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Margaret CPA in OH

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Everything posted by Margaret CPA in OH

  1. Check for part-year tax credit on Schedule of Credits and IT NRC to allocate income within and without Ohio. You may also use Ohio IT 2023 Income Allocation and Apportionment Nonresident Credit. If retired and receiving retirement income, check nonrefundable credits on the schedule of credits. If over 65 with low enough income, there may be a $50 senior citizen credit. That's a start. Ask for more particulars, there are several OH preparers here, I think.
  2. I agree with this observation. I have had my last 6 computers custom built without any crapware by my computer guy - for 25 years now. If anything goes wrong, he can fix it because he built it. I also have it go in for 'spa treatment' every fall before the season to be sure nothing has sneaked in or is causing problems. It may be a coincidence but I think my program has crashed fewer than 5 times in all the years I've been using ATX since 1996 tax year. And I cannot even remember the last time. (Now I've probably hexed myself, right?)
  3. At the top of the 1099-INT data entry screen, see the third line - To enter 1099-OID entries, refer to the following Knowledge Base document KB Doc 000062651. Click on the link - Box 6 - Acquisition premium see the instructions on Form 1099-OID and IRS Pub. 550. I did not look at the instructions on Form 1099-OID or IRS Pub. 550 but you might wish to do so. That information may help you.
  4. If you are using ATX, page 2, Part V, Section 5. In Fixed Assets listing, add Vehicles in Category and complete the other fields appropriately. One of the tabs will be Auto/Listed Information with all the same questions as you know or you can choose Standard Mileage with all that data needed. Pretty easy, actually.
  5. Pursuant to Reg. 1.643(A)(B), trustee is making a regular practice of distributing capital gains to the beneficiary as trust instrument permits. I was trustee for several trust and did this for the life of the trusts.
  6. What does the trust document say? What has the trustee opted to do? There is an election and statement to be included. I'll look it up and get back to you.
  7. Thanks, but the money will be direct debit as soon as e-filed so, assuming the 'overpayment' was applied but not there yet, there will be some money in IRS pockets. I guess we will have to see how it is sorted out with late payment, etc. when the love letters arrive.
  8. Thanks for replies. So I should consider the money applied for 2022 returns and carry on. They have not received a notice, probably CP2000, from matching the 1099. And the amended return can be e-filed and paid with direct debit so think not such a long process time. Always something...
  9. I have a Brother HL-L2325DW, laser, which holds half a ream I think but love the double-sided copies it can make. It has a smallish footprint and is perfect for my small practice.
  10. Client showed overpayment for 2021 and applied to 2022. Amended return shows 2021 actually had small balance due. For amended return does client actually owe and must pay money not received or have underpayment penalty for not paying estimated payments thought covered by (nonexistent) overpayment applied? Never had one of these before so any help welcomed!
  11. Just WOW, Catherine! I can imagine the time involved with this. Hope you charged and got paid well!
  12. I was a poll worker for the first time last fall. My check and stub were for $185. I guess this area doesn't pay so well! I just included it under Other Income not subject to SE tax.
  13. Yes, there is a separate email address but, as I recall when I got mine, one has to have photo and other credentials. I can file it through my other IRS login but this seems odd to have individuals to have to use their personal ID.me to file for a company. She is coming by next week, we'll try to figure it out together. Thanks.
  14. I looked online and on this forum but cannot find the answer as to how a non-profit creates an ID.me account which is required now to submit a 990-N. I would like for my client to do this for the organization and not have me do it. However, she has a personal ID.me account. It doesn't seem right to use a personal ID.me login for a business login. What am I missing (besides many brain cells)?
  15. Thanks for this additional information. I used to have many SD 100's but now just one. The take home is to also know which base the SD uses and they do differ. Like all the muni's, another PIA!
