Pacun

Partner C put down $25K from his pocket for 25% of the shares, correct? If he has used only $14K in losses, he still has $11K basis. The bank will not issue him a 1099-C because the loan was repaid to the bank. Technically he just lost 15% of his interest on the partnership. He only has 10% of interest and this is the way the new interests should be stated: A gets 48% B gets 24% C gets 10% D gets 18%

H & R Blocks advertises that people can bring their last paystub... I guess they use some sort of RALs. I guess the difference between H&R block and myself is that they are running a business like a business and make enough money to pay their executives much more money than what I make and they don't even prepare a return. In my case, I don't make enough money to pay someone to answer my phones. Perception is key and people rather pay double to H & R and the person who will prepare their taxes doesn't even know half of what I know.

I have a client who leaves in MD and when he withdrew $60K from his 401k, the company withheld 0 for the IRS at the request of my client but they told him that they had no choice for MD and they withheld some money. Another client in VA got 99K from his 401k and he requested nothing to be withheld for the IRS and state and that request was honored. As you know, the IRS will allow the distribution to be reported: 1/3 on 2020 tax return, 1/3 in 2021 and 1/3 in 2022 or all in 2020. The taxpayer can send back 1/3 to the 401k plan before filing his/her taxes but before the due date for tax years 2020, 2021, 2022 and pay 0 tax on Federal. I wonder if states will also honor what the Federal government said in the CARES act. Maybe we could start a topic on the states that have announced how they will treat those distributions.

I usually ONLY ask the taxpayer to call the IRS. I don't suggest to call the possible scammers.

I had to chat with a live representative for a temporary password. I think issue was that I was entering my user name but you MUST you admin. Client ID XXXXXX User name: Admin Password.

Thank you. I am going to check my mail more carefully.

I haven't received any emails from ATX but most of the time they release ATX software at the end of November. Did I miss something?

The only way this would make sense is that you have windows 7, No data, no connection to the network and no connection to the Internet. Wouldn't make sense to have it, correct? Even then, MS says it is not safe. (period). Even if you don't have any data on a windows 7 machine it is it connect somehow to a computer that has data, it is a huge risk.

I would not use windows 7 to host my clients: Name Address SSN Date of birth Employer name and FEIN Amount of income Amount of refund Driver's License number and expiration date Bank account numbers, etc. Plus personal information of spouse and dependents.

If you have the form showing 0 income and a few hundred dollars withheld... you can try. If you don't have that form, then don't bother because the SSA might have also reverted the withholding.

Same here. I submitted two hours ago and still at ATX. At the beginning of the season, I have ATX set up to hold the states and release them when the IRS accepts, but around April 12, I change that setting and I transmit both IRS and States at the same time.

If you have 200 clients, you have about 6 clients per day. If they extend it, you can have only 3 a day (more or less).

"unfortunately" is the correct word to use since he spent time with his family. lol. I agree that they will or should extend the time to file since we don't want to have our offices with more people than needed. If you have 200 clients, that means you will have to

As you know, to qualify for this distribution, you auto certify and they conditions are very relaxed. The administrator can distribute the money as long as the tax payer says that either spouse or household member has been financially or medically affected by Covid-19. I am yet to see one of my clients that has not been affected by Covid-19.

For this question, please imaging that it is April 15th and you are about to present the 2020 return to the client for signature. A married couple made $147K and took a distribution for $99K from her 401k plan. When they file their 2020 taxes, they elected to pay taxes on the distribution in tax years 2020, 2021, 2022. They took the 99K distribution on Nov 12, 2020 and they re-invested 33K on April 10th, 2021. Does anyone know what their adjusted gross income will be? $147K or $180K?.

I guess no one here uses globalcpe.com for CPE credits.

Have you used Global CPE to get your required EA credits? Any info about the company will be appreciated.

If he doesn't have an office at home, it will be hard to take that deduction.

So much work and ethically questions to work on for just $500? If your client has only a "daughter" the limit is $3K, correct? Let the $1500 transfer to line 7 on your client's return and be done with.

IT might be late but here is what I did. Your case seems to be a bit different but here is the info: I had this problem after not using my software for a month and rebooting didn't help. I solved by trying so many things.... I run sfc /scannow from the DOS prompt as admin. Then, I stopped and started the ATX2018 and 2019 service. Then I restarted both services. I stopped the server service and open the ATX and it worked. I opened the software a couple of times and it worked. I went back to start the "server" service and still worked. I rebooted and still worked. I am not sure what solved it but it works now. The server service seems to be a windows 10 service and I guess didn't allow the ATX services to get to the "server" portion of ATX. I was getteing the same ... cannot connect to the server or database... on ATX 2018, 2019 and payroll 2018 and 2019 which gave me an indication that the issue was on the computer and not on the ATX installation, since there are four different installations.

I had this problem after not using my software for a month and rebooting didn't help. I solved by trying so many things.... I run sfc /scannow from the DOS prompt as admin. Then, I stopped and started the ATX2018 and 2019 service. Then I restarted both services. I stopped the server service and open the ATX and it worked. I opened the software a couple of times and it worked. I went back to start the "server" service and still worked. I rebooted and still worked. I am not sure what solved it but it works now. The server service seems to be a windows 10 service and I guess didn't allow the ATX services to get to the "server" portion of ATX. I was getteing the same ... cannot connect to the server or database... on ATX 2018, 2019 and payroll 2018 and 2019 which gave me an indication that the issue was on the computer and not on the ATX installation, since there are four different installations.

It makes sense that the full refund amount is shown because the program does not know that the first refund was actually sent by the IRS. I am not sure if there is a place to state that the first amount was received and you must enter it on the 1040X so that 8879 is updated and shows correct amount.

Is it possible to use Form 4506-T to request transcripts for 2012? How far back can I request? I have read the instructions but it doesn't mention how far back I can go.

I have a student whose parents will benefit if they make $4K of his scholarship taxable. Is that still an option? I used to see a line that read that it would be more beneficial if a scholarship became taxable when I created efiles but now I don't see the line, neither do I see where I can make it taxable.

I have never seen a return for students just because they study here or students from many DC universities trying to file DC taxes just because they lived in the district more than 183 days if they didn't work. I am pretty sure that NY is well more (much more) aggressive than DC.