ILLMAS

See form 8582, the loss is probably suspended.

Today I finally was able to start returning calls, a client who left me two messages one day apart of each other was praying for me to be okay and was praying to find another tax accountant like me since she had not heard back from me.

I'm behind, tired and tubby.

I’ll check again this morning to see if we have the latest updates. Thanks, I will check today to make sure we have the latest updates, on another note, have you experience in reconciling GAAP vs Tax basis on Proseries? I have the figures but I am having a hard time inputting in Proseries.

Does anyone here use Proseries? I've been holding off on a client that owed because of the PTC repayment and the amount still appears vs ATX with this week updated another clients PTC is gone.

I believe paypal acts as a merchant service if you are a business, the other cash apps are more for personal use.

Has the IRS been reconciling 1099-K lately? I have only seen one IRS letter informing the client their reported income (1120) was less than the 1099-K and you owe us for the difference.

I have a handful I have never met in person and others I have not seen in many years.

Priorities

I am the only one that cringes with someone says my wife (and they are not married), my nephew (and it's their cousin kid) or when people say my baby daddy or baby momma.

I don't think so, I have an excel file I manually update.

So a S-Corp owner who received PPP, their business made more income in 2020, paid themselves more and is above the PTC threshold get one more freebie?

I’ll check ATX

Yes, that is exactly what I need to do. Thanks

I will be working on my first return using 2019 figures, TP worked very little in 2020, is there anything special I need to do? Do I just use 2019 1099 for 2020 and that's it? Thanks

Try using Internet explorer or Edge, I had the same problem when trying to use Firefox and Chrome.

Most likely the vendor got a sales tax audit and rather collect sales tax and let the buyer request the refund from the state. Many years ago a former client didn’t collect the proper forms, auditor gave them time to get resale certificate from their client, you will be surprised but many refused to give them, client ended up covering the sales tax and auditor submitted the non complaint customers for examination.

I think I am going to be in the same situation, last year client received an email to confirm her social security number, she did it and panic afterwards. I will be calling her today to see if she has the letter with her PIN.

Lol, good thing it’s Palm Sunday

Management and transferring ownership soon.

Fully depreciated building, no major improvements in 40 years of ownership.

TP took over parents zero basis investment property, TP put in over $160K to fix up the rental property and the property is now worth around 400-500K, TP plans on buying out the parents for around 80-100K the value of the property before the improvements. Parents are willing to wait until he comes up with the buyout money or do an IOU, can the TP increase their basis by the buyout money if the haven’t paid it yet?

Sams club for me, I’ll count the reams next time.

Have them check with their bank, I have a client that pays $50 a month, however do they have large amounts in their bank account.

Both are options