Randall

The list shows Oh conforming but I don't see anything on their website.

I'll wait a little while longer. I've been adding it back for now as my preliminary. Still waiting on Ohio. Had one who was over 150 AGI so it didn't matter. Another Oh I added back, didn't increase income to cause tax so it didn't matter either.

Word from the Ky Society of CPAs is the legal beagles are checking to see if the Revenue Cabinet has the authority to say yay or nay. If not, it will take legislation and that is not likely given their time left in session.

I'm still waiting on Ky and Oh.

I was wondering if it would trigger something. This whole ppp thing is another world.

When completing Form 1120S, Schedule B has a question about any loans being forgiven. Does this apply to the PPP loans forgiven? If I click yes, it ask for the amount. Do we include the PPP forgiven loan in this question? Will it trigger an inquiry? Is there a place for a description or explanation. I don't see one.

Thanks. I thought I remembered reading this too.

What about the SBA making several payments on an existing loan. Not part of a PPP loan. Would this too be treated as tax exempt income or just other income (taxable)?

Still waiting on Ky and Oh. ATX will probably have the updated Fed this week.

Kentucky legislation out on recess while the governor has his veto period. Whatever that means. Ky legislation due back March 29. Ky Society of CPAs are trying to emphasize the need to conform. Sheesh.

I think ATX has an option to 'Amend' the return. Not just duplicate the return. I think you have to open the original, then there's the option to 'Amend'. It creates the 2nd return with the 1040X. Make sure you close the original and are working in the amended return.

I definitely wouldn't paper file anything these days unless really have to.

I'll do as many as I can by April 15 with the longer hours. I will cut back to normal hours (and less) after April 15. But I won't do extensions for April 15. I'll be able to get more returns done by May 17 so why do the extra work and time.

I haven't seen it yet in ATX. I would expect it soon. But then I'm waiting for KY and OH.

I just saw on another forum it would be May 15.

ATX seems to require it. It comes up red in the check list.

But if they have the auto extensions like last year, it will save a lot of time not to deal with the individual ones. Form 8878, etc.

I've seen an Edward Jones that shows a column for wash sales. But the gain/loss column is labeled 'unadjusted gain/loss'. When I input the wash adjustment, gain is increased. On some others, I've seen the wash adjustment already included.

Anyone hear anything yet whether IRS will extend the due date?

Thanks for that clarification.

Full payment for one person or two persons? I thought last year's instructions were to return the check if one spouse died before the check arrived. And only qualified for one person.

Yes, I would agree with 'exhausting any possible'

Client died April, 2020. Spouse received stimulus check for $2400 several weeks later. She returned the check to IRS and received a confirmation letter that the check was returned. She also received a letter from IRS saying it was too late for them to issue her stimulus payment. For 2020 return, she is still allowed to file jointly. When I input the stimulus info on the Line 30 worksheet, it is calculating the full joint payment of $2400 and $1200. Does anyone see a problem with inputting that she received $1200 and $600 so the balance she is due only comes to $1200 and $600. This seems to be the only option in order to get her the correct amounts.

I will wait for the software update. But my state Ky does tax it. And Ohio too (I do a few of them since I'm close to the border). So I guess I'll have to wait on the states.

Thanks Pacun. I would ask a few questions and make reference notes. But I wouldn't give him the 3rd degree trying to disqualify the person.