Abby Normal

Since it's a 1095-A, you have to subtract the premium tax credit to arrive at the amount paid for health insurance. You can't just use column A.

No, the IRS doesn't track your carryovers from year to year, even though they probably should. Prepare the return so you have the rollover for next year, just don't bother filing it... unless you're concerned about the SOL.

Yep. Now we have to wait for every state that taxes unemployment to decide whether they will accept the fed change or decouple. MD is an interesting case because their new law that came out a few weeks ago, uses lower income phase outs for excluding unemployment from taxation. So you could qualify for the federal exclusion but not the MD one. Will MD make the federal exclusion an addition? And when will they decide? How many days left until 4/15?

You can either late elect S status, or file a 1065 for 2020 and elect S for 2021. The question of 'open for business' is a facts and circumstances test. You can be open with no sales and it sounds like they were open.

6 is nothing. Imagine how many some of those tax shops have done already.

Why I don't already have one of these on my desk is almost incomprehensible. Would use it a lot when clients ask a question.

Unemployment compensation does have its own line on the return, so the IRS could easily do this. Certainly should be less work for them than processing millions of amended returns. Hopefully we'll get some news soon. Congress is supposed to pass the Senate version on Tuesday, so hopefully IRS will issue some guidance by the end of the week?

I forgot that was an option. I mod the tax subreddit and we rely on reports because there's no way we can review all those posts and comments even when it's not tax season. We made extensive use of automod features this year because we were getting buried with Robinhood posts, Only Fans posts and stimulus posts.

If those schedules are not needed, they shouldn't be printed. If you're referring to whether ATX prints zeros or leaves fields blank, that's a Preference setting.

Yeah, I'm seeing a fair number of these, which is the best thing to come out of having to recreate efiles over 5 days old.

It's still "Other" on the K1 inputs, and I hope they never change that, because when you get to the 1116, the DIV inputs and K1 inputs are listed separately, and I find that easier to review.

I was just being a smart a$$.

He's only 27?! Rockin' that cradle!

There are many good scanning apps. The I tried was Genius Scan. Worked very well.

Oh I need a picture of that!

If you know what the font is, delete if from your computer and you should see a default font instead. Your computer can't display a font you don't have (as far as I know).

This is one more reason why working from scans is superior. I often zoom to 200% or even 400% to see these tiny numbers. Is that a 6 or an 8? Oh, it's a 9! (I feel like Jimi Hendrix, except I do care if it's a 6 or a 9. And making tiny number bold faced is just cruel and inhumane, not to mention a waste of toner.

I don't even know what that means.

You can also have the client date the efile signature forms for whichever date they would like them transmitted, no?

I had a client who's been trying to get their bookkeeper to get an EIN for the estate for 5 months. I think she was planning on mailing in the form but was too intimidated by the SS4. They called me last night and I told them to call today and we'd have it in 5 minutes. At first I used Firefox and got an error, so I switched to Internet Explorer and it sailed right through. They were looking forward to telling their 'amazing accountant' got the EIN in 2 minutes. They're in a remote rural area and they're not impressed by any of the 'professionals' they have to deal with there.

I have to get one filed (that I know of) that had high income in 19 but will be very low income in 20.

Sounds like almost everything is a temporary change. Monthly checks for the child tax credit is interesting as is paying tax on any excess advanced, which is of course still a good deal.

Code M is your friend! You don't even have to enter dates.

I've only done totals for over 10 years and I never attach anything and no one's yelled at me yet. I don't care what form instructions say. They are not the law.

Correct!