  16. Thanks, Jims, for updates. I did omit that extra 0 on the business exclusion (details, details) and I even have it on my own returns. Businesses do not pay school district tax https://tax.ohio.gov/researcher/tax-analysis/tax-data-series/school.district.income.tax
  17. Hi Catherine, Generally there is nothing special other than the usual registration on the Secretary of State with Articles of Organization https://www.ohiosos.gov/businesses/ Check the last box about Revised LLC Act as of Feb. 2022. For the clients this might help https://ohio.gov/business/resources/business-first-stop SMLLC is just Sch. C and no special filing as Ohio income tax begins with federal AGI. There is a 'big' exclusion of business income for taxes up to $25,000, though. If MMLLC, then 1065 and, as a pass-through entity, there may be additional requirements for out of state members. It can get a bit complicated. So this is a start and follow up depends on what the clients decide to do. That, of course, will lead to the right research path. Good luck! Oh, just be aware of the multiple municipalities that all want to tax so the location of their business is important to know.
  18. I think the funeral home should never be paying church employees for those services. Why would the funeral home pay church employees for anything? Or are they outside independent contractors or are they employees of the funeral home and work for the home at various funerals and not for this specific church? If funeral home is paying the minister, that is part of the clergy Schedule C. Who actually works for what entity?
  19. As a former and current church treasurer who also relies on Church and Clergy Tax Guide: 1. Yes, as the clergy are performing pastoral duties. If paid from family or funeral home, Schedule C. If paid from the church, the budget line item may be different from the salary line, but still taxable income included on W-2. 2. If the others (non-pastors) are employees of the church and paid through the church, yes, part of payroll. Again, may be a different account but still employee pay. Part of the pushback may be coming from 'charitable contributions' made to the church to be passed through to these folks. This can and does happen. Employees getting paid from employer for doing their job have taxable income.
  20. Yes, just scroll down a full screen (in ATX). Under Conversions From Traditional, SEP, or SIMPLE.... 2 lines more has a checkbox to Check box if qualified charitable distribution (QCD) and enter qualified charitable distribution amount. Over the years I am constantly finding how many screens have so much more to see if one just scrolls up or down. For such a relatively inexpensive program (despite some faults and less than stellar support), I really think ATX has so many features, more than I know how to manage even after 26 years with it. It pays to just browse around sometimes, something I'm trying to instill in the office admin at church with the membership database.
  21. It will be interesting. What is the fiduciary? I split mine among 4 charities in the past. The 1099R from Fidelity just showed the full distributed amount with no tax withheld. I entered the QCD on the worksheet and QCD showed up in the right place. I do have a second amount from a 403(b) in TIAA-CREF so the total distributed was higher than the taxable amount.
  22. Yes, ATX has the place to indicate QCD and the amount of the distribution that was donated. As my church's treasurer we have received several checks from the fiduciary, some stating purpose but not that it was a QCD. The donor indicated via email. I have my church donation sent to me made payable to the church and I deliver it. I have had the others mailed directly to the charities. None of the checks indicated QCD. I have the acknowledgement letters and report the total of the distributions on the 1099R data entry screen. I ask those clients who may have given QCD amounts for copies of the acknowledgements 'to be sure I indicate the correct amount of the distribution that is not taxable.'
  23. My 1099's from Fidelity do not indicate this and have not for the last few years.
  24. Well, not exactly correct from my reading, cbslee. I have had ALL vendors complete W-9's. My question is whether services provided by LLC's should be reported on 1099NEC (as LLC's often are since they are not C-corps) and if a sole prop or LLC vendor provides goods AND services (equipment and installation) should be reported and, if so, separate the material aspect from the service. Typically a sale includes installation and the vendor would have the equipment as COGS on Sch. C or, if filing as a p'ship, 1065, or, if filing as an S-corp, an 1120S. The W-9 just has a check box to confirm legal status, not how a return is filed. I'm also uncertain whether SAAS provided by an LLC warrants a 1099NEC or, if paid online, will receive a 1099K from the bank. Just confused right now.
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