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Lynn EA USTCP in Louisiana

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Everything posted by Lynn EA USTCP in Louisiana

  1. Despite no income, there are expenses. Yes, a partnership return should be filed for calendar year 2020.
  2. There's a box for the IP PIN on the main info tab of the 1040. It's in the Date of Birth/Date of Death section.
  3. For 1040 returns ATX does offer Versicom Toll Free Tax Infoline PLUS (TFTI+) (for a fee, of course) which is an 800 service that taxpayers can call to find out the status of their EF return and refund. It available only to tax preparers registered to offer it. When enrolled in versicom the return's info is automatically sent to the TFTI+ service; that taxpayer can receive status updates by text message and/or email. I have no idea what this service costs per return, as I have never investigated it. Look for it at the bottom of the Main Info screen for the 1040.
  4. Did you use the annualized method on the 2210 and the state form ?
  5. On the 1040 there's nowhere to report it; that deduction is suspended per TCJA til 2026.
  6. It's not fixed because they know we could input 00-0000000 instead of a real number, and it would go through
  7. If it's a schedule C there'l no K-1; as Lion EA said above, K-1's are issued by partnerships, S corps and possibly trusts/estates.
  8. PPP loan, even if forgiven, is not included in income. Expenses paid with the PPP loan proceeds are fully deductible.
  9. Basis, contributions, are deemed to be distributed first. If the distribution exceeds the basis then the overage is taxable. Was the account open at least 5 years ?m
  10. Louisiana extended filing to 6/15:due to statewide disaster declaration after the February ice storms
  11. I'd ask for the final pay stubs. Maybe the W2 is wrong.
  12. Randall, I think that tab at the bottom of the 1120S has more to do with the states that do not conform to the IRS PPP forgiveness / expense issue. I'm not going to use it for my clients based in Louisiana, which conforms to IRS on this.
  13. Randall, where would I find the tab for PPP loan forgiveness (S Corp)?
  14. In ATX if you click on the W2 line a worksheet opens up wherein one may enter the amount deemed to be taxable scholarship. It then shows on the W2 wages line with the notation 'SCH' next to it.
  15. In the sch E worksheet is the property marked 'complete disposition of passive activity'? If that box is not checked then the losses created by entering the negative 481(a) adjustment on the 'other expenses' line will not be allowed.
  16. Ask them if they have a prenup delineating property separation.
  17. Some folks received their first stimulus money in April 2020. And the second as early as 12/29 or into January/February 2021.
  18. Judy, in ATX K-1 is no longer marked as draft. I looked at all the lines for code V and don't see anywhere to input the 199a dividends received. It's not a lot of $ (under $10) and probably will have no tax impact for the S/H. Thanks for responding.
  19. Client is an S corp with an investment account. The 1099-DIV reports line 5 Section 199A dividends $x.xx. I am mystified as to where on the return/worksheets/schedules to enter this information. I hope someone else has run across this in the past and has an answer. Thank you,
  20. Schirallicpa - the client does not have to pay back the extra EIP received. While the IRS might say to return those extra funds, there's no payback requirement in that stimulus package.
  21. But if he's already received the $1,200 and $600 then IRS already has the correct bank details. My guess is the letter is just an FYI, just in case, you might need to ......
  22. It takes a couple days for the ACK to come back, and the time frame extends the closer you get to the filing deadline, My early ones took 2 days , and now I am looking at 3-5 days.
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