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schirallicpa

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Everything posted by schirallicpa

  1. Buyer and seller are friends. Seller over years had buyer's name on joint business account. No stealing. Seller actually still has access to bank and can see what's going on. All on the up and up. They've been keeping track of the money/draws/equity. I got hung up on the seller still getting a draw each week. But I think this chat has helped me understand that that was still his money to draw. And we have an accounting at date of sale of equity and we keep a separate account for his draws. This tax season just seems a little sticky, doesn't it?
  2. He did not close account. New owner had held it with him jointly for years. So it was easier for sales tax, payroll and all the other EFTs to continue. Yes - sale of assets. The books are kept in QB and reconciled regularly. Payroll is thru Paychex. I think the bookkeeping is in pretty good shape.
  3. LLC is held as sole proprietorship. Sept 1 the LLC was sold to another proprietor. (To me, they should have been an S-corp and made the transition easier, but there was a lawyer involved that told them to stay an LLC and just sell the LLC.) So far that works fine.........but.........the 1st SP continues to take money on a weekly basis September thru December. Prior to this sale, I would have considered it as a draw. He's an SP. He can take all the money his wants, right? I had run estimates on all this in September and it didn't occur to me that he would still be taking this money or that it may or may not still be his taking from the equity. The business is profitable and would have "retained earnings" of a sizable amount if it were a S-corp. He insists (of course) that this is still his equity that he is taking. (On top of a weekly payment on the sale) and is arguing with me that it should not be construed as income to him. I'm thinking it is taxable income. Love to hear your input.
  4. Override. For some reason PA returns in the system got more complicated a couple of years ago. I feel like PA used to be a breeze to do, but now you have to search thru worksheets. So, when the system ain't working smoothly this time of year, override in PA!
  5. I did reboot last night. And, well - it worked today. (Not last night when I was panicking.) Thank you Mr. Slippery Pencil!
  6. I am having trouble rolling over some returns and I get a notice that rollover failed due to a communication error. Does anyone know how to remedy this little hic-cup?
  7. Not sure how I did that twice. But certainly an indication of the day I am having
  8. Just did a 2020 and 2021. I feel like there may be need for extra $omething $omething for that. Just wondering how you guys feel. (Had to remember all that coronavirus stuff too.)
  9. I just can't figure out how to make the return work. Taxpayer is non-resident and has small wage and withholding from MT. Pulling my hair out. Things are not filling in. I feel like I need to override the whole thing. Yes - I have set up as NR in main info tab and page 1 of the MT return shows NR box ticked. From there how do I tell it what my NR wages are so that it is flowing thru?
  10. Ohhh noooo - don't leave me flailing on my own...... Already on extension. I can handle that part.
  11. Taxpayer's father set up taxpayers business inside his 401K. Business is run as a C-corp. No real estate involved. Father died in Nov and now Taxpayer is beneficiary of this 401K. 401K has some stock assets of other companies - like normal. And owns this business. At Dec 31, 2022 the Corp had retained earnings of 30K. I'm thinking we need to do an accounting thru DOD and find the value at DOD, which won't be a whole lot different. So then what? Can he take distribution of the business and roll over the other assets to his own retirement account. Does this retirement account need to be a 401K or can it be a Roth? Or does he just leave stuff as is and take the 10 years to deal with it. Any thoughts on this will be much appreciated. I'm kinda treading.
  12. Maybe we can just tax income and remove all the BS credits and political gimmicks. If we taxed wages straight forward and only took what was required, we could cut tons of tax prep. And if we removed all the credits, look at the scams we would avoid. Leave welfare assistance for the welfare offices to deal with. Then only those that have businesses or rentals or farms, etc would have to create a tax return each year.
  13. I know it's red. Most of mine reject because I create it and then it's more than 5 days when the client signs and pays. I'm just thinking it would be a little more fun.
  14. You know how on the insurance commercial the aunt is going thru the fridge pulling stuff out: "Expired!" "Expired!" "Expired!" I want my efile rejections to say "Rejected!" "Rejected!" "Rejected!"
  15. Will I have to paper file to include a late election or is there a way I can get this to say late election on the return. Can I efile the 2553 with the return.
  16. I guess I thought that when the corp discontinues business the final return is filed. We had a corp that finished up business early 2022. I filed a final return knowing there was still a small balance in the checking account. So what - that is part of the winding up of business that is outside of needing reporting - an accrual is paid or some small misc fee is paid. But I just got told by a "big firm" CPA that the final return should not have been filed because the bank account was not closed yet. I personally think that that is just milking the corp for one more bill for one more corp return that doesn't need to be filed. Have I treated things wrong all these years?
  17. Do I need to file an extension for an S-corp that hasn't been approved yet? Will I get penalized for not filing extension when they approve it next week? He's a single member LLC electing to be treated as S-corp.
  18. Yep - I had to call back. The first round of agent was absolutely not helpful. The second agent was helpful and even quite nice.
  19. Why do they make this stuff so difficult. I know - omit the W2 and see how fast they send you the corrected info.
  20. Yep - the 1040x still just says 1040. My state is NY and it says IT-201-X. Not sure why but that's how it seems to work.
  21. Why can't we just have a simple online look-up. Put in their EIN and find out. I have been on phone with the most inept IRS person who could not take any ID # from me without transposing it, and then told me my POA did not authorize me to know this information. What?
  22. that was able to use a passive loss carryforward - in full! I have been waiting for a very long time.
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