Jump to content
ATX Community

Abby Normal

Donors
  • Posts

    4,848
  • Joined

  • Last visited

  • Days Won

    296

Everything posted by Abby Normal

  1. ATX does not even have a MD Efile info form, and I doubt ATX will ever bother to add it.
  2. Sounds like a candidate for uncollectible status. I've used this before in these situations. https://www.taxpayeradvocate.irs.gov/get-help/paying-taxes/currently-not-collectible/
  3. But, in this case, it's not CA capital gain. If the cap gain was on the K1 as being incurred by the S corp, then yes, it would be taxable in CA. But this is the shareholder's personal capital gain. It's hard to imagine the K1 not showing some income, loss or deductions for CA.
  4. Probably about a month. They can keep checking the installment agreement IRS site and one day it will show a balance due.
  5. The CPI-U and CPI-W, on the other hand, are biennial chained price indexes where their expenditure weights are updated every two years, not monthly like C-CPI-U. So they are all chained, it's just a matter of frequency. https://www.bls.gov/cpi/additional-resources/chained-cpi-questions-and-answers.htm
  6. Both main CPI calculations (W & U) are "chained" which results in a lower percentage increase. So when consumers switch to cheaper products because they can no longer afford what they used to buy, this becomes part of the calculation by swapping in cheaper goods for what we used to be able to buy. It's a death spiral of poverty, brought to you by the millionaires in congress and their wealthy owners.
  7. Creating the federal efile is not necessary and can't be done in many cases (red error).
  8. On the state efile info form, there should be a box to disconnect the state return from the federal modernized efile (MeF) system.
  9. Six months won't do it, it has to be all year, from what I'm reading. https://www.irs.gov/publications/p501#en_US_2022_publink1000220954
  10. I see a paper copy of the notice is arriving today. That's probably for the best or even required by law, but I've already handled it, so I can just shred the notice.
  11. Also, the bank account used in 2023 is in the corporation's name so all activity goes on the 1120S. We account for what happened, not what we wish had happened. Shoot for dissolution on 12/31/23 to avoid short year calcs.
  12. It was for me personally, but I think you might be right that it's because I'm also a pro. https://www.irs.gov/payments/your-online-account Access Tax Records View key data from your most recently filed tax return, including your adjusted gross income, and access transcripts View information about your Economic Impact Payments View information about your advance Child Tax Credit payments View digital copies of certain notices from the IRS Here is the setting in my IRS account:
  13. That's no longer true. It was a legit email and there was a notice for me to download. I may have opted for this on my account.
  14. Just got an email from the IRS about a notice, that I can log into my account and download. I like it! The Post Office is going to take a big hit if the IRS stops mailing many notices. Of course, I could still be getting a mailed notice. Or if I pay the notice quickly enough, they won't? Brave new world.
  15. We mailed something to MD at year end, a time when they get a ton of mail. It ended up going to an agent of the state to hold until MD was ready to handle it. Because of the 3rd party agent receiving it, it never showed as delivered on the USPS site and we never got back the green card proving delivery, but MD did eventually receive it.
  16. I can't follow that. What did you add the depreciation back to? If the depreciation was correct in ATX, then the gain should have calculated correctly, if you enter the sales proceeds and expenses of sale correctly.
  17. https://www.forbes.com/sites/kellyphillipserb/2023/10/02/irs-continues-to-expand-online-services-available-to-tax-professionals/amp/
  18. 1120S doesn't include a 7203, only 1040. Unless the 7203 was prepared as part of the K1 for convenience or in lieu of a basis worksheet. And I agree with you that the loss is simply carried forward and does not create a capital gain. Distributions in excess of basis should be the only capital gain issue here. And, being pedantic, basis can not be negative. It stops at zero.
  19. 505 is the nonresident individual return and yes it needs to be filed. MD should withhold tax at sale for being nonresident, but, if you file the right forms timely, you can convince MD to not withhold any taxes, since the MD property will generate a loss. I would still file the zero tax due MD return though. Here are the pertinent forms and instructions: https://www.marylandtaxes.gov/individual/income/forms/2022_Withholding_Forms.php
  20. Tell the taxpayer that whenever you see a 1099-NEC, you always ask about additional self-employment income that is not reported on a 1099, because most self-employed people have that. If they lie and say no, I'd recommend that they go to another preparer. And really, you should probably recommend that anyway. You don't want liars and cheaters for clients.
  21. Depends on how the questions were answered. They could have just gotten an EIN for banking purposes, but yes, if they answered the questions correctly, it would default to a 1065. Now I'm wondering if an extension was filed. Even then, the 1065 would be late, but it's an automatic penalty removal, even without first time forgiveness.
  22. This is why I almost never support fundraising events. I'd rather just donate cash.
  23. Ignore it and file as is. The taxes are almost exactly the same either way.
×
×
  • Create New...