BulldogTom

I disagree, potentially. If the TP is using the 4K per month for home expenses (utilities, food, transportation) and some of that money is going to the benefit of the mother she is caring for, then I think it is a non-taxable event. I think the argument can be made that all of the siblings are sharing in the support and maintenance of the mother. The sibling who is taking care of her is giving her time and the other siblings are giving cash. This is just family taking care of family. I would treat this as non-taxable. There is a case to be made for the other siblings to take the dependency of the mother and the sibling at home with her under these circumstances. Again, this is all predicated on the sibling in the home using that money to care for the mother and the home they live in. If she is stashing the money for her retirement, then I think Danrvan is on the right track. Tom Modesto, CA

Yes they do...didn't you see the Oompa Loompas in Willie Wanka? They had jumpsuits and they were the same height as Catherine. I am so glad there is a continent between us right now. Tom Modesto, CA

I actually prefer a TB (if it is in excel format). I can set the prior year up next to it and look for reasonable changes from the prior year and I find it easier to make my AJEs if any are required. Most of my clients don't know what a TB is, so I only get the BS and IS from them (if I am lucky, some try to just give me the check register). Tom Modesto, CA

I have a question...and I hope you won't think I am some conspiracy nut when I ask it. Do any of you think about the fact that some corporation, with a profit motive, is holding your data, on their servers, in their cloud, and maybe they think of it as their data? We know how valuable our client information is to us, and to thieves, but also to other corporations. Are any of you afraid that your backup software is allowing your data to be mined and sold without your knowledge? How would you know if it was or wasn't happening. I know this sounds crazy, but I think about these things. Tom Modesto, CA

I hope this does not violate the "no politics" edict. I was shocked that the House bill was passed by unanimous consent. I was sure this was going to go to reconciliation process. I wonder what went down outside our eyes that allowed this to happen this way. I knew we were going to get something, but it is rare that the Senate did not make any changes to a House bill. Which leaves us with the new 60% cliff, but the Senate says it will take up a technical correction on that issue. But will that really be an issue, with 24 weeks to spend the money, I think it should be pretty easy to meet that standard. We still have the rules for FTEs and Individual wage levels maintained. I still don't understand all those rules and they keep changing. I think that will be the next issue is how to figure the forgiveness amount based on these rules. I hope they make them a little easier to understand. Tom Modesto, CA

You should ask "how many went to the bank of Patty". The wife gets it all, gives me the crumbs that are left over. Tom Modesto, CA

She was down to one class per semester. The box for "at least a half-time student" was not checked on the 1098T. Tom Modesto, CA

Long time client works for a school district. Single 2 children. Both went to college and stayed home. No issues. Client gets sick in 2017. We got 2017 done, but she was clearly not well when we did the return. In 2019, we contacted her for the 2018 tax info and found she was still sick. Never got 2018 done. Her oldest daughter calls to make an appointment to do her taxes. Needs 2018 and 2019 done as she started working. Do the interview and child says she dropped down from full time to part time student. OK, not a dependent. She confirms with mother that mom will not claim her when she does the 2018 return. Ask about insurance and she says (and mother confirms) that she is on her policy. This is consistent, as I had seen the 1095 from the school district every year with both children on the policy. We file the 2018 and 2019 returns for the child. Mom calls next and says she wants to get 2018 and 2019 caught up. Comes in for the interview and does not have the 1095 for the insurance. Tells me she was on Covered CA for 2018! Got the PTC for the insurance. Child who is no longer a dependent in 2018 is on the Covered CA policy. I am waiting for the 1095 from Covered CA, but I have a problem now. I think I need to do the allocation of the 2018 PTC and amend the daughters return? Mom is only entitled to younger sibling as a dependent, but got the PTC for both. How do I fix this? 2019 is not an issue, since the mother is back on her school district insurance policy. Thanks Tom Modesto, CA

I went through college on tips (not law school). I had a family at the time and my spouse did not work, she stayed home with the kids. We were poor, but we made it on bartender tips. I was even able to buy our first home at the end of my senior year of college on those tips. The right restaurant can be very well paying for some of these tipped employees. Tom Modesto, CA

Debit Cash, Credit PPP loan. Other Liability for now until the repayment terms come back from the lender after the forgiveness is calculated. Then broken out into Long term/Short term based on the ownership intention of how they will repay (indications that they will immediately repay any portion not forgiven). Tom Modesto, CA

Got a big one yesterday. Won an EIC audit for a client. They got a big check - so they added 50% extra to the check they sent me for my bill. BTW, they were totally entitled to the EIC, these were not scammers. I like it when the good guys win and the nasty tax agents without a clue lose. Makes me feel good to get for my clients what the tax law says they should get. Tom Modesto, CA

NOT!. I just enjoyed reading a new novel my son gave to me. Sitting in the air conditioned room in an easy chair with a cold beverage on the side table and wasting away a hot day while reading a good novel is superior to sitting in front of a computer or tablet any day. And not a single ad or popup or message from my book ever happens. We will have to agree to disagree on this one my friend. Tom Modesto, CA

I wonder if that is a technical oversight that treasury/sba will correct or if that is what they really intended to say? Tom Modesto, CA

There has been some stuff floating around the internet that "any business debt interest" for a loan in place on 2/15/20 can be used for the non-payroll portion of the forgiveness, not just mortgage interest. I read an article after the new rules were published around May 22nd that said basically that. It may be an optimistic reading of the third iteration of the interim final rules. That may be the point the banker was trying to convey to your client? And if his banker for his line of credit also wrote the PPP loan, he may be trying to get your client to tap the PPP to get his loan balance down? Tom Modesto, CA

Remember, a set of "books and records" does not mean they have to have an accounting program. An excel spreadsheet is books and records. The only thing I would advise if they are not doing it is to have a separate bank account for the rental activity. And reconciling it every month adda hours to the time spent on the rental activity. Tom Modesto, CA

Only available for 2019 tax year. Nice to see they are working on this. Hopefully it works well and they can expand it to all open years in the near future. Tom Modesto, CA

Could you translate this down to 1996 techie knowledge? Tom Modesto, CA

My first job out of college was using UltraTax. When I started my own practice in 1997, I used ProSeries PPR. In 2001, I switched to ATX. Looked at Drake in 2012 but could not make myself pull the trigger. I probably should have, so now I am ATX for life. Tom Modesto, cA

But my tech skills are the same as my music preferences....stuck in the 80's and 90's. Tom Modesto, CA

I think the better solution is to have the charity write a check to pay back the loan, then write a check back to the charity and get a receipt. Not saying your plan won't work, but I would have a hard time documenting the forgiveness to the level that would pass IRS standards. Tom Modesto, cA

Wow. I would have dismissed that out of hand as a scam. I just assume that anything that comes via email purportedly from a big business or government agency is always a scam. Thanks for the education. Tom Modesto, CA

I am going to make some changes to my ISP in a few months. I currently have AT&T for my office and cable internet for my home. I am going to drop AT&T but I want to keep my att.net email addresses. I have 3 of them. I looked online and AT&T says there is no issue with keeping your email accounts so long as your account is in good standing. Does anyone have experience with leaving AT&T and keeping their email addresses? Thanks Tom Modesto, CA

At the top of the page, under where it says "ATX Community" is a tab named "Donate". Tom Modesto, CA

What Judy said, plus you need to have a credit card on file to pay the fees. The one I did this year, they did not charge me for, or at least it has not shown up on my Credit Card yet. Tom Modesto, CA

I will do it at my day job to ensure the owners of the company get the maximum forgiveness. Whatever it takes, even though I would prefer not to do it. Tom Modesto, CA