Lion EA

Have your client research his cost basis in his shares. Purchase document. Broker. Investor Relations at the company. If you have time, help him remember date and look up on BigCharts.com. Use zero for basis.

Exactly. In our role as tax preparers (they already have bookkeepers) our job is to accurately report what happened last year. When we do our DD, we might find out that something that already happened was wrong. Case by case. I always explain to them what was wrong and how to do it correctly this year. But, depending on their reactions, what the issue was, and probably how I'm feeling that day, I might see an alternative reporting or hand the person their papers back or check in with them in a couple months to see how their mid-year books look or send them a firing letter when I have time.

I don't mind. It helps me know that we're all in this together. This community can discuss and support each other.

Could've transferred in from another brokerage. Ask your client.

If they are/were employees, they can apply for benefits. I've already had a hair stylist contact me (she previously dropped off her tax documents) to get her W-2 info for an unemployment application. State by state regulations.

No losses. Just a friend in Taiwan who is fine, her family's fine, her students are fine, her colleagues are fine. Because Taiwan immediately closed schools and gathering places, and residents self-quarantined. Their health services are coping fine. Sympathy to Medlin. Stay safe & healthy with friends and family; nature can be a great healer, physically and emotionally.

The article JohnH posted in another thread had a chart of countries and when the virus arrived. Taiwan had the same date as the US. I have a friend who teaches elementary school in Taiwan. They closed the schools for a couple weeks and taught online. When they reopened schools, everyone -- students, teachers, staff, visitors, everyone -- gets their temperature taken outside to be allowed in. Every Day. Our local schools closed just last week, and it's still a district by district decision. We are not doing a good job of self-quarantining, and the states and federal government are not requiring strong measures. We WILL overwhelm our health system soon.

Yay, my Wednesday biz client cancelled, so I don't have to cancel him! I go to his biz site and really didn't want to; I've canceled face-to-face appointments. But, he's my biggest client; I work at his site a couple times/month creating reports to his clients, overseeing his bookkeeper, etc. I completed his S-corporation returns and e-filed, so that was done a week ago. I was dreading canceling, but now I don't have to. Yay!

I know CT's governor spoke with the governors of surrounding states to work out something common for the northeast... With such a long lag before one gets symptoms, the only way to stop the spread is to severely limit contact.

Monday 20 April end of business day.

If they are MFS and she itemizes, then he must itemize also. Otherwise, his standard deduction is zero. Or, they could file MFJ with an innocent spouse form for her included.

Did she repay in 2019 or 2020?

I don't think so. Involuntary conversion is more like the state taking your property for a highway. But, someone on here will have dealt with that.

If he values his job, Schedule C. If he left that job, use Form 8919 and SS-8 to report it as wages and pay only his half of FICA and Medicare. Let your client decide. It is NOT other income.

The toughest thing for me is to NOT touch my face. I tend to lean on my hand, scratch my itchy eyes and nose (allergies), brush hair out of my eyes with my hand, and otherwise touch my face. I'm making a conscious effort to NOT touch my face, but it's very hard.

I have lots of "remote" clients but am pushing for all the rest to upload to my portal, mail/UPS/FedEx, fax, or use the mail slot in my front door. I'm using eSign when possible (NY won't accept any type of electronic signature) and otherwise use my portal for delivering signature pages, return to review, payment vouchers if not paying electronically, etc. I mail tax folders after e-files are accepted. We do wipe the front door handles and mail slot now, as well as all door knobs and light switches and bathroom counter/fixtures and my desk. I'm washing my hands before and after handling each client's documents. I have a bottle of sanitizer on my desk and a small bottle in my purse and tissues on the desk. It's a home office. I have a couple of biz clients that I work at their sites; haven't been to one lately, but was at the other on Wednesday and took my wipes to wipe down the desk and chair before and after I worked and had my hand sanitizer with me but washed my hands frequently, didn't shake their hands, etc. They were using paper towels in their bathroom instead of cloth towels as in the past. My clients are mostly long-time, so lots of hugs and even kisses and, at least, handshakes. But, not this year. Just smiles. I love the idea of pens, taking them with. I'd done that with pens with my info on them for years but didn't buy any this year. Still the mug of pens for clients (mostly handouts from seminars and samples mailed by imprint companies) -- I'm going to have them take them with them as they use them. I do keep the pens I use on the other side of me to NOT loan to clients. Going to be extra careful about that now. Thanx, Lynn. I got some push back from a couple of older women who drive a fair distance to come to me. We struck a compromise: they'll drop off in my mail slot; I'll call their cell with any questions; they'll return to sign (they won't use a computer and don't trust the mail) at my front door or front hall, not my office. We usually do a fair amount of chatting at their appointments, but this year we did that on the telephone instead. Signatures and out of my house. I think they want to sit in their car in my driveway for hours while I prepare two sets of returns!

