Lion EA

If you filed for 2019 recently, your info isn't uploaded yet. SS/RR only isn't uploaded yet. Probably only 2018 return info is completely uploaded. Don't know how much of 2019 -- February filers? March filers? The trends I'm seeing on multiple message boards suggest not April filers, yet. People who use the site to file a simple return or enter banking info -- heard that info gets uploaded after IRS processes, no time frame on processing time. They update only once/day, so no need to check again today!

Tell your client to go to IRS's Get My Payment to enter her banking information.

I read that Get My Payment had 6.2 million taxpayers get their payment status and 1.1 million provided banking information. Tell your clients to try again tomorrow!

Morgan Stanley included behind their Forms 1099-R a list of amounts transferred via checks directly to other than me. They don't say nor do they know if they were actually charities. But, I've put the acknowledgment letters with that list. Several of my clients use MS, also. (My broker is a good source of referrals.) It will take a lot of client training! Maybe over time, we'll see more consistency in broker reporting, too.

The payer is not obligated to check if the payee is an IRS qualified charity. That's on the taxpayer -- and, as you say, US. Like everything else! And, your client is supposed to keep his acknowledgement letters from the charities.

This is all from memory, so do your own research, but if you're trying to use less than 27.5, look into the following: Use the UNadjusted cost of the rental house to see if you can use other than 27.5. AFS are needed for $5,000, but any client can use $2,500 if he elects. Is the invoice detailed, does it list any/all line items at $2,500 or less? TCJA was modified by The CARES Act to put QIP back to 15 years retroactive to 1/1/2018. How's his income? Is it to his advantage to accelerate depreciation or to spread it out?

SE qualify for the PPP as of 10 April. SE qualify for unemployment as soon as their states set it up for SE. As long as they are in business, they qualify for some/all of the business-related loans and grants.

The details are in The CARES Act. Waive 10% penalty for withdrawals not exceeding $100,000 on or after 27 March through 31 December 2020. Inclusion in gross income over three years. Repayment over three years (be careful of one rollover per year rule). For details of "affected by the coronavirus" see the details in the Act; it's pretty specific.

Don't I have until 15 July to file extension? Last three years were taxed as a complex trust with no income distributed. (Simple trust was checked on 1041.) Small amount of interest/dividends gains that mom does not need and did not take for 2019.

I did ask for the trust document up front, months ago. She has tried and continues, but with skeleton staff and not returning phone calls (like many businesses) it will be a long time coming. It took many months for KPMG LLP in AZ to copy hubby on trust tax returns. In the meantime, the preparer who brought me these clients has long ago filed personal returns for H&W plus mother. I filed the S-Corp returns. But, continue to email back and forth re the trust.

You might be thinking of your client receiving a check that could have w/h, and as Randall said, it's on client to make up the difference or pay tax on the w/h. But, he gets the w/h on his tax return. Just tell your client to do a trustee-to-trustee transfer to avoid any w/h.

I'm working on one now that the wife of a trustee (the only trustee?) moved from a bank that was handling the investments and return -- investments to H/W broker and return to me. Trustee is an artist but wife is a writer and deals with their finances and paperwork; CT residents. Beneficiary is H's 90-something mother out in MI, but the prior fiduciary company is in AZ. Wife thinks trust was started by husband of Beneficiary, who would be her father-in-law, but he died long before wife married husband (second marriage). I have three years of returns and NO state return. Wife is a pretty good researcher, but has found no state returns and no trust document. Her best guess is this is a MI trust. This all came to me through the preparer for their personal returns, so that preparer now has mom's personal return -- and again NO state. (Preparer does not prepare trusts or any returns other than personal.) Mom's personal return would obviously be MI (although, not obvious, because she has a second home in another state). But, the story there from the other preparer is her personal filing requirement is higher than her personal income in whatever states she's looking at. In addition, the prior preparer of the trust checked Simple Return but used Exemption for a Complex Trust. Probably some other fun things; I just opened it up today. I'll get through the federal the best I can and then figure out next steps.

I think it's the wages you report on Form 941 but NOT including wages you use for another benefit, such as PPP forgiveness. I don't think it kicks in until you're filing 2Q Forms 941, so we have lots of time to continue getting clarifications that are arriving almost daily. I'm sure you know as much as anyone else; but if you're unsure, you could find a good payroll company to work with your payroll clients. (I got rid of all my payroll clients to places like Paychex, so I don't have to learn the finer detail of this one!)

A 4868 filed by 15 July gives you three more months to 15 October.

ILLMAS: I can say those words here. I would NOT be able to say them to a client. If I think of a polite-sounding way to say, "I told you so," I would. But, luckily my S-corp employee/shareholders DO take salaries, quite a lot of salary, in fact. So, their grumbles were about not being able to use the amounts over $100,000 in the calculations. And, they are all smart enough to realize that's a good problem to have, so tiny grumbles!

The 1120S owner should've listened to us when we told him to put himself on payroll.

Sounds like the magic "portal" is finally arriving next week. Or, can you e-file S and have direct debit for only $10 or so now? She has until 15 July to pay, so no reason to pay all of it now. Then you give her the paper amendment to mail as soon as her original is processed.

Sorry, Judy, I'm too tired to interpret anything right now. I'm glad the SBA and others continue to update the regulations, but it's frustrating for us answering questions and for the small businesses trying to apply or having already applied and then reading an update the next day. Congress tried to be all things to all people/voters and designed too many programs for us to digest, too many to issue rules for quickly. And, pages on sites for the SBA, IRS, Senate, Treasury, Chamber of Commerce, and many more, mean you have to search around to find the information you need and then compare dates to make sure it's the most recent. I agree with those who would love to know more about Forgiveness before receiving a loan, so we can plan out our spending the most beneficial way. I have a webinar Friday afternoon that's covering everything through Friday morning.

Let's file correctly, but it may have to be on paper and mailed in.

Some SBA loans prohibit other SBA loans. PPP is available if you have no other SBA loans (over some timeframe, such as last 7 months or something), but if your only other SBA loan is the EIDL, then you can roll your EIDL into the PPP.

If she gets a payroll loan, she is expected to spend at least 75% of it on payroll if she wants it forgiven. The interest rate is only 1% if she's not interested in forgiveness. And, there are many other SBA loans, both the new ones and the ones that have been around before COVID-19.

Some college websites have the housing costs plus the % of housing costs to use for off-campus students.

PPP can be for non-employees starting tomorrow the 10th. Plus, there are a LOT of other SBA loans.

Anytime I do something for the first time, I bill hourly. If it's a learning curve that benefits me (I'll do more of that thing and make money doing it) then I discount heavily. PS We can't discuss fees specifically, price-fixing and all that. But, I don't have a fee for Forms 5500 anyway. Maybe those who prepare 5500s can mention the range of hours it takes them.

You can roll your EIDL into a PPP. Don't know the math of that, but there are experts out there who can explain how it works.