Lion EA

Anyone can upload anyone's tax info on my portal. There's no way I would know if a client shared their login info for someone to upload for them. Anyone can drop a folder through the mail slot in my front door. I seldom see who it is unless I'm in my kitchen where I can see who's in my driveway. I also receive snail mail, UPS, and FedEx envelopes without knowing who did the actual shipping. However, I do email or call my clients to thank them for uploading/dropping off/sending their tax documents and to let them know I received their information safe & sound. My delivery to them is via eSign plus I mail their tax folders for the many that still want a paper return. Haven't had an in-person delivery in a long time, but if it's not my actual client then a signed disclosure.

I'll take new clients with copies of their prior returns.

Someone on some platform was counting the days, such as March 621, 2020. That's too much work, but I love it. Even my hubby (a church music director and piano teacher) has started using 8Q 2020.

Amen! Wishing a smoother tax season to us all.

https://forum.thetaxbook.com/forum/discussion-forums/main-forum-tax-discussion/307209-cash-basis-taxation

Increasing Cash does NOT increase taxability, which was your question. Yes, due to a Loan, Cash is increased, but so is Loans Payable. In non-accounting terms, it's a wash. You haven't changed the P&L. You haven't changed Taxable Income. You seem to be stuck on Cash, but even Cash isn't changed in a vacuum. And, the amount of cash or whether it increases or decreases has nothing to do with taxability -- by itself. Your question should be about WHY cash increased or decreased: was taxable Income received or were taxable Expenses disbursed? Pick up an Accounting 101 text &/or take Accounting 101 at your local community college or online.

A loan is a Liability on the Balance Sheet, a short-term or long-term liability. Cash and equivalent is an Asset on the Balance Sheet. The loan would cause Cash/Assets to increase on the Balance Sheet, but it also would also increase a Liability in the same amount. The Balance Sheet still balances, but nothing happened to the Profit & Loss Statement at all. Nothing happened to Taxable Income. Do you do his bookkeeping? Follow the flow. If you receive his books, make sure you get detail (trial balance, QB backup, something where you can drill down to transactions) and then follow the flow. Follow the flow on his tax return. You'll see where the loan ends up, both as Cash in his bank account under Assets and the balancing Liability account in the same amount. If he wants to pay more 2021 tax, he could accelerate his collections on outstanding invoices (maybe request down-payments on new invoices) &/or spend more (purchase now the supplies he'd buy in 1Q2022 anyway, pay bonuses, pay any outstanding bills he has). Look for Profit & Loss items that increase his income or increase his business expenses.

Loan proceeds are not income; loan repayments are not deductions. Those are balance sheet items, not P&L items. Only the interest on a biz loan is a deduction; in your scenario, their first interest payment would be January 2022. If they're trying to move taxable income to 2021, maybe expecting higher tax rates in 2022, then they need to accelerate collections and postpone spending/paying their own bills. Look at their P&L for possibilities.

I hate texting, typing on the tiny keyboard on my phone. But, as cbslee says, the younger clients don't check their emails often. The older ones either, if they're no longer in business and communicate mostly with their own younger family members. So, I type out my replies via email and then text them to Check Your Email. Have to do that with our own grown daughters, too.

Was asking Tom who referred to both personal living quarters AND "still part of the rental."

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Will that be like the IRS Letter 1444-A and 1444-B that supposedly went out this past year? I saw exactly ONE letter in the 1444-series, and even that client did NOT receive two letters but did receive two EIPs. Next year, we'll have Letter 6475 (why did the IRS change the number?) and whatever is sent or not sent to report the up to six advanced child tax credit payments. Were the ACTC payments all direct deposits? Checks? Debit Cards. Should all six be via the same method?

