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Here are links to IRS site for the draft of Form 7200 and its instructions. Link to CARES Act: Employee Retention Credit FAQs put up by the U.S. Senate's Finance Committee

Locking this topic. Please post in the one for SBA Loans instead.

There's a whole topic in the COVID-19 forum. See below. Also, I found this page with the highlights that seems pretty good from the National Law REview https://www.natlawreview.com/article/summary-cares-act will be moving this topic to the other forum.

Hi Texas, are you in the business of tax preparation or related industry? Do you have a cite?

Yes. https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed Moving this topic to the COVID-19 forum.

I too recall reading that, and I think it was in a Journal of Accountancy article.

To be perfectly clear, there are a lot of sites saying "no payback". The IRS' official page for coronavirus has a lot of good information, but IRS does not specifically say "no payback" yet.

IRS has now extended the deadline to July 15th for Form 709 for gifts and GST. Per notice 2020-20.

Yes! That's exactly what I enter in Drake's program using screen DD2, and I do have it entered as Q&A. The program will print a page that has signature boxes at the bottom.

I have clients sign statements too and a page from Drake's program with notes I've entered that has signature lines. The statements I use were shared here last year by our member, Ringers, and I slightly modified them mostly for my own formatting. If anyone wants them, here they are in Word that should allow for your own modifications. Let me know if there's something wrong in them. 2019 Cert-Child Credit or Other Dep Credit.docx 2019 Cert-Amer Opportunity Credit.docx

As this IRS bulletin states, you'll need to file a tax return for either 2018 or 2019. Don't wait for the gov't to develop any sort of website. We don't answer questions from the general public on this site. Please don't ask anything further.

Although I can see that your email indicates you are an accountant in a law firm, your username and the fact that you revived a 4 yaer old topic may lead members here to assume that you are someone from the public that has stumbled onto this site. When that happens, we ignore the person and the post. I've been away from the ATX program for a few years now, but if iirc, ATX does not allow "zero" as an allocation. There have been posts more recent than this topic where users mentioned that ATX program will accept 1 through 99. I'm not sure if that will solve your problem though. Do you have a specific question for us?

More info on the stimulus directly from IRS:

Thank you!

True, but the payment is an advance on the credit that will be claimed on the 2020 tax return, so won't they have some payback if the income on that return exceeds the upper limit?

Came in as email from the Philly IRS liaison:

Calm down, everyone, and back away from the keyboard if you feel the urge to attack another member here. Tom was venting some frustration, and we're all going to have some added frustration or stress as we try our best to help clients that are in financial difficulty. This topic already has some valuable information and insight that others may find helpful. Keep the ideas flowing. We're going to need them.

The catch in structuring as a loan instead of a penalty free withdrawal under this new provision, if for some reason the employee does not return to work and can not pay it back in that year, then the employee ends up with a taxable deemed distribution all in one tax year instead of being taxable over the longer three year spread.

It is sad and worrisome to think that we may actually lose a family member or someone we know firsthand to this. I hope each of us are trying our best to follow the safety protocols to stay safe and healthy.

Yes, stay away from groups or service like that. My state society set up something similar last week and I didn't pay much attention thinking I could check it out more fully when time allowed. All members were automatically signed up with the default setting to receive an email for every post, and the director asked everyone to chime in with their favorite color to test out how the site works. I woke up the next morning to a very full email box filled with their one word answers. I had a momentary response of WTbleep, and before I'd had any coffee too.

Yes, that should be it. I did have that one that was totally messed up though. If you can't reconcile it, maybe you should ask the client for a list of the actual payments made each month, or the bills from the insurance company.

I got the test message.

To clear the cache in Chrome desktop version, open the browser and click the 3 vertical dots in the upper right-hand corner, then "More Tools", then choose "clear browsing data". The 3 choices under "Basic" are probably all checked. You can adjust the time frame to clear, and I always choose "all time" for that. Click on the "Advanced" tab to make additional choices of what else to clear, or to uncheck the "passwords and other sign-in data" to keep that. Once you've selected items to delete, click "clear data" at the bottom right.

That is very strange. I definitely don't have you blocked from messaging me. I do recall that at one time way back I had that same disappearing subject line but don't recall how it was resolved. I think it went away on its own and I never figured out why. I looked at that topic and there hasn't been any changes to it except that I edited my own post, probably right after I posted and saw some typo or something. If you have another browser, maybe try it to see if you are having the same issues with it.

@Eric it was this topic from Jan where Lion described most of her troubles with the site: