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Delaware individuals: extended the filing and payment deadline is July 15th along with the 1st quarter estimated payment, but the 2nd quarter estimated payment due date remains unchanged and due June 15th. Paper extensions for individuals are still required for anyone that wishes to extend the filing date to Oct 15th, and those are to be emailed to a newly created address of [email protected] Corporate returns will now follow the federal due date, and first tentative estimated payment is now July 15th. The state will honor federal extension 7004 to further extended. Here is the Technical Information Memorandum TIM 2020-1 that covers it all.

The taxpayer will need the same written acknowledgement that should be given for any contribution of $250 or more but that is not more than $500. Please see pub 4302 pages 3 and 7 for more details. https://www.irs.gov/pub/irs-pdf/p4302.pdf

Yes, people are calling to check in! If others are like me, I'm trying to answer questions about the shutdown, trying to decipher the new credits, picking away at the returns on hand, following the news, and worrying over family stuff. Plus, I just walked back in the door from picking up meds and shopping for us and for mom too. There was little traffic, light amount of shoppers that were still polite but not making eye contact, some actually making u-turns so as to not pass others in the aisle. Weird. Maybe I'll squeeze in some work today...maybe. I'm doing well myself, and as an introvert that is accustomed to being holed up at this time of year, that part of my life still seems rather routine. I'm just doing the best that I can each day and not allowing myself to feel overwhelmed. Do what I can, and the best that I can. That is all. I'm very concerned for my mom and my husband though, and I know I can safely share here without them or other family seeing. Mom is 93 and was released from a rehab facility one week ago after a month's stay because of a compression fracture of L2, so she definitely needs help now where normally is very capable living independently. She will heal, but I'm concerned about bringing the virus in to her and I'm the only one that may be sort of safe visiting at this point. Both my brothers and their wives have been sick with something involving lots of coughing but are all getting better after about a week. My oldest sister, 72 now, still works at Walmart part-time, is healthy so far, and is not visiting mom at all because of possible exposure through her work. Other sister is not local, so that leaves only me, and I'm sanitizing and washing constantly with everything there and keeping my distance as best I can. Starting around this time last year, my husband has been battling 2 difference types of cancer. Treatment for one was finished last year, and the treatment for the other cancer was finished in late January. On top of that, tests to clear him for the biopsies and treatments showed that he also has 3 things going on with his heart too. At 69, he is definitely in the highest risk group and hasn't been out in almost 2 weeks. He's an extrovert that likes going somewhere every day and will definitely be utilizing social media and video chats more frequently. Someone to talk to other than me! lol He's doing really well and is healthy otherwise, and no one would think there's anything wrong with him, and people don't believe his age either. They always think we are the same age and I'm 10 years younger. Thanks for letting me unload and thanks for reading, if you got this far. Sorry for the wall o' text. If anyone else needs to chat to relieve their stress or worries, please feel free. We need each other more than ever, and if anyone is feeling overwhelmed, please find someone to talk with or share here if it helps. We are a family here, and no one understands our work better than other members here.

Hi Everyone, Eric kindly created a forum specific for all the questions, new legislation, software changes, shutdowns, and anything else that comes up related to the pandemic. He said he's been very busy lately the last few weeks with website work related to CoVid-19 and is doing well. Hopefully he'll stop in to chat at some point soon. I've moved all of the existing posts including those pertaining to the new legislation for the tax credits.

It's recapture of the prior year credit and reported as an additional tax on the current year's return IF the reduction in the education expenses wasn't know about and already used to reduce the credit on the prior year's return. It goes on line 12a of the 1040. Sorry I can't tell you how to make your software do that though. From the 1040 instructions:

Delaware is shutting down all non-essential businesses effective 8 a.m. Tuesday. Our industry of accounting, tax prep, bookkeeping and payroll are considered essential and may remain open.

@Colfax Mingo I moved your above post to this topic, and I will remove this tag and post later on.

Yes, I would issue a 1099 for the rent and support services.

It had not been changed as of last night. I have returns that could be ready that I'll be mailing to clients. If the instruction letters aren't updated soon, I'll correct the date on the letter by hand and highlight it.

Either I am missing an update or Drake hasn't made the changes yet. I have auto-update on and my last program updates for the Federal were on the 19th for other unrelated changes for the 1040, an undescribed general program update, and shared tools. The summary and comprehensive results letters are still showing original due dates as are the estimate vouchers and their related instructions.

I've done that too and used my GBC binding machine for those larger tax returns. It's the kind of machine that cuts a row of little rectangular holes and opens the plastic comb type spine, not the spines with the heat sealed spikes.