Yeah, a huge ballroom in a hotel with identical tables and chairs and social distancing and proctors and felt very 1984 - George Orwell not the actual year. No one talked OUTSIDE the room, either. Fear? We didn't talk until after driving to a distant restaurant for dinner after the first day was over. And not at all when we ended the second day, total zombies by then. I should've wondered around a mall/humans like Catherine to slowly return to humanity. But I drove 1.5 hours home (actually, more like 2.5 in rush hour) to an empty house. Just do it, Terry! Get that last part done. If you can parse your way through IRS Pubs, you can parse your way through the poorly-written questions. Read the question/the last sentence first so you know in what context you'll use all the preceding information, even which pieces aren't needed. Eliminate any obvious wrong answers. Basis, basis, basis. You can do it, Terry!

North Haven! I was trying to remember with my husband which of the Havens it was. That's the only class I had from that instructor, so wouldn't have remembered her name. Small world. Where did you live back then?

Sara, we did !! I stayed two nights to not have to drive back and forth in rush hour traffic. Nothing was allowed in the exam room. They gave us pencils and scratch paper. Doing long division by hand. We had to turn everything back in lest we tell our friends in FL who weren't taking the test that day due to a hurricane (Ivan?). Some people who took the HRB EA prep course together went out to dinner after the first day. Our brains were fried, and we still had another whole day to go. A friend who was a teetotaler even had a drink with dinner. When I went home after it was all over, I had a drink alone before my husband got home from work; and I never drink alone. I said I better pass, because I was never going through that ever again! The test was 22-23 September 2004, but my EA certificate is dated 11 May 2005. I spent six months of my live studying for that test and eight months waiting for my EA certificate.

The two day/four part test was offered only once/year. Then you waited to receive your grade. I took it in a year that a hurricane hit FL and the eastern seaboard right before the test date, so we could NOT take anything out of the testing room and had to wait until the hurricane areas could set up testing before all the tests could be scored and the scores curved. When they did finally publish the answers, weeks had gone by so it was hard to remember/guess what MY answers were. If you didn't pass all four parts, you had to wait a year.

We had Thanksgiving dinner at my stepdaughter's with SIL and 2-year-old grandson Everett who requested I sit next to him and gobbled up his dinner. We then returned to the little inn where we stayed for a few days. We had no refrigerator there, so couldn't take any leftovers. But hubby planned ahead and ordered the Stew Leonard's Thanksgiving dinner for pick-up today, so we can eat turkey and stuffing and all the sides all this week. My son and his wife live at her mother's inn in PA; DIL is the executive chef. She's been on her feet for over a week now. Usually she starts with "Bah Humbug" about the Thursday before Thanksgiving. This year she's been wishing everyone a "Thanksgiving" and if questioned, tells them she did NOT forget the "Happy." We don't visit them until the week between Christmas and New Year's when the inn empties out. We'll try to get the granddaughters on FaceTime.

What tax entity is the farm? Partnership? (Any other partners besides H&W?) Form 1040 Schedule F? Other?

I tell my clients NOT to use my mailbox. I have a large mail slot in my front door for clients to drop their tax folders into my locked entryway. I once found my badly beaten mailbox, without mail, in the yard of a house a mile away on another street.

He's not providing any service to the grantor. "...you will retain ownership interest in your Project while participating in the XYZ MegaGrants program, including the ability to publish your content on the platform of your choice." He's not working for XYZ. XYZ will own nothing. Virtual reality for disaster resilience. Duke had offered to run the grant, memorializing a contract back to 2020 when the funds were distributed, but my client turned them down. He's reopening that discussion.

Yeah, I'm getting SE from their wording, and just received the grant letter so will read it now. Apparently, Duke offered to run the grant, but one of the two researchers was not hired by Duke, so they decided to run it themselves. With Covid, very little work/very little expenses during 2020. I'll probably be back after I read...

Form 1099-MISC Box 3 Other income $50,000 to an individual. He tells me it "was a grant he was awarded (one time payment) to do work/research. He hasn't used hardly any of it yet...COVID stalled everything." Self-employment? Schedule C? or Other Income? with or without SE?

Was 2018 the start of the 80% limit? Maybe check The Cares Act.

https://brasstax.com/shop/ols/products/form-3115-line-by-line-correcting-depreciation