Bart

21 minutes ago, cbslee said:

The 2021 unemployment bill currently being considered by the Senate would exempt the first $10,200  of 2021 benefits paid from from Income Tax. It is unclear whether it will pass. If it does pass it will not exclude any benefits paid during 2020 from Income Tax.

If the 2021 unemployment bill exempts the first 10,200 of 2021 benefits then it will not help 2020 unemployment anyway

I will take that bet Pacun

3 hours ago, jklcpa said:

I use Adobe Acrobat and it has a typewriter icon as one of the choices at the top. It allows the user to change fonts and font size. Click that and then click the spot where you want the typing to start and the cursor should appear. It also allows for editing the text later by double clicking on the spot and the text will appear in a box that can be moved in its entirety, and I use that for alignment purposes, but it also will allow for editing the text or changing the font or size.

What version of Acrobat? Is it Acrobat Pro?

Perhaps we are not making ourselves clear.  The real estate taxes on his personal residence are NOT an add back in Missouri.

Is the $2700 of real estate tax non residential?

What line on the MO NRI is the real estate tax being added back?

Debit: AAA $1,000

Debit: Shareholder Draw (I would debit S/H A/R) $55,000

Credit: Cash $56,000

I meant to have the client log on to set up their account to find out how much stimulus they got not for us to do it for them.

CPA is the confusing subject line

https://sa.www4.irs.gov/eauth/pub/login.jsp?Data=VGFyZ2V0TG9BPUY%3D&TYPE=33554433&REALMOID=06-00029c6a-0543-17b0-89b8-163b0acf40c7&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=UOkC7yx4eMTO24FGxPfBRb5q3Mj3Xh3pyXfBEjYyHJ97nGCXu16wx5MzFHjfZmlG&TARGET=-SM-HTTPS%3a%2f%2fsa.www4.irs.gov%2fola%2f%3fGMP%3d1

Set up a user name an password.  Answer a few stupid questions and it will tell you how much they got and when.

irs.gov has a link to it also i think.

Right click on the downloaded file and go to open with

MO conforms to federal.   PPP not taxable.  Expenses deductible.

Maybe a class on 1120S tax preparation

"BRIAN NAYLOR, BYLINE: The problem arose in the early hours of Tuesday morning, the busiest day of the tax year for the IRS." The problem was the IRS computers crashed and were unable to accept returns for 11 hours.  This was Tuesday April 16, 2018.

On HRB FAQ they say if child qualifies as parent's dependent but parents decide not to claim the child then child can claim themself to get more stimulus payment.  Not so sure I accept that or any HRB advice.

Does anyone know when business efiling will open up again in January 2021

There is a poster on another tax talk board who thinks that date should be 10/31/2021 since the PPP end period date could be as late as 12/31/2020 and you have ten months after that to submit you forgiveness application.  He has emailed the SA for clarification.

3 hours ago, ILLMAS said:

Yesterday I participated in a PPP webinar and here a couple of things I didn’t know of:

1.  Many business will not qualify for the loan forgiveness even after the 24 month extension (presenters opinion) period, the why to follow.

 

That is a 24 week extension.

4 hours ago, Catherine said:

Since I am not fond of either orange or jumpsuits, that is important. 

I do not think they make jumpsuits that small

Are the returns referenced in the op 2019 returns?  Will the daughter be a dependent in 2020

PPP forgiveness loan form

https://content.sba.gov/sites/default/files/2020-05/3245-0407 SBA Form 3508 PPP Forgiveness Application.pdf

4 hours ago, Gail in Virginia said:

  We are a relatively small group, and at least 4 of us have seen this already?  

+1 = 5.  I got one also.

https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment

This could be the place to enter bank info for those who want their stimulus payment directly deposited and the IRS does not have their bank info.  I have not checked out the site so I am not sure.

We applied for both.  Our bank is using us as it's test case for the PPP.

9 hours ago, Lion EA said:

Bart, both what? There are half a dozen programs already, some of which are mutually exclusive. Not all are payroll based, but I think all can be used to meet payroll or provide paid time off. You have Section 7(a) traditional loan, 7(a)(36) paycheck protection loan, 7(b)(2) disaster loan, payroll tax credit in a couple different flavors, payroll tax deferral, EIDL, and more letters of the alphabet. How long does it take you to work out which is best for a client?  

I was referring to EIDL and PPP as the two I know of best.  A business can get both.