Lion EA

It's coming to Disney in June! https://kidsactivitiesblog.com/141875/schoolhouse-rock-disney/?fbclid=IwAR3sAPqU_ZF38R-oreZlcJ2-sVtE8NG9h02m7fw7LjxIg5BzcQEWF4tNMB0

From the NAEA FaceBook page: More than 10,000 IRS employees have been told to report to offices in Kentucky, Texas and Utah on Monday. They will focus on mail and return processing, taxpayer refund claims, depositing checks, income verification requests, customer service and telephone assistance, the report said. https://www.politico.com/news/2020/05/29/paper-tax-returns-irs-290112?fbclid=IwAR3ajV2V02gQD-1iWfO9UpFM0hwv9ePMD3GoOh1L50wuOKWg3coxl2tzmFk

I hate texting. I can't write/edit/proofread on those tiny keys and tiny screen. I'd phased out my cell with clients (It was my only biz phone when I went out on my own, but quickly got a great rate for a second line in my home office) but, as you say, many younger clients want to text. Now I have my cell back on my biz cards, web site, email signature, etc. But, I'll often write them an email reply and then text them to check their email. And, the quality of the pictures of documents they send me is sometime unreadable. I even have a couple of clients who Private Message me on FaceBook. John: how do I save a text? I have an old iPhone 6+. I think I figured out a way when a client texted his signed 8879, but I don't try to save often and can't remember (another fun thing about aging).

I once sent a prospective client to a large CPA firm because he was a shareholder in a corporation that was a holding company for other entities. He wouldn't provide organization documents and BSed like a salesman and told me how he wanted the return(s) to turn out. I didn't want him for a client and didn't have time to see if he could be trained.

I researched SE for a director on a board of directors of a bank who received Form 1099-MISC and found that his director's fees were SE income. (Later cases classify director's fees as employee income, but you're not arguing that.) It sounds a lot like your committee member of a union. A couple of things from my notes: On the self-employment tax issue, the IRS ruled in 1972, that director fees are self-employment income subject to self-employment tax. Rev. Rul. 72-86, 1972-1 CB 273. Richard E. Blodgett, Jr., and Ora L. Blodgett v. Commissioner. U.S. Tax Court, Dkt. No. 9449-11, TC Memo. 2012-298, October 24, 2012.

If you pay weekly or biweekly, you can align your 56 day window with the start of your first regular pay cycle after funding -- the Alternate pay cycle. That Alternate 56 days is for payroll only. Your normal day 1 is the date funded, and that 56 days is for all non-payroll items. If you pay less often than biweekly, remember the Incurred part to be able to count payroll incurred but not yet paid at the end of your 56 day window -- as long as it's paid by the next normal payday. But, wait until June and it will change again.

Christian, the logging requirements are for the Safe Harbor only. Take a webinar or more on rentals. Soon. This could be a great niche for you. Just like keeping a mileage log, we have to educate our clients into keeping "books" and tracking time. Some tradesmen are getting onboard with listing their hours on their invoices; they've been doing it all along when billing hourly labor charges. Otherwise, train your client to ask and have vendor write it in on the invoice. Or, make his own note "2.5 hours per Joe via tel" on the invoice. Keeping all his vendor receipts is a great start. Have him hand out W-9s (mail them now for 2020 services already provided) and prepare the Forms 1099-MISC for him in January. I'm sure he knows his rental income and has the deposits to prove it and his notes in whatever form to track who's late.Give him a green ledger sheet for each rental for each year for tracking income and expenses.

There's the safe harbor: if it works for your client, then he's presumed to be conducting a trade or business for his rental(s). Otherwise, does it rise to the level of a trade or business/does he treat it like a trade or business? Someone will have cites on the tip of their tongue (I'm in a webinar now).

Issue Number: IR-2020-107 Inside This Issue IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns WASHINGTON- The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It’s also been an ongoing request from the nation’s tax professional community and has been a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC). Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. “This new process is a major milestone for the IRS, and it follows hard work by people across the agency,” said IRS Commissioner Chuck Rettig. “E-filing has been one of the great success stories of the IRS, and more than 90 percent of taxpayers use it routinely. But the big hurdle that’s been remaining for years is to convert amended returns into this electronic process. Our teams have worked diligently to overcome the unique challenges related to the 1040-X, and we look forward to offering this new service this summer.” About 3 million Forms 1040-X are filed by taxpayers each year. The new electronic filing option will provide the IRS with more complete and accurate data in an easily readable format to enable customer service representatives to answer taxpayers’ questions. Taxpayers can still use the "Where's My Amended Return?" online tool to check the status of their electronically-filed 1040-X. When the electronic filing option becomes available, only tax year 2019 Forms 1040 and 1040-SR returns can be amended electronically. In general, taxpayers will still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form. Additional enhancements are planned for the future. “Adding amended returns to the electronic family also complements our partnership with the tax software industry, which continues to work with us to provide better ways to help taxpayers,” said Ken Corbin, Commissioner of the IRS Wage and Investment division. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message. Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com. This service is provided to you at no charge by the Internal Revenue Service (IRS).

