Abby Normal

Yep. I believe I remember QB not having a General Ledger report until version 3. It was then I concluded that they weren't consulting with accountants, and it still feels that way often when using QB and especially when setting up payroll for the first time. Seriously? One liability account and one expense account for EVERYTHING!! That's insane.

Most employees likely have an unlimited talk and text plan so it doesn't cost the employee anything to use their personal phone. I wouldn't mind having a separate phone for work and personal. I don't want customers, vendors, coworkers, etc. knowing my personal cell number. Another option would be for all employees to install Google Voice and get a Google voice number. You can set up a Google voice number to ring on your phone. And when you use the Voice app to call out, the caller ID is your Google voice number. I did this when I was phone banking for the election and didn't want my number coming on the caller ID and getting crank calls back.

Simply do an interim calculation based on what you know at the time the return is being filed. A pro forma application. 2020 will likely be a good year to extend all corporations to give time for the picture to become clearer.

A new employee told a client to not expect the 2017 1040X refund until January. I told her she should have told them a year, because it was taking 6-9 months BEFORE the virus. This is why the IRS wanted to start efiling amended 1040's. It should streamline their processes and save them paying so much interest on refunds.

I just installed 2021 so I have 2012-2021 installed (10 years), but I rarely use below 2014 anymore. And don't you wish Intuit would store the version in the file details so you'd know which version the file is from? At least the accountants copies have the version number in the filename.

If the loan is on the books, which it should be, then there will be no M1 adjustment because the amount of the cancellation of debt income will be the same on both book and tax. The question becomes, if you reasonably know how much of the debt is forgivable at 12/31/20, do you record that much forgiveness as of 12/31/20? I would say yes, because if you reasonably know how much will be forgiven based on 2020 expenditures, then you have no basis to maintain the full amount of the loan on your balance sheet... unless there's reason to believe that a new administration will be able to make the forgiveness not taxable. And I'm of a mind to show it as cancellation of debt income on both the books and the tax return. It doesn't change taxable income and it's simpler and less work.

Yes. I do this with K1s from partnerships in DC. I amended 3 years of MD returns prepared by an expensive DC law firm and got my new client back nearly 30k in MD refunds. But in the case of K1s, or other businesses, if the business deducted the DC tax as an expense, you have to also add the amount of tax deducted from the business income, as a MD addition to income. But you come out way ahead with the credit

Just ignore that error and bring up another atxinc.com site. I got that error several times but then went to returnquery.atxinc.com and it was fine. I have a lot of different atx sites bookmarked with useful keywords like 'rehang' or 'forms'.

It's a way to increase the price, without actually increasing the price, by making it voluntary. Personally, I think it's worth it. Even if you only do 250 returns, it only costs you 2 bucks per return.

I won't buy all-in-ones because they are usually poor at scanning and copying, and if one of the functions dies, you can't replace just that function. I buy cheap brother printers (often on clearance), solid Fujitsu ScanSnap scanners, and I have one Brother copier that's 10 years old that doubles as a printer.

And don't forget to tell mom she needs to report this on her taxes!

MD did the same thing with unemployment and QB hasn't finished the programming yet. Thanks for reminding me I still need to file my unemployment report. Also, my EFTPS password expired so I go to update that and then enter it in QB so I could pay my 941 taxes. Good thing I wasn't doing it last minute!

Sorry you had troubles. It was smooth sailing here.

At this point, if it's not a lot of money, I'd just wait two weeks for the PIN.

All 1120 taxpayers should be set up with EFTPS. If they don't have payroll, it's just something we have to remember to ask about so it's there when needed.

The question is, for 2020, will they able to file a return and receive the stimulus payment as a refundable credit.

Business must pay with EFTPS. This is why the IRS automatically registers each EIN with EFTPS. At least, they used to.

If you just need 5 more days, change one letter of the first four letters of the last name and transmit it tomorrow. It will reject and you'll have 5 days to correct and not be considered late. I've done this at least 3 times in the past and I think one of my coworkers is doing it this year.

In the end, I guess it evened out. We paid too much for awhile, then we paid nothing for awhile, so that's cool. If congress hadn't cut the IRS's funding so much, the IRS wouldn't need to look to us for additional funding.

We were supposed to get refunds of the excess fees. But if you believe that, I have some magic beans I'd like to sell you.

I amended one to remove a penalty because they client lied and told me they didn't have health insurance, so I assessed a penalty. Then they got a notice saying they needed to send their 1095-A and an 8962. So I got them a refund.

I do it in December every year. It's a repeating task on my calendar. When there was no fee, I did it in January once or twice.

There are checkboxes on the Sch E to mark the rental as a complete disposition.

Try setting your zoom page display to 100%. I know it sounds weird but ATX has recommended this in the past.

I've been turned off by the IRS for decades.