jklcpa

You are correct. A roof is specifically excluded from QIP but IS one of the items eligible for sec 179 treatment. Also, don't forget to write off the remaining cost of the old roof that was replaced, if that was separated out on the fixed asset schedule.

But the OP said this year's 1099 was reported using the beneficiary's SSN, so the nominee reporting would be the other way around with daughter nominee-ing out to the mother.

Thank you, Bart, and I did know what you meant also. My quote and post was meant as a warning to any other readers that would consider doing something like that, including the many visitors here that may or may not be tax professionals. I never thought you would do that and I'm sorry if my quoting your post suggested differently.

Yes, I'd be surprised if anyone actually read the topic as it was titled so I changed it.

Um, no, please don't do that.

Current and prior 2 years may be efiled any time this year up until the IRS shuts down MeF late this year to prepare for the filing season in 2022.

Daughter should report the portion that is not her income as a nominee recipient, and she should issue a 1099-DIV to the mother for that portion that belonged to the mother while she was alive.

Why is this posted entitled "CPA?"

Yes, for TYs after 2002 the sec 179 can be revoked without IRS consent by filing an amended return, but the revocation is irrevocable. Revocation is irrevocable. I'm operating on little sleep today, and that phrase brought to mind the silliness of the "You Go Down There" segment from "Little Big Man". Sorry, couldn't help myself.

Haha, if only.... This is going to be a PITA. No one kept the letters, and I have some in the phase-out range. One older client swore over and over to me that he knows the first EIP was only supposed to be $600 and he has never been comfortable giving anyone, including me, and direct deposit info. Then he remembered getting a check but said any time he gets checks, he always makes a rounded-off partial deposit and takes some cash back as mad money. He refuses to use the internet! I looked up the date for him on the IRS site. Said he found a deposit for an even $2,000 on 4/29/20, so he says he either added some to the $1,200 from another account...or he got $2,400 (wife died April 2019, 2019 return filed on 2/11/20) and deposited only $2,000. On top of that, he definitely didn't get the $600 in Jan 2021, I'm filing his single return now with $1,200 and $-0-, and claiming the RRC for the $600. He's so stubborn about not using internet, he's one that walked into Walgreens and tried to get the vaccine without any application, then had to have a friend do it for him. Of course, loudly complaining about all that work just to find out there are no appointments anywhere near us at the moment. I wonder if friend is frequently checking back for him and monitoring emails. Just shoot me now because I already hate this tax season. I only have about a dozen in so far, and only three have complete data.

There is a page where it's possible to see whether funds were paid to the taxpayer. It gives the date and type of payment - DD, check mailed, and I'm guessing debit card issued, although I haven't see that one yet. It does NOT give the amount. It requires logging in with SSN, DOB, street address, and zip code. It is by the individual TP, so a spouse would have a separate record. That page is accessed here by clicking on the blue button labeled "Get My Payment" There is another page to see the amounts, but that requires the individual actually set up an IRS account with the full i.d. verification, so we preparers would not have access to that. Pretty much a waste of time unless you want to tell clients the approximate date to look for the amounts in their banking records.

That was for the first EIP, and the IRS has since taken that page down. There is no way to change the DD info with IRS except to either call or file a tax return with the correct banking info on it. At this point in time, for those that aren't required to file but want to so that it includes the direct deposit information, the only other option is to file an extension with a payment and report that on the return that includes the banking information. Someone above suggested making an estimated payment that could be claimed on the return, but it is too late to make an estimated payment for 2020 by electronic means on either the IRS site or EFTPS.

That's not what the above posters are hoping for. They want to make a payment for 2020 that will show up on a return to force a refund so that they can enter the direct deposit information on the return itself.

I checked the IRS direct pay and credit card options, and at this point in time the taxpayer can no longer make a 2020 estimate through the IRS site, so in order to have a payment on the 2020 return, that would leave the only options to either make a 4th quarter 2020 estimated payment late by paper filing it, or to make an extension payment via the IRS site. I didn't check the EFTPS site to see if it would still accept estimated payments for last year.

For COS, remember to ask how much of the product purchased was withdrawn for her personal use. With that eliminated, she might not have a loss after all.

As I posted in another topic in the Drake subforum, each year some returns are processed ahead of the official opening date and this could be the case with your amended returns too.

Each year some returns are processed ahead of the official opening date, so probably this is why some of yours went through.

The official NCIS "about" page: https://www.ncis.navy.mil/About-NCIS/#:~:text=Comprised of about 2%2C000 personnel,the Secretary of the Navy.

I don't know either. It is connected to the Navy but is a civilian-run agency. Being paid by DFAS also isn't indicative; I have a civilian nurse that works for a VA hospital and her W-2 is issued by DFAS too. Employees of NCIS don't have to be military or have military experience, but it may be helpful. I think your best bet is to ask the client.

Even if ATX allows transmission through their system, it's not going through to IRS until the agency opens MeF for individual e-files next week.

No, the contribution deduction on the original return is unchanged by the NOL carryback because that deduction on line 10 is specifically calculated without regard to any NOL carryback to that year. In other words, do not recalculate that deduction. This is covered in the instructions to form 1120, but that is more difficult to find at the moment because that document is currently under revision. An older version of the instructions states this as it pertains to calculating the deduction on line 10 of the 1120:

After deleting the EF Info form, did you close the return before adding that form again? Here are other topics where users had the same issue. Seems you were one that had this issue before...

Afaik, and according to the latest update of Pub 1220, the IRS has not yet included the Form 1099-NEC in its combined fed/state filing program and will necessitate a separate state filing for these forms for any states that require them. Other 1099s and information returns that are transmitted are listed in a topic when I posted about this issue back in January (link below). Can you actually confirm from your e-file records that the "NEC" forms were transmitted to the state?

From the instructions for line 7: Don't include salaries and wages reported elsewhere on the return, such as amounts included in cost of goods sold, elective contributions to a section 401(k) cash or deferred arrangement, or amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan. So, for lines 7 & 8, report this as gross minus the 125 & 401k deferrals Line 12 - this would be all inclusive, including the portion for shareholders and officers, unless some of the expense is separated out in COS line 17 - include employer match AND employees' and officers' deferrals here that weren't on lines 7 & 8 line 18 - include any employee benefits including the sec 125 elective deferrals not included on lines 7 & 8 line 19 - not exactly sure what your question is for this line.