Lee B

Assuming it was business asset, it's handled just like it was sold. Here in Oregon the daffodils should bloom any day now

In Oregon I can efile state returns by themselves plus efile amended Oregon personal tax returns.

If it's a "piggyback state" then no, otherwise yes.

Issue Number: 2021-02 Inside This Issue New law provides additional flexibility for health FSAs and dependent care assistance programs Updated FAQs and new IRS form available for sick and family leave credits Employers can withhold, make payments of deferred Social Security taxes from 2020 New option available to electronically sign and submit Forms 2848 and 8821 Technical guidance: Correction of Form 1099-MISC for certain CARES Act subsidized loan payments A Closer Look: Protecting taxpayers from tax-related identity theft; Delivering the 2021 filing season New forms, publications and instructions on IRS.gov

The Oregon Legislature will be considering a bill just introduced to add back any reduction of the taxpayer's federal tax liability by the total stimulus rebates received. Well, if clients don't want to wait to see what happens, my crystal ball says there will be lots amendments for several hundred dollars. I wonder could you just file the federal tax return and put the state return on hold until the situation is clarified.

Interesting Tax Court Case about lodging and location of "tax home". https://casetext.com/case/soboyede-v-commr

I always used Option 1, but option 2 also works. I considered option # 2 but was always more comfortable with option # 1, of course I was doing the related 1040s.

I guess I am old enough now that I can "off the record" admit that I was not always perfect. Many years ago, I did not correctly include the premiums in W -2 Wages for more than one client. Frankly, what I did was classify the premiums as a M - 1 adjustment, then take the SEHI on the owners 1040. It always sailed thru with no questions. There now I feel much better.

Did the S Corp pay the Health Insurance premiums or did the S Corp reimburse the 2% owners for the premiums?

"Secure Access" sometimes called "Online Account" does the following: "Online Account is an online system that allows you to securely access your individual account information. You can view: The amount you owe, updated for the current calendar day Your balance details by year Your payment history and any scheduled or pending payments Key information from your most recent tax return Payment plan details, if you have one Digital copies of select notices from the IRS Your Economic Impact Payments (EIP 1 and EIP 2), if any You can also: Make a payment online See payment plan options and request a plan via Online Payment Agreement Access your tax records via Get Transcript"

Interesting, in Drake if you don't input the number received you get a red error message.

I set up my IRS Secure Access account several days ago. It took me about 10 minutes. It certainly was the most rigorous account set up that I have ever done. The simplest most direct link is irs.gov/account.

"The latest scam email states it is from “IRS Tax E-Filing” and carries the subject line “Verifying your EFIN before e-filing." "Tax professionals who received the scam should save the email as a file and then send it as an attachment to [email protected]. They also should notify the Treasury Inspector General for Tax Administration at www.tigta.gov to report the IRS impersonation scam. Both TIGTA and the IRS Criminal Investigation division are aware of the scam."

The title to this thread is somewhat misleading, since Oregon does not consider the stimulus rebates to be taxable income. However the calculation of Oregon Taxable Income can be affected in some situations. Oregon allows a subtraction for Federal Tax Liability capped at $6,950. Since the stimulus rebates are considered to to be credits which reduce Federal Tax Liability, some Oregon taxpayers may end up paying $ 300 or $400 more in Oregon Tax due to the reduction in their Federal Tax Liability. However many families whose Federal Tax Liability is zero due to EITC and or CTC wil not be affected. Also higher income taxpayers whose Federal Tax Liability is not reduced below the $ 6,950 cap will not be affected.

The only thing available is the $250 Educators subtraction.

Except that the employer is still required to withhold Medicare and apparently no withholding of any kind was was done.

If the employee is no longer working then it's the employer's responsibility.

Key Question: How was the Square account set up, under the Corporate Name or personal name or ? What was the reason for requesting abatement?

No, my post was the IRS position regarding the business expense deduction of educational expenses.

July 15th would be welcome because right now I have 4 PPP Loan Forgiveness Apps to deal with plus 2 Second Round PPP Loan Apps to prepare and submit. I have told my handful of 1040 clients, no appointments until after March 16th.

Yeah I have seen multiple articles. Generally I try to avoid discussing potential legislation unless it's fairly far along. This leigislation still has a long ways to go.

Your client could have fixed this problem by closing though a real estate attorney before year end. Don't try to fix this for your client because then it's becomes your problem.

I used to have a long time client with multiple businesses that always brought his tax info late and always expected me to have everything done quickly. For years I put up with that behavior although I did raise his fees well above my normal fee. Finally last year now that I am semi retired I told him 3 different times that I would have his return or project done a week later than he wanted. Thankfully he has moved on to inflict himself on another accountant. It just got to the point where the money didn't matter any more.

IRS Letter 1444 B dated Feb 18th, showed up in my mailbox today. Amazing , definitely wasn't expecting to even see one!

Excerpt from IRS Topic 513: "To be deductible, your expenses must be for education that (1) maintains or improves skills needed in your present work or (2) a law requires to keep your present salary, status or job. However, even if the education meets either of these tests, the education can't be part of a program that will qualify you for a new trade or business or that you need to meet the minimal educational requirements of your present trade or business."