Lee B

If the investments were contributed to the LLC (1065), then you would probably have to deal with differing inside and outside basis, extra tracking work. If the investments were inside an LLC (1120S), and the stockholders wanted to distribute the investments, wouldn't you have the same FMV issues that you have with distributing Real Estate held inside an 1120S?

It depends, when do you want deal with the reduced deductions and the potential increase in taxable income, 2019 and 2020 by amending. Or if you choose the 3115 you get a 4 year forward spread.

Where the heck do our clients get ideas like this

Is it an SMLLC, A 1065 OR A 1120S?

The article I referenced said that the uneven distribution could be made up in the following year even though that would be an uneven distribution. "The regs do include a helpful example, however: S, a corporation, has two equal shareholders, A and B. Under S’s bylaws. A and B are entitled to equal distributions. S distributes $50,000 to A in the current year, but does not distribute $50,000 to B until one year later. The circumstances indicate that the difference in timing did not occur by reason of a binding agreement relating to distribution or liquidation proceeds.Under paragraph (l)(2)(i) of this section, the difference in timing of the distributions to A and B does not cause S to be treated as having more than one class of stock" I wouldn't create a loan document, I would just do a catch up distribution in the following year, nothing more should be needed

There are a number of articles online about this issue, but this one should be helpful: https://www.withum.com/resources/can-an-s-corporation-make-disproportionate-distributions/

I believe that would a reimbursement of the children's expenses. The recipient of the rent, a motel or an landlord would have income.

I use Drake's Depreciation module which is part of their tax software, so I can either set it up with the placed in service date blank or under depreciation Method I can select "Not Depreciable" then either enter the placed in service date the next year or change the depreciation method.

I have run into this several times before and I just debit the normal fixed asset account and enter it on the depreciation schedule when the asset goes into service. Works just fine for me.

If this were my client, I would tell them that I don't have enough information to prepare a return.

https://www.nysscpa.org/news/publications/the-trusted-professional/article/taxpayer-advocate-warns-expect-delays-with-irs-power-of-attorney-forms-012122

This last info I saw was it was taking 4 weeks plus.

Missed the April tax deadline? File and pay by June 14 to avoid a larger penalty and interest WASHINGTON — The Internal Revenue Service today advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax due by Tuesday, June 14. To avoid the larger penalty, the IRS must receive the return by June 14. This means that a return mailed on that date will not qualify. For that reason, the IRS urges everyone to file electronically by June 14. How the penalty works Those who miss the June 14 cutoff will normally face a minimum late-filing penalty, also known as a failure-to-file penalty. By law, If the return is more than 60 days late, the minimum penalty is either $435 or 100 percent of the unpaid tax, whichever is less. This means that the penalty will equal the tax due if the taxpayer owes $435 or less. If they owe more than $435, then the minimum penalty will be at least $435. Under the normal calculation, this penalty is 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Visit IRS.gov/Penalties for details. The late-filing penalty will stop accruing once the taxpayer files. In addition, the separate late-payment penalty and interest will stop accruing as soon as the tax is paid. The taxpayer need not figure any of these charges. Instead, the IRS will bill them for any amount due

If the taxpayer is earning too much to receive any benefits, then they have to to repay the overpayment in 30 days or set up a repayment plan.

Most of my older clients definitely prefer mailing their payments. I assume because they are uncomfortable making online payments. It's sad that mailing a check has ended up being the most unreliable way of a making a payment.

It's a slow moving train wreck headed downhill.

Interesting situation. Even if it goes thru probate, isn't an executor appointed and doesn't someone end up inheriting the stock?

Yes there were grants in the amount of $1.000 to $10,000 that didn't have to paid back and were nontaxable, which is why they were called grants instead of loans,

It is very strange that our elected representatives keep pushing the IRS to use these subcontractors for collections. I guess it's the power of making large donations? Their collection rate is very low, truly pathetic.

My understanding is that these are working capital loans. Repayment results in an interest deduction.

If you are talking about a Christian Health Care Ministry, it's not insurance and I don't think it's qualifies as an HDHP.

I think this is a legal question first, then the tax answers follows.

What document are you referring to?

The number of returns that I anticipate doing next year has declined to the point where it will cost less for me to go to Pay Per Return, given Drake's $300 increase in their Standard Tax Package, including their early renewal discount. Drake doesn't offer any discount for renewing PPR early, so I will wait until December.

I bought a refurbished Samsung budget phone for $ 80 early last year. While it worked OK, it kept prompting me to use and install Samsung Apps, which was annoying. I recently replaced it with a Moto G Power which I like.