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Abby Normal

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  1. One important distinction is that originally filed returns must be filed or postmarked by the due date, but amended returns must be RECEIVED by the due date. Efiling, thankfully eliminates this distinction.
  2. How about smelly clients? I had one older woman in particular that practically bathed in this sickeningly sweet perfume. You could still smell the perfume lingering in the office 4 hours later. And sometimes, she would hug me and slime my clothes. Eww.
  3. So is he stealing money from the new owner? Is the money part of the purchase price? Is it his equity? Is that being tracked? How is the new business accounting for this? I'm confused.
  4. Where is this money coming from? Existing bank account for the LLC that was not sold to the new owner? Is there income coming into this account. How were the books kept for this LLC? SP draws are not income. By the way, for tax purposes, you have to treat the sale as a sale of assets, not a sale of the LLC.
  5. Simply viewing an email will not infect your computer. However, clicking on links or opening attachments can. Even when I get an email from a a company I do business with, I don't click on the links. I go to their website and login.
  6. Income from a partnership is taxable even if it's left in the partnership. The K1 should also show distributions. If you scroll down about 3/4 of the page, there is a Section 199A Information area. In the future, watch out for partial dispositions. They're very easy to miss.
  7. Not new. I remember getting these 7 or 8 years ago. One pretended to be from a legal firm in town, that I did some work for. I called to be sure and it was not from them.
  8. Henceforth, I shall either use ladies and gentlemen, or peeps.
  9. Yeah, they could have chosen a better place like the top of the 1120S.
  10. Same. I don't want interest rates cut too much, too soon. I consider these current rates, normal.
  11. Yes, because the cash used to pay the expenses, increases the basis by the exact same amount as the expense.
  12. At the very bottom of the Main Info form, there's a checkbox for Late election to file 2553. When you check it, it put the text on the top of the 1120S. Then answer question G bear the top of the 1120S, Yes. Then attach the scanned 2553 to the efile.
  13. Sound like trickle down voodoo economics to me.
  14. The 50% figure came from the fact that the employer paid in 50%, except for the self-employed. The 85% came about because someone calculated that, with earnings, the part employees pay in, amounts to 15% of the benefits paid out. Not sure if they factored in inflation, or not.
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