Do you recommend any transcriptions apps? Are they expensive?

I too am thankful for the new 15 July deadline, because my tax preparation is no where near what it would be by a normal 15 April. I'm still going to have lots of extensions. I love the clients who call to ask if I filed their returns yet when I'm waiting on them to give me the list of information needed that I emailed two weeks ago. No, when you give me your W-2 and NY driver's license and answer the virtual currency question and give me details on the $6,000 you gave to charity and confirm your banking information and..., I'll complete your returns and send them to you for signatures.

Or, the nonclient (friend, church acquaintance, relative of client, etc.) who wants your opinion because they think their tax professional gypped them out of deductions by failing to file Schedule A -- when the standard deduction was much higher than their itemized deductions or the SALT limit lowered their deductions or... My daughter's teenage friends each received $1,200 so now my daughter's mad at me for claiming her. Please amend my return. When will I get my stimulus check? What will be my capital gain rate for 2020? I often let my phone go to voice mail, because I encourage email so I have a savable trail. That meant I'd answer emails fast. Now, I'm letting many wait until I'm done for the night or until the next business morning (even if I'm sitting here on non-business days).

If her parents do not claim the student as a dependent, the student can claim the AOL but NOT the refundable part (also would NOT claim her own exemption when her parents qualify to claim her but do not). If the student qualifies to claim her own exemption (pays more than 50% of her own support, etc.) then she can use all the AOC including the refundable part when she claims her own exemption.

Get copies of prior year trust returns. Ask why they are not using the trust's prior preparer.

If it is a type of grantor trust, the transactions appear on the grantor's income tax return. For most types of trusts, the trust files Form 1041 and the state equivalent. Read the trust document and the IRS letter assigning an EIN, if any. You might need a conference call with your client and the lawyer who set up the trust. I have never worked with a "settlement trust." Don't forget to look at state law, too.

What type of trust? Are you saying she's the owner because it's a grantor trust? Get a copy of the trust document to start.

I was suspicious and wanted to see what you folks knew before I passed it along to my client, in whose biz name it came to my email on his biz site. I would've deleted it at least until, or IF, I received a snail mail. The client I passed it along to will almost certainly delete it.

Thanx, Max.

Thank you, Elrod.

I received an email request on behalf of one of my clients. I haven't seen this before for a business. It's not that elaborate, intrusive business census that I've seen lots of short versions, including for my own SMLLC, and a couple of long versions for clients. Received this morning and due 28 May. Have any of you seen this email? Is it legit? SMALL BUSINESS PULSE SURVEY A MESSAGE FROM THE DIRECTOR, U.S. CENSUS BUREAU: As businesses and our nation collectively adapt to meet unprecedented challenges posed by Coronavirus (COVID-19), the U.S. Census Bureau is committed to producing critical information to measure the impacts to the economy and people of the United States. To better understand the needs of the many small businesses, we are reaching out to take our nation's economic pulse. Your answers can guide decisions made by federal officials and policymakers targeting aid, assessing programs' effectiveness, and facilitating America's economic recovery. This is a short survey with 16 checkbox questions that should take 5 minutes or less to complete. The survey will assess your business' activities in the last week and since the start of the COVID-19 pandemic. Please use the following information to respond to the Small Business Pulse Survey: [then login info]

Yes, The CARES Act just says that when reconciling the EIP on 2020 returns in 2021 that the 2020 EIP credit would be reduced by advance payments, but not below zero.

https://www.irs.gov/coronavirus/economic-impact-payment-information-center FAQ 54 But, I don't know if the IRS will issue new checks after the returned check. Worst case, she gets the EIP credit on her 2020 return filed in 2021.

I was going to have my very, very part-time employee help me box up old files when she was due to come just before everything shut down. I'd bought a bunch of bankers boxes. But, even though this was before the stay-at-home suggestions and even though I have a home office so knew how it would be cleaned, before and after, I was uncomfortable having anyone come into my home. And, she was relieved when I postponed her work. (I paid her.) So, I'd been piling current files on top of my file cabinets as I used/referred to the files, because the cabinets were too stuffed and I expected to box up the no longer needed files way back in March. I'm continuing to pile files for current clients on top, in alphabetical order, but tall piles that I'm afraid will slide to the floor and spill their contents! When I get through 2019 returns, I'll box up the old folders to empty out my file cabinets and refile my current clients. Current files are mostly thin folders; although, many long-term clients still have paper I've not scanned. I have two small, matching wooden cabinets (sturdy and attractive, but bought at a good price on Craig's list) and refuse to add more paper than they can hold. I'm looking forward to that shredding truck!

The FAQs say return $1,200. The CARES Act says keep it. I'm telling clients to wait for potential clarification; hold it; don't spend it. Read the recently updated (6 May) FAQ 10 and 54 (11 May) and make up your own mind. We're all just guessing at this point. https://www.irs.gov/coronavirus/economic-impact-payment-information-center