Lion EA

It also could be that VA didn't process/post his $126 check to his account yet. But I also am happy to see you here and know zip about VA taxes. Did have a VA client years ago, but she didn't have a Schedule C.

Notice 2015-21, I.R.B. 2015-12, March 3, 2015 was proposed as a Safe Harbor for gambling "sessions" that net gambling income with losses within a "session" and referred to slot machines. If you have gambling clients or expect to have gambling clients, I would call the author's telephone number at the end to see if the notice was finalized or superseded by a more recent notice or expanded to include more gambling methods or... Note that the netting was proposed for discreet sessions within a day and not annual and would require a detailed log or diary.

If you already have a secure access account, you're almost all the way there. For those starting from scratch, there are a lot more steps. And, I think the "app" for ID verification gets downloaded to a smartphone; so if you're setting up on your computer you'll be going back and forth to your phone. I don't know if you save any steps by doing it all on your phone. I didn't hear from any clients who want to opt out. But then, my clients are aging like I am, so not too many eligible child dependents in my clients' families.

The nice thing about free classes, from the IRS or any other provider, is that if it's not what I wanted I just turn it off. Or, leave it on in case it offers something I need while I multi-task, answer emails, whatever. I have plenty of CEs and haven't wasted any money, so I can log out whenever I want. If I know the instructor is good, I keep it on in case I learn at least one new thing. If the instructor is poor, I log out. Or, I log in later to the archive when I can fast forward to find any parts of the agenda that I think could interest me. I won't stay tuned in for 50 minutes if the instructor isn't engaging me!

Sounds like the son gave the funds to his parents who have owned those investments and their income for the last 15 years, and paid taxes on that income. If the parents continued along that route, they would file a 2020 Form 709 to gift the account to their son. I don't think the past was handled correctly. But all you can do is report what they did in 2020. Well, and tell the family what should've happened for the last 15 years. Are these potential new clients for you? Do you suspect they've misreported other things, also? If so, you might want to decline the engagement. Tell them to contact you BEFORE making any financial moves from now on!

ACTC opt out, I'm guessing. A class I took said the IRS (ID.me who does ID verification for the IRS) sends an app in which to upload a DL &/or a pix holding your DL next to your face. It sounds complicated with way too many steps for most of my clients to follow. Those that can follow directions well are too busy &/or too impatient to spend a lot of time. Follow the directions the best you can.

The son who received the original funds was NOT a minor at that time? Did he give the funds to his parents? Did he file a gift tax return? Or, did the parents hold them in some kind of custodial account for him? I think you have to establish the legal ownership of that account before you can determine how to report that account AND how to report its transfer.

That explains it. I have three monitors. One of the three is horizontal and has my email open on the right half and Chrome on the left half. I have Chrome set up to open with six tabs, one of which is my message boards with ATX as the default. (My other two monitors are vertical with one defaulting to tax prep data entry and the other to tax prep government forms, so I can mix and match or open a worksheet for a form or...) I also have Edge, but had not opened this community in Edge, so couldn't check it as quickly as IE. I kept IE around because I had to use it for most IRS things until more recently. A couple of computers ago, I used Firefox for everything not IRS, but don't FireFox it on this computer. I like the FireFox logo! My old Windows 7 laptop with a large, horizontal screen uses IE. This community appears identical on that old laptop and on this newish desktop.

I have a new desktop this year, after the previous formatting that didn't include the green Donors labels.

Just went on this forum in IE and the same triple lines in the top right have the Donate link.

My Windows 10 desktop uses the three lines/menu icon (hamburger?) at the top right. I use Chrome, if that makes a difference.

Go up to the top right and click on the three lines. A drop-down list will include Donate; click on Donate. And, thanks MIR for the reminder for us to support Eric's efforts to keep this board fine tuned for our benefit.

Thank you, Eric, for taking such good care of us!

I don't have any gamblers, but research on IRS.gov re gambling session. Suggest your clients keep a gambling log by session as documentation.

Same here; although, I've taken IRS classes mainly during the pandemic. I agree that their Tax Pro Online class was poor, and in my evaluation I told them what I thought about the tiny little print. I remember a class from 2020 that was surprisingly helpful, though. So, like you, I continue to take topics that interest me/that I need from the IRS knowing that I haven't wasted any money!

TaxPros can earn 2 CE credits by attending the IRS free webinar “Understanding Form 2290 Heavy Highway Vehicle Use Tax.” For details: http://irs.gov/webconference

Who are they going to blame when they owe more/smaller refund next year? Send them to the IRS's Eligibility Assistant to make their own decisions: https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant And, if you're worried about blame, document your interaction with them.

Can he deposit the check into his own account? Mobile app, ATM, etc. Then he'll have access to the funds. Depending on the amount, it could be worth opening a no-fee account if he has no bank account at all. Can they open a joint account at Bank of America, HBSC, or another large bank with branches in her country? She should be able to do the ID verification from a branch near her while he does his at his local branch where he's opening the account.

"The IRS is now the largest social services agency in the US, with respect to transfer of payments." -- Frank Agostino, Esq.

Yes, both parents must opt out if receiving no advance is their choice.

IR-2021-130 does NOT say they will answer their phone! My elderly clients use the computers at the library, the town's senior center, or in their retirement communities, if they do not have a smartphone or tablet. But they're not the ones dealing with the ACTC (except for a few with custody of their grandchildren). Parents/grandparents with children have access to computers at their child's school or the Chromebook their child brings home for his education, as well as the public library.

A quote from IR-2021-130: Anyone who lacks internet access or otherwise cannot use the online tool may unenroll by contacting the IRS at the phone number included in your outreach letter. https://www.irs.gov/newsroom/irs-announces-two-new-online-tools-to-help-families-manage-child-tax-credit-payments

I tried this year, and hubby tried just a couple weeks ago. I had the OLD e-Services since it opened, have lived in and owned and have a mortgage on this house since 1978, been an EA since the late 1990s with PTIN, CAF, and ERO, have had the same AT&T cellphone contract and same cell number since the late 1980s or early 1990s, and have a mortgage and a couple of credit cards in my name only. Anything prior to 1994 would have had my previous last name, but all were updated to my current name in 1994. The IRS says that AT&T told them my cell is NOT in my name; but AT&T tells me that it IS in my current name, and the bills come in my current name. The gal on the e-Help desk told me to unfreeze my Experian account, which I did each time I tried to work through this. They say I will get a code in the mail, but they've said that each time I call for years and years and years, and nothing comes in the mail. They tell me to make an appointment at an IRS Service Center, but none are open around here. Two more TAC offices open tomorrow, one of which is not too long a drive. However, the services they provide do NOT include help with Secure Access or any services to tax professionals. I may try again after 15 October.

Thanks so much. I like that quote.

You can unfreeze your credit temporarily so the IRS can verify your identity. The IRS uses Experian, at least they did when I had to do this. Anyone know for sure if that's still current? By the way, neither I nor my husband can set up secure accounts. "There is something in your file that prevents..." No IRS employee has been able to get me in since the very, very old eService days prior to their redo a few years ago. And, the code they say they mail me, over and over again, never arrives. Someday I'll make an appointment at an IRS Service Center. I read somewhere that the IRS thinks 30% of taxpayers will be able to use their secure access. Not a very high number.