Lee B

What do you use for a PDF app?

I really don't think so. That wouldn't pass the smell test! As rushed and swamped as the IRS has been, we have all seen details repeatedly omitted, reversed, confused, or . . . . . . . . .! Just because a spouse isn't on that list, it's still fairly clear who doesn't qualify. In addition, if you look at the FAQs regarding what constitutes qualifying wages, I don't see how a spouse jumps thorough those hoops.

Copied from the IRS FAQs: "59. Are wages paid by an employer to employees who are related individuals considered qualified wages? No. Wages paid to related individuals, as defined by section 51(i)(1) of the Internal Revenue Code (the "Code"), are not taken into account for purposes of the Employee Retention Credit. A related individual is any employee who has of any of the following relationships to the employee's employer who is an individual: A child or a descendant of a child; A brother, sister, stepbrother, or stepsister; The father or mother, or an ancestor of either; A stepfather or stepmother; A niece or nephew; An aunt or uncle; A son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. In addition, if the Eligible Employer is a corporation, then a related individual is any person that bears a relationship described above with an individual owning, directly or indirectly, more than 50 percent in value of the outstanding stock of the corporation. If the Eligible Employer is an entity other than a corporation, then a related individual is any person that bears a relationship described above with an individual owning, directly or indirectly, more than 50 percent of the capital and profits interests in the entity. If the Eligible Employer is an estate or trust, then a related individual includes a grantor, beneficiary, or fiduciary of the estate or trust, or any person that bears a relationship described above with an individual who is a grantor, beneficiary, or fiduciary of the estate or true." If related individuals do not qualify, I think we should assume that owners don't qualify. In addition, if you look deeper into the FAQs regarding what constitutes qualifying wages and what doesn't, I really don't see how wages paid to an owner would meet the definition of qualifying wages. would ever qualify.

Checked with one client whose balance due debit came out on the date as scheduled.

Wow, this is really not good!

Form 8615 is tedious but it's not complicated. However, I give my clients very specific instructions as to the information I need for the 8615, that way I don't end filling out this form when they haul 50 pieces of clothing and several chairs supposedly "very expensive" to Goodwill .

I don't know who the check was issued to, but it should have been issued the estate or to the beneficiary. If it was not issued to the estate or the beneficiary, it should have been returned at that time and reissued. If it wasn't, then you have what you have, in which case I would be tempted to just wait and see what happens.

Actually, I read the opposite , but we really don't know do we ? We're all tired, we leave out words, details etc. Sometimes the next morning when I reread one of my posts, I look around my one person office wondering who wrote that ???

The standard IRS Penalty is 2 % or $25 whichever is greater.

What, you actually expected logical objective thinking to be applied to this situation

Then it's part of his estate

I am happy to report that while I worked more hours than I want to the last month, for me that's 5 or 6 hours in a day, I am over the hump. I have about 10 1040s left, 4 business entity returns and 1st quarter payroll reports for 2 clients, so I started reducing my hours yesterday. Once again,I feel so fortunate, that personal tax returns are a very small part of my practice.

Yeah, it reminds me of a client several weeks ago, who thought they were getting a tax break that disappeared over 20 years ago. Or my clients who paid an attorney to set up a trust, then they never followed the instructions to fund the trust.

The timeline here is very fuzzy. If the house sale qualified for 100 % exclusion, reporting is not required, even I always report anyway to avoid IRS Letters and overanxious clients responses. 1. When did they originally buy the house? 2. When was the date the house was refinanced? 2. When did they sign the contract ? 3. Did the contract specify principal payments plus interest?

Even 501(c)3's have employees

A midseason update from the IRS With the lengthened filing season in full swing, National Conference of CPA Practitioners tax chair Stephen Mankowski recently met virtually with government officials on a number of tax season-related topics, including early season filing statistics, the appeals process, improvements to the taxpayer experience, Nationwide Tax Forums, and the filing date extension. Current filing statistics include the following, according to Mankowski: Over 85 million returns have been received through March 26, 2021, with 75.97 million returns processed. More than 15 million business returns have been processed. The IRS expects to receive a total of 160 million returns. Free File participation is up 8.2 percent. At its highest point (following enactment of the American Rescue Plan), the IRS received 1,500 calls per second. Filing date extension. The extension of the filing deadline to May 17, 2021, automatically extends the time to make 2020 contributions to IRAs and Roth IRAs, health savings accounts, Archer medical savings accounts and Coverdell education savings accounts. But it does not extend the April 15, 2021, deadline for estimated tax payments, Mankowski noted, “This means that those with estimated tax really need to complete their return by April 15,” said Mankowski. “It’s not only the rich that have to do estimates. Over the last five years there have been a lot more self-employed persons. They’re required to file quarterly estimates, and are not in any sense wealthy. They’re just doing what they have to do to get by.” The American Institute of CPAs, joined by a number of stakeholders, is calling for the deadline postponement to include quarterly estimated taxes. Sixty members of Congress have also joined the call in a bipartisan letter to IRS Commissioner Charles Rettig. The letter, led by Rep. Lloyd Smucker, R-Pennsylvania, highlights many of the circumstances that have created insurmountable challenges for small-business owners and self-employed workers, and urged Commissioner Rettig to provide relief to these taxpayers by extending the tax filing deadline for first quarter estimated payments. Appeals update. IRS Appeals is still primarily paper-based, but with most of the staff working from home, the agency is adopting more electronic procedures, according to Mankowski. “There have been no in-person conferences permitted, and they are continuing to communicate through Zoom, WebEx and secure email,” he said. “Appeals acknowledged that there has been a drop in the number of cases. They are working existing cases, but there have been fewer collection notices, and not a lot of audits, so there hasn’t been a lot flowing into Appeals. We’ll see what happens over the next few months. Face to face is kept as an option, but with COVID-19 still an issue, they will not put their employees at risK."

The spreadsheet program was the old program that CCH inherited when they bought ATX, which ran really well!

This is all related to ATX choosing a shareware database which was not suited to this kind of program, when they did a total rewrite of ATX 9 years ago.

If you are a few years away and you want to get a decent price for your practice then you should consider raising your fees over the next few years.

I apply prior years overpayments forward quite regularly. I don't recall ever having any problems.

At this weight, I assume you are referring to a Utility Vehicle like a Gator? If so, a 5 year life.

Woo hoo The SBA just officially forgave 100% of the PPP Loan for my largest client. I am surprised because it was only two weeks ago that I submitted the application and all the supporting documents to their bank. It was the long form 3508 with all the supporting document requirements. I must say, it was the most strenuous project that I have tackled in many years. Darn, I wish I could take the day off and celebrate

If there is in the PTS agreement a requirement for the partners to pay these expenses

Actually, the AICPA has officially asked that question of the IRS and the IRS hasn't responded or issued any guidance. Therefore as Lion says, we have to assume this strategy wouldn't work.

Yeah, this like being caught up in a whirlwind of distraction