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Abby Normal

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Everything posted by Abby Normal

  1. I don't understand the rush to send in your money. I do it every December as part of getting ready for tax season.
  2. A partnership K1 should be entered on the K1 Input form in 1120S, and it will flow thru to the shareholder(s). Be careful with basis, but since it's a partnership, lack of basis isn't normally a problem, BUT you still need to track the S corp's basis in the partnership.
  3. Just make sure that the actual entity name is on all documents, including invoices, otherwise you're not putting everyone on notice that they're dealing with an LLC. You can have the legal smaller than the DBA, but you say 'Make checks payable to' the LLC name.
  4. On the books, I never do it that way, I just let Retained Earnings go negative. Same on the tax return, since that's where it flows (M2). And there's an M2 reconciliation to RE in worksheet for M2 where you have to enter the amount by which distributions are higher than what the M2 shows as distributions.
  5. APIC and yes it increases basis. Enter it on the basis tab of the K1 in ATX. You never reduce APIC. Distributions close to Retained Earnings.
  6. I find it easier to just search and read articles about any topic than to read IRS publications, etc. I'm always hopeful when I see a Journal of Accountancy or Forbes article, because I've had good luck with them.
  7. I miss the 30 years before this where the 1040 remained mostly the same. Hell, I used to know some line numbers by heart.
  8. Well, in the big picture, you are increasing your Social Security benefits by taking a reasonable salary. I've had people look at their Social Security earnings in the 50s or later and panic because they haven't had adequate Social Security earnings.
  9. For the amount that goes to the seller, set it up as an other liability since it's not income to the broker, ever. He's just holding the money. The commission portion should be reported as income.
  10. I hope the states keep the ability to have PTEs pay and deduct taxes for individuals, even if the SALT limit is repealed by the feds. It helps those who take the standard deduction a lot.
  11. Delete the 4868. Once it's extended it can be discarded. I do this often.
  12. Could be a windows bug. The only thing I would try, before calling in IT, would be to turn off bitlocker on the secondary drive, reboot, then turn bitlocker back on. Good luck!
  13. I switched from Drake to TaxWorks to ATX, and each step was a big step up. The ATX conversion was very rudimentary for us. ATX just need PDFs of every return and mostly just imported names, addresses and SSNs. All assets had to be entered manually.
  14. If you're using bitlocker, there's an option to auto-decrypt all drives when you enter the bitlocker password for the main drive. But it doesn't sound like your main drive is encrypted.
  15. I'm not calling the IRS for anyone's refunds, even if they want to pay me. Especially people who wanted a paper check.
  16. Are we talking paper filed 941s? I would think efiled ones would be handled by computers.
  17. Did you try this: https://broadbandnow.com/
  18. This would only affect the state. I suppose if the state depreciation adjustment was more than the federal loss, you could combine them as a state adjustment only, but if it combines to a loss, then there'd be no state adjustment. I suppose, in an ideal world, we'd track the state carryover losses separately and have a state adjustment on disposition of the investment for the carryover losses allowed, the ordinary income portion, and for the gain/loss on disposal. But as Sara EA has already said, in practice, it all works out in the end. What we're essentially doing, is ignoring the state's decoupling rules, but mathematically it will be correct on disposition, in TOTAL. Fortunately, for most state returns, different types of income are all taxed at the same rate.
  19. This is the page you want. https://support.atxinc.com/myinformation/MyProducts
  20. But anyone who fails online can receive a letter in the mail with a code to finish setting up the account. I had to do this for someone whose credit had a freeze placed. No big deal.
  21. Intuit is the one company I hate more than micro$oft.
  22. My poor car wouldn't know what hit it, if it got washed more than once or twice a year!
  23. I have all the install files downloaded to our computer. This is true for all of our software. I'll upload it and post a link here, shortly. Here you go: https://drive.google.com/file/d/1tr9rbIIJzQmohLfpf9whDiAFq2Omq0tl/view?usp=sharing
  24. You can with some states but not with federal... unless it can be done with an amended return. I suggest IRS Direct Pay. Also, just because they had some unexpected income does not mean they need to make estimated payments. I usually recommend they earn some interest on the money and just pay on 4/15.
  25. It should be 30 days, so you pay your taxes on 4/15 and pay your first estimate on 4/30, but it doesn't matter, because this will never pass. Some accountant will calculate how much interest it will cost the government to delay the 2nd and 3rd quarter payments by a month and it will be too large of a number. Abby Downer (wah wah)
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