Leaderboard
Popular Content
Showing content with the highest reputation on 09/16/2021 in all areas
-
I am sure that will help in catching up on the paper backlog they currently have. /S3 points
-
I assume that you didn't have any problems filing returns with the wrong PTIN? In which case what is the point of having one? Strange that you got a phone call instead of a letter? How would you know it was really someone from the IRS calling you?2 points
-
If I can trust my shaky memory, I think PTIN Renewal usually opens up after October 15th.2 points
-
If you are referring o the first time penalty abatement, the estimated tax penalty is not subject to abatement.1 point
-
A partnership K1 should be entered on the K1 Input form in 1120S, and it will flow thru to the shareholder(s). Be careful with basis, but since it's a partnership, lack of basis isn't normally a problem, BUT you still need to track the S corp's basis in the partnership.1 point
-
If an S-Corp owns a C-Corp, and the C-corp pays dividends out of retained earnings, then the C-Corp would issue a 1099-Div to the S-Corp, which would in turn issue a K-1 to the S-corp shareholders reflecting those dividends. I think that is what you were saying.1 point
-
Here is a copy of a letter from the AICPA to the IRS asking for clarification to which the IRS has yet to respond: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/56175896-aicpa-comments-erc-2-25-21.pdf1 point