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  1. Yesterday
  2. Has anyone seen confirmation that owners are eligible for ERC? A bunch of my S-Corps are single owner corps and I haven't seen any guidance from the IRS that owners are definitely eligible. Only that relatives of owners are not. As I'm filing Q1 941s (and looking over 2020's previously filed 941s that were PPP borrowers) it's a lot of potential money for most of them.
  3. Client sold land (at a substantial loss) and a vacation house (at a substantial gain) in SC in 2020 (not SC residents). That 40% capital gain deduction is pretty slick. SC Sch NR is also allowing a deduction of $10,000 per client 'retirement deduction' even though they are not SC residents. The two combined (40% deduction and $20k retirement deduction) result in no SC tax even though clients had a $30k capital gain in the state.SC peeps, am I reading this correctly? The instructions say 'SC taxes retirement income for individuals who are residents of the state'. I have no income lis
  4. If it's a limited partner, se tax would not apply.
  5. Me, too, but an amazing number have NOT. We got a lot of panicked calls and email on the 15th wanting to know what needed to be done for extensions...
  6. One client called in a panic that her payment didn't go through (1040 pmt) and I had her call. They told her there were delays (no specifics got back to me, at least) but that they'd get them all eventually.
  7. We've been using Verifyle for signatures and secure email. I get that free as an NAEA member. People generally find it easy to use, too, although getting sig's for married couples isn't nearly as easy as it was using Signature Flow (from CPAperless, now discontinued, doggone it).
  8. Wow, that's sounds AWFUL. During questionably the worst tax season EVER, I can only imagine your stress level.
  9. I need to make better use of this. You should do a webinar after the season!
  10. ATX won't let me open two returns at a time; even simple ones. I clearly have something amiss in my setup.
  11. Had an ACH delayed 9 days after date requested, but it did happen. Agent on the EFW hotline said delays are up to 2 weeks.
  12. Received a few calls that automatic state estimated tax withdrawals occurred on the 15th but no federal. I tell them to wait, it will happen. Just found out that an amended return filed in March 2020 was processed, just thought I would pass that little tidbit along.
  13. And 8283 isn't bad if you customize it extensively.
  14. I used to have one with 3 kids. I believe I developed a spreadsheet to get the numbers I needed. I could usually have two or maybe even all 3 kids returns open at once, since they have very few forms in them.
  15. Years ago at Block, I had several families with three or four kids with investment income (usually from grandma/grandpa). I'd wait until everyone went home and open the parents' return on one computer and turn on enough computers for each of the kids' returns in that family. I'd complete each return up to Form 8615. Then I'd go around from office to office (I was in a premium office) inputting kid1's 8615 and adding kid1 info to kid2 and kid3, and start the circle again a couple more times until all four returns were complete. Yes, a real pain. When I went out on my own, software that cou
  16. Form 8615 is tedious but it's not complicated. However, I give my clients very specific instructions as to the information I need for the 8615, that way I don't end filling out this form when they haul 50 pieces of clothing and several chairs supposedly "very expensive" to Goodwill .
  17. There is zero doubt that this is ordinary income. It is not rental income, so box 1 is correct. The two related questions are is this passive or active (definitely passive) and does SE tax apply. I've successfully argued with the IRS that a passive LLC member taxed as a partnership did not have to pay SE tax, but I've never done it with a regular partnership. This is mostly due to the fact that I've had zero regular partnerships since the mid-90s when LLCs came into existence.
  18. Thinking about it, it seems to be a contradiction in the way this is reported. A chef asked my client for $50K in exchange for a 10% interest in the restaurant. My client became a silent partner but he has never visited the restaurant which is about a few blocks from where he lives. To make more interesting, my client has never ever visited a restaurant but he invested the money. The contract reads that he is a 10% owner and 10% of the profits and losses belong to him. My client has his regular W2 job. It seems to me that my client should not get money reported as ordinary income on K1s.
  19. Yes, the question is about ordinary income for a passive partner who only contributed money to the partnership. I will wait for income to be available to deduct the suspended loss.
  20. But you were asking about ordinary losses on 1065 K-1 line 1, not capital losses down around line 8-9.
  21. My understanding is that Guaranteed payments do not qualify for the 199A deduction.
  22. Two partners 80% and 20%. I am preparing 1040 for the 80% partner and his K1 shows guaranteed payments for a total of $140K. The partnership ordinary income is $100K of which my client got $80K on his K1. My client is the one who does all the work for the partnership (active participation). I can deduct 199A from the $80K but not from the $140K, correct?
  23. All my clients who needs this form have multiple hatchlings, and I can't believe the inefficiency in going between 4 different returns to tally all of the information for the 8615 and the Family Schedule D worksheet. What am I missing? I feel like I have to be taking the long way around this field. Is there a path through the center that I'm not seeing? As an aside, I don't hate 8615 as much as I hate 8283, which I hate with the power of 1000 suns.
  24. Last week
  25. I guess I associated capital losses as being passive.
  26. You can deduct 3000 loses on capital losses. That has nothing to do with passive.
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