Sherri
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Posts
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Posts posted by Sherri
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If the 20,000 received is a replacement of "heavy losses" of income than you should report it as business income.
I would verify with the client that her social security # was not given to the insurance company or the attorney to confirm that there will be no 1099. Usually, the payor / insurance company, do issue 1099s and it would be for the gross amount.
They recieved nothing, and the settlement papers say they cannot discuss this with anyone, but we're told they could tell me.
The lawyer told them he'd take care of it, when the check was written to him. Thanks Ed
Sherri
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What type entity is the biz? My take on it is that the whole amount is taxable income. The legal fees would be deductible. Does your client have any papers filed during proceedings or from the court spelling out the legal fees awarded? From your description they sound defensive.
This is a Sched C biz. Nothing more. No 1120S. The only papers are the settlement agreement that states the amount for payment of punitive damages, attorney fees and compesatory damages. The check was written out to the lawyer, who deposited it into the firms escrow account, and then they wrote a check out to my cliet for the $20,000. They have recieved nothing else. No 1099's or anything.
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Client had a biz in a mall, sold animals (puppies, cats and fish).The resturant next door caught fire, and the smoke damage was horrific. The mall closed them down and they took a heavy loss.
This was in December 2005. Last August after suing the insurance company, they recieved a settlement.. They recieved $200,000, for punitive damages, attorney fees and compensatory damages. The check was written to the lawyer, who put it in escrow, after reciving their cut. The clients recieved a check for $20,000 after lawyers got theirs. They have recieved nothing from the lawyer (1099) or anything about it. I know that punitive damages are taxable income, but I guess this time of the year, my brain is on overload and I'm not sure how to handle it. The lawyer said they would take care of it for tax purposes. (told off my assistant manager today, and it's been all down hill from there). Could really use a little help here.
Thanks a bunch,
Sherri
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My printer has option to place watermark so i set up printer as client copy printer. it prints on all pages without problem. i do not use ATX checkmark for client copy.
How do you do that without all copies having it?
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I use the "Client Copy" watermark on the return copy I give to the client for their file. For those of you who also use this, do you notice a fading to the wording on those pages that do not have the watermark but in the location where the water mark would have been reflected?
The "Client Copy" watermark prints on every other page for me. On those pages without the watermark, there is a fading in the area where the watermark would normally be.
Just wondering if anyone else is experiencing this?
Yes, mine does too, but I stamp a big red copy stamp on it anyway.
Sherri
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Were you already registered with e-services? If not, they will be sending your login and password. If you were already registered, you needed to go in and change your original application from whenever you were given your efin. You have to add 1065 and whatever forms you want to the form. Originally, we were only registered to file 1040s.
Yes, I'm already registered with e-services. I e-filed the 1120S and 1065 yesterday, and were accepted like within 15 min. Thanks for your help.
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I e-filed the 1120S and the 1065 and they were both accepted.
Thanks again for the info.
Sherri
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Thanks all. I did go on e services and I thought I read that I would recieve something in the mail. Will go back and check again.
Thanks again,
Sherri
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I had to ask the IRS to authorize me for e-filing a 1065. I have it done waiting for them to let me know I've been approved. I have finished the ladies taxes using her K1, can I e-file it, or do I have to wait to e-file the 1065 first.
Sounds like a stupid question, I know.
Sherri
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Wow, 83 people viewed my post, and 1 answered.
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breakfast 1.11
lunch 2.06
dinner 2.06
3 snacks .61 each
Thank you bcolleen, and Happy Birthday!
Sherri
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Does anyone know what the costs for breakfast, snack, lunch, and supper is for this year?
Sherri
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You have to register to efile business returns to 1040s. Check the reject code. If it says something like you're not authrized to e-file business returns, you need to register. You can do so online http://www.irs.gov/taxpros/providers/artic...d=97657,00.html
Thank You. I feel like a real dummy this year. Maybe I'm getting to old.
Sherri
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This is the first year I've tried to e-file a 1120 S. But it was rejected. Am I covered to file those like my 1040's, or do I have to be approved for 1120's too :scratch_head:
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Thanks guys, I'm embarrassed to say I missed that one.
Sherri
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Can anyone explain the line to me in plain english, I have a client who is bound and determined it's a new law, and he gets it.
Thanks,
Sherri
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Thanks Annie,
I got it figued out now, Thanks a lot
Sherri
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Why does the general city tax form always double the AGI ? You have to override to put the correct amount?
Sherri
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Got a postcard in the mail today about TaxRefund Xpress. Anyone know anything about it? Have a e-mail address for it
www.trxalliance.com Could you guys give me a heads up on this?
Thanks, Sherri
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I had a return come back with a rejection because 1 (or more) dependents SS had been used on another return. I have 4 dependents, hoe do I know which one was used?
Thanks a bunch,
Sherri
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Andover 1040 Transmitted automatically when 500 e-files received, or at 11:00 AM, 6:00 PM, and 2:00 AM, EST, if sooner Every 30 minutes
Austin 1040 Transmitted automatically when 500 e-files received, or at 12:00 PM, 7:00 PM, and 3:00 AM, EST, if sooner Every 30 minutes
Fresno 1040 Transmitted automatically when 500 e-files received, or at 1:00 PM, 8:00 PM, and 4:00 AM, EST, if sooner Every 30 minutes
Kansas 1040 Transmitted automatically when 500 e-files received, or at 11:00 AM, 6:00 PM, and 2:00 AM, EST, if sooner Every 30 minutes
Philadelphia 1040 Transmitted automatically when 500 e-files received, or at 11:00 AM, 6:00 PM, and 2:00 AM, EST, if sooner Every 30 minutes
Good to hear from you, Sherri. Hope you're doing well!!
Eli
Doing fine Eli, thanks a bunch. Hope your as busy as I am.
Hope the family is fine.
Sherri
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Where I can get the drain times, I remember printing it out last year.
Or if anyone knows.
Thanks a lot. Hope your all having a great season so far.
Sherri
:lol:
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Are you guys from OH having trouble getting ACKS? And could you tell me why every time you do a check, the program always adds the voucher for SD tax, no matter what, that dumb form pops up!!
Thanks and goodnight
Sherri
hey JB, I love banana cream pie, got any extra???
:blink:
Need help on settlement
in General Chat
Posted
Thanks KC, I knew I could count on you. I'll hace my clients call the attorney.
Sherri