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    ATXaholics Anonymous

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  1. Clients purchasing property together H/W Property is building and land for a selling boats and jet-ski's etc. As Real Estate Filed the LLC with 2 members, now in doing the SS-$ - asks if want single or multi Wi is community property Is there an advantage or disadvantage Tax wise or liability wise to do one or the other? *Tax wise - no 1065 - just on the Sch E - on the 1040 *Liability - it is a LLC - so should be protected but is a 1065 better or more protection. And can be rented to the other LLC's And looks quite profitable so the one LLC business of w
  2. I understand how to change members - buy/sell etc However, in setting up the S corp - of the Inherited Sch C - 2 siblings - 2 children - when dad passed away. It was established 1/1/20, and the extension filed. It should have been filed in the name of the Living Trust as the member, which is now an Irrevocable Living Trust, as the Sole member... Do I just refile the 2553? with the signer one of the reps (child) of the now (Irrevocable) Living Trust? to get permission or approval? The S corp has been approved. Attorney insists on seeing the correct 2553. (She will
  3. Thank you all - Yes it is for 2021 - just trying to calculate gain or cost to them - Still cannot figure out how or why you gift equity?? Best, North central beautiful WI
  4. Sister rents family house to sibling. Finally they get financing if sister gifts $27,000 equity. Original purchase price $120,000, sold for $114,000 (- $27,000) so seller has loss but doesn't show - depending on how the $27,000 is used Cost of disposition? as their is loss on the sale.. Thank you D from green Northcentral WI! No gift tax as H/W gifting to H/w
  5. well I do not know if this will work - but I knew if I came here - there would be an answer!! And this is what I was looking for,, I may delay as I am still waiting from last years!! 1095-A refunds.. D form WI
  7. heard it from an IRS agent - Tax practitioner this aft about 4:30 yay! I do not have to file all those extensions!! Hired someone today just for a couple days to do the rest of the 30 PPP loans but I only got some help as once again the system was down and the CAF's did not work.. could only do 2019 PTIN and designated 3rd party - but did do that!! and he was patient as I scrambled to come up with 5 names total d from glorious NC WI that missed the big snow!
  8. aaarrgg - so you did not answer my stupid question - is the amount of her cash what is in her back account plus her savings account per the bank on 12/31/20 - per the bank or what she has calculated after writing the checks out and they have not cleared??? Or what she has after balancing the bank statement Is it literally what she should have after the expenses clear - or what the bank says? D
  9. Ok - this is one of those I should know this- really dumb questions.. brain shut down Business is cash basis, pays all her bills 12/31/20 Is cash on hand - what is in actually in her bank or in her checkbook after she subtracts the checks she just wrote 12/30/20? (plus the savings, cash, etc.. )
  10. Or if they have a Business and are married - consider a sec 105 plan -
  11. funny - I have amends - child claimed , more info, etc.. but at last look 1040X was not available --
  12. so we have done the retention credit for the employer - so wages of $10,000 credit of $4,291 or so so on the tax return - Exp - Wages of $10,000 Income of $4,291? to balance it out? I cannot wrap my head around this.. as I am trying to get 6 of the S corps done this week and instead am working with about 125 C's and F's to get their March 9th applications in!! thanking you in advance! D from the great north woods of WI!!
  13. did you turn that into ATX - that is horrible -Altho I always enter my K-1's manually I do trust imports! and when you call insist on a higher level tech? After 4 days I did get one - but too late I needed the return for farm deadline so 3 1/2 hours later it was reentered! What a waste - very unhappy and looking at options
  14. so a couple days WI workforce called about some issue and I literally said I will deal with this in May - He said what? I replied this is a tax office and can't this wait? he did not know what to say.. Fri - 4 letters - WI sent out wrong ones stating they hadn't received a form adn payment - we're sorry we did a lot of them - so how many more clients will call on that,. Fed 940 - said the same thing! Then a nanny letter on the 941 and the check is already cleared and I cannot mail it in as they will get letters before the mail gets looked at - I called the IRS on other issues a
  15. thank you I will try that - I had used the first part,,, but not the latter. Thank you for sharing! so much messing around! Flat tax!! I will find something else to do - there are always books to balance or new businesses to help! or old!
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