and it disappears again. It happens a small percentage of the time, but was happening ALL the times I tried to message Judy and Catherine and when I tried to post on that one thread and fewer times when posting to other threads. I seem to be able to Post and Message most of the time now. I also get kicked out of this site about half the times a message will not Send or Post. I get a screen that says it cannot load; after doing some other things, I log back on. Catherine said that she's NOT been kicked off over the last week. All of these things have been going on since the middle of last week. I have been doing nothing except preparing taxes, reading/posting on tax sites, and sending/receiving email via Outlook. I brought this up in case others were having problems. But, if I'm the only one, I'll research it after I get more tax returns off my desk. Thank you for all you do, Eric.
  13. One amended return to keep one taxpayer. One original return for the other spouse to file. (But I just got out of a 2-hour webinar on tax and Small Business Act changes and don't trust anything I thought I knew!)
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