Westchester County, NY, with a big outbreak, is right next door to Fairfield County, CT, so it's leaping this way. One man at a large party in Westport, CT, who didn't show symptoms until days later (he'd gone back to his home country, so a communication lag added more days) led to 14 more cases in Westport who didn't show symptoms until days later. How many people did those 14 contact before showing symptoms? Their own children, work colleagues, children's school events, religious services, more parties and social events, political events, grocery shopping, routine doctor visits, etc. During that time, my hubby was at Westport stores (Stop & Shop, Trader Joe's, dry cleaners, post office, and nearby Costco, plus three different doctor check ups for eyes, feet, etc.). Did he come into contact with one of the 14 or any of the people that previously contacted the 14? Hubby did our shopping and touched everything in this house. How many other people touched the soup can, frozen food box, dry cleaning, etc.? One of the CT cases is a hospital worker in TWO hospitals. How many people, including those with already compromised immune systems, did he contact before he knew he was sick? Another lives in NY so counts as a NY case, but worked in two CT hospitals. All of our doctors provide services in those hospitals. The CT cases will grow exponentially, not linearly. If one of us -- both old and type 2 diabetic -- gets sick, the other can't isolate, is the caregiver. How much higher is the 14% for TWO risk factors. How much higher for the second to get sick after spending weeks caring for the first? Do you understand why I don't want my clients in my home office? I need to protect them and their families, as well as my family, and everyone we come into contact with before we know we are sick.

There were a lot of deaths from AIDS before we had time to develop a protocol of anti-viral drugs, and we slowed the spread by safe sex, getting bleeding athletes out of the arena, and other lifestyle changes. Only now are we seeing a vaccine, and it's been around since the early 1980s. Without hand washing, social distancing, no hand shaking, etc., we will not slow the spread of the corona virus. It lives for hours on surfaces, so that paperwork we handle (how can I sanitize paper without the print running?), the desk or light switch we touch, etc., can be deadly to an old lady like me with type 2 diabetes. Look at Tom Hanks and Rita Wilson and they're a decade younger than I am. Our medical facilities cannot treat (there is no cure) or control this virus. If they have enough respirators, they might be able to keep some of us old people alive long enough for our bodies to recover.

I haven't done one, so it's not in my memory which way is which, but it depends on if the rental was before or after the personal use whether you get a percentage of the exclusion or the whole exclusion (except for depreciation). Look it up to make sure ATX is doing it right. "Period of Qualified Use" might be the term.

Yes, haven't really had to deal with Repair Regs issues since TCJA, but there are changes.

As well as the $2,500, there's a % of cost rule. No other renovations, just new paint? There's a rule about repairs/services/replacements you need to make every ten years or less. Those repair regs have a lot of paths. You can probably find one that lets you deduct the painting cost.

My grandmother lived to be 103. The funeral director said he ran out of magnetic flags for the cars, because he never had so many great-grandchildren old enough to drive!

Did they act like a partnership in 2019? Guaranteed payments? Business bank account/credit card? What name was on the checks they received from clients; do they have a partnership name/dba? Did they register with the state as a partnership or MMLLC?

Why doesn't he hire her in his business?

Doesn't have to be safe harbor; although, that would cinch it. Rise to the level of a trade or business. How much land is it!! But, it could happen. Ask questions. If the land is in a partnership, the founding partners could've thought they saw the possibility of making a business out of it. What do they rent it out for? Parking near a stadium?