I consolidated your post into this topic. Also, please see the pinned post at the top of Gen'l Chat:

From Tax Foundation - State Legislative Responses to COVID-19: https://taxfoundation.org/state-tax-coronavirus-covid19/?fbclid=IwAR05E2ch588Qce0JTQB7HZBXp_2I7UavjzGQMxhYWWwgnJGcC2LoM4scTRY AICPA is maintaining a list of each states' filing relief and requirements: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf List with links to each state dept of revenue for any additional information or press release that a state may have issued: https://www.taxadmin.org/state-tax-agencies

FOR STATES: AICPA is maintaining a list of each states' filing relief and requirements: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf Here is a list with links to each state dept of revenue for any additional information or press release that a state may have issued: https://www.taxadmin.org/state-tax-agencies If anyone has additional links to share specific to easing of deadlines for filing or payments, please do so but try to keep chatter down as we have a few other topics of discuss to post there.

We're getting a lot of duplicate posts on these topics. In an effort to consolidate, I'll be pinning this one. If anyone has additional links to share specific to easing of deadlines for filing or payments, please do so but try to keep chatter down as we have a few other topics of discuss to post there. FEDERAL: Payment AND filing dates are now automatically extended to July 15, 2020 without penalties and interest regardless of the amount owed. First quarter estimate date is also extended. Link to the actual relief enacted: https://www.irs.gov/pub/irs-drop/n-20-17.pdf 2020-18 supercedes 2020-17, found here at the following link. https://www.irs.gov/pub/irs-drop/n-20-18.pdf 2020-20 extends filing date of Form 709 to July 15th.

Right, the states may be the problem where we'll still have to do the work or get an extension. I still plan to finish the returns I have on hand and any whose documents are sent in or dropped in my box. I work out of my home, and a few are already electronic delivery anyway. I don't have anything else planned, so why not continue on. It's nice to know that there's less pressure though, if it comes to clients or me getting sick.

There is now a website that was developed by a 17-year-old Seattle man that is being used as a central hub that updates every minute and pulls info from WHO, CDC and others. It's all in one place with global and by-country data, and also includes information on those that have recovered. He will also be adding information on vaccines that are being developed. He is working on having the site presented in other languages too. This link is to an interview with this talented young man: https://www.democracynow.org/2020/3/13/meet_the_17_year_old_behind?fbclid=IwAR3HO2a5Bo2U1SnOCB2Ps-OmvpDFAucjLQ-hag2Ix_HBaXZ4Qlg8xWintVE This is the link to the tracking site itself: https://ncov2019.live/data

Sorry, I thought you were working on a beneficiary's return, not that of the decedent. I looked around for this and didn't find much except Ed Slott's site was the only place that addressed this specifically. I posted the quote from it below. As you had originally asked, I'd enter the FMV at death on line 6 because that whole section from line 6 through 9 is to arrive at the value of the IRA(s) before the current year's distributions without returned contribs, recharacterizations, or conversions. It's function is to arrive at the ratio that the prior year's unused basis represents compared to the amount on line 9, and that percentage is the nontaxable portion of the current year's distributions, in other words the basis used up in 2019. The amount on line 14 of the decedent's 2019 form 8606 is the remaining basis that goes to the 3 beneficiaries. Here's is the quote from Ed Slott's page concerning this:

NO, beneficiary would pickup any unused basis from the decedent's 8606. In the case you are working on there are 3 beneficiaries, so if each got an equal 1/3 share of the IRA, each would get to use 1/3 of the decedent's basis on their own 8606s to determine the nontaxable and taxable portions.

Non-spouse beneficiary's basis in IRA is that of the decedent. Below is quote from Pub 590-B: Link to pub: https://www.irs.gov/publications/p590b#en_US_2019_publink1000230538

Many questions. We have to wait because there's been no official guidance yet. My question is whether the extended time for payment will include the 2020 1st quarter estimated payment. I have clients who are stuck oversees and may not be able to get home before the deadline and have very large estimates to pay.

Yes, you missed it. Abby Normal is referring to Jack's response on page one of this topic made on Sunday.

Yes, state by state and that continues to evolve, so it depends on how each state views the shutdown due to the CoVid-19. Google and check the states' websites for more information. My state has a page with information in statement format while others have it in FAQs or Q&A format. I found a lot of information quickly by a search of "covid shutdown & [enter your state] unemployment" and look for the site that is the official one for your state, or check directly on your state's site that handles labor law and related taxes. The states are being inundated with claims, so the information should be easily found on these sites since everyone is probably asking the same questions, or will be soon.