WITAXLADY

wait!! How does he get to keep the same name he has established???

ok - that makes sense..

thankyou all!

not free - the year you get the credit for - claim the ERC - even if get it in another year - so they offset each other,.

So if get 50 - 70% credit,

you will pay the tax on that..

but that is still better than not getting at all!!

Now we are having to deal with all these offers and we all ready got our businesses their $$$!

D

if is is over $5,000 - then it is 3 donations x $5,000 ..that's all..

D

the issue is the WI state sales tax is filed under the EIN and the LLC -

We can change the LLC to 1 but now we'd have to change all the state info to a new EIN.. Grrr

D

2 person 1065, LLC and EIN - now just 1 person - Sch C - does he need a new EIN? Or can he just do final 1065 and use the EIN

Or wouldn't that also stop the EIN?

Seems to me he needs a new EIN?

But how can he keep the same name and WI sales tax? and still same LLC - just 1 person now

working to hard!! Please clear this up if you can?

thx

D

New client - came in and says he has to file Excise tax on selling fishing lures -

Just wholesale sales? or all of the sales, including the retail -

But that is state, not fed?

Are there any credits? I see fuel has many... but I do not see any on fishing??

Thank you,

Darlene

i HAVE A CLIENT WHO WENT FROM A tRADITIONAL TO A rOTH =- SO IT IS A ROLLOVER  BUT STILL TAXABLE.. oops! sorry

Client 1 - either attach or have available...

D

very deep - but they did stay open! = kept employees,  takeout did well

and coming out of the deep hole - but the additional $$$'s for penalties make an installment plan not feasible..

Thankyou.

That is what I told her... but they disagree.. Say since he paid it out of his wages - it should be subtracted off his wage.

I love it when clients do their own work..

D

me, I would just pay the 2021 owed and go from there.

sometimes IRS overlooks. Add small interest amount..

D

Client used First time abatement penalty back in 2013 for Fed w/holding - EFTPS

Got behind during Covid - good reason!

So denied abatement -

Could someone steer me to another reason to abate penalties?

They are recovering but having to pay the penalties is overwhelming and triggers Civil Trust fund.

Please any help would be appreciated (son-in-law)

Thx D

will do!

I knew that about the 8801 - I am just wondering - why if he is taxed as a K-1/the k-1 income , why do the distributions get counted again and take away all that refund?

Thx d

found it - it was $14,000 difference - $2,000 AMT and took away the $12,000 8801 credit - Can someone please explain that? Thank you

D

Shareholder has plenty of basis, s corp

When I put the distribution in from 16D , the refund drops $20,000

Why - the tax was paid on the flow thru from the K-1 income? I cannot see any changes on the Sch D, 8582, 7203?

I do see a $2,000 AMT tax

What am I missing, please?

Thx d

That must be why  5 farms have received letters you never paid! your 943!

Including my husbands..

And after "yelling" at his accountant and threatening to change - after proving it was paid - He got a letter 2 weeks later saying they were forgiving the interest.

Nothing else - no apology, no received payment, etc..

Nice - when they thought it was our mistake!

D

So Dennis - is that reimbursement then taxable? for health insurance if an officer? Or does it gert added back into box 1 on teh W-2?

thx

I understand the more than 2% health ins being added to the W-2 wages.

Bookkeeper - took the salary and subtracted the ins for all lines 1,3,5 - giving him a lower paycheck so it is like pre-tax health ins.

I can add the health ins back to line 1 and correct the W-2, W-3

But shouldn't it be the original salary 3,5 and box 1 salary plus the health insurance?

Then

I know they have an employee health ins plan -

I do not know if he is part of it or this is reimbursing his own family plan?

Does this make a difference?

Does he have to be part of the company health insurance plan? They have 10 employees.

Thank  you,

D in snowy WI

Thank you

He paid but didn't file as last of dividend paperwork not in

will have to see the repercussion..

Darn stock companies - really messing tax returns up this year

So a farmer, Sch F does not have to pay until March 1st if filing by 3/1

So if the farm is now an S corp and the individual is no longer a farmer but a Shareholder - does he still owe by 3/1? or by April 15th?

Bu then he would have to be making estimates?

If he does not have all his stuff together - can he make a payment 3/1 and that is good? and finish up later?

Thx d

Thank you - that is what I did..

thanks for verifying it -

there are some doozy of laws out there!!

D

Mine does warn me - I click the icon on the right corner and save and keep working,, eventually I close it.. But then I cannot re-open it!!!

I have to go to Task Manager and end task - and it is already ended - It is the 2nd portion of running in the background and end it there!! Sort of scary!

D

Farm has a capital investment of $12,000  into the coop/cheese plant- Is this a non deductible item to keep track of

or depreciate, amortize? or a deduction?

Thank you

I did do reading and it talks about patronage - I know that.

Thank you,

Darlene

When I check yes - third party - the name etc populates but the checkbox does not - - has to be done manually - Main Info page

meaning if I do not - I am not the designee.

It should automatically when I click yes?

Did in 2021..

Error pls fix,

thx

WI Tax lady