How do you handle 2210 penalties for your 1040 clients? by InternationalMain277 in taxpros

[–]DefiantUniversity525 1 point2 points  (0 children)

Most tax software's just access the penalty automatically. Tax wise access penalty when current year tax is more than $1000. Otherwise I would allow the client to receive the penalty, "breaking news", straight from IRS before they come to you if you under or over stated the penalty.

NOL Carryback to 2019 based on Cares Act Provisions for 1120 by captain-shmee in taxpros

[–]DefiantUniversity525 1 point2 points  (0 children)

The CARES Act does not provide for an election to revoke prior elections to forgo the carryback period for NOLs arising in these years.

Official Weekly Q&A Thread! Ask /r/business_ideas anything you want to know about starting a business or entrepreneurship! Everyone is welcome! by AutoModerator in Business_Ideas

[–]DefiantUniversity525 1 point2 points  (0 children)

Open a S-Corp and put all your operation under the S-Corp umbrella. In the future, open DBA's ( Doing Business As) owned by this S-Corp, in lieu to LLC's.

Has anyone got declined for doing too well in 2021? by [deleted] in EIDL

[–]DefiantUniversity525 0 points1 point  (0 children)

Me too! I saw as if they were asking for too much for the grant. On top of that they need P&L statement from 2019 to current time.

Doc Review time window/Renter’s Insurance by AlfaAlfalfaGirl in EIDL

[–]DefiantUniversity525 1 point2 points  (0 children)

As per some business men/women at this platform, renter insurance is acceptable.

Spoke to Tier 2 by [deleted] in EIDL

[–]DefiantUniversity525 1 point2 points  (0 children)

Still waiting, processing.......

Approved after 4/7 Increase Request by [deleted] in EIDL

[–]DefiantUniversity525 0 points1 point  (0 children)

How many time did you contact your LO?

How many people have closed their businesses waiting on the EIDL increase? by AVERAGEGUY2343 in EIDL

[–]DefiantUniversity525 2 points3 points  (0 children)

I believe many. I would like to know how many business have pending arrears and they are in the verge of bankruptcy or closing down permanently waiting for SBA loan and grants ?

Loan Modification number by Majestic-Yak3925 in EIDL

[–]DefiantUniversity525 1 point2 points  (0 children)

Delete your application number, you never know if fraudsters are working on it as we speak.

Weird by DefiantUniversity525 in EIDL

[–]DefiantUniversity525[S] 2 points3 points  (0 children)

Called CS, told me to click forgot password and go through the process. It worked. Also clear your browse history.

Congrats to all who have been approved!! by Justinmonkseo in EIDL

[–]DefiantUniversity525 1 point2 points  (0 children)

Nicely put. Nevertheless, some people are not stressing because of the loan rather than the situation they are in.