ILLMAS

Did the sale (gain) qualify the TP for QBI?

https://www.chicagotribune.com/business/ct-nw-nyt-us-tax-day-delay-april-15-20200311-oniyypyennhbnhivboaeq6arty-story.html

I would call or have the client call the IRS asap, the ITIN department has to notify the IRS to release the refund. An IRS agent will look into the account and manually put the release. ITIN depart. and the IRS are two different agencies and are not on the same page.

The IRS will automatically release the refund, but it takes up to six month and they pay you interest.

I was waiting for the punchline, but here is something to cheer you up: Losing His Memory The man looked a little worried when the doctor came in to administer his annual physical, so the first thing the doctor did was to ask whether anything was troubling him. "Well, to tell the truth, Doc, yes," answered the patient. "You see, I seem to be getting forgetful. No, it's actually worse than that. I'm never sure I can remember where I put the car, or whether I answered a letter, or where I'm going, or what it is I'm going to do once I get there -- if I get there. So, I really need your help. What can I do?" The doctor mused for a moment, then answered in his kindest tones, "Pay me in advance."

TP business was a 1065 for 2017, they made an election to be treated as a 1120S was accepted for 2018, my associate recreated a new tax file in Proseries (1120S) and marked the return as accrual for 2018, however it was supposed be cash like in 2017. There isn't that much activity or revenue, but does he really need to prepare form 3115 since 2017 1065 was marked "Cash", 2018 as "Accrual" but should been on the cash basis? It really doesn't make a difference for the books or tax since they are operating on the cash basis. Or can he just mark 2019 as cash since the original return under the same FEIN was marked cash? Thanks

This problem is happening to all of us who open two large tax files. What is considered a large tax file, I don’t know, but I can open two simple 1040’s, but if I have open a 1040 and open a business return I get the same error message.

This person made a video of the issues he was having with QBO, now enjoy:

Amen to this!!!! I been working with QB since 95-96 and it's my go to software to recommend to clients.

I see myself in all the kids.

I guess no one has worked with the online version yet.

I believe they have one by one, each one requires a transaction number, I did one early this reason and atx gave me an error.

At least in this case the TP can prove they followed the rules vs cashing the check, then issuing a check to the charity.

Please take a moment and read what the CDC recommends for business and employers: https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html

Ah the 1040 efile form, darn it, no wonder I was getting nowhere. Thank you Jack

"Year in Submission ID is incorrect 2019, should be 2020" Has anybody else experience this problem when trying to submit prior years? The fix was to delete form 8879, save and close client, re-open and re-add form and then re-efile return. Well it hasn't work for me.

I have to say, there is a glitch I am encountering, sometimes I cannot open two returns at the same time and it drags a couple of seconds when I hit tab to move to the next box. And this is on a brand new computer, 2018 works fine.

A couple of lines under where the TP day of birth, telephone, email etc... go, 1040 info worksheet

I would say yes, if the disregarded entity maintained a balance sheet, but could you start with 2018 balances as zero and end 2019 with the correct amounts.

Makes sense, just wanted to double check. Thank you

If a TP gave the full RMD amount to an organization after they cashed the check, can the 1099R be corrected to reflect the donation?

This goes back to we don't charge enough, we are at the same level or above as these payroll companies if they can charge that, so can we.

What is their response?

This particular TP gets paid monthly and operates the same season as a landscaper except they don't so snow removal. The payroll processing still charges a monthly fee, Yikes

I don't charge enough Let's talk about payroll processing companies, 1 employee (and being a seasonal worker) = $1,300