Lion EA

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!

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.

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."

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.

31 December 2020.

And, the bank is trying to figure out what the SBA is thinking!

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.

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.

Or, free from NAEA or NATP.

My copy is printed to pdf and has everything. I stopped keeping mine on paper.

e-Services. Or, if your POA hasn't been processed yet, the client can use IRS's Get Transcript.

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.

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.

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.

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!)

First, there are no paybacks at all, per the IRS. On the 2020 return there will be their credit, and you will enter the amount of their advance check; however, the subtraction will NOT take their credit below zero. Second, the IRS has said they will issue advance payments through 31 December, so clients filing later this year might still receive checks/direct deposits.

Most things are working here. But, I cannot post on that one thread. And, while messaging with Catherine, I realized that many times when I try to post, I get kicked off this site. All other tabs are open and sites still functioning. Just this site. It started the middle of last week, no later than Thursday. It happened to me several times Monday. I'm not so sure it's a Chrome thing, because I have seven Chrome tabs open and visit a dozen sites multiple times per day (plus link to a dozen more from news stories and earlier sites), and this is the only one that kicks me off.

It's so much easier when dealing over the telephone or via email or more and more via text (I hate to text) to tell a client to look at Worksheet XY and see the top line is $1234 but the bottom line is $0, so none of your "whatever" was taxed, but yes I did include it, didn't forget it. Even more important when the top line is $1234 but the bottom line, or line 12 that transfers to Sch 1 line 99, is NOT $1234 and NOT $0 but something altogether different, such as $567. They're sure you put the wrong number in or left off a form, because they don't see the number they're looking for on the two-page 1040. The worksheets tell them why, without trying to talk them through the math over the phone. Profx can print all the worksheets run together, so 21 worksheets can print on 4 pages or so, a small price to pay to save me time answering their questions later. I've even had clients work it out themselves, because everything is labeled with directions, such as "transfer this total to line __ on Sch _ " or "to worksheet __." That matches the directions on the return, such as "see worksheet __ line _" or something like that. I've had clients call to tell me how proud they were to have figured it out themselves, a much more pleasant phone call than, "I though my SS isn't supposed to get taxed." I've dumped a few obscure worksheets out of client copies over the years. But, I want each client to have everything they need to take to a new preparer. Or, to go home and show their spouse or grown children that I did a good job for them.

It's all three of those. We'll be reconciling these checks on next year's tax returns. The Tax Preparer Full Employment Law.

I don't have the time. But, if you could study the SBA literature and work your way through one, you could probably do lots more, lots more quickly. I did have one biz client message me this morning for Feb 2019 thru Jan 2020 income, payroll, and utilities to fill out an application with his banker.

When clients call (which is not as often as they should) I tell them we should look at the cost of various sources of money. 401(k) withdrawals will cost them at their marginal tax rate, including their rate three years from now if they spread out the taxes; but could cost nothing if they can budget for repayment. Unemployment benefits are a VERY good deal now. Cash advances on a credit card can be pricey, but they should look at the rates (and not assume cash advance rates are as low as purchase rates). New options for SE individuals have opened up via state and federal governments, including unemployment benefits. Home equity loan &/or line of credit. Borrow from parents. Look at all possible sources of income and compare costs.

I think I saw something about such calculations being suspended, but you're in a better position than I am to receive such notifications. I did get a message from a client today needing Feb 19-Jan income, payroll, and utilities; his BoA bank rep called him to apply for a "grant."

Been there, done that. I still lurk/read. And, sometimes one of the cites is exactly what I was looking for. (Also, you can learn what speaker you might want to take a class from and what speaker you definitely would not!) But, NO sense of humor and no patience for us preparers who are trying our best, like you say.

Talent lost too soon. And, it's scary seeing these people younger than I am dying or in ICU.

Tried IE, but have to track down my password! Back in Chrome but after clearing data. I tried messaging Judy and Catherine and got the usual Message Sent, but message still sits in box with subject gone from subject box. Did you ladies get Test messages from me? And, I was able to post a Test message on that thread that would not accept for the last five days. Thank you all. Clearing out everything seemed to shake at least most things loose.