Lee B

That's not a payroll service, that's a . . . . . . . . .

It's been this way for almost 20 years and it hasn't changed

Maybe, maybe not

The PPP Loan Expense Window begins the day the funds are deposited in your clients checking account. There is no delaying the starting date. You can pick your ending date by choosing your expense window of any number of weeks between 8 and 24. The best strategy is to maximize the $ amount of your PPP Loan Forgiveness, then if there are any payroll dollars left over use those dollars for the ERC.

This thread is gaining a lot of circular momentum

No, what does took over building mean? It's not not exactly precise terminology!

First question - What does this mean?

Office Depot currently has 8 ream cases of 94 bright paper for $ 24.99

Thanks everyone for all of the useful input. I did say in my original post that none of the the work appeared to be a Leasehold Improvement. However, when the property was purchased the house was definitely not in condition to be rented. There were a number of electrical and plumbing code violations that had to be fixed, plus other cosmetic fixes to things that just looked ugly. In addition all of this R & M had to be done before the property could be placed in service, therefore I have decided to capitalize the $ 11,700.

My understanding is that the IRS still hasn't given any guidance yet, which the soft ware providers need to change the date beyond April 15th

I guess I have a problem with ignoring the legal ramifications of a business/tax scenario which would potentially affect my client's business and personal financial well being. If you have employee's in Oregon, state law mandates the employer to maintain Worker's Compensation Insurance, which is not a tax issue. My practice is mostly a monthly write up/payroll/tax all inclusive service where for my larger clients I am their unofficial controller/CFO once every month.meeting with them at a minimum. So if my client's heeded for a brick wall, I am going to say something

I got 2 bxs of Office Depot 94 bright 8 reams per case for $26 per case recently. I guess I am getting feeble and decrepit, my back really likes the 8 ream cases due to the lighter weight

While I agree that a PTS Return should be filed, depending on the circumstances, the expenses could be start up expenses or be deductible expenses.

I have a client who has a total of 9 rental properties, 2 which were purchased during 2020. One, an older house was purchased in early July. The prepurchase Inspection Report had a laundry list of repair & maintenance items that were needed, none of which constituted a leasehold improvement, which cost $11,700 and several months to complete. The house was advertised for rent in September, but was not rented for several months. Total 2020 rent for this house was only $1,558 and other deductible expenses totaled $ 5,682. Would you go ahead and deduct the $ 11,700 as R & M. Note: the other properties generate enough taxable income to easily cover this potential loss, therefore passive loss limitations are not in play.

Bonnie, If your client wants a online payroll program that does "everything", most functions can be run from a smartphone or tablet, has employee access thru a phone app, take a good look at a program called "Gusto" It's at the top or near the top of all the ratings, reviews and cost.

I have been using online payroll for over 8 years now. Doesn't mean I would vouch for it. Actually I will be looking a replacement after tax season is over. I already use Medlin for my smaller accounts, less than 10 employees. Almost all of the services charge between $39 and $69 per month plus $ 4 per employee per month.

No, mine says PayPal

Clients that I used to have, 3 brothers owned some commercial property, 2 restaurant buildings. Prior accountant, a CPA Firm filed as 1/3 each joint ventures, then I took over and followed the same joint venture pattern. After 2 years, each brother received a letter from the IRS telling them that had to file as a Partnership and that if they didn't they would be subject to the monthly PTS failure to file penalty. Needless to say we then filed a 1065.

Perhaps that's your understanding, but it is absolutely not what happened to my client.

Just received a very polished spoofed email purporting to be from PayPal about problems with my PayPal account. Fortunately for me, I don't have a PayPal account.

Yeah, I have a payroll client that used to have 2 different schedule C businesses, an espresso drive thru and a garden supply store with the payroll being done by 2 different people. What a mess.The payroll reports all needed to be merged. Unless the same firm or person is handling the payroll and has the ability to merge the information together into combined reports, find a different way to handle this situation !

I saw that too perhaps on the same site, but I haven't seen anything to confirm it.

I actually have a client I will be working on soon who falls into this category, 1 spouse with valid SSN, 1 spouse with ITIN, 2 children with valid SSN, 1 15 & 1 18.

My understanding is that one spouse has to have a valid SSN. There are some additional more unusual ways to qualify.

I ended up with the daughter of a client in this situation a few years ago. I did her return for 2 years, when I finally realized this was outside my area of expertise, so I sent her a letter before tax season explaining to her that I couldn't prepare her tax return any more.