Lee B

Since there seem to be multiple different kinds of suspended losses, I guess it depends.

Do your own research

Under the TCJA, the Home Office deduction has been significantly limited to Schedule C, Schedule F and to a limited extent to 1065 Partners on Page 2 of Schedule E. I am not aware of a Home Office Deduction on Page 1 of Schedule E. If your client is a Partner of a PTS reporting on Form 1065, there was a detailed discussion earlier this year of how and when Unreimbursed Partnership Expenses potentially including Home Office might be deducted on Page 2 of Schedule E.

Yes, I have been efiling W-2s for well over 10 years. No problems. The SSA website has improved over the years. I think you just have to work your way thru the process until you're comfortable. Admittedly when you do something like this only once a year, it takes little extra time to refresh your memory.

This is my third year of using Medlin and I can honestly say that everything works smoothly and efficiently the way that it should. An extremely good value for the low price that he charges. My only complaint is that I would like to see a few more features/functions added for which I would have no problem paying more. However I totally understand why he doesn't add these things.

Perhaps, fill in the ______________________________________________

Issue Number: IR-2021-221 IRS updates FAQs for 2020 Unemployment Compensation Exclusion WASHINGTON – The Internal Revenue Service today updated its frequently-asked-questions (FAQs) on 2020 Unemployment Compensation Exclusion. These updated FAQs (FS-2021-14) are: Question 2, Topic Amended Return (Form 1040-X) Questions 8 & 9, Topic G: Receiving a Refund, Letter, or Notice Question 3, Topic I: Post Unemployment Compensation Exclusion Adjustment. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible

I didn't know you had boonies in CT

I watched the video, it was very interesting. Definitely an out of the box approach, I hope they succeed.

Given the Equifax fiasco several years ago, the are reasons to paranoid about some things!

I have had clients with suspended losses before, however the situation was resolved with profits in future years which I had expected.

The person I am referring to was an longtime ATX user.

Just to repeat, this is the ATX cutoff time & date. Drake usually uses the IRS date of November 20th.

I don't know if he is still an active member of this board, but he used to post at least once every year that he paper filed everything because of ? ? ? ?

Marie's post is that the parents gave the farm to two of the three brothers, which implies that brother # 3 is not an owner. To compensate for that Brothers # 1 & # 2 are going to pay brother # 3 cash equal to 1/3 of the farm's value. Assuming that brother # 3 is not an owner then the cash paid constitutes a gift.

We can't be in the prediction business, sometimes the unexpected happens i.e. one brother has serious health problems and can't farm anymore It appears that the 2 brothers would have to file gift tax returns. The awkward way this was handled, the interest on the loan probably wouldn't be deductible.

Boy, there are going to be 2 unhappy brothers somewhere down the road. No step up in basis. It's truly amazing what people will do with either bad advice or no advice.

Just remember that ATX usually has their own cutoff time which is earlier than the IRS

I believe all Federal Income Tax Withheld is treated the same just like W-2 withholding. An employee can bump up their FWH in the the last several paychecks of the year, the IRS ignores when it was withheld.

Other Accountants who use the same Payroll Software as me are reporting that their clients are receiving email requests appearing to be from their employees requesting changes to their direct deposit information. In several instances, their clients went ahead with the changes. Of course their employees received nothing.

Earlier this year I picked up a new write up client, an S Corporation. The previous tax preparer had them put their house in the corporation. They have a 12 acre hobby farm and their S Corp operating business has no relationship to the farm and only requires a very small office, since 95 % of their services are performed at their customers premises.

Just wondering, were these court cases District Court, Circuit Court or Supreme Court cases? Sometimes the IRS accepts court cases results and other times they don't,since they only have to accept Supreme Court case results If the IRS doesn't accept the court cases, then your client could end up incurring significant representation fees if they ended up in audit.

There were only 2 legitimate possibilities here, if the owners received distributions in excess of basis, capital gain could be triggered, otherwise the 64k is a suspended loss. How did it ever end being reported as other income?

Your idea might work if the managers were nonowners but otherwise no.

I think I would approach it similar to the allocations used for a Schedule C Daycare client for any shared expenses. Keep track of the number of days each unit is occupied pus 365 days for the owner occupied unit,