Randall

I take that back. After closing the app and going back in, line 29 was reset to zero. Does this mean we go ahead and include the Form or do we still discard it?

Sometimes maybe a spouse. But over the years, I've met most of the spouses too.

ATX just had a Form update and included 8962. At the top of the Form, it says line 29 will be set to zero but it did not reset my client amount on line 29 to zero. I think I still need to discard the Form 8962 and show zero to be paid back. Anyone think so?

It went thru this morning.

I do this as well. But I do advise the client to contact the Ky Sec of State. I think it's a simple form to officially close the corp.

Ha. I think I still have to watch the last season. I get them on DVD. I've watched it thru several times. I shouldn't admit this in public.

Ragnar Lothbrook is on his way. My long hours end April 15 too. I'll do what I can on slow time to May 17, then extensions after that. Ky has conformed to May 17 but only some of the locals have conformed. So now I have to determine who has to file certain local business returns by April 15 and get those extensions ready and with a payment of some amount.

Yes, it goes on.

I'll keep trying until the 14th, then mail.

I ask them to check again, I look at when 2019 was filed, AGI, and 2018 AGI to see if maybe they were or were not eligible, explain to them they should have gotten it (or not). In the end, I go with what the client says. A lot of them bring in the statement (letter) from the 2nd but don't have the letter from the first one.

One I did Feb 23 has gone thru. But I only recently efiled the extension so I don't know how long it took IRS to update the data base.

I've had it happen only a few times. In past years, it happened when I had big print jobs. Much less this year. But I've always closed the program when I was going to be away from it for a while, like checking news.

I got an EIN last Friday for an estate. I've been trying to efile a 1041 extension. I keep getting a rejection notice that it doesn't match the IRS data base. Does anyone know how long it takes IRS to update their data base for new EINs? At first I thought it would have been overnight.

I thought if you 'Amend' return from the open original, then the efile option for 1040X does show up.

Ohio's latest website seems to refer to the old IRS rules, just saying Ohio uses Fed AGI but mentions Fed taxes unemployment so Oh does too. Seems like it's not up to date.

Ky Revenue Cabinet made it official. UI is taxable. Any Fed exclusion will have to be added back for Ky. I haven't heard yet on Ohio but Ohio did conform to the Fed filing date extension.

Ky legislation session closed yesterday. The Ky Revenue Cabinet is supposed to issue a comment about the UI soon.

In my case, the client didn't apply for forgiveness until Feb, 2021.

Ha. Those PTPs. One client a few years ago had to report $29k in cancellation of debt income. He was in a high tax bracket too. A few days after I saw the K1, the company was in the WSJ.

I thought this was discussed earlier but I can't find it. If the PPP loan has not been forgiven yet but the application is in, do we just carry the loan on the balance sheet as of Dec 31, 2020 and wait for 2021 to record it as tax exempt income?

I have a similar situation. I'm just going with the 1099B. There's no way I can do what Lion did.

I can't speak for Owensboro, but if it's a W2, he shouldn't be running a business and therefore no filing an occupation tax. Most local Ky govts have a payroll tax that is withheld by the employer. I would think that is what the W2 indicates.

I don't know how I'm suppose to audit the broker. I have a client with about $10k in his account with proceeds of $35 million. I have to rely on the 1099B. If the client has a problem, he can take it up with the broker.

Me too.

It seems all the 1099-Bs I've seen are including the adjustment in the gain or loss they show.. That is, not including it in the basis. But adding back the disallowed loss in showing the gain (loss) on the form. How would you know otherwise. If proceeds shows $100, cost basis $200, the normal loss would be $100. If disallowed wash sale loss shows $150, the gain would show $50. This is what I'm seeing, the $50 gain on the 1099B.