Lion EA

My copy is printed to pdf and has everything. I stopped keeping mine on paper.

e-Services. Or, if your POA hasn't been processed yet, the client can use IRS's Get Transcript.

I relied on Section 6428(e)(1). Tony Nitti of RubinBrown taught a two-hour webinar to 5,000 tax preparers this afternoon and stated the following:  Basic Structure: Adds new Section 6428 to the Code  Section 6428(a): Individuals are entitled to a refundable credit on their 2020 tax return. (See Section 6428(b) for refundable status).  But in many cases, the taxpayer will receive an “advance payment” against the credit in the coming months. This advance payment is NOT taxable.  When the taxpayer files their 2020 tax return, the advance payment will be “trued up” with the credit; but only in a taxpayer friendly direction.  If the advance payment is LESS than the “actual credit” the taxpayer is entitled to the full credit on the 2020 return, less the advance payment; i.e., the taxpayer will receive the extra benefit.  If the advance payment is MORE than the “actual credit” the taxpayer is entitled to on the 2020 tax return, however, there is no mechanism for the taxpayer to either:  Report the excess advance payment as income, or  Repay the excess advance payment as is required with the premium tax credit.  What happens in 2020?  When a taxpayer files their 2020 return, a refundable credit will be computed using the same metrics and thresholds as the advance payment.  Section 6428(e)(1): the credit is reduced –but not below zero –by the advance payments received by the taxpayer.  Section 6428(e)(2): If an advance payment was made to a joint return and in 2020 they are no longer joint, half of the advance payment is treated as having been made to each spouse.

I'm doubting everything now! Too many tax and business law changes during tax season to keep everything in the right compartments in my brain.

Thanx, Eric. Yes, the box opens, I type in a Message and To and Subject and hit Send and Subject disappears so box just sits there without Sending. I put the Subject back in, and it disappears again. It happens a small percentage of the time, but was happening ALL the times I tried to message Judy and Catherine and when I tried to post on that one thread and fewer times when posting to other threads. I seem to be able to Post and Message most of the time now. I also get kicked out of this site about half the times a message will not Send or Post. I get a screen that says it cannot load; after doing some other things, I log back on. Catherine said that she's NOT been kicked off over the last week. All of these things have been going on since the middle of last week. I have been doing nothing except preparing taxes, reading/posting on tax sites, and sending/receiving email via Outlook. I brought this up in case others were having problems. But, if I'm the only one, I'll research it after I get more tax returns off my desk. Thank you for all you do, Eric.

One amended return to keep one taxpayer. One original return for the other spouse to file. (But I just got out of a 2-hour webinar on tax and Small Business Act changes and don't trust anything I thought I knew!)

First, there are no paybacks at all, per the IRS. On the 2020 return there will be their credit, and you will enter the amount of their advance check; however, the subtraction will NOT take their credit below zero. Second, the IRS has said they will issue advance payments through 31 December, so clients filing later this year might still receive checks/direct deposits.

Most things are working here. But, I cannot post on that one thread. And, while messaging with Catherine, I realized that many times when I try to post, I get kicked off this site. All other tabs are open and sites still functioning. Just this site. It started the middle of last week, no later than Thursday. It happened to me several times Monday. I'm not so sure it's a Chrome thing, because I have seven Chrome tabs open and visit a dozen sites multiple times per day (plus link to a dozen more from news stories and earlier sites), and this is the only one that kicks me off.

It's so much easier when dealing over the telephone or via email or more and more via text (I hate to text) to tell a client to look at Worksheet XY and see the top line is $1234 but the bottom line is $0, so none of your "whatever" was taxed, but yes I did include it, didn't forget it. Even more important when the top line is $1234 but the bottom line, or line 12 that transfers to Sch 1 line 99, is NOT $1234 and NOT $0 but something altogether different, such as $567. They're sure you put the wrong number in or left off a form, because they don't see the number they're looking for on the two-page 1040. The worksheets tell them why, without trying to talk them through the math over the phone. Profx can print all the worksheets run together, so 21 worksheets can print on 4 pages or so, a small price to pay to save me time answering their questions later. I've even had clients work it out themselves, because everything is labeled with directions, such as "transfer this total to line __ on Sch _ " or "to worksheet __." That matches the directions on the return, such as "see worksheet __ line _" or something like that. I've had clients call to tell me how proud they were to have figured it out themselves, a much more pleasant phone call than, "I though my SS isn't supposed to get taxed." I've dumped a few obscure worksheets out of client copies over the years. But, I want each client to have everything they need to take to a new preparer. Or, to go home and show their spouse or grown children that I did a good job for them.

It's all three of those. We'll be reconciling these checks on next year's tax returns. The Tax Preparer Full Employment Law.

I don't have the time. But, if you could study the SBA literature and work your way through one, you could probably do lots more, lots more quickly. I did have one biz client message me this morning for Feb 2019 thru Jan 2020 income, payroll, and utilities to fill out an application with his banker.

When clients call (which is not as often as they should) I tell them we should look at the cost of various sources of money. 401(k) withdrawals will cost them at their marginal tax rate, including their rate three years from now if they spread out the taxes; but could cost nothing if they can budget for repayment. Unemployment benefits are a VERY good deal now. Cash advances on a credit card can be pricey, but they should look at the rates (and not assume cash advance rates are as low as purchase rates). New options for SE individuals have opened up via state and federal governments, including unemployment benefits. Home equity loan &/or line of credit. Borrow from parents. Look at all possible sources of income and compare costs.

I think I saw something about such calculations being suspended, but you're in a better position than I am to receive such notifications. I did get a message from a client today needing Feb 19-Jan income, payroll, and utilities; his BoA bank rep called him to apply for a "grant."

Been there, done that. I still lurk/read. And, sometimes one of the cites is exactly what I was looking for. (Also, you can learn what speaker you might want to take a class from and what speaker you definitely would not!) But, NO sense of humor and no patience for us preparers who are trying our best, like you say.

Talent lost too soon. And, it's scary seeing these people younger than I am dying or in ICU.

Tried IE, but have to track down my password! Back in Chrome but after clearing data. I tried messaging Judy and Catherine and got the usual Message Sent, but message still sits in box with subject gone from subject box. Did you ladies get Test messages from me? And, I was able to post a Test message on that thread that would not accept for the last five days. Thank you all. Clearing out everything seemed to shake at least most things loose.

Thanx, Judy. I'm trying all of that and will sign back in Monday.

I've had a private message from Catherine, and back and forth in response to her. However, my original message TO Catherine still sits there telling me Subject Required. Yes, I type in a subject, but it disappears as soon as I click on Send or Submit. Same with Judy's. And, same with that one thread ATX 1040 Tax Covers. I thought I rebooted after my latest tries, but the outgoing but not-going-anywhere messages are still in the box. I've been able to post in lots of other threads today.

Thanx, Catherine. I'm working on the MA trust now, because I found nothing specifically postponing that deadline. Trustee will probably pay in April, also. (Otherwise, brother seems to get his hands on the money! He changed addresses for some statements last year.) Due 15 April -- filing and balance due. But, Q1 payment due 15 July and Q2 15 June. Right? I'll let the trustee know. I spent Thursday afternoon looking up various deadlines in 13 different states and was missing MA trust and CT S-corp pass-through ES. Then, I have at least three CT trusts left, but CT did move their 1041 deadlines along with their 1040. And, back to personal returns.

I just tried sending Judy a mail via this site again. My mail just sits in the box, but the Subject line disappears and says in red it's required. There is no error message, just not sending. I've been in and out of this site, in and out of Chrome, and rebooted computer. My messages still sit waiting to be sent to Judy, waiting to be sent to Catherine, and waiting to post on ATX 1040 Tax Covers. I think every other post has post to threads on this site except for that.

My earlier issue was no green donors label showing by my avatar. The green donors labels show for me and everyone else. This week's problem is not at all similar. Brand new Dell Win10 Chrome. I can do any other site. And, I can do anything on this site EXCEPT respond to the thread ATX 1040 Tax Covers or start a new topic with that title or private message Judy or Catherine. I have messaged Rita. And, I've replied to lots of topics and I've started new topics. I have done absolutely nothing different, new since the first week in January with my new computer. I had a tax software update yesterday, but this problem has been going on for a few days. How do I clean my browser and will I lose saved passwords if I do that?

I cannot post to Judy or to Catherine or to the topic ATX 1040 Tax Covers or start a new topic. This began the day the ATX 1040 Tax Covers began and has progressed to this afternoon, blocking me from more and more threads and more and more members. I don't know why I'm blocked. I would appreciate any help posting on the board.

Just checking, because I have NOT been able to post on threads begun by others...

Are the deadlines for filing and for paying for a MA trust Form 2 still 15 April or postponed to 15 July or something else entirely? And, 1Q and 2Q ES payments for that MA trust?

I'm really surprised at how many clients I have that do not have printers.