ILLMAS

Title should be HOH Tables turned, not EIC

HOH Parent stuck around home to take care of the younger kids and had under $1,600 in wages for 2020, TP two daughter 19 & 20 (earned 15K, and other earned 7K) had to work to cover the food, rent and utilities and I wanted to see if the daughter can claim HOH and include the mother and siblings as dependents? Daughter that is 19 earned the most and would benefit from EIC.

I filed a HOH with an ITIN, child has a SSN, so by the parent not having a SSN this disqualifies their child, and are not entitled to the $500 and $600? I missed this, I filed my clients return like the first week of the filing season.

Does anybody here use Encryo? It was recommend to me by another tax preparer, comes with a feature for signing tax forms electronically and the pricing is not bad.

Yes, a couple years ago.

Try requesting a transcript but it’s probably too early for anything to be available, maybe wait until May.

I prepare their 941's and I do see in the month of December 2020, 12-25-20 (Friday) payroll was paid on 12-23-20, one darn payroll caused this mess.

I have a client that received a notice, I don’t prepare their payroll but at first the notice didn’t make sense but I am wondering if this caused the problem. Employees are supposed to get paid every Friday and payroll is prepared on Tuesday or Wednesday, I am thinking the person preparing the payroll is using either Tuesday or Wednesday date as the check date and not Friday, or sometimes they run payroll checks outside the payroll cycle. Your thoughts?

As I was driving to the office, I am now thinking they applied for the EIDL (received $2,000 forgiven) and the rest was a loan. Cry me a river, their payment is going to be like $60 a month for 30yrs.

Agree, but just don’t understand how “contractors” status slipped through the cracks, I heard of people getting busted for submitting fake payroll documents, so I am thinking something along the line might of happened.

https://chicago.cbslocal.com/video/5412047-music-business-owner-on-the-hook-for-36000-she-cant-afford-after-mixup-with-ppp-loan-i-feel-that-i-was-misled/

Prayers

Q1 up by 21% Q2 down by 23% Q3 up by 42% Q4 up by 39% Overall sales increased by $200K Ok so for PPP2 that requirement remains the same even if it's the TP first request correct?

Can someone confirm this for me, if a business sales did not drop by more than 25% they don't qualify? Or they do if this the first PPP loan to them? I did an analysis for one of my client and their sales did not drop by more than 25% but they still want to apply.

Hope you are charging just for thinking about this mess, get compensated, don’t play a super hero for free.

Thanks

I don't remember if it was mentioned here or on the Facebook ATX group, this was around the time they were talking about potentially making the first $10,200 of unemployment non-taxable.

There's been mentions about incorporating the 3rd stimulus into the 2020 1040, does it seem it's going to happened? Asking for some clients

Wow, my client paid peanuts compared to those fees.

TP sold over $200k in stocks, gain was like $7k, fees were around 1,500.

Thank you, just didn't want to miss out on deduction for my client, largest brokerage fee I have seen in my years of tax preparation.

I haven't seen a 1099-B with fees in a while (was reporting on Sch A), but were do I report them in 2020 if allowed, TP paid a lot. Thanks MAS

And please don’t forgot to donate to cover the maintenance cost for this wonderful forum.

That was easy, I was searching for it on the other schedules lol Thanks

Can someone guide me where to go to enter the 2020 ES payments, thank you. MAS