WITAXLADY

tax practitioner - which I can no longer get thru to! bty, - said to wait until you get the notice to sieze so you have a fax number - then you can correspond that way.. Otherwise out of luck. and yes - I have given the client the number to call and let the client be frustrated by no answer and on hold - and then they come back and ask for help - gives me delay time and some sympathy.. Very frustrating for all parties.

In WI you can. D

Dear Sara, So the businesses just run as ?? inside the Trust and do nothing until the Trust is finished? but the one trust is a forever trust and will never make money? As Christmas Trees are Capital gains.. And this is the one as QSST - .. so there is just a business no S corp? inside the Trust?

hmm I do not know where my post went to - try again funny! I do not understand why it could not be rolled over - but as I see it - he does not want to anyway. so unless the Cares extends - he has a choice - pay the penalty or reinvest, Thank you! funny!! You tell me! I look up what I can and then come here - for HELP! I do not understand why it cannot be rolled over - but he does not want to - = penalty unless Cares is extended - Isn't that how it is supposed to work!! Thank you, Darlene

Dear all, Thank you! Sara, no I do not think so - with so much in savings - I do not think they ever took money out.. So is all that savings now part of basis? I talked to the former preparer and they said they came to her with no information yay! shopping ! Margaret - I am going the opposite way - We are buried as we have about 60 entities now - mostly closely held.. Most are good especially if we started them but not the ones that come in word of mouth! And I am confused about the "distributions" maybe it is just money they should have taken out from last years or prior years taxed earnings..?? D

I have 2 businesses - Sch C and a Sch F - the owners passed away and the 2 siblings inherited the business, One had a Revocable trust - if that makes a difference, not usre about the other. So the one is now an Irrevocable Trust and the other is an Estate - and these businesses are operating inside the Trusts The businesses were both LLC's. Do they now have to choose an entity inside the 1041 to file? Because of the 2 siblings, they selected 1120S - (1 with shareholder of their own individual trusts, then a QSST and the other just the 2 of them) Nothing has been filed as there have been no profits so earnings less than $600 - so no requirement to file the attorney and CPA said. But now we have the 1120S - does the 1120S need to file in 2020? Just do not want to deal with late penalties. Or file a request and pray they get it for an additional extension. One Trust with the QSST - will probably run forever - so I need that answer for every year.. The other - one hopes to buy the other out - (huge Sch C /1120S loss to offset any gains) as their is land/buildings involved as a rental business. And then the final K-1 will be issued. so the short question - Is there a need for a 1120S within the 1041? If so - does it need to be filed then by 9/15? Sincerely, Darlene and yes, I have signed up for another 1041 class but they do not seem to address the issues I have!

So the volunteers received government money in a 401K type fund over the years for helping out thru a special government program,. The squad is shutting down and dispersing the money and said it cannot be rolled over into anything. So he is 52 and faces the early penalty unless he a - takes the check and puts it into another IRA b- takes a chance the CARES Act provision is extended for 2021 c- no hardship? Covid? d - any other option? (he wants to use it to buy a rental property - ~$ 21,000) He asked me to think... Thank you

New client - no basis on any paperwork from 4 years back.. How do I come up with it? I do have Recourse numbers and Asset list... And they have $73,000 in the account ** No Sch M's, L as receipts under $250,000 I bldg rental and 1 farmland on same tax bill. Just ask the partners? I did ask former preparer but I imagine this time of year - not responding.. I would.. * - Can they not split that? 1 partner's distribution was higher than allowed for the year - part of that - would it not be just from prior? Thank you, Darlene

Taxpayer is deceased (Covid =- Nov) and spouse owes too much money.. (because could not Sec 179 the new semi and had to sell right away - S corp became too profitable..) He received Unemploy comp, WI is community prop state, -I have his $10,200 exempted but he received $8,000 over the $10,200 - How would I override to get that part taken off as her portion for the Fed each $10,200? I read on irs.gov and it is not addressed there.. just trying to save her money. I can override it but do not want her to have to pay this 3 years down the road??? D

sorry - it was in title.. Thank you1 d

Thank you! Will consider that.. trying to picture what you said?

Thank you - but this is WI - they have no appeals - I do have the days to accept or reject but no Tax Advocate, no STOP etc.. So am concerned if I go past the initial auditor.. However, he said he will get it back anyway.. I just miss a step but the same process unless I present new info again. so the steps are somewhat the same and I cannot present a completed audit yet.. Thx again - it does clarify my position. I have another one (sales tax) and we extended the extension - I do not know why that doesn't apply here?? May because the auditor is not completed yet.. and the first one was? D

and it did not! it was animal day in the office - inside mama cat had issue with bad outside black cat = and there was a nasty mess. she then bit my ankle 3 x and scratched and bit the other one as she was trying to move the 3 kittens into my own office out of their luxury cat castle! she won until this am - back locked in so she is pacing as all she wants to do is move them back.. time for them to get homes and her fixed! Therapy Puppy wouldn't sit still like normal Tense trying to make a list of entities due 9/15 - how do you keep track of that? and then the daughter of a long time client who passed away called and said she closed the account and address of where the refund was to go! I do think clients now can be less smart then myself for having animals in the office! Friday is better D

Auditor sent thru changes we have to prove - Talked to clients and not only are the changes wrong - and we can fix, the tax return is not correct for the Sch C - so major corrections need to be made- due 9/13 - and do not think we can get it completed timely or correctly. Cannot extend so it goes to Resolution. Auditor says they will probably call him back to help with it. Do we let it go to resolution and send it there and fight it with a good correct Tax Return or try and get it finished in a week? I am not familiar with Resolution.. D

Client came in today and had on her phone a message saying the IRS is asking for your stimulus refund to be paid back! I told her to ignore it.. Nothing on news/irs.gov It starts with something new! D

Hmm this has been our Mon, Tues , Wed this week!! Hoping Thursday goes better D

super! We have been doing fine and set up the year based on 3 and 4 now being allowed and now not! being allowed - not fun! messes up the 2nd qtr calculations of payrolls for family members - even though they are working! D

I love it !! What a great start!! I am getting Whining on Sch C's switching to S corps - too much work - Sorry you should have been doing this all along! D for NC WI

thank you!!

I have a client that is so concerned about the ERC (and becoming a new S corp) - he is driving me crazy! I cannot find it anywhere that says for 3,4th qtr, the qualifications of who can receive up to the $10,000 in wages have changed? Relation - spouse, children do not qualify? Anyone know a source? Have you heard this? Not on IRS.gov news.. Thank you Darlene drowning in everything but taxes so I cannot get them done!!

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 wife will be a S corp probably Has 2 LLC's in wife's name to handle the business of those. Comments? Best, Taxed in beautiful north central WI

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 then file 2 QSST's of the children to pass the S corp into their name) Thank you does this make sense? From the beautiful North central green of WI

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